EARNINGS PRESENTATION 4Q 2025 February 25, 2026 1 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of the federal securities laws, including statements relating to (i) our strategy, outlook and growth prospects, (ii) our operational and financial targets and (iii) general economic trends and trends in our industry and markets. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategi ...

Q4 2025 For Immediate Release Starwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2025 – GAAP EPS of $0.26 for the Quarter and $1.15 for the Year and Distributable EPS for the Quarter of $0.42 and $1.69 for the Year – Table of Contents | Press Release | Page | 1 | | --- | --- | --- | | Highlights | Page | 9 | | Commercial and Residential Lending Segment | Page | 14 | | Infrastructure Lending Segment | Page | 23 | | Property Segment | Page | 24 | | Investing and Servicing Segm ...

Angel Oak Mortgage REIT, Inc. Reports Fourth Quarter and Fiscal Year 2025 Financial ResultsFeb 25, 2026 7:00 AM Eastern Standard Time# Angel Oak Mortgage REIT, Inc. Reports Fourth Quarter and Fiscal Year 2025 Financial ResultsShare--- ATLANTA--([BUSINESS WIRE])--Angel Oak Mortgage REIT, Inc. (NYSE: AOMR) (the "Company,†"we,†and "our†), a leading real estate finance company focused on acquiring and investing in non-QM loans and other mortgage-related assets in the U.S. mortgage market, today reported fin ...

Financial Data and Key Metrics Changes - Distributable Earnings for Q4 2025 were reported at $4.6 million, or $0.28 per share, with an adjusted figure of $0.31 per share when accounting for the rights offering dilution [4][16] - The company raised $61.5 million in net proceeds from a rights offering, increasing investment capacity by over $200 million [4][5] - For the full year of 2025, distributable earnings were $1.21 per share, with a run rate annual dividend of $1.12 per share, representing a 93% payout ratio [16][19] Business Line Data and Key Metrics Changes - The loan portfolio increased by $83 million year-over-year, reaching total commitments of $724.5 million across 24 floating-rate first mortgage loans [8] - The weighted average all-in yield was reported at 7.92%, with a weighted average risk rating improving to 2.8 [8] - The company invested in three new loans totaling $101.3 million during Q4 2025, including loans secured by student housing, a hotel, and an industrial property [5][7] Market Data and Key Metrics Changes - Market conditions improved in Q4 2025, with two additional 25 basis point rate cuts, bringing the target Fed funds rate to 350-375 basis points [11] - Office transaction volume increased by 25% year-over-year, indicating a recovery in the market [12] - Demand for short-term floating rate bridge loans remains strong, with a broad range of transactions being evaluated [13][14] Company Strategy and Development Direction - The company aims to capitalize on middle-market lending opportunities with enhanced liquidity following the rights offering [9] - There is a focus on deploying capital selectively into attractive opportunities across various property types and geographies [13] - The strategy remains centered on senior secured positions, avoiding riskier junior tranches for the time being [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about transaction activity continuing to increase in 2026, driven by improving market conditions and increased financing activity [12][13] - The company expects first quarter distributable earnings to be in the range of $0.22 to $0.24 per share, with a temporary drag on earnings due to the rights offering [18] - The expectation is to reach close to $1 billion in total loan portfolio size by year-end 2026, with quarterly new originations targeted at $200 million [34] Other Important Information - The company ended Q4 2025 with $123 million in cash and extended the maturities of two secured financing facilities, increasing capacity to $377 million [19][20] - The CECL reserve remains modest at 130 basis points of total loan commitments, indicating a conservative risk profile [19] Q&A Session Summary Question: How is the company finding pockets of inefficiency in the current competitive environment? - Management noted that while multifamily contributes significantly to activity, they are focusing on sectors like storage, industrial, and medical office for better risk-adjusted returns [24][25] Question: Are there opportunities outside of the first lien space being evaluated? - Management confirmed that the focus remains on senior secured positions, with no current plans to explore mezzanine or preferred equity [26] Question: Does the distributable EPS guidance assume full deployment of the rights offering capital? - Management clarified that the guidance does not assume full deployment by the end of Q1, but expects earnings to recover by year-end [29] Question: Is the current dividend secure through the end of 2026? - Management affirmed commitment to the $0.28 per quarter dividend, despite temporary earnings drag from the rights offering [33] Question: What is the expected portfolio growth following the rights offering? - Management anticipates reaching close to $1 billion in total loan portfolio size by year-end, with significant new originations expected in the coming quarters [34]

Financial Results and Supplemental Information FOURTH QUARTER 2025 February 18, 2026 Seven Hills Realty Trust Announces Fourth Quarter 2025 Results "Seven Hills delivered a strong fourth quarter, reflecting the strength of our fully performing loan portfolio and the quality of our disciplined underwriting. We generated Distributable Earnings of $0.28 per share, fully covering our quarterly distribution, while investing $101.3 million in new loans during the quarter and an additional $30.5 million since year ...

February 18, 2026 The properties above are not representative of all transactions. The information provided herein is as of December 31, 2025, unless otherwise noted. Fourth Quarter 2025 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) Fourth Quarter 2025 Highlights | |  | GAAP net loss of $219.2 million, or $1.56 per share; distributable loss of $101.7 million, or $0.71 per share; and distributable earnings prior | | --- | --- | --- | | | | to realized gains and losses of $2.9 million, or $0.02 per ...

Core Viewpoint - ARMOUR Residential REIT reported strong financial performance for Q4 2025, achieving a total economic return of 10.63% for the quarter and 12.79% for the year, driven by a significant increase in its investment portfolio and favorable market conditions [4][6]. Q4 2025 Results - The company recorded a GAAP net income of $208.7 million, equating to $1.86 per common share, with net interest income of $50.4 million [6]. - Distributable earnings available to common stockholders were $79.8 million, or $0.71 per common share [6]. - The average interest income on interest-earning assets was 4.97%, while the interest cost on average interest-bearing liabilities was 4.27%, resulting in an economic net interest spread of 1.77% [6][22]. December 31, 2025 Financial Position - The total stockholders' equity increased to $2.261 billion, up from $2.129 billion at the end of Q3 2025 [10]. - The company's portfolio totaled $20.0 billion, primarily composed of 97.0% Agency mortgage-backed securities (MBS) and 3.0% U.S. Treasury Securities [6]. - Liquidity, including cash and unencumbered securities, stood at $1.2 billion [6]. Management's Commentary - The CEO highlighted a 60% growth in the investment portfolio, with $878 million deployed in MBS acquisitions during 2025 [4]. - The company benefited from tightening MBS spreads, lower volatility, and a favorable interest rate environment [4]. - ARMOUR aims to maintain robust liquidity and dynamically adjust hedges for disciplined risk management [4]. Dividends - ARMOUR paid monthly cash dividends of $0.24 per share for Q4 2025, totaling $0.72 per share for the quarter [25]. - Future dividends will be determined based on the company's financial performance and market conditions [25].

FEBRUARY 17, 2026 SUPPLEMENTAL FINANCIAL REPORT FOURTH QUARTER 2025 1 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use o ...

Core Insights - TPG RE Finance Trust, Inc. reported strong operating results for the fourth quarter and full year ended December 31, 2025, with total loan commitments of $1.9 billion and a 100% performing loan portfolio [1][2] Fourth Quarter 2025 Activity - The company originated $927 million in loans and received $378 million in loan repayments, demonstrating effective asset management [1] - Non-mark-to-market borrowings accounted for 82.0% of total borrowings as of December 31, 2025 [1] - The company redeemed all $411.5 million of outstanding investment-grade bonds from TRTX 2021-FL4 and refinanced $205.2 million of collateral interests [1] - Issued TRTX 2025-FL7, a $1.1 billion managed CRE CLO with $957.0 million of investment-grade bonds outstanding [1] - Ended the quarter with $143.0 million in near-term liquidity, including $72.6 million in cash available for investment [1] - The allowance for credit losses increased to $77.4 million, representing 180 basis points of total loan commitments [1] - The weighted average risk rating of the loan portfolio remained stable at 3.0 [1] - The company repurchased 45,367 shares of common stock at an average price of $8.50 per share [1] Full Year 2025 Activity - Extended the secured revolving credit facility by three years, increasing capacity to $375.0 million [1] - Redeemed $114.6 million of investment-grade bonds associated with TRTX 2019-FL3 and refinanced $143.0 million of collateral interests [1] - Issued TRTX 2025-FL6, a $1.1 billion managed CRE CLO with $962.5 million of investment-grade bonds outstanding [1] - The company sold two office properties for net proceeds of $39.4 million, resulting in a gain of $7.0 million [1] - Originated 20 first mortgage loans with total commitments of $1.9 billion and a weighted average interest rate of Term SOFR plus 2.82% [1] - Approved a new share repurchase program for up to $25.0 million of common stock [2] Financial Performance - Generated Distributable Earnings of $76.8 million, or $0.97 per common share, based on a diluted weighted average share count of 79.4 million [2] - Recognized GAAP net income attributable to common stockholders of $45.5 million, or $0.57 per common share [2] - Declared cash dividends totaling $77.9 million, representing an 11.1% annualized dividend yield based on the closing price of $8.61 [2]

PERFORMANCE UPDATE 2025 Full Year Highlights We generated $1.6 billion ($0.67/share) of Distributable Earnings ("DE") during the quarter and $6.0 billion ($2.54/share) for the year. Record Deployable Capital $6B 11% $188B Annual Growth in DE Before Realizations Distributable Earnings ("DE") DE before realizations were $1.5 billion ($0.63/share) for the quarter and $5.4 billion ($2.27/share) for the year, representing growth of 11% per share over the prior year. Asset Management Wealth Solutions Operating Bu ...