Q4 & FY 2025 Financial Results Apollo Commercial Real Estate Finance, Inc. February 10, 2026 Unless otherwise noted, information as of It should not be assumed that investments made in the future will be profitable or will equal the performance of the investments shown in this document. December 31, 2025 Forward Looking Statements and Other Disclosures This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21 ...

Core Viewpoint - Apollo Commercial Real Estate Finance, Inc. reported its financial results for the quarter and year ended December 31, 2025, highlighting key metrics such as net income and distributable earnings [1][2]. Financial Performance - Net income available to common stockholders per diluted share was $0.18 for the quarter and $0.81 for the year ended December 31, 2025 [2]. - Distributable Earnings per diluted share were $0.26 for the quarter and $0.98 for the year, with Distributable Earnings prior to realized loss on investments and realized gain on litigation settlement being $0.26 and $1.05 respectively for the same periods [2]. Distributable Earnings Definition - Distributable Earnings is defined as net income available to common stockholders adjusted for various non-cash items, including equity-based compensation, unrealized gains or losses, and foreign currency gains or losses [5][6]. - The Company believes that Distributable Earnings is a useful measure for investors to evaluate performance and is a key factor in determining dividends [6][7]. Realized Gains and Losses - During the year ended December 31, 2025, the Company recorded realized losses related to a subordinate loan and a promissory note, alongside a realized gain from a litigation settlement involving a hospital property [8]. Company Overview - Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust (REIT) that focuses on originating, acquiring, and managing commercial mortgage loans and related debt investments [11]. - The Company is externally managed by ACREFI Management, LLC, a subsidiary of Apollo Global Management, which manages approximately $938 billion in assets as of December 31, 2025 [11].

INVESTMENT GRADE NYSE: LADR SUPPLEMENTAL DATA AN INVESTMENT GRADE COMMERCIAL REAL ESTATE FINANCE PLATFORM S -1 NEW YORK | MIAMI DISCLAIMERS This presentation contains forward-looking statements regarding possible or assumed future results of the business, financial condition, plans and objectives of Ladder Capital Corp and its subsidiaries (collectively, "Ladder Capital," "Ladder," "LADR," or the "Company"). Any statement concerning future events or expectations, express or implied, is a forward-looking sta ...

Financial Data and Key Metrics Changes - In 2025, the company raised $112 billion of capital, reflecting strong demand from various investor types [7] - Fee-bearing capital increased by 12% year-over-year to over $600 billion, with fee-related earnings reaching a record $3 billion, up 22% year-over-year [8] - Distributable earnings were $2.7 billion, an increase of 14% from the prior year [8][26] Business Line Data and Key Metrics Changes - In renewable power, significant investments included acquiring Neoen and National Grid's US renewables platform [15] - The private equity sector saw investments in Chemelex, a global industrial technology business [15] - Infrastructure investments included Hotwire Communications and Colonial Pipeline, enhancing the company's footprint in essential services [15] Market Data and Key Metrics Changes - The company entered 2026 with a favorable market backdrop, characterized by stabilized interest rates and resilient economic growth [9] - There is renewed global demand for real assets that generate stable cash flows, particularly in the context of inflation protection [9][10] Company Strategy and Development Direction - The company aims to double its business by 2030 and achieve a 15% annualized earnings growth [10] - A significant focus is on expanding access to private assets for individual investors through retirement and long-duration savings vehicles [10] - The company is well-positioned to capture growth opportunities in infrastructure, private equity, and credit sectors [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting strong fundraising momentum and growth across various platforms [25] - The company anticipates a record year for fundraising, particularly in private equity and infrastructure [19][25] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [33] Other Important Information - The board of directors approved a 15% increase in the quarterly dividend to $0.50025 per share, payable on March 31, 2026 [34] - The company plans to enhance disclosure around partner managers to provide clearer insights into its evolving platform [26] Q&A Session Summary Question: Is secondaries a strategically important area for the company? - Management acknowledged that secondaries are a growing segment and will be opportunistic in exploring this area, focusing on highly additive opportunities [37][38] Question: Can you elaborate on the growth outlook for 2026? - Management expects growth rates in the mid- to high teens, driven by strong fundraising and deployment activity, with several initiatives expected to add $200 million to fee-related earnings [40][42] Question: How does the company view AI-related disruption? - Management sees AI as a net positive, with minimal exposure to software businesses, focusing instead on long-term contracted real assets [48][49] Question: What is the company's liquidity position? - The company has over $3 billion in liquidity, which supports growth initiatives and capital deployment [52][56] Question: How is the company positioned in the credit market? - Management noted robust demand for credit, particularly in real asset and asset-backed lending, with modest redemptions in private wealth strategies [76][77] Question: What is the outlook for the wealth channel? - The company expects continued growth in the wealth channel, driven by new product launches and strong early reception [80][81]

Fourth Quarter & Full Year 2025 Supplemental Information FEBRUARY 3, 2026 Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF" or the "Company"). This presentation is not and shall not be construed as an offer ...

Financial Data and Key Metrics Changes - Patria reported organic fundraising of $1.7 billion in Q4 2025 and a record $7.7 billion for the full year, exceeding the revised target of $6.6 billion by over $1 billion [5][34] - Fee-related earnings reached $203 million in 2025, up 19% year-over-year, with distributable earnings per share at $1.27 [6][23] - Total fee-earning AUM rose to $41 billion in Q4 2025, a 5% sequential increase and 24% year-over-year growth [8][17] Business Line Data and Key Metrics Changes - Infrastructure strategies raised approximately $2.3 billion in 2025, significantly up from the previous year, driven by strong global interest [11] - GPMS raised nearly $2 billion in 2025, reflecting strong client support and integration success [12] - The credit platform raised a record $1.8 billion, surpassing the previous year's record of $1.4 billion [12] Market Data and Key Metrics Changes - The Brazilian credit market reached $1.7 trillion in 2024, with an estimated $800 billion addressable market for asset-backed, non-bank private credit [13] - The company is positioned to capitalize on the growing demand for private credit in Brazil, supported by favorable regulations and financial deepening [13][28] Company Strategy and Development Direction - Patria aims to achieve a fee-earning AUM target of $70 billion by year-end 2027, supported by recent acquisitions and strong fundraising momentum [8][10] - The company is expanding its investment strategies, including infrastructure development, private equity, and real estate, to enhance its competitive position [22][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2026 and 2027 fundraising and fee-related earnings targets, citing strong market demand and operational efficiencies [34][41] - The macroeconomic environment is seen as favorable, with increasing allocations to alternatives and robust demand for infrastructure investing [28][30] Other Important Information - The company announced a share buyback program of up to 7 million shares to return capital to shareholders [9] - A transition in the CFO role is planned, with Rafael Denadai set to take over in April 2026 [31][32] Q&A Session Summary Question: Inquiry on private equity valuation process - Management explained that an independent appraiser is used annually to value private assets, employing a discounted cash flow model and comparing results with industry peers [55][56] - The valuation process is standard in the industry, and unrealized performance fees do not impact management fees or employee bonuses [60][62] - Management confirmed that two private equity funds are currently underperforming and do not expect performance fees from these funds [66][68]

Financial Data and Key Metrics Changes - The company reported organic fundraising of $1.7 billion in Q4 2025 and a record $7.7 billion for the full year, exceeding the revised target of $6 billion by over $1 billion [4] - Fee-related earnings reached $203 million in 2025, up 19% year-over-year, with distributable earnings per share at $1.27 [5][23] - Total fee-earning AUM rose to $41 billion in Q4 2025, a 5% sequential increase and 24% year-over-year growth [7][17] - Fee-related earnings for Q4 2025 were $64.2 million, representing a 30% sequential and 17% year-over-year growth [21] Business Line Data and Key Metrics Changes - Infrastructure strategies raised approximately $2.3 billion in 2025, significantly up from the previous year [10] - GPMS raised almost $2 billion in 2025, indicating strong client support [11] - The credit platform raised a record $1.8 billion in 2025, surpassing the previous record of $1.4 billion in 2024 [11] - Real estate strategies raised over $520 million in Q4 2025, contributing to the company's position as the largest manager of REITs in Brazil [13] Market Data and Key Metrics Changes - The Brazilian credit market reached $1.7 trillion in 2024, with $800 billion estimated as the addressable market for asset-backed, non-bank private credit [12] - The company noted a 30%+ CAGR for CLOs in Brazil since 2019, highlighting strong growth in this asset management strategy [12] Company Strategy and Development Direction - The company aims to achieve a fee-earning AUM target of $70 billion by year-end 2027, supported by recent acquisitions and strong fundraising momentum [7][9] - The acquisition of Solis and several REITs is expected to enhance capabilities in private credit and real estate, respectively [5][6] - The company is expanding its investment strategies, including infrastructure development, private equity buyout, and venture capital, to diversify its performance fee earnings stream [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2026 and 2027 fundraising targets of $7 billion and $8 billion, respectively, due to strong demand for their investment strategies [9][33] - The macroeconomic environment is seen as favorable, with financial deepening, deregulation, and increased allocations to alternatives driving demand [28][29] - Management remains optimistic about generating future performance fees, particularly from Infrastructure Fund III and other new strategies [25][64] Other Important Information - The company announced a dividend increase to $0.65 per share for 2026, reflecting strong cash generation [51] - A new CFO, Rafael Denadai, will assume the role in April 2026, following Ana Russo's transition to advisory roles [30][31] Q&A Session Summary Question: Can you discuss the private equity valuation process and how valuations are validated by third parties? - The company uses an independent appraiser annually to value private assets, employing a discounted cash flow model and comparing results with industry multiples [56][58] - Valuations are adjusted quarterly based on the cost of capital unless significant changes occur [60] - Unrealized performance fees do not affect management fees or employee bonuses, as performance fees are only recognized when cash is received [62][63] Question: What are the prospects for IPOs and strategic exits in private equity in 2026? - The company noted that while exits to other private equity firms are limited, the strong performance of public equities and declining interest rates in Brazil could benefit private equity realizations [70]

Financial Data and Key Metrics Changes - For Q3 2025, the company generated distributable earnings of $0.31 per share, covering the dividend of $0.30 per share [5][13] - Net interest income for the quarter was $6.1 million, with GAAP net income at $4.05 million [13][14] - The company ended the quarter with total assets of $258.8 million and total shareholder equity of $184.6 million, resulting in a book value of $13.76 per share [14] Business Line Data and Key Metrics Changes - The portfolio had $367 million in commitments and $253 million in principal outstanding across 13 loans as of September 30, 2025 [14] - The weighted average loan-to-cost at closing was 56%, indicating conservative positioning [6] - Approximately 95% of the loans are floating rate, with an average SOFR floor of about 4% [6] Market Data and Key Metrics Changes - There has been a notable increase in financing requests, indicating a recovery in the real estate market [8][9] - The bid-ask spread between buyers and sellers is narrowing, which is increasing transaction volume [9] - Most new financing activity is concentrated in the bridge lending space, particularly in multifamily and industrial properties [10] Company Strategy and Development Direction - The company focuses on originating transitional loans primarily in the southern United States, aiming for attractive risk-adjusted returns [5][6] - The long-term goal is to achieve an investment-grade rating within the next three to five years [6] - The company is expanding its real estate pipeline, with two signed non-binding term sheets totaling approximately $170 million [11] Management's Comments on Operating Environment and Future Outlook - Management noted a renewed sense of interest rate stability, encouraging more sponsors to engage in capital planning [8] - The company remains confident in its ability to capitalize on attractive opportunities in the current market environment [12] - The underlying performance of the portfolio is progressing as expected, with no significant issues reported [30][31] Other Important Information - The company has a CESL reserve of approximately $400,000, or 17 basis points for loans at carrying value [14] - The board declared a dividend of $0.30 per share, paid on October 15, 2025 [13] Q&A Session Summary Question: What new geographies within the southern U.S. are being seen in the pipeline? - The company is focusing on Florida, Texas, North Carolina, Georgia, and Tennessee for new deals [17][18] Question: Are there any geographies that stand out as the most attractive for investment? - Texas and Florida continue to present interesting opportunities, with the Carolinas and Tennessee also being areas of focus [18][19] Question: How is the debt side of the business strategy progressing? - The company is not pursuing a repo line and is focused on obtaining an investment-grade rating while expanding bank lines [24][25] Question: How is the portfolio performing and what trends are being observed? - The portfolio is performing as expected, with steady progress in construction and sales [30][31]

Financial Performance - Q3 2025 GAAP net income attributable to common stockholders was $001 per share[9] - Q3 2025 Distributable Earnings was $002 per share[9] - A cash dividend for the quarter of $004 per share of common stock was declared[9] - Book Value Per Share of Common Stock was $325 as of September 30, 2025[9] Portfolio Composition and Activity - As of September 30, 2025, the loan investment portfolio totaled $822 million[9] - Approximately 896% of the loan portfolio was collateralized by multifamily assets[9] - The loan portfolio had a weighted average note rate of SOFR + 355%[9] - The Company experienced $488 million of loan payoffs during the quarter, with 995% of payoffs from multifamily properties[9, 22] Capital Structure and Financing - As of September 30, 2025, the Company held cash and cash equivalents of $560 million[9] - The leverage ratio declined quarter-over-quarter from 33x to 32x[9] - The company entered into an uncommitted master repurchase agreement with JPMorgan Chase Bank, N A to provide up to $450 million to finance first mortgage loans[9]

Core Insights - Sunrise Realty Trust, Inc. reported a GAAP net income of $4.05 million or $0.30 per basic weighted average common share for Q3 2025, with Distributable Earnings of $4.12 million or $0.31 per share [1][2]. Financial Performance - The company paid a cash dividend of $0.30 per common share on October 15, 2025, distributing a total of $4.0 million in dividends, which is slightly lower than the Distributable Earnings of $0.31 per share for the same period [4]. - The reconciliation of GAAP net income to Distributable Earnings shows that for the three months ended September 30, 2025, the Distributable Earnings amounted to $4.12 million, reflecting adjustments for stock-based compensation and expected credit losses [16][18]. Strategic Focus - The CEO emphasized the company's commitment to its strategic objectives established 18 months ago, focusing on originating loans for transitional real estate assets primarily in the Southern United States [3]. - The company aims to diversify its portfolio across various asset classes, geographies, and borrowers while maintaining a consistent and stable dividend [3]. Company Overview - Sunrise Realty Trust, Inc. operates as an institutional commercial real estate lender, providing flexible financing solutions for commercial real estate projects, particularly in the Southern U.S. [8]. - The company is part of the Tannenbaum Capital Group's real estate platform, which includes affiliated debt funds focused on transitional commercial real estate properties [10].