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 ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income of $0.24 per share, while distributable earnings (DE) were -$2.07 per share, with DE prior to charge-offs at -$0.51 per share, reflecting a 20% increase from Q1 [3][19] - The company paid a dividend of -$0.47 per share for Q4, with DE prior to charge-offs covering the dividend for the second consecutive quarter [4][20] - Book value ended the year at $20.75 per share, which includes $0.47 per share of accumulated depreciation and amortization [21] Business Line Data and Key Metrics Changes - The loan portfolio is now 99% performing, with $575 million of impaired loans resolved during the quarter, reducing the impaired loan balance to just under $90 million [4][12] - The investment portfolio increased to $20 billion, up from $19.5 billion, with the loan portfolio at $18 billion and net lease assets now representing 5% of the portfolio [12][20] - In Q4, the company closed $1.5 billion of investments, including $1.4 billion of new loan originations, all secured by multifamily and industrial assets [10][11] Market Data and Key Metrics Changes - The real estate credit market is highly liquid, with CMBS issuance up 40% year-over-year, indicating increased debt capital availability [5] - New loan requests in January were up 50% from the prior year, reflecting heightened investor enthusiasm [5] - Nearly half of the company's loans are located in international markets, with approximately 40% in Europe, where strong fundamentals are driving demand [14][15] Company Strategy and Development Direction - The company is focusing on diversifying its investment channels, targeting multifamily and industrial loans, and expanding its net lease strategy [4][6] - The strategy includes selectively exiting owned real estate properties to redeploy capital into core investments, aiming to maximize long-term shareholder value [8][16] - The company has been active in share repurchases, with $140 million since the program's inception, indicating confidence in the stock's value [9][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's performance in 2025, highlighting a strong case for additional upside in the stock as it trades below book value [8][9] - The company anticipates continued positive trends in the real estate market, with expectations for further loan resolutions and capital redeployment [19][50] - Management noted that the current liquidity in the market is beneficial for quicker resolutions of impaired loans, contributing to a stabilized real estate market [56] Other Important Information - The company has a strong balance sheet with $1 billion of liquidity and no debt maturities until 2027 [24][25] - The company has been proactive in accessing various capital markets, executing over $5 billion in transactions in the past year [6][68] - The transition of CFO roles was noted, with Marcin Urbaszek stepping into the position, indicating continuity in leadership [10][25] Q&A Session Summary Question: Thoughts on supporting the value of loans in the portfolio - Management is exploring all opportunities to maximize shareholder value and feels confident about the stock's direction [28] Question: Views on the REO portfolio and specific assets - Management sees improved fundamentals and investor demand in key markets like New York, with potential for exiting assets strategically [31][33] Question: Investment in the Blackstone BREDS Fund - The fund will focus on high-quality core-plus real estate in the U.S. and Canada, with no fees for the fund commitment [37] Question: Future portfolio outlook and focus areas - The company intends to diversify its portfolio while maintaining its core lending strategy, with a focus on risk-adjusted returns [40] Question: Multifamily lending opportunities - Management is optimistic about the multifamily sector, citing structural undersupply and strong performance in their portfolio [44] Question: Timeline for resolving loans and redeploying capital - Management expects to exit certain assets over the year, with a focus on redeploying capital at target returns [50] Question: Impaired loan resolutions and market conditions - The resolution of impaired loans was attributed to the strength of the asset management team and improved market liquidity [56]

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Core Viewpoint - NexPoint Real Estate Finance, Inc. has announced the final income allocations for its 2025 dividend distributions on common stock and preferred stock, detailing the taxable income and capital gains for shareholders [1]. Summary by Category Common Shares - The dividend distribution per share is set at $0.50000 for two payment dates: March 31, 2025, and June 30, 2025 - Taxable ordinary income per share is $0.02966 for both payment dates - There are no taxable capital gains or unrecaptured Section 1250 gains, with a return of capital per share of $0.47034 for both distributions [1]. Series A Preferred Shares - The dividend distribution per share is $0.53125 for each of the payment dates: January 27, 2025, April 25, 2025, and July 25, 2025 - The entire amount of $0.53125 is classified as taxable ordinary income, with no taxable capital gains or unrecaptured Section 1250 gains [1]. Series B Preferred Shares - The dividend distribution per share is $0.18750 for payment dates on February 5, 2025, and March 5, 2025 - Similar to Series A, the entire amount is classified as taxable ordinary income, with no taxable capital gains or unrecaptured Section 1250 gains [1]. - It is noted that several CUSIPs for Series B may not have received all listed payments due to issuance after the payable/record dates [1]. Tax Treatment - 98.374% of the taxable ordinary income is treated as a qualified REIT dividend under Section 199A - 1.626% of the taxable ordinary income qualifies as dividend income eligible for the dividends received deduction for corporate taxpayers [1]. Company Overview - NexPoint Real Estate Finance, Inc. is a publicly traded REIT focused on originating and investing in various real estate finance products, including first-lien mortgage loans and multifamily properties, with its common stock and Series A Preferred Stock listed on the NYSE [1].

Core Insights - KKR Real Estate Finance Trust (KREF) reported a fourth-quarter 2025 GAAP net loss of $32 million, or $0.49 per share, while distributable earnings were $14 million, or $0.22 per share, and a cash dividend of $0.25 was paid for the fourth quarter [4][3][5] Financing and Liquidity - The company has a total financing capacity of $8.2 billion, including $3.5 billion of undrawn capacity, with 74% of financing remaining non-mark-to-market [1] - KREF ended Q4 with near-record liquidity of over $880 million, having increased its corporate revolver to $700 million from $610 million [7][2] - The company has no facility maturities until 2027 and no corporate debt due until 2030 [1][7] Portfolio Performance - The weighted average risk rating on the portfolio was 3.2 at year-end, with a debt-to-equity ratio of 2.2x and a total leverage ratio of 3.9x [9] - In Q4, KREF downgraded certain loans, resulting in total incremental CECL provisions of $44 million [8][6] - New originations in 2025 totaled $1.1 billion, with over 75% concentrated in multifamily and industrial loans, while Q4 new originations were $424 million, exceeding repayments of $380 million [10] Geographic Expansion and Strategy - KREF closed its first loan in Europe and made subsequent investments, marking a milestone for geographic diversification [11] - The company plans to pursue an aggressive resolution strategy for its watchlist assets and REO portfolio in 2026, aiming to unlock approximately $0.13 per share of value [12][11] Dividend and Share Repurchase - The board is actively evaluating the dividend as part of broader capital allocation discussions, particularly in light of the transitional year [15] - KREF repurchased over $9 million of common stock in Q4 at a weighted average share price of $8.24, totaling $43 million for the full year 2025 [16]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss of $32 million or $0.49 per share, with a book value of $13.04 as of December 31 [3] - Distributable earnings were $14 million or $0.22 per share, and a cash dividend of $0.25 was paid for Q4 [3] Business Line Data and Key Metrics Changes - New originations in Q4 totaled $424 million, surpassing repayments of $380 million, indicating a positive trend in loan origination [8] - Over 75% of new originations during the year were concentrated in multifamily and industrial loans, sectors with resilient fundamentals [5] Market Data and Key Metrics Changes - The company ended the year with over $880 million in liquidity, including $85 million in cash and $700 million in undrawn capacity on the corporate revolver [9] - Total financing capacity was $8.2 billion, with a debt-to-equity ratio of 2.2 times and a total leverage ratio of 3.9 times, consistent with target ranges [9] Company Strategy and Development Direction - The company aims to strengthen its liquidity position and has closed a $650 million Term Loan B, reducing the coupon to SOFR plus 250 basis points [4] - A focus on geographic diversification was highlighted, with the first loan in Europe closed, positioning the company to capitalize on relative value across the U.S. and Europe [5] - The company plans to implement an aggressive resolution strategy for watchlist assets and select office assets to compress the discount of stock price to book value [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market improving and highlighted the importance of executing business plans to unlock value in the REO portfolio [6][7] - The dividend policy is under active evaluation as part of broader capital allocation discussions, balancing near-term earnings visibility with long-term shareholder value [7] Other Important Information - The company downgraded certain loans to risk rating 5, resulting in total incremental CECL provisions of $44 million during the quarter [8] - The weighted average risk rating on the portfolio is 3.2, indicating a moderate level of risk across the loan portfolio [9] Q&A Session All Questions and Answers Question: Discussion on accelerating resolutions on watchlist and REO assets - Management acknowledged progress on REO and emphasized the goal of liquidating assets to create a cleaner portfolio, which could lead to better market recognition [12][14] Question: What does success look like by the end of 2026? - Success is defined as monetizing or liquidating the majority of the watchlist and addressing office portfolio issues, with a focus on clarity and resolution [16][18] Question: Concerns about loans that are under-earning in 2026 - Management indicated that while some assets are underperforming, contractual payments are being made, and there is potential upside from resolving REO assets [25][27] Question: Dividend policy and financial analysis - Management confirmed that dividend decisions will be based on empirical financial analysis rather than market sentiment [28][29] Question: Insights on commercial real estate credit demand - Management noted increased allocations to real estate credit and equity, with a shift towards opportunistic and value-add investments [48][50] Question: Impact of rate cuts on REO assets - Management observed that rate cuts are helping liquidity in the market, although the overall sentiment for real estate remains positive [54][55] Question: View on the office sector and attractive loan characteristics - Management emphasized a high bar for office loans, focusing on newer, high-quality assets with stable cash flows [58][59] Question: Expectations for originations and repayments - Management indicated that originations will align with repayments as they execute their resolution strategy, with REO sales potentially increasing portfolio size [60][61]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss of -$32 million or -$0.49 per share, with a book value of $13.04 as of December 31 [3] - Distributable earnings were $14 million or -$0.22 per share, and a cash dividend of $0.25 was paid for the quarter [3] Business Line Data and Key Metrics Changes - New originations in Q4 totaled $424 million, surpassing repayments of $380 million, indicating a positive trend in loan origination [8] - Over 75% of new originations were concentrated in multifamily and industrial loans, which are showing resilient fundamentals [5] Market Data and Key Metrics Changes - The company ended the year with over $880 million in liquidity, including $85 million in cash and $700 million in undrawn capacity on the corporate revolver [9] - The weighted average risk rating on the portfolio is 3.2, with a debt-to-equity ratio of 2.2 times and a total leverage ratio of 3.9 times, consistent with target ranges [9] Company Strategy and Development Direction - The company aims to strengthen its liquidity position and has successfully closed a $650 million term loan B, reducing the coupon to SOFR plus 250 basis points [4] - A focus on geographic diversification was highlighted, with the company closing its first loan in Europe, which is part of a strategic effort to build its real estate credit platform [4][5] - The company plans to implement an aggressive resolution strategy for watchlist assets and select office assets to compress the discount of its stock price to book value [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market improving and highlighted the importance of engaging with tenants to optimize asset monetization [7] - The dividend policy is under active evaluation as part of a broader capital allocation discussion, balancing near-term earnings visibility with long-term shareholder value [7] Other Important Information - The company downgraded certain loans to risk rating 5, resulting in total incremental CECL provisions of $44 million during the quarter [8] - The company repurchased over $9 million of common stock at a weighted average share price of $8.24 during the quarter, with a total of $43 million repurchased for the full year [10] Q&A Session Summary Question: Will KREF consider a complete overhaul of its business if the stock does not recover? - Management indicated that they are focused on executing their current business plan and believe that progress on REO will lead to better market recognition [12][13] Question: What does success look like for the company by the end of 2026? - Success is defined as monetizing or liquidating the majority of the watchlist and REO assets, with a focus on clarity in the office portfolio [16][18] Question: Will there be a significant portion of the portfolio under-earning in 2026? - Management noted that while some assets are underperforming, they expect contractual payments to continue and see potential upside from resolving REO assets [25][27] Question: How is the dividend policy being evaluated? - The company is taking a rational financial approach to the dividend, focusing on empirical data rather than market sentiment [28][29] Question: What is the outlook for commercial real estate credit demand? - There is an increasing allocation to real estate credit, with institutional investors shifting focus back to the sector, particularly in opportunistic and value-add areas [48][50] Question: How have recent rate cuts affected interest in REO assets? - Management believes that rate cuts are helping liquidity in the market, although the overall sentiment for real estate is positive due to a lack of sellers [54][55] Question: What makes an office loan attractive today? - The company is focused on lending to newer, high-quality assets with stabilized cash flows and long-term leases, minimizing leasing risk [58][59]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss of $32 million or $0.49 per share, with a book value of $13.04 as of December 31 [3] - Distributable earnings were $14 million or $0.22 per share, and a cash dividend of $0.25 was paid for the quarter [3] Business Line Data and Key Metrics Changes - The company experienced $1.5 billion in repayments, consistent with 2024 levels, and $1.1 billion in new originations, with over 75% of new originations concentrated in multifamily and industrial loans [5] - The company is focused on maintaining and selectively growing the portfolio within on-theme asset classes and top-tier MSAs [6] Market Data and Key Metrics Changes - The company ended the year with over $880 million in liquidity, including $85 million in cash and $700 million in undrawn capacity on the corporate revolver [10] - The weighted average risk rating on the portfolio is 3.2, with a debt-to-equity ratio of 2.2 times and a total leverage ratio of 3.9 times [10] Company Strategy and Development Direction - The company aims to execute an aggressive resolution strategy for a significant portion of its watchlist assets and select office assets to compress the discount of its stock price to book value [6] - The company is strategically building its real estate credit platform in Europe, having closed its first loan in the region [4] Management's Comments on Operating Environment and Future Outlook - Management noted that 2026 will be a year of transition, with a focus on repositioning the loan portfolio for improved earnings [6] - The market is improving, and management remains engaged with tenants, particularly regarding the Mountain View asset [7] Other Important Information - The company repurchased over $9 million of common stock at a weighted average share price of $8.24 during the quarter, with a total of $43 million repurchased for the full year [10][11] - The board is actively evaluating the dividend as part of a broader capital allocation discussion [8] Q&A Session Summary Question: Will KREF consider a complete business revamp if the stock does not pull to par? - Management expressed optimism about the portfolio's recognition and emphasized the importance of executing their business plan [13][15] Question: What does success look like by the end of 2026? - Management indicated the goal is to liquidate the vast majority of the watchlist and clarify the office portfolio, with significant progress expected on REO assets [16][18] Question: Will there be a significant portion of the portfolio under-earning in 2026? - Management acknowledged some assets are dragging down earnings but emphasized the potential for near-term opportunities to convert REO assets into performing loans [24][25] Question: How is the company viewing the demand for commercial real estate credit? - Management noted increased allocations to real estate credit and equity, with a shift back into the sector observed among institutional allocators [46][48] Question: Have recent rate cuts increased interest in REO assets? - Management indicated that rate cuts are helping liquidity in the market, with a noted lack of sellers at opportunistic prices [53][54] Question: What makes an office loan attractive today? - Management stated that lending on newer, high-quality assets with stabilized cash flows is where they see attractive opportunities [56][57]

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 ...

Core Insights - KKR Real Estate Finance (KREF) reported a revenue of $25.79 million for Q4 2025, reflecting a year-over-year decline of 26.6% and an EPS of $0.22, down from $0.31 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $25.81 million by 0.07%, while the EPS exceeded the consensus estimate of $0.13 by 69.23% [1] Financial Performance Metrics - Total net interest income was reported at $25.79 million, slightly below the average estimate of $25.81 million from two analysts, marking a year-over-year decline of 26.6% [4] - Total other income was $1.3 million, compared to the average estimate of $1.38 million, showing a year-over-year increase of 9.1% [4] - Revenue from real estate owned operations was $4.87 million, below the average estimate of $5.21 million, but represented a significant year-over-year increase of 36.5% [4] - Total other income reached $6.85 million, exceeding the average estimate of $6.58 million, with a year-over-year change of 47.1% [4] Stock Performance - KKR Real Estate shares have returned +2.9% over the past month, outperforming the Zacks S&P 500 composite, which saw a +1.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]