Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss of $8.9 million, or $0.17 per share, and Distributable Earnings of approximately $0.00 per share [4][16] - The weighted average coupon of the loan portfolio decreased to 717 basis points from 777 basis points in the prior quarter, attributed to lower spreads on newly acquired loans and a decline in the SOFR benchmark rate [17] - Total operating expenses increased to $3.8 million from $3.1 million in the prior quarter, primarily due to one-time legal expenses [17][18] - The total book equity at the end of the quarter was approximately $219 million, with a total book value of common stock at approximately $159 million, or $3.03 per share, down from $3.25 per share [19] Business Line Data and Key Metrics Changes - The company acquired or funded $400 million of loan assets during Q4 2025, primarily for the LMNT 2025-FL3 transaction [21] - The total loan portfolio consisted of 61 floating rate loans with an aggregate unpaid principal balance of approximately $1.1 billion, with a weighted average floating rate of 333 basis points over SOFR [21] - Approximately 83% of the loans in the portfolio were risk graded as 3 or better, an improvement from 46% as of September 30 [22] Market Data and Key Metrics Changes - The U.S. economy remains resilient, though growth is moderating with increased uncertainty due to monetary policy and geopolitical risks [5][6] - Capital market conditions in commercial real estate have improved, with increased liquidity, although transaction activity remains below historical averages [6][8] - Rent growth in multifamily markets is modest but showing early signs of re-acceleration in supply-constrained areas [7] Company Strategy and Development Direction - The company remains focused on active asset management, resolving legacy positions, and maintaining a disciplined balance sheet management approach [14][15] - The strategy includes leveraging improved capital market conditions while being cautious and selective in capital deployment [15] - The company aims to navigate the current environment by focusing on strong credit fundamentals and risk-adjusted returns [15] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the uneven recovery in commercial real estate credit markets, indicating that it may take time to fully normalize [14] - The company is optimistic about the multifamily market's strength and is focused on asset management and capital deployment [29][30] - Management highlighted the importance of evaluating sponsor and market conditions when considering new capital deployment [29][30] Other Important Information - The company ended 2025 with an unrestricted cash balance of $23 million, indicating a strong liquidity position to support portfolio management [19][14] - The LMNT 2025-FL3 CLO transaction was a significant development, providing effective leverage of 88% at a weighted average cost of funds of SOFR + 191 basis points [19][11] Q&A Session Summary Question: Context on risk, reward, and opportunity for new capital deployment - Management acknowledged the challenges posed by the current market environment but emphasized the strength of the multifamily market and the importance of evaluating sponsor and market conditions [29][30] Question: Updated comfort zone for leverage with the new CLO - Management noted that average leverage at the asset level has declined compared to historical norms, with current leverage remaining stable [33][34] Question: Balance of non-accruals at year-end and their impact on earnings - Non-accruals amounted to $102 million, with a drag on earnings of about $0.02 [38] Question: Path to dividend coverage for the year - Management indicated that achieving dividend coverage would require both cleaning up the existing portfolio and portfolio growth [39][40] Question: Insights on Q1 2026 - Management highlighted a focus on asset management and the resolution of legacy assets, with expectations aligned with their plans [45][46]

Core Viewpoint - Chicago Atlantic Real Estate Finance, Inc. has declared a quarterly cash dividend of $0.47 per share for Q1 2026, reflecting an annualized rate of $1.88 per common share [1] Group 1: Dividend Announcement - The board of directors has approved a regular quarterly cash dividend of $0.47 per share [1] - The dividend is payable on April 15, 2026, to shareholders of record as of March 31, 2026 [1] Group 2: Company Overview - Chicago Atlantic Real Estate Finance, Inc. is a leading commercial mortgage REIT focused on originating senior secured loans primarily to state-licensed cannabis operators in limited-license states in the U.S. [2] - The company operates under the Chicago Atlantic platform with offices located in Chicago, Miami, New York, and London [2]

Financial Data and Key Metrics Changes - For Q4 2025, the company generated distributable earnings of $0.27 per share, impacted by a loan foreclosure which reduced earnings by approximately $0.03 per share [7][16] - For the full year 2025, net interest income was $21.6 million, with distributable earnings of $15.2 million or $1.19 per share [17] - The company ended Q4 2025 with total assets of $310.2 million and total shareholder equity of $182 million, with a book value of $13.56 per share [19] Business Line Data and Key Metrics Changes - The company focused on providing loans primarily in the Southern United States, with a portfolio construction emphasizing residential loans, mainly senior secured and floating rate [5][6] - In Q4 2025, SUNS closed on $56 million of commitments, including loans for a small-bay industrial development and a senior bridge loan for a retail property [12] - The TCG real estate platform closed on $368 million of loans in FY 2025, with SUNS committing $247 million and funding $224 million [6] Market Data and Key Metrics Changes - The commercial real estate market showed a transition in 2025, with limited transaction volume in early 2025, improving in the second half due to the Federal Reserve's rate easing [5] - The company noted a bifurcation in the lending market, with lenders focused on multifamily and industrial assets, while SUNS targeted transitional business plans requiring bespoke solutions [10][11] Company Strategy and Development Direction - The company aims to capitalize on transitional real estate business plans and maintain a focus on high-quality real estate projects [5][12] - The strategy includes a commitment to structured complexity and asset-level expertise to generate superior unlevered returns [11] - The company plans to hire a premier broker to market the Thompson Hotel asset, indicating a proactive approach to asset management [14][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the opportunity set ahead, despite market volatility creating uncertainty [15][23] - The company anticipates that the current volatility will create opportunities for dislocation in the market, allowing for potential acquisitions [23][48] - Management acknowledged the need to resolve issues related to the Thompson Hotel to restore earnings momentum and expand the borrowing base [41][42] Other Important Information - The board declared a $0.30 dividend per share for Q1 2026, indicating a commitment to maintaining dividends consistent with earnings power [8][19] - The revolving credit facility was increased to $165 million, with potential expansion to $200 million, which could enhance the company's financial flexibility [9] Q&A Session Summary Question: How does the recent market volatility affect investment opportunities? - Management noted that volatility has created ups and downs, but it has also opened opportunities for transitional deals that the company focuses on [21][22] Question: What caused the decrease in the loan pipeline from $1.7 billion to $652 million? - Management explained that the decrease reflects a more discerning approach to transactions, focusing on long-term durability [28] Question: Can you provide more details on the foreclosure of the San Antonio asset? - Management indicated that the asset faced challenges due to market conditions and management issues, but they believe in its medium to long-term prospects [30][31] Question: How does the company plan to cover the dividend given the earnings? - Management stated that the board is confident in covering the dividend over the next 6-12 months [32] Question: What are the expectations for the increased credit facility? - Management expressed that resolving the current asset issues will allow for more capital deployment and expand the borrowing base [40][42] Question: How has capital deployment trended compared to previous expectations? - Management acknowledged that while there were significant opportunities initially, market conditions have led to a more selective approach in capital deployment [43][46]

Core Viewpoint - Glen Burnie Bancorp announces leadership changes with Jay Baldwin becoming the new Chair of the Board of Directors, succeeding John "Jack" E. Demyan, who retires after nearly three decades in the role [1][2] Leadership Transition - Jay Baldwin has taken over as Chair of the Board effective immediately, while John "Jack" E. Demyan will remain on the board as a member and has been honored with the title Chairman Emeritus [1][2] - Thomas "Tommy" Clocker will retire on May 14, 2026, after serving as a director since 1995 [1] Leadership Statements - Demyan expressed pride in the bank's resilience and commitment to the community during his tenure, and he is confident in Baldwin's leadership for future growth [2] - Mark C. Hanna, President and CEO, emphasized the importance of Baldwin's leadership in continuing the bank's community-centered focus while pursuing innovation and growth [2][3] Company Overview - Glen Burnie Bancorp is a bank holding company based in Glen Burnie, Maryland, with The Bank of Glen Burnie as its primary subsidiary, founded in 1949 [3] - The Bank operates six branches in Anne Arundel County and provides commercial and retail banking services, including loans and real estate financing [3]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported distributable earnings of $37 million, or $0.26 per diluted share, compared to $139 million, or $0.98 per diluted share for the full year [4] - GAAP net income available to common stockholders was $26 million, or $0.18 per diluted share for Q4, and $114 million, or $0.81 per diluted share for the full year [4] - The total CECL allowance stood at $383 million at year-end, equating to 418 basis points of the loan portfolio's total amortized cost, down from 457 basis points a year ago [6] Business Line Data and Key Metrics Changes - The company committed $1.3 billion to new loans in Q4, with $1.1 billion funded at close, and completed approximately $200 million of gross add-on fundings for previously closed loans [7] - Loan repayments and sales totaled $852 million in Q4 and $2.9 billion for the full year, reflecting continued portfolio rotation [8] - The loan portfolio increased by approximately $1.6 billion year-over-year on an amortized cost basis, ending the year with a total loan portfolio of approximately $8.8 billion [8] Market Data and Key Metrics Changes - Over 60% of the loan portfolio is now represented by post-2022 origination, indicating a shift in the company's lending strategy [8] - The weighted average unlevered all-in yield of the loan portfolio was 7.3%, with 99% first mortgages and 96% floating rate exposure [8] Company Strategy and Development Direction - The company is focused on improving cash flow and maximizing value at exit for its real estate owned (REO) portfolio, including a newly built Class A multifamily tower in Brooklyn [2] - Management is exploring options to unlock additional value from adjacent land parcels and is implementing cost-saving initiatives at its hotel properties [2][3] - The company is evaluating various strategies for future capital deployment, including potential dissolution or other growth-oriented strategies [12][30] Management's Comments on Operating Environment and Future Outlook - Management received positive feedback from investors regarding efforts to unlock value, but there are questions about future capital strategies [11] - The company is assessing the market environment for potential asset monetization, particularly for The Brook and its hotel properties [19][20] - Management emphasized the importance of creating a sustainable earnings stream that could trade above book value, considering various investment strategies [30] Other Important Information - The company ended the year with $151 million of total liquidity and held over $430 million of unencumbered assets [8][9] - Book value per share was $12.14 at year-end, relatively flat compared to the prior quarter [9] Q&A Session Summary Question: Feedback from investors regarding the transaction value and stock trading - Management noted overwhelmingly positive feedback but acknowledged questions about future capital strategies and the disconnect between book value and stock price [11][12] Question: Marketing of REO assets and timing for monetization - Management indicated that stabilization of The Brook is expected later this year, and the decision to monetize will depend on market conditions [18][19] Question: Dividend policy post-portfolio sale - Management envisions paying a Q1 dividend of $0.25 per share, subject to board approval, and will discuss future dividends as they approach Q2 [25][26] Question: Strategy for creating an entity that trades above book value - Management is considering various strategies, including a focus on earnings streams and potential investments that offer higher returns [30]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported distributable earnings of $37 million, or $0.26 per diluted share, while for the full year, distributable earnings totaled $139 million, or $0.98 per diluted share [4] - GAAP net income available to common stockholders was $26 million, or $0.18 per diluted share for Q4, and $114 million, or $0.81 per diluted share for the full year [4] - The total CECL allowance stood at $383 million at year-end, equating to 418 basis points of the loan portfolio's total amortized cost, down from 457 basis points a year ago [6] Business Line Data and Key Metrics Changes - The company committed $1.3 billion to new loans in Q4, with $1.1 billion funded at close, and completed approximately $200 million of gross add-on fundings for previously closed loans [7] - For the full year, ARI committed $4.4 billion to new loans, with $3.3 billion funded at close and completed about $900 million of gross add-on fundings [7] - Loan repayments and sales totaled $852 million in Q4 and $2.9 billion for the full year, reflecting continued borrower execution and portfolio rotation [8] Market Data and Key Metrics Changes - Over 60% of the loan portfolio is now represented with post-2022 origination, resulting in an overall growth of the loan portfolio, which increased by approximately $1.6 billion year-over-year on an amortized cost basis [8] - The total loan portfolio at year-end was approximately $8.8 billion by amortized cost, with a weighted average unlevered all-in yield of 7.3% [8] - The weighted average loan-to-value ratio is approximately 59% [8] Company Strategy and Development Direction - The company is focused on improving run rate, cash flow, and maximizing value at exit, particularly with its real estate owned (REO) portfolio [1] - Management is evaluating options to unlock additional value from an adjacent owned land parcel related to The Brook [2] - The company is exploring strategies to create more value on vacant sites and is implementing cost savings initiatives at its hotel properties to enhance net cash flow [2][20] Management's Comments on Operating Environment and Future Outlook - Management received overwhelmingly positive feedback from investors regarding efforts to unlock value, but there are questions about future capital strategies [11] - The management is currently evaluating specific ideas for future strategies but has not concluded on any particular path yet [13] - The company is considering the timing of monetizing its REO assets based on market conditions and the stabilization of properties [18] Other Important Information - The company ended the year with $151 million of total liquidity and held over $430 million of unencumbered assets [8][9] - Book value per share was $12.14 at year-end, relatively flat compared to the prior quarter [9] Q&A Session Summary Question: Feedback from investors regarding the transaction value and stock trading - Management noted positive feedback from investors but acknowledged questions about future capital strategies and the disconnect between announced book value and stock price [11][12] Question: Options for future strategies and potential plans - Management indicated that there are specific ideas being evaluated but it is too early to conclude on any particular strategy [13][14] Question: Marketing and monetization of REO assets - Management discussed the lease-up progress of The Brook and the assessment of market conditions for potential monetization [18][19] Question: Dividend plans post-portfolio sale - Management envisions paying a Q1 dividend consistent with previous quarters, subject to board approval, and will discuss future dividends as they approach Q2 [26][27]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported distributable earnings of $37 million, or $0.26 per diluted share, while for the full year, distributable earnings totaled $139 million, or $0.98 per diluted share [4] - GAAP net income available to common stockholders was $26 million, or $0.18 per diluted share for Q4, and $114 million, or $0.81 per diluted share for the full year [4] - The total CECL allowance stood at $383 million at year-end, equating to 418 basis points of the loan portfolio's total amortized cost, down from 457 basis points a year ago [6] Business Line Data and Key Metrics Changes - The company committed $1.3 billion to new loans in Q4, with $1.1 billion funded at close, and completed approximately $200 million of gross add-on fundings for previously closed loans [6] - Loan repayments and sales totaled $852 million in Q4 and $2.9 billion for the full year, reflecting continued portfolio rotation [7] - The loan portfolio increased by approximately $1.6 billion year-over-year on an amortized cost basis, ending the year at approximately $8.8 billion [8] Market Data and Key Metrics Changes - Over 60% of the loan portfolio is now represented by post-2022 origination, indicating a shift in the company's lending strategy [7] - The portfolio has a weighted average unlevered all-in yield of 7.3%, with 99% first mortgages and 96% floating rate exposure [8] Company Strategy and Development Direction - The company is focused on managing its real estate owned portfolio to improve cash flow and maximize value at exit, particularly through leasing and cost-saving initiatives [2][3] - Management is exploring options to unlock additional value from adjacent land parcels and is evaluating strategies for the REO assets [2][18] - The company is considering various strategies for future growth, including potential investments in mezzanine and construction lending, or leveraging Apollo's access to business lines [27][29] Management's Comments on Operating Environment and Future Outlook - Management received positive feedback from investors regarding efforts to unlock value, but there are questions about future capital strategies [11] - The company is currently evaluating specific internal ideas for future strategies, while also engaging with external proposals [13] - Management indicated that the REO portfolio is not critical to the future direction of the company, allowing for independent decisions on asset monetization [20] Other Important Information - The company ended the year with $151 million of total liquidity and held over $430 million of unencumbered assets [8][9] - Book value per share was $12.14 at year-end, relatively flat compared to the prior quarter [9] Q&A Session Summary Question: Feedback from investors regarding the transaction value and stock trading - Management noted overwhelmingly positive feedback but acknowledged questions about future capital strategies and the disconnect between book value and stock price [11][12] Question: Marketing strategy for REO assets and timing for monetization - Management indicated that stabilization of The Brook is expected later this year, and the decision to monetize will depend on market conditions [17][18] Question: Dividend policy post-portfolio sale - Management envisions paying a Q1 dividend of $0.25 per share, subject to board approval, and will discuss future dividends as they approach Q2 [25][26] Question: Strategy for creating an entity that trades above book value - Management is considering various strategies, including a focus on earnings streams and potential investments that offer higher returns [27][29]

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 Insights - Glen Burnie Bancorp reported a net loss of $95,000 for Q4 2025, compared to a net loss of $40,000 in Q4 2024, indicating a decline in performance year-over-year [1] - For the full year 2025, net losses were $29,000, an improvement from net losses of $112,000 in 2024, suggesting a trend towards recovery [2] - The company is undergoing strategic repositioning and operational restructuring aimed at enhancing long-term profitability and shareholder value [3] Financial Performance - The diluted earnings per share for Q4 2025 were $(0.03), compared to $(0.01) in Q4 2024 and $0.04 in Q3 2025, reflecting a downward trend in earnings [1] - Net interest margin improved from 2.98% in Q4 2024 to 3.14% in Q4 2025, a year-over-year increase of 16 basis points, indicating better asset management [6] - Total loans increased by $26.0 million or 12.7% from $205.2 million at the end of 2024 to $231.2 million at the end of 2025, driven by growth in commercial real estate and industrial lending [7] Strategic Initiatives - The company executed initiatives to strengthen its balance sheet and improve revenue-generating capabilities, which included enhancing operational efficiency and reducing structural costs [3][4] - Management views 2025 as a pivotal year for transitioning from balance sheet stabilization to earnings improvement, laying the groundwork for a multi-year balance sheet optimization strategy [5] - The acquisition of VA Wholesale Mortgage Incorporated in August 2025 added mortgage banking capabilities, contributing to non-interest income growth [13] Asset Quality and Liquidity - Non-performing loans increased to 0.54% of total loans at the end of 2025, up from 0.18% at the end of 2024, indicating a need for continued focus on credit risk management [12] - Total deposits rose by 7.5% to $332.4 million at the end of 2025, compared to $309.2 million at the end of 2024, reflecting a stable and diversified deposit base [9] - The loan-to-deposit ratio was 69.6% at the end of 2025, up from 66.4% at the end of 2024, suggesting a conservative balance sheet with a focus on liquidity [8] Operational Efficiency - The company implemented an early retirement program and selective headcount reductions, decreasing full-time equivalent employees from 89 to 69, aimed at improving operating leverage [15] - Noninterest expenses included non-recurring items related to organizational restructuring and strategic investments, with expectations for normalization of expense levels over time [19] - Management anticipates that the transition to the OTCQX Best Market will reduce ongoing annual compliance costs by approximately $200,000, enhancing operating leverage [17]

Core Viewpoint - Chicago Atlantic Real Estate Finance, Inc. has declared a quarterly cash dividend of $0.47 per share for Q4 2025, reflecting an annualized rate of $1.88 per common share, payable on January 15, 2026 [1] Company Overview - Chicago Atlantic Real Estate Finance, Inc. is a leading commercial mortgage REIT that specializes in originating senior secured loans primarily to state-licensed cannabis operators in limited-license states across the United States [2] - The company operates under the Chicago Atlantic platform, with offices located in Chicago, Miami, New York, and London [2]