investor presentation - apollo commercial real estate finance

A P O L L O C O M M E R C I A L R E A L E S T A T E F I N A N C E , I N C .

Information is as of September 30, 2020, except as otherwise noted.

It should not be assumed that investments made in the future will be profitable or will equal the performance of the investments in this document.

Investor Presentation

November 2020

Forward Looking Statements and Other Disclosures

2

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 21E of the SecuritiesExchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risksand uncertainties, many of which are difficult to predict and are generally beyond management’s control. These forward-looking statements may include information about possible orassumed future results of Apollo Commercial Real Estate Finance, Inc.’s (“ARI” or the “Company”) business, financial condition, liquidity, results of operations, plans and objectives.When used in this presentation, the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, are intended to identifyforward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: the macro- and micro-economic impact of the COVID-19 pandemic; theseverity and duration of the COVID-19 pandemic; actions taken by governmental authorities to contain the COVID-19 pandemic or treat its impact; the impact of the COVID-19pandemic on our financial condition, results operations, liquidity and capital resources; ARI’s business and investment strategy; ARI’s operating results; ARI’s ability to obtain and maintainfinancing arrangements; the timing and amounts of expected future fundings of unfunded commitments; and the return on equity, the yield on investments and risks associated withinvesting in real estate assets including changes in business conditions and the general economy.

The forward-looking statements are based on management’s beliefs, assumptions and expectations of future performance, taking into account all information currently available to ARI.Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which areknown to ARI. Some of these factors are described under “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in

ARI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020 andSeptember 30, 2020 and other filings, Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020 and September 30, 2020 and other filings filed withthe Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. If a change occurs, ARI’s business, financial condition, liquidity and resultsof operations may vary materially from those expressed in ARI’s forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks anduncertainties arise over time, and it is not possible for management to predict those events or how they may affect ARI. Except as required by law, ARI is not obligated to, and does notintend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This presentation contains information regarding ARI’s financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principlesgenerally accepted in the United States (“GAAP”), including Operating Earnings and Operating Earnings per share. Please refer to footnote 12 on page 20 for a definition of “OperatingEarnings” and the reconciliation of the applicable GAAP financial measure to “Operating Earnings” set forth on page 16.

This presentation may contain statistics and other data that in some cases has been obtained from or compiled from information made available by third-party service providers. ARImakes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness or completeness of such information.

Past performance is not indicative nor a guarantee of future returns.

Index performance and yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposes due to, among other matters, volatility,credit or other factors (such as number and types of securities). Indices are unmanaged, do not charge any fees or expenses, assume reinvestment of income and do not employ specialinvestment techniques such as leveraging or short selling. No such index is indicative of the future results of any investment by ARI.

Unless the context requires otherwise, references in this presentation to “Apollo” refer to Apollo Global Management, Inc., together with its subsidiaries, and references in this presentationto the “Manager” refer to ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, Inc.

Additional Information and Where to Find It

Copies of the documents filed by ARI with the SEC are available free of charge from the website of the SEC at www.sec.gov as well as on ARI’s website at www.apolloreit.com.

This document is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in anyjurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

ARI at a Glance

3

See footnotes on page 20

Leading Mortgage REIT Focused on Originating Commercial Mortgage Loans in the U.S. and Europe

$15.5 BillionTotal Capital Deployed

Since 2009

$6.4 BillionGlobal CRE Debt

Portfolio

$450 MillionLiquidity

84%First Mortgage Loans

1.7xDebt/

Equity Ratio2

14%Dividend Yield4

0.6xPrice/

Book Ratio3

59%Weighted Average Portfolio Loan-to-

Value1

4

An Eleven-Year History of Success Centered on Four Key FactorsARI has a Reputation as an Innovative, Creative Global CRE Debt Provider


2 31 4Apollo5

SponsorshipDifferentiated Origination &

Asset Management Platform

Stable and Diverse Portfolio

Prudent Balance Sheet

Management

Leading global alternative investment manager with ~$433B of AUM

Integrated private equity, credit and real assets platform

31 CRE debt investment professionals in 4 global offices

$42B of capital deployed through CRE Debt platform; $15B for ARI

“First-call” relationships in U.S. and Western Europe

Ability to underwrite and structure complex transactions

Capability to partner with other Apollo vehicles to participate in larger loans

Experienced, cycle-testedleadership team

$6.4B portfolio of loans secured by properties in U.S. and European gateway cities

Institutional quality properties

Focus on senior loans Weighted average portfolio

loan-to-value1 of 59%

Conservative leverage at 1.7x debt to equity2

Proven ability to access diversified capital sources

Ample liquidity Repurchased $119 million

of shares of common stock YTD 2020

5

Integrated Global Real Assets Platform

Talented and Experienced Regionally Based Teams

109 Investment ProfessionalsDirect Origination Teams Located in 12 Global Offices

Commercial Real Estate Debt

$27B

Real Estate Private Equity

$5B

Principal Finance$7B

$44B of AUM

Infrastructure$5B

ARI Benefits From Apollo’s Fully-Integrated, Global Real Assets PlatformARI has access to real time commercial real estate data, information and professionals across the globe

Insurance Platforms

SMAs

Perm

anen

t Cap

ital

Commercial Real Estate Finance

Strength of Apollo’s Commercial Real Estate Debt Team

6

31 Investment Professionals in 4 Global Offices with Deep Relationships and Multi-Cycle Experience

Underwriting focused on “credit first” philosophy, defensive basis and capital preservation

Predominantly gateway markets throughout the United States and Western Europe with strong fundamentals; Hedgecurrency risk for non-US Dollar investments

Institutional quality real estate with thorough, achievable, value-add business plans

Strong sponsorship with significant borrower equity

Predominately senior positions in the capital stack

Partner with experienced and well capitalized subordinate lenders

Low weighted average Loan-to-Value – 59% LTV1 for ARI’s portfolio as of September 30, 2020

1

2

3

4

5

6

7

Investment Strategy Focused on Finding Attractive Relative Value

Select Borrower Relationships Creative Financing Across the Capital Structure

Fixed-Rate First

Mortgages

Transitional First

Mortgages

Subordinate Loans

Selective Construction

Loans

For discussion purposes only. The listed companies are a sample of Apollo borrower relationships. The list is not representative of all borrowers generally, and is solely intended to be illustrative of the types of the Apollo CRE Debt team’s borrower relationships. There can be no guarantees that similar relationships will be available or pursued by Apollo in the future, or that such relationships will be profitable. Company names and logos are trademarks of their respective holders. We do not intend our use or display of these companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, such companies. For discussion purposes only. The listed companies are a sample of Apollo borrower relationships. The list is not representative of all borrowers generally, and is solely intended to be illustrative of the types of the Apollo CRE Debt team’s borrower relationships. There can be no guarantees that similar relationships will be available or pursued by Apollo in the future, or that such relationships will be profitable. Company names and logos are trademarks of their respective holders. We do not intend our use or display of these companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, such companies.

First Mortgage

Loans40%

Subordinate Loans40%

CMBS20%

Portfolio Migration

7

Since 2015, ARI’s Portfolio Has Migrated to More Senior Loans

Portfolio Composition – Amortized Cost

First Mortgage

Loans84%

Subordinate Loans16%

$6.4B09/30/2020

$2.6B12/31/2015

• 84% of ARI’s portfolio consists of senior loans (based upon amortized cost)

• The weighted average portfolio LTV1 at origination was 59%

• Average loan size is ~$100 million (funded amount)

• ARI can partner with other Apollo managed vehicles in order to participate in larger transactionswhile diversifying the risk

• 27% of first mortgages in the portfolio have debt subordinate to ARI’s loan


New York City37%

West11% Midwest

9%

Southeast9%

Southwest3%

Northeast2%

Loan Portfolio Overview

8


Diversified Loan Portfolio Secured by Institutional Properties in Predominately Gateway Global Markets

Hotel24%

Residential for sale -

inventory2%

Residential for sale-

construction14%

Other8%

Healthcare5%

Urban Retail10%

Urban Predevelopment

5%

Office28%

Industrial4%

Collateral Diversification($ in millions) 9/30/20

Number of Loans 70

Amortized Cost $6,437

Weighted Average LTV1 at Origination 59%

Weighted Average All-in Unlevered Yield6 6.2%

Weighted Average Remaining Fully-Extended Term7 2.9 Years

Loans with Active U.S. LIBOR Floors8 90%

Weighted Average U.S. Portfolio LIBOR8

Floor 1.22%

Major Market Focus

Note: Map does not show locations where percentages are 1% or lower

Italy2%

United Kingdom

18%

Spain4%

Germany3%

9

Conservative Capital Structure

9


Capital Structure Composition

Prudent Management of ARI’s Balance Sheet Results in Low Leverage and Diverse Capital Sources

Conservative Capital Management Strategy

6 Secured Debt Obligation Counterparties and 1 Private Securitization

~ 64% Weighted Average Advance Rate Across Secured Debt Obligations

USD, GBP and Euro Denominated Secured Debt Obligations, Mitigating Currency Risk

1.7x Debt to Equity Ratio2

2.1x Fixed Charge Coverage10

$1.0 Billion of Unencumbered Assets

$150 Million Share Repurchase Plan; $119 Million of Common Stock Purchased YTD

($ in mm)

Secured Debt Obligations

Common Equity Book Value

Convertible Notes

Term Loan B

Preferred Stock

$3,478 (50%)

$494 (7%)

$575 (8%)

$169 (3%)

$2,192 (32%)

10


Liquidity

$582

$487$438

$334

$8

$31

$12

$19

$590

$519

$450

$352

3/31/2020 6/30/2020 9/30/2020 As of 10/23/20

($ in mm)

Cash on hand Approved & Undrawn Credit Capacity

a) Represents amounts approved and undrawn under secured credit facilities. While these amounts were previously contractually approved and/or drawn, in certain cases, the lender’s consent is required for us to (re)borrow these amounts

a

Primary Uses of Liquidity since 3/31

$242 million gross add-on fundings ($172 million net of secured credit facility advances)

$119 million of share repurchases

$117 million ($183 million year-to-date) of secured credit facility deleveraging

11

ARI continues to maintain strong levels of liquidity

11

Investment Highlights

11


Eleven Year Track Record as an Innovative, Creative Global CRE Debt Provider

14% Dividend Yield4; 0.6x Price/Book Ratio3

Ability to Underwrite & Structure Large, Complex Transactions

Power of Apollo Sponsorship

“First Call Relationships” with Real Estate Sponsors, Brokers and Capital Partners

Fully Integrated Origination and Asset Management Platform

12

Appendix

Corporate Responsibility

13

ARI is committed to responsible investingARI recognizes the importance of environmental, social and governance (“ESG”) issues and incorporates ESGconsiderations into investment analysis and decision-making processes. ARI strives to make a positive impact on allof the Company’s constituents, including the communities in which we lend, our personnel and the employees ofARI’s external manager, an indirect subsidiary of Apollo Global Management, Inc. (Apollo”), and our stockholders.Apollo has endorsed the American Investment Council's Guidelines for Responsible Investing. Several key highlightsof our ESG initiatives are detailed below:

Environmental Social Governance• Complete environmental risk

assessments for all propertiesunderlying our loans

• Assess properties' sustainabilityby reviewing characteristics suchas neighborhood walkability andtransit ratings, and LEED andENERGY STAR certifications

• Median walkability and transitscore for properties underlyingU.S. loan portfolio(1) were 94.5and 100, respectively, basedupon information provided by aleading third-party provider

1. As of December 31, 2019, excludes portfolios

• In 2019, Apollo donated over $1.3million and employees contributedmore than 900 volunteer hours tovarious charities

• Apollo's commitment to diversityand inclusion is reinforcedthroughout multiple firmwideinitiatives including training, theApollo Women Empower (AWE)initiative, which focuses onattracting, retaining, training andpromoting women, and the ApolloVeterans Initiative, whichchampions and supports the hiringand retention of veterans

• ARI’s Board of Directors andManagement team arecommitted to operate ourbusiness at the highest level ofethical conduct

• We regularly review and update,as appropriate, our policiesgoverning ethical conduct andresponsible behavior in order tosupport our continued success

• Separate CEO and Chairmanroles

• Board is majority independentand strives for diversity

(in thousands - except share data) September 30, 2020 December 31, 2019f

Assets:Cash and cash equivalents $438,234 $452,282Commercial mortgage loans, net a,b 5,427,945 5,326,967Subordinate loans and other lending assets, net b 1,009,092 1,048,126Derivative assets, net 13,654 —Other assets 43,644 52,716Loan proceeds held by servicer — 8,272

Total Assets $6,932,569 $6,888,363Liabilities and Stockholders' EquityLiabilities:

Secured debt arrangements, net (net of deferred financing costs of $12,746 and $17,190 in 2020 and 2019,respectively) $3,465,337 $3,078,366Convertible senior notes, net 564,611 561,573Senior secured term loan, net (net of deferred financing costs of $7,565 and $7,277 in 2020 and 2019, respectively) 484,191 487,961Accounts payable, accrued expenses and other liabilities c 89,222 100,712Payable to related party 9,927 10,430Derivative liabilities — 19,346

Total Liabilities $4,613,288 $4,258,388Stockholders’ Equity:

Preferred stock, $0.01 par value, 50,000,000 shares authorized:Series B preferred stock, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) $68 $68Common stock, $0.01 par value, 450,000,000 shares authorized, 143,288,347 and 153,537,296 shares issued and outstanding in 2020 and 2019, respectively 1,433 1,535Additional paid-in-capital 2,739,851 2,825,317Accumulated deficit (422,071) (196,945)

Total Stockholders’ Equity $2,319,281 2,629,975Total Liabilities and Stockholders’ Equity $6,932,569 $6,888,363

Consolidated Balance Sheets

14

a) Includes $5,405,220 and $4,852,087 pledged as collateral under secured debt arrangements in 2020 and 2019, respectivelyb) Net of $236,207 CECL Allowances in 2020, comprised of $196,931 Specific CECL Allowance and $39,276 General CECL Allowance. Net of $56,981 provision for loan loss in 2019c) Includes $3,595 of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2020

(in thousands - except share and per share data) Three months ended September 30, Nine months ended September 30,

2020 2019 2020 2019

Net interest income:

Interest income from commercial mortgage loans $74,522 $81,136 $232,018 $236,880

Interest income from subordinate loans and other lending assets 28,857 43,421 95,491 125,303

Interest expense (34,824) (39,341) (113,527) (109,147)

Net interest income $68,555 $85,216 $213,982 $253,036

Operating expenses:General and administrative expenses (includes equity-based compensation of $4,212 and $12,727 in 2020 and $3,889 and $12,084 in 2019, respectively) (6,624) (5,839) (19,580) (18,564)

Management fees to related party (9,927) (10,434) (30,152) (30,306)

Total operating expenses ($16,551) ($16,273) ($49,732) ($48,870)

Other income 128 429 1,479 1,431

Realized loss on investments (1,037) — (17,442) (12,513)

Reversal of (provisions for) loan losses a 6,342 (35,000) (151,954) 20,000

Foreign currency translation gain (loss) 27,002 (19,129) (8,388) (20,012)Gain (loss) on foreign currency forward contracts (includes unrealized gains (losses) of ($35,076) and $18,356 in 2020 and $16,227 and $12,029 in 2019, respectively) (34,537) 24,153 32,959 28,619Loss on interest rate hedging instruments (includes unrealized gains (losses) of ($564) and $14,644 in 2020 and ($10,307) and ($23,420) in 2019, respectively) (564) (10,307) (39,207) (23,420)

Net income (loss) $49,338 $29,089 ($18,303) $158,271

Preferred dividends (3,385) (3,385) (10,155) (15,139)

Net income (loss) available to common stockholders $45,953 $25,704 ($28,458) $143,132

Net income (loss) per basic share of common stock $0.31 $0.16 ($0.20) $0.97

Net income (loss) per diluted share of common stock $0.31 $0.16 ($0.20) $0.97

Basic weighted-average shares of common stock outstanding 146,612,313 153,531,678 150,679,773 144,638,237

Diluted weighted-average shares of common stock outstanding 146,612,313 153,531,678 150,679,773 144,638,237

Dividend declared per share of common stock $0.35 $0.46 $1.10 $1.38

Consolidated Statements of Operations

15

a) Comprised of $550 and ($139,950) of Specific CECL Reversal (Allowance) and $5,792 and ($12,004) of General CECL Reversal (Allowance) for the three and nine months ended September 30, 2020, respectively

(in thousands - except share and per share data) Three months ended September 30 Nine months ended September 30Operating Earnings12: 2020 2019 2020 2019Net income (loss) available to common stockholders: $45,953 $25,704 ($28,458) $143,132Adjustments:

Equity-based compensation expense 4,212 3,889 12,726 12,084Unrealized (gain) loss on interest rate swap — 10,307 (14,470) 23,420(Gain) loss on foreign currency forwards 34,537 (24,153) (32,959) (28,619)Foreign currency (gain) loss, net (27,002) 19,129 8,388 20,012Unrealized gain on interest rate cap 564 — (174) —Realized gains (losses) relating to interest income on foreign currency hedges, net (90) 870 1,254 1,614Realized gains relating to forward points on foreign currency hedges, net 244 1,076 3,733 3,552Amortization of the convertible senior notes related to equity reclassification 777 732 2,296 2,362Provision for (reversals of) loan losses (6,342) 35,000 151,954 20,000

Total adjustments $6,900 $46,850 $132,748 $54,425Operating Earnings12 $52,853 $72,554 $104,290 $197,557

Realized loss on investments 1,037 — 17,442 12,513Realized loss on interest rate swap — — 53,851 —

Operating Earnings12 excluding realized loss on investments and realized loss on interest rate swap $53,890 $72,554 $175,583 $210,070

Weighted-average diluted shares – Operating Earnings12:Weighted-average diluted shares – GAAP 146,612,313 153,531,678 150,679,773 144,638,237Weighted-average unvested RSUs 2,051,311 1,839,631 2,028,573 1,845,086

Weighted-average diluted shares – Operating Earnings12 148,663,624 155,371,309 152,708,346 146,483,323Operating Earnings12 Per Share $0.36 $0.47 $0.68 $1.35Operating Earnings12, excluding realized loss on investments and realized loss on interest rate swap, Per Share $0.36 $0.47 $1.15 $1.43

Reconciliation of GAAP Net Income to Operating Earnings12

16



Senior Loan Portfolio Overview (Page 1 of 2)

17

($ in mm) Origination Amortized Unfunded Construction 3rd Party Fully-extendedOffice Date Cost Commitments Loan Subordinate Debt Maturity LocationLoan 1 2/2020 $216 $- 2/2025 London, UKLoan 2 6/2019 204 29 11/2026 Berlin, GermanyLoan 3 10/2018 197 3 1/2022 Manhattan, NYLoan 4 1/2020 184 103 Y 2/2025 Long Island City, NYLoan 5 9/2019 179 - 9/2023 London, UKLoan 6 11/2017 151 - 1/2023 Chicago, ILLoan 7 10/2018 135 51 Y 10/2023 Manhattan, NYLoan 8 1/2018 135 56 Y 1/2022 Renton, WALoan 9 4/2019 97 62 Y 9/2025 Culver City, CALoan 10 3/2018 92 - Y 4/2023 Chicago, ILLoan 11 12/2017 87 37 Y 7/2022 London, UKLoan 12 12/2019 34 3 12/2022 Edinburgh, ScotlandSubtotal/W.A. - Office $1,711 $344

HotelLoan 13 10/2019 $261 $50 Y 8/2024 Various, SpainLoan 14 4/2018 152 - 4/2023 Honolulu, HILoan 15 9/2015 145 - 6/2024 Manhattan, NYLoan 16 5/2018 140 - 6/2023 Miami, FLLoan 17 8/2019 139 - 8/2024 Puglia, ItalyLoan 18 3/2017 105 - 3/2022 Atlanta, GALoan 19 11/2018 100 - 12/2023 Vail, COLoan 20 12/2017 91 - 12/2022 Manhattan, NYLoan 21 8/2019 67 - Y 9/2022 Manhattan, NYLoan 22 4/2018 64 - 5/2023 Scottsdale, AZLoan 23 9/2019 60 - 10/2024 Miami, FLLoan 24 12/2019 59 - 1/2025 Tucson, AZLoan 25 5/2019 52 - 6/2024 Chicago, ILLoan 26 12/2015 42 - 8/2024 St. Thomas, USVILoan 27 2/2018 29 - Y 3/2023 Pittsburgh, PASubtotal/W.A. - Hotel $1,506 $50

($ in mm)

14

7, 13


Senior Loan Portfolio Overview (Page 2 of 2)

18

12

Origination Amortized Unfunded Construction 3rd Party Fully-extendedRetail Date Cost Commitments Loan Subordinate Debt Maturity LocationLoan 28 12/2019 $320 $- 12/2023 London, UKLoan 29 8/2019 317 - Y 9/2024 Manhattan, NYLoan 30 11/2014 105 - 9/2021 Cincinnati, OHSubtotal/W.A. - Retail $742 -

Residential-for-sale: constructionLoan 31 12/2019 $135 $15 Y Y 1/2023 Boston, MALoan 32 12/2018 71 107 Y Y 12/2023 Manhattan, NYLoan 33 10/2015 69 - Y 8/2021 Manhattan, NYLoan 34 1/2018 68 12 Y Y 1/2023 Manhattan, NYLoan 35 12/2018 65 38 Y 1/2024 Hallandale Beach, FLSubtotal/W.A. - Residential-for-sale: construction $408 $172

Residential-for-sale: inventoryLoan 36 12/2019 $73 $- 7/2021 Manhattan, NYLoan 37 5/2018 24 - Y 3/2021 Manhattan, NYLoan 38 6/2018 13 - Y 7/2021 Manhattan, NYLoan 39 2/2014 3 - 4/2021 Bethesda, MDSubtotal/W.A. - Residential-for-sale: inventory $113 -

Urban PredevelopmentLoan 40 3/2017 $128 $- 12/2020 Brooklyn, NYLoan 41 1/2016 115 - 9/2021 Miami, FLLoan 42 12/2016 52 - 6/2022 Los Angeles, CASubtotal/W.A. - Urban Predevelopment $295 -

MultifamilyLoan 43 4/2014 66 $- 7/2023 VariousLoan 44 11/2014 54 - 11/2021 VariousLoan 45 2/2020 50 1 3/2024 Cleveland, OHSubtotal/W.A. - Multifamily $170 $1

OtherLoan 46 - Healthcare 10/2019 $220 $29 10/2024 Various, UKLoan 47 - Industrial 1/2019 197 7 2/2024 Brooklyn, NYLoan 48 - Mixed Use 12/2019 75 1 12/2024 London, UKLoan 49 - Mixed Use 12/2019 11 789 Y Y 6/2025 London, UKSubtotal/W.A. - Other $503 $826

Total/W. A. - First Mortgage $5,448 $1,393 3.0 Years

($ in mm)7, 13

14

14

14

11

14

Subordinate Loan15 Portfolio Overview

19


Origination Amortized Unfunded Construction 3rd Party Fully-extendedResidential-for-sale: construction Date Cost Commitments Loan Subordinate Debt Maturity LocationLoan 1 6/2015 $224 $- Y Y 12/2020 Manhattan, NYLoan 2 12/2017 108 11 Y Y 6/2022 Manhattan, NYLoan 3 12/2017 72 - Y 4/2023 Los Angeles, CALoan 4 11/2017 85 - Y Y 12/2020 Manhattan, NYSubtotal/W.A. - Residential-for-sale: construction $489 $11

HealthcareLoan 5 1/2019 $76 $- 1/2024 VariousLoan 6 7/2019 51 - Y 6/2024 VariousLoan 7 2/2019 17 - Y 1/2034 VariousSubtotal/W.A. - Healthcare $144 -

OfficeLoan 8 1/2019 $100 $- 12/2025 Manhattan, NYLoan 9 7/2013 14 - 7/2022 Manhattan, NYLoan 10 8/2017 7 - 9/2024 Troy, MISubtotal/W.A. - Office $121 -

Mixed UseLoan 11 1/2017 $42 $- 2/2027 Cleveland, OHLoan 12 2/2019 38 - Y 12/2022 London, UKLoan 13 12/2018 29 22 Y 12/2023 Brooklyn, NYLoan 14 7/2012 7 - 8/2022 Chapel Hill, NCSubtotal/W.A. - Mixed Use $116 $22

HotelLoan 15 6/2015 $24 $- 7/2025 Phoenix, AZLoan 16 6/2018 20 - 6/2023 Las Vegas, NVLoan 17 6/2015 18 - 12/2022 Washington, DCLoan 18 5/2017 9 - 6/2027 Anaheim, CASubtotal/W.A. - Hotel $71 -

OtherLoan 19 - Residential-for-sale: inventory 10/2016 $36 $- 10/2020 Manhattan, NYLoan 20 - Industrial 5/2013 32 - 5/2023 VariousLoan 21 - Multifamily 5/2018 19 - 5/2028 Cleveland, OHSubtotal/W.A. - Other $87 -

Total/W.A. - Subordinate $1,028 $33 2.5 Years

Total/W.A. - Portfolio $6,476 $1,426 2.9 Years

a) Sold a subordinate position subsequent to quarter endb) In the form of a single-asset, single-borrower CMBS

($ in mm)

14

17,b

b

16

16

12

7, 13

14

a

11,18

11

17

Footnotes

20

1. Weighted average loan-to-value (“LTV”) reflects the LTV at the time the loan was originated. It excludes risk-rated 5 loans. 2. Represents total debt, less cash and loan proceeds held by servicer divided by total stockholders' equity, adjusted to add back the General CECL Allowance in line with our covenants. 3. Represents closing share price on November 9, 2020 to book value per share, excluding General CECL Allowance as of September 30, 2020.4. Reflects closing share price on November 9, 2020.5. Apollo refers to Apollo Global Management, Inc. and its consolidated subsidiaries Apollo refers to Apollo Global Management, Inc. and its consolidated subsidiaries Apollo refers to

Apollo Global Management, Inc. and its consolidated subsidiaries.6. Weighted Average Unlevered All-in Yield on the loan portfolio is based on the applicable benchmark rates as of period end on the floating rate loans and includes accrual of origination,

extension, and exit fees. For non-US deals, yield excludes incremental forward points impact from currency hedging.7. Based on loan amortized cost.8. Excludes loans on non-accrual status.9. Other includes multifamily, mixed use and a retail center.10. Fixed charge coverage is EBITDA divided by interest expense and preferred stock dividends.11. Amounts and percentages may not foot due to rounding.12. Operating Earnings is a non-GAAP financial measure that we define as net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based

compensation expense (a portion of which may become cash-based upon final vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses), other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on our foreign currency hedges, (v) the non-cash amortization expense related to the reclassification of a portion of our convertible senior notes to stockholders’ equity in accordance with GAAP, and (vi) provision for loan losses and impairments. Please see page 16 for a reconciliation of GAAP net income to Operating Earnings.

13. Assumes exercise of all extension options.14. Amortized cost for these loans is net of the recorded Specific CECL Allowances and impairments.15. Includes two subordinate risk retention interests in securitization vehicles classified as Subordinate Loans.16. Both loans are secured by the same property.17. Loan and single-asset, single-borrower CMBS are secured by the same properties.18. Gross of $39.3 million of General CECL Allowance.

investor presentation - apollo commercial real estate finance

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