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"text": "\n\n<::waterfall chart::>\nBVPS ($)\n\nMarch 31, 2026: $12.01\n\nChanges:\nDistributable Earnings: $0.15\nShare Repurchases: $0.08\nDepreciation & Other: ($0.08)\n\nNet +$0.06 impact to BVPS attributable to Asset Sale:\n Realized Loss (b) on Investments: ($2.64)\n CECL Allowance Reversal: $2.94\n Realized Loss (c) on Extinguishment of Debt: ($0.24)\n\nCommon Dividend: ($3.75)\n\nJune 30, 2026:\nPrior to Special Dividend: $12.22\nValue: $8.47\n<::>",
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"text": "\n\nBook Value Per Share Reconciliation²,⁽ᵃ⁾",
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"text": "\n\na) Undepreciated book value per share of $12.29 and $8.81, including General CECL Allowance per share of $0.30 in 1Q'26 and none in 2Q'26, respectively.\nb) Realized loss on investments includes write-off of previously recorded Specific CECL Allowances and net realized loss on investments resulting from the discount on the Asset Sale compared to our loan's cost basis\nc) Realized loss on extinguishment of debt includes write-off of unamortized original issue discounts and deferred financing costs upon repayment",
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"text": "\n\nD.C. Hotel Brooklyn Multifamily Atlanta Hotel\n\nAsset Photos\n\n<::visual content\n: photo::>\n\n<::visual content\n: photo::>\n\n<::visual content\n: photo::>\n\n($ in mm)",
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"text": "\n\nQ2 REO Overview & Update",
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"text": "\n\n> REO portfolio consists of four properties with net assets totaling $912 million and net equity of $541 million",
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"text": "\n\n## Massachusetts Healthcare\n\n* Massachusetts Healthcare is an equity method investment in a joint venture with other Apollo-managed entities that owns two hospitals in Massachusetts\n* The net asset balance of **$25 million** represents our allocation of the net assets of the joint venture",
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"text": "\n\na) Construction financing on our Brooklyn Multifamily property has a maximum commitment of $388 million and is presented net of $0.1 million in deferred financing costs\nSee footnotes on page 11",
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"text": "\n\n<::Stacked bar chart:(\n($ in mm)\n\nSegment 1 (top):\nValue: $372 (23%)\nLabel: Debt Related to Real Estate Owned\n\nSegment 2 (middle):\nValue: $169 (10%)\nLabel: Preferred Stock(a)\n\nSegment 3 (bottom):\nValue: $1,086 (67%)\nLabel: Common Equity Book Value(b)\n\nNote for Common Equity Book Value:\nIncludes $1.2B of cash\n::>",
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"text": "\n\n<::\n($ in mm)\n\nStacked bar chart showing two segments:\n- Top segment: $372 (26%) - Debt Related to Real Estate Owned\n- Bottom segment: $1,086 (74%) - Common Equity Book Value(c)\n\nAccompanying the Common Equity Book Value(c) is a dashed box stating: \"Includes $1.1B of cash\"\n: chart::>",
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"text": "\n\na) Series B-1 Preferred Stock is generally not convertible into or exchangeable for any other property or any other of our securities at the election of the holders. On July 15, 2026, we exercised our option to redeem the shares at a redemption price of $25.00 (equating to $169 million liquidation preference), plus any accrued unpaid dividends to, but not including, the date of the redemption. Following the redemption, no shares of Series B-1 Preferred Stock remained issued and outstanding.\nb) Reflects book value per share (net of accumulated depreciation) of $8.47 multiplied by shares of common stock outstanding as of June 30, 2026\nc) Reflects book value per share (net of accumulated depreciation as of June 30, 2026) of $8.47, without giving pro forma effect to quarter-to-date real estate owned activity and related financing, as well as certain quarterly accruals, multiplied by shares of common stock outstanding as of July 15, 2026\nd) As of July 15, 2026",
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