Investor Presentation

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1 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. Investor Presentation May 2018 Information is as of March 31, 2018, 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.

2 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 21E of the Securities Exchange 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 risks and uncertainties, many of which are difficult to predict and are generally beyond management s control. These forward-looking statements may include information about possible or assumed 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 identify forward-looking statements. Statements regarding the following subjects, among others, may be forwardlooking: ARI s business and investment strategy; ARI s operating results; ARI s ability to obtain and maintain financing arrangements; the return on equity, the yield on investments and risks associated with investing in realestate assets; and 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 are known 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, 2017 and other periodic reports filed with the Securities and Exchange Commission ( SEC ), which are accessible on the SEC s website at If a change occurs, ARI s business, financial condition, liquidity and results of 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 and uncertainties 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 not intend 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 principles generally accepted in the United States ( GAAP ), including Operating Earnings and Operating Earnings per share, which management believes are relevant to assessing the Company s financial performance. Please refer to the footnote on slide 20 for a definition of Operating Earnings and the reconciliation of the applicable GAAP financial measure to Operating Earnings set forth on slide 19. 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. ARI makes 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 special investment techniques such as leveraging or short selling. No such index is indicative of the future results of any investment by ARI. 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 as well as on ARI s website at 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 any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. 2

3 Company Overview Mortgage REIT with a Nine-Year Track Record as an Innovative, Creative Global CRE Debt Provider Experienced Team with Strong Sponsorship Full-scale investment platform that has deployed ~$22.5 billion of capital since 2009, $8.7 billion of which was for ARI Stable and Diverse Loan Portfolio $4.1 billion portfolio of first mortgage and subordinate loans secured by institutional quality CRE 89% of loan portfolio is floating rate Well Positioned for Rising Interest Rates Attractive Dividend Yield $1.84 annual dividend generating a 10.2% dividend yield (1) See footnotes on page 20 3

4 ARI Benefits from the Integrated Apollo CRE Credit Platform ARI is Managed by Apollo s (2) Full-Scale CRE Credit Platform $22.5bn of capital deployed into first mortgages, mezzanine loans, preferred equity and CMBS $9.7bn of AUM (3) across publicly-traded REIT, private investment funds and managed accounts $3.8bn office loans 222 transactions completed $5.3bn hotel loans $4.0bn condominium and multifamily loans First-call relationships with owners, operators and brokers Market intelligence and diligence Apollo Real Estate Debt Platform Underwriting and structuring expertise Capacity to provide onestop shopping for borrowers Banking and financing relationships See footnotes on page 20 4

5 Investment Strategy ARI s Investment Strategy Focuses on Finding Attractive Relative Value Investment Process Directly Originate with Borrower or Co-Originate with Senior Lender Underwrite and Structure Pro-Actively Asset Manage Target Investments Investment Sourcing Channels First mortgage and subordinate loans on transitional and/or stabilized properties Direct relationships with real estate owners and operators Major markets throughout the United States and Western Europe Institutional sponsorship with significant borrower equity First-call relationships with CRE brokers Like-minded senior lenders Repeat borrowers Underwriting focused on credit-first philosophy and capital preservation Apollo s global real estate platform Ability to pursue complexity in execution or operations 5

6 Transaction Economics Target Low Double-Digit ROE s that are Positively Correlated to Increases in LIBOR Illustrative First Mortgage Loan Illustrative Subordinate Loan LTV Illustrative $250mm Capital Stack Total $ LTV Illustrative $250 mm Capital Stack Total $ L+ 5.5% Return on Assets L+ 11.5% Return on Assets 42% Repo Facility Advance: $105 Million $105 mm Leverage L+2.50% 70% 2.3x 2.50% All-in Cost Advance Rate Leverage Multiple Spread Senior Loan: $125 Million 60% ARI Investment: $45 Million $150 mm 50% 65% ARI Subordinate Loan: $37 Million $125 mm $162 mm Borrower s Equity: $100 Million L+ 12.5% Gross ROI Borrower s Equity: $88 Million L+ 11.5% Gross ROI 100% $250 mm 100% $250 mm For illustrative purposes only. Past performance is not indicative nor a guarantee of future results. 6

7 Portfolio Evolution Expanding Portfolio with an Increased Emphasis on Floating-Rate First Mortgage Loans Investment Portfolio at Amortized Cost $ (millions) $4,800 $4,000 $3,680 $4,067 $3,200 $2,400 $1,658 $2,517 $3,145 $1,600 $800 $860 $669 $849 $ Q First Mortgage Loans Subordinate Financing CMBS Other (4) Annual Loan Originations $ (millions) $2,100 $2,045 $1,800 $1,500 $1,200 $900 $989 $1,200 $1,159 $921.9 $600 $300 $146 $200 $394 $ Q See footnotes on page 20 First Mortgage Subordinate Loans 7

8 Loan Portfolio Overview ($ in millions) 1Q18 Property Type By Amortized Cost Number of Loans 63 Loans Amortized Cost $4,067 Mixed Use 9% Pre-development 17% Net Equity at Cost $2,885 Office 14% Industrial 2% Unfunded Loan Commitments 5 $853 Weighted Average Unlevered Yield on Floating-Rate Loans 6 L+7.3% Weighted Average Unlevered All-in-Yield 6 9.2% Weighted Average Remaining Term Years Healthcare 4% Residential - for sale 17% Retail Center 5% Hotel 16% Other 4% Residential - for rent 12% (8) Loan Position at Amortized Cost Loan Position by Net Equity at Amortized Cost Subordinate Loan 26% Subordinate Loan 36% First Mortgage 74% First Mortgage 64% See footnotes on page 20 8

9 Loan Portfolio Geographic Distribution ($ in millions) Property Type Manhattan, NY Brooklyn, NY Northeast Midwest Southeast West Southwest Mid Atlantic United Kingdom Other International Total Predevelopment $65 / 2% $128 / 3% - - $221 / 5% $60 / 1% - - $236 / 6% - $711 / 17% Residential-for sale 408 / 10% / 1% - 34 / 1% 236 / 6% / 17% Hotel 313 / 8% - 38 / 1% 57 / 1% 132 / 3% 28 / 1% 25 / 1% 20 / 0% - 42 / 1% 655 / 16% Office 134 / 3% 75 / 2% 0 / 0% 253 / 6% - 42 / 1% / 2% / 14% Residential Rental 115 / 3% 155 / 4% 1 / 0% 40 / 1% 10 / 0% 63 / 2% 5 / 0% - 46 / 1% 33 / 1% 468 / 12% Mixed Use 175 / 4% / 4% 7 / 0% / 9% Retail Center / 4% 31 / 1% / 5% Healthcare / 0% 12 / 0% 30 / 1% 31 / 1% - 30 / 1% 47 / 1% / 4% 8 Other / 0% 22 / 1% 13 / 0% 7 / 0% - 96 / 2% / 4% Industrial / 1% 10 / 0% 4 / 0% 13 / 0% 3 / 0% 2 / 0% / 2% 9 Total $1,210 / 29% $358 / 9% $108 / 3% $738 / 18% $447 / 11% $270 / 7% $33 / 1% $182 / 4% $645 / 16% $75 / 2% $4,067 / 100% North -east 3% United Kingdom 16% West 7% South -west 1% Mid-west 18% Brook lyn 9% Mid- Atlantic 4% NYC 29% See footnotes on page 20 Southeast 11% Other International 2% 9

10 Capital Structure Total Capitalization: $4.3 Billion Secured Debt Arrangements $1.2 Billion L+2.23% Weighted Average Coupon Facility ($000s) Maximum Size Outstanding Balance Maturity W/A Rate Loans 14 JP Morgan $1,382,000 $800,535 Mar-20 USD L+2.30% Deutsche Bank (USD) 402, ,460 Mar-20 USD L+2.48% Deutsche Bank (GBP) 165, ,766 Mar-20 GBP L+2.60% ,13 Goldman Sachs 327, ,025 Nov-20 USD L+2.57% Subtotal $2,277,906 $1,226,787 Less Deferred Financing Costs NA (14,037) Total $2,277,906 $1,212,750 USD L % / GBP L % Convertible Notes $600 Million 5.07% Weighted Average Coupon 5.50% notes convertible to common stock ratio of ($17.34 effective conversion price) and matures in March % notes convertible to common stock ratio of ($19.91 effective conversion price) and matures in August 2022 Series B & Series C Cumulative Preferred Stock $341.8 Million 8.0% Coupon Series B ($169.3mm); fixed at an 8.00% until September 21, 2020 and floating at the greater of 3m LIBOR plus 6.46% or 8.00% thereafter; callable September 2020 Series C ($172.5mm); 8.00% rate; callable anytime Equity Market Capitalization 10 ~$2.2 Billion 122,992,231 shares issued and outstanding at March 31, % dividend yield 1 See footnotes on page 20 Debt to Common Equity Ratio 17 : 0.8x Fixed Charge Coverage 18 : 2.6x 10

11 Net Interest Income Per Share Interest Rate Sensitivity ARI s Portfolio Income and Operating Earnings are Positively Correlated to an Increase in LIBOR Rate Profile of Loan Portfolio 19 Net Interest Income Sensitivity to LIBOR 20 $ % $0.15 $ % $0.05 Floating Rate Fixed Rate $ % 0.50% 0.75% 1.00% Increase in LIBOR Footnotes on page 20 11

12 Dividend Overview ARI Offers an Attractive Dividend Yield and Trades at a Premium to Book Value Cumulative Dividends per Share of Common Stock $16.00 $14.00 $13.36 $13.82 $12.00 $11.52 $10.00 $9.68 $8.00 $6.00 $4.70 $6.30 $7.90 $4.00 $3.10 $2.00 $1.50 $ Q Dividend Yields and Price/Book Multiples % % 8.0% 10.2% 9.2% 9.2% 9.1% 9.1% % 8.5% 8.1% 8.0% % % 2.0% 0.0% Footnotes on page ARI STWD GPMT LADR CLNC ACRE TRTX KREF BXMT

13 Investment Highlights Nine-Year Track Record as an Innovative, Creative Global CRE Debt Provider First-Call Relationship with Real Estate Owners and Operators, Senior Lenders and Brokers Stable and Diverse $4.0 Billion Loan Portfolio Demonstrated Ability to Access Attractively Priced Capital Well Positioned for Rising Interest Rates 10.2% Dividend Yield (1) See footnotes on page

14 Appendix 14

15 Consolidated Balance Sheet (in thousands - except share data) March 31, 2018 December 31, 2017 Assets: Cash $98,310 $77,671 Commercial mortgage loans, net (includes $2,176,126 and $2,148,368 pledged as collateral under secured debt arrangements in 2018 and 2017, respectively) 3,029,240 2,653,826 Subordinate loans, net 1,038,254 1,025,932 Loan proceeds held by servicer 30, ,756 Other assets 46,087 28,420 Total Assets $4,242,172 $4,088,605 Liabilities and Stockholders Equity Liabilities: Secured debt arrangements, net (net of deferred financing costs of $14,037 and $14,348 in 2018 and 2017, respectively) $1,212,749 $1,330,847 Convertible senior notes, net 585, ,897 Derivative liabilities, net 14,499 5,644 Accounts payable, accrued expenses and other liabilities 73,330 70,906 Payable to related party 8,092 8,168 Total Liabilities 1,894,642 2,000,462 Stockholders 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 aggregate liquidation preference) in 2018 and Series C preferred stock, 6,900,000 shares issued and outstanding ($172,500 aggregate liquidation preference) in 2018 and Common stock, $0.01 par value, 450,000,000 shares authorized, 122,992,231 and 107,121,235 shares issued and outstanding in 2018 and 2017, respectively 1,230 1,071 Additional paid-in-capital 2,444,036 2,170,078 Accumulated deficit (97,873) (83,143) Total Stockholders Equity 2,347,530 2,088,143 Total Liabilities and Stockholders Equity $4,242,172 $4,088,605 15

16 Consolidated Statement of Operations (in thousands - except share data and per share data) Net interest income: March 31, 2018 March 31, 2017 Interest income from commercial mortgage loans $52,114 $34,398 Interest income from subordinate loans 33,853 34,390 Interest income from securities 0 6,054 Interest expense (22,740) (17,030) Net interest income 63,227 57,812 Operating expenses: Three months ended General and administrative expenses (includes equity-based compensation of $3,342 and $3,791 in 2018 and 2017, respectively) (4,998) (5,758) Management fees to related party (8,092) (7,432) Total operating expenses (13,090) (13,190) Income from unconsolidated joint venture Other income Realized loss on sale of assets 0 (1,042) Unrealized gain on securities 0 2,852 Foreign currency gain 10,125 3,172 Loss on derivative instruments (includes unrealized losses of $(8,855) and $(2,889) in 2018 and 2017, respectively) (11,032) (3,045) Net income 49,433 47,125 Preferred dividends (6,835) (9,310) Net income available to common stockholders $42,598 $37,815 Net income per share of common stock $0.38 $0.41 Basic weighted average shares of common stock outstanding 110,211,853 91,612,447 Diluted weighted average shares of common stock outstanding 111,871,429 92,998,250 Dividend declared per share of common stock $0.46 $

17 Reconciliation of Net Income to Operating Earnings (22) (in thousands - except share and per share data) March 31, 2018 Three months ended Earnings Per Share (Diluted) March 31, 2017 Earnings Per Share (Diluted) Operating Earnings : 22 Net income available to common stockholders $42,598 $0.38 $37,815 $0.41 Adjustments: Equity-based compensation expense 3, , Unrealized gain on securities - - (2,852) (0.03) Unrealized loss on derivative instruments 11, , Foreign currency gain, net Amortization of Convertible Senior Notes related to equity reclassification Income from unconsolidated joint venture (10,362) (0.09) (3,326) (0.04) 1, (458) (0.01) Total Adjustments 5, Operating Earnings 22 $47,750 $0.43 $38,623 $0.41 Realized loss and costs from sale of CMBS - - 1, Operating Earnings excluding realized loss and costs from sale of CMBS portfolio $47,750 $0.43 $39,665 $0.42 Basic weighted average shares of common stock outstanding Diluted weighted average shares of common stock outstanding 110,211,853 91,612, ,871,429 92,998,250 See footnotes on page 20 17

18 Senior Loan Portfolio Property Type Risk Rating Origination Date Amortized Cost ($MM) Unfunded Commitment ($MM) Fully-extended Maturity Location Residential-for sale 3 3/2018 $236-3/2021 London, UK Predevelopment 3 1/ /2019 Miami, FL Office 3 11/ /2023 Chicago, IL Predevelopment 3 4/ /2019 London, UK Retail Center 4 11/ /2020 Cincinnati, OH 23 Hotel 3 9/ /2020 Manhattan, NY Mixed Use 3 9/ /2020 Chicago, IL Predevelopment 3 3/ /2018 Brooklyn, NY Mixed Use 2 7/ /2019 Manhattan, NY Office 3 11/ /2022 Manhattan, NY Hotel 3 9/ /2021 Manhattan, NY Office 3 12/ /2022 London, UK Other 2 10/ /2019 Manassas, VA Residential-for rent 2 4/ /2019 Various Hotel 3 3/ /2022 Atlanta, GA Residential-for rent 3 10/ /2021 Brooklyn, NY Predevelopment 3 11/ /2018 Manhattan, NY Predevelopment 3 7/ /2019 London, UK Predevelopment 3 12/ /2020 Los Angeles, CA Hotel 2 1/ /2022 Miami, FL Residential-for rent 3 11/ /2021 Various Office 3 3/ /2023 Chicago, IL Hotel 2 1/ /2022 St. Louis, MO Hotel 3 12/ /2022 Manhattan, NY Residential-for rent 3 10/ /2022 London, UK Residential-for rent 3 11/ /2018 Brooklyn, NY Residential-for rent 3 5/ /2018 Brooklyn, NY Hotel 3 12/ /2020 St. Thomas, USVI 24 Residential-for rent 5 11/ /2019 Williston, ND Hotel 3 2/ /2023 Pittsburgh, PA Mixed Use 3 7/ /2019 Manhattan, NY Residential-for rent 3 12/ /2020 Manhattan, NY Office / /2022 Renton, WA Residential-for sale / /2019 Bethesda, MD Retail Center 3 2/ /2020 Miami, FL Residential-for sale 3 1/ /2023 Manhattan, NY Mixed Use 3 7/ /2019 Manhattan, NY Residential-for sale 2 3/2018 (1) 115 3/2023 San Francisco, CA Sub Total - Senior Loans $3,029 $ Years Weighted Average Yield 13 on Loans with Floating Rate L+5.8% - Weighted Average All-in Yield 6 on All Senior Loans 7.7% See footnotes on page 20 18

19 Subordinate Loan Portfolio Overview Property Type Risk Rating Origination Date Amortized Cost ($MM) Unfunded Commitment ($MM) Fully-extended Maturity Location Residential-for sale 3 6/2015 $138-7/2020 Manhattan, NY Healthcare 3 10/ /2021 Various Residential-for sale 3 2/ /2021 Manhattan, NY Office 3 3/ /2018 Brooklyn, NY Other 3 9/ /2022 Various Residential-for sale 3 7/ /2020 Manhattan, NY Residential-for rent 3 10/ /2019 Manhattan, NY Residential-for sale 3 11/ /2020 Manhattan, NY Industrial 3 6/ /2020 Long Island, NY Healthcare 3 1/ /2019 Various Mixed Use 3 1/ /2027 Cleveland, OH Residential-for sale 3 10/ /2020 Manhattan, NY Industrial 3 5/ /2023 Various Hotel 3 6/ /2025 Phoenix, AZ Residential-for sale 3 12/ /2023 Los Angeles, CA Residential-for sale 3 6/ /2020 Manhattan, NY Hotel 3 6/ /2019 Washington, DC Hotel 3 2/ /2020 Burbank, CA Hotel / /2020 Manhattan, NY Office 3 7/ /2022 Manhattan, NY Office 3 9/ /2022 Kansas City, MO Hotel 3 5/ /2027 Anaheim, CA Office 3 8/ /2024 Troy, MI Mixed Use 3 7/ /2022 Chapel Hill, NC 25 Office 3 1/ /2022 Renton, WA Residential-for sale 3 12/ /2022 Manhattan, NY Sub Total - Subordinate Loans $1,038 $ Years Total Loans $4,067 $ Years Weighted Average Yield 13 on Loans with Floating Rate L+12.2% - Weighted Average All-in Yield 6 on All Subordinate Loans 13.7% TOTAL PORTFOLIO WEIGHTED AVERAGE: Yield on Loans with Floating Rate 13 L+7.3% - All-in-Yield 6 9.2% See footnotes on page 20 19

20 Footnotes (1) Based upon the $1.84 annual dividend per share of common stock and the closing stock price on May 3, (2) Apollo refers to Apollo Global Management, LLC and its consolidated subsidiaries. (3) AUM or Assets Under Management is as of March 31, 2018 and is defined as the amortized cost of the CRE debt investments held by ARI and other investment funds and accounts managed by Apollo that invest in commercial real estate debt. (4) Other includes a repurchase agreement investment secured by collateralized debt obligation or CDO bonds and equity investment in Bremer Kreditbank AG ( BKB Bank ). (5) Unfunded loan commitments are for loans that were previously closed but have yet to be funded. (6) Weighted Average Unlevered All-in-Yield on the loan portfolio is based upon the applicable benchmark rates as of March 31, 2018 on the floating rate loans. Weighted Average All-in-Yield includes the amortization of deferred origination fees, loan origination costs and accrual of both extension and exit fees. (7) Weighted Average Remaining Term assumes all extension options are exercised. (8) Other includes a data center and water park resorts. (9) Amounts and percentages may not foot due to rounding. (10) Equity market capitalization based upon shares of common stock outstanding and closing stock price on March 31, (11) Assumes extension options are exercised. (12) LIBOR is applicable USD or GBP LIBOR as of March 31, (13) Average floating rate spread is calculated as the weighted average yield with applicable floating benchmark rates minus USD one month LIBOR as of March 31, (14) The debt balance as of March 31, 2018, includes asset specific borrowing: currently $80 million drawn out of $132 million max capacity. (15) As of March 31, 2018 the Company s secured debt arrangements with Goldman Sachs Bank USA provided for maximum total borrowings comprised of a $300,000 repurchase facility and $27,750 of a asset specific financing. The asset specific financing has a maturity of April (16) Effective rate includes the effect of the adjustment for the conversion option relating to cash dividend payments made by the Company to stockholders that have been deferred and carriedforward in accordance with, and are not yet required to be made pursuant to, the terms of the applicable supplemental indenture. (17) Represents total secured debt arrangements and convertible senior notes, less cash and loan proceeds held by servicer to common equity. (18) Fixed charge coverage is EBITDA divided by interest expense plus the preferred stock dividends. (19) Based upon face amount. (20) Any such hypothetical impact on interest rates on the Company s variable rate borrowings does not consider the effect of any change in overall economic activity that could occur in a rising interest rate environment. Further, in the event of a change in interest rates of that magnitude, the Company may take actions to further mitigate the Company s exposure to such a change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, this analysis assumes no changes in the Company s financial structure. The analysis incorporates movements in both USD LIBOR and GBP LIBOR. (21) Dividend yields are based upon closing stock price as of May 3, 2018 and the most recently declared quarterly dividend per share of common stock, annualized. Price/book is based upon the closing stock price on May 3, 2018 and the reported book value per share of common stock on March 31, (22) Operating Earnings is a non-gaap financial measure that is used by the Company to approximate cash available for distribution and is defined by the Company 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 realized gains/(losses) related to interest income; (v) the non-cash amortization expense related to the reclassification of a portion of the convertible senior notes to stockholders equity in accordance with GAAP; and (vi) provision for loan losses and impairments. Please see slide 16 for a reconciliation of GAAP net income and GAAP net income per share to Operating Earnings and Operating Earnings per Share. Operating Earnings may also be adjusted to exclude certain other non-cash items, as determined by ACREFI Management, LLC, the Company s external manager (the Manager ) and approved by a majority of the Company's independent directors. (23) Both loans are secured by the same property. (24) Amortized cost for these loans is net of the recorded provisions for loan losses and impairments. (25) Both loans are secured by the same property. 20

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