ARI

• Completed sale of $9 billion loan portfolio to Athene on April 24th, leaving ~$1.3 billion cash and $900 million gross value REO assets. • Management evaluating commercial real estate-related strategies to deliver returns. • Update on REO assets: BRC to stabilize summer, Mayflower Hotel Q1 strong, Cortland Grand Q1 below budget but expected to improve, former hospital assets in rezoning. • Dividend policy: Declaration subject to board approval, second quarter dividend to be announced a few weeks prior, target dividend ~8% annualized yield on book value per share, dividends likely have significant return of capital component. • Board authorized new $150 million share repurchase program.

• Anticipate update on strategy exploration in coming months. • Dividend declaration subject to board approval, second quarter dividend to be announced a few weeks prior to end of quarter. • Target dividend ~8% annualized yield on book value per share remains intact. • No leverage envisioned for now as focus is on preserving cash for strategic paths.

ARI reported net income available to common stockholders of $23 million, or $0.16 per diluted share for Q1 2026. Distributable earnings were $31 million, or $0.22 per diluted share. Net interest income was $36 million in Q1 2026 compared to $39 million in Q1 2025. Interest income from commercial mortgage loans increased modestly to $150 million from $144 million due to loan portfolio growth. Interest expense increased to $114 million from $105 million. Common equity book value per share was $12.01 at March 31, 2026, compared to $12.14 at end of Q4 2025. The four REO assets: BRC multifamily in Brooklyn ~80% leased market rate, ~70% leased affordable units, expected to stabilize summer; Mayflower Hotel had strong Q1 with net cash flow ahead of budget; Cortland Grand Q1 performance below budget but expected to improve with insurance and World Cup; two former hospital assets actively engaged in rezoning.

Q: Could you comment on the rationale to be buying back stock at this point in advance of the strategic review?

A: From their perspective, they have significant confidence in book value per share today and the amount used for buyback is not material to strategic options.

Q: Regarding the strategic review, could you comment on asset classes?

A: Not giving specific asset type comments, but expect meaningful progress in next few months, and any strategic move must create more than current book value per share for shareholders.

Q: With sitting on a lot of cash, how should we think about investing it?

A: CNBS, agency securities, high yield options are available, no leverage envisioned today.

Q: About REO resolution path and interaction with strategic review?

A: More likely a liquidating trust to maximize value of REO assets rather than bulk sale.

Q: Thoughts on interest rate outlook and impact on strategic review or equity return calculations?

A: Uncertainty in market has implications on thinking about future strategies versus created value.