cmREITs Weekly

Research evidence excerpt

cmREITs Weekly

June 22, 2026 cmREITs Weekly

cmREITs Down 0.8%, Underperform S&P 500 in Holiday-Shortened

Trading Week. Thomas Catherwood

(212) 738-6140 tcatherwood@btig.comMORTGAGE WHAT YOU SHOULD KNOW: This weekly report features commercial mortgage REIT John Nickodemus, CFA

trading and valuation data, along with updates and color on our cmREIT coverage (212) 738-6050 jnickodemus@btig.com

universe and the greater CRE ecosystem as a whole. In this edition, see cmREIT loanAND portfolio comp sheets on pages 6-7 and our equity comp sheet on page 4.

■ Commercial mortgage REITs were down 0.8% for the week ended 6/18/26,

outperforming equity REITs and underperforming the broader market. Claros

Mortgage Trust (CMTG, Neutral) and Ready Capital (RC, Neutral) were the top

performers, up 7.5% and 3.6%, respectively. Granite Point (GPMT, Not Rated) andSPECIALTY Ares CRE (ACRE, Neutral) were the worst performers, down (10.2%) and (6.3%),

respectively.

■ Following the close on Monday, Apollo CRE Finance (ARI, Buy, $11 PT) announced

the conclusion of its strategic review, which had been underway since late January,

when ARI announced the sale of its ~$9B CRE loan portfolio to Athene HoldingFINANCE Ltd. (owned by Apollo Global Management, APO, Not Rated) (Link). The company's

board of directors determined that "the dissolution of the company, the liquidation

of its assets and the winding down of its business and affairs" would be the best

course of action for ARI and its shareholders. Following the company's ~$9B CRE

loan book sale in late April, ARI now has a net cash position of ~$1.3B and Book

Value of ~$1.6B, along with a net equity interest in several real estate properties,INDUSTRY which totaled $462M as of 1Q26. Now that the results of the strategic review have