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    John Nicodemus

    Vice President of Equity Research at BTIG

    John Nicodemus is a Vice President of Equity Research at BTIG, specializing in covering real estate finance companies with a focus on commercial mortgage REITs. He covers firms such as Claros Mortgage Trust, KKR Real Estate Finance Trust, Ladder Capital Corp, and Apollo Commercial Real Estate Finance, engaging directly with their management teams during earnings calls and conducting in-depth sector analysis. Known for his insightful questions and research on portfolio allocations, loan spreads, and expected levered returns on equity, he consistently identifies key trends and value drivers, helping clients implement strategies that aim for gross ROEs in the low to mid-teens for new bridge loans. Nicodemus has built expertise in the real estate sector since joining BTIG and holds recognized professional credentials typical for senior sell-side analysts, including relevant securities licenses and FINRA registration.

    John Nicodemus's questions to Apollo Commercial Real Estate Finance (ARI) leadership

    John Nicodemus's questions to Apollo Commercial Real Estate Finance (ARI) leadership • Q2 2025

    Question

    John Nicodemus of BTIG asked for the outlook on the commercial real estate transaction market through year-end and inquired if ARI is considering extending portfolio duration through investments like triple-net leases or securities.

    Answer

    President, CEO & Director Stuart Rothstein confirmed that CRE transaction activity has picked up and expects the market to remain robust through year-end, providing ample opportunities for ARI. Regarding strategy, he stated that while the team monitors opportunities in net lease and securities, there is no meaningful shift in ARI's core lending strategy expected in the near term.

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