Investor Presentaiton

Loans Held for Investment Portfolio Details ($ in millions) # Loan Type Office Loans: Location Origination Date Current Loan Outstanding Commitment Principal Unleveraged Carrying Value Interest Rate LIBOR Floor Effective Yield Maturity Date Payment Terms (1) 1 Senior 2 Senior IL Diversified Nov 2020 Jan 2020 $151.5 $150.5 $149.8 L+3.61% 1.5% 5.5% Mar 2023 1/0 132.6 112.5 112.2 L+3.65% 1.6% 5.7% Jan 2023 1/0 3 Senior AZ Sep 2021 115.7 77.4 76.5 L+3.50% 0.1% 4.0% Oct 2024 1/0 4 Senior IL Nov 2017 67.8 67.8 67.8 L+3.75% 1.3% 5.3% Dec 2021 1/0 5 Senior NC Aug 2021 85.0 64.6 63.8 L+3.55% 0.2% 4.2% Aug 2024 1/0 6 Senior NC Mar 2019 84.0 63.5 63.5 L+4.25% 2.4% 6.7% Mar 2022 1/0 7 Senior NY Jul 2021 81.0 60.4 59.7 L+3.85% 0.1% 4.3% Aug 2025 1/0 8 Senior IL May 2018 59.4 57.4 57.3 L+3.95% 2.0% 6.2% Jun 2022 P/I 9 Senior GA Nov 2019 56.2 46.3 46.1 L+3.05% 2.0% 5.7% Dec 2022 1/0 10 Senior CA Oct 2019 37.2 32.2 32.1 L+3.35% 2.0% 6.0% Nov 2022 1/0 11 Senior IL Dec 2019 41.9 28.5 28.4 L+3.80% 1.8% 6.2% Jan 2023 1/0 12 Senior NC Apr 2019 30.5 28.5 28.1 L+3.53% 2.3% 6.8% May 2023 1/0 13 Senior CA Nov 2018 22.9 22.9 22.8 L+3.40% 2.3% 6.2% Nov 2022 1/0 14 Subordinated NJ Mar 2016 17.0 17.0 16.3 12.00% -% 13.7% Jan 2026 1/0 15 Senior NC Oct 2018 13.5 9.4 9.4 L+4.00% 2.1% 6.2% Nov 2022 1/0 16 Subordinated CA Nov 2017 3.1 3.0 3.0 L+8.25% 1.3% 9.7% Nov 2021 1/0 Total Office $999.3 $841.9 $836.8 Multifamily Loans: 17 Senior FL Jun 2020 $91.8 $91.3 $91.0 L+5.00% 0.8% 6.7% Jun 2022 1/0 18 Senior TX Sep 2019 75.0 75.0 74.8 L+3.25% 0.2% 3.5% Oct 2024 1/0 19 Senior FL Jun 2020 46.7 46.2 46.1 L+5.00% 0.8% 6.6% Jun 2022 1/0 20 Senior SC Jun 2021 37.5 37.5 37.2 L+2.75% 0.2% 3.4% Jun 2023 1/0 21 Senior SC Aug 2019 34.6 30.9 30.7 L+6.50% 2.2% 10.2% Sep 2022 1/0 22 Senior PA Dec 2018 30.3 29.4 29.3 L+3.00% 2.4% 5.9% Dec 2021 1/0 23 Senior WA Feb 2020 19.0 18.7 18.6 L+3.00% 1.7% 5.1% Mar 2023 1/0 Total Multifamily $334.9 $329.0 $327.7 Note: As of September 30, 2021. Please see the glossary at the end of this presentation. 1. I/O = interest only, P/I = principal and interest. 17 ARES COMMERCIAL REAL ESTATE CORPORATION

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