Apollo Commercial Real Estate Finance : Q1 2026 Supplemental Financial Information Package

Published: 2026-04-28 17:14:23 ET ARI

Published on 04/28/2026 at 05:14 pm EDT

Q1 2026 Financial Results

April 28, 2026

Unless otherwise noted, information as of March 31, 2026

It should not be assumed that investments made in the future will be profitable or will equal the performance of the investments shown in this document.

Net income available to common stockholders of $23 million, or $0.16 per diluted share of common stock

Distributable Earnings1 of $31 million, or $0.22 per diluted share of common stock

Declared common stock dividends of $0.25 per share, which implies a dividend yield2 of 9.0%

Total loan portfolio of $8.9 billion with weighted-average ("w/a") unlevered all-in yield3 of 7.0%

W/A risk rating of 3.0

Committed $300 million(a) (fully funded at close) to new loans

Loan repayments and sales of $469 million

Gross add-on fundings4 of $339 million

Maturity of the commercial mortgage loan secured by a hotel in Chicago, IL ("Chicago Hotel Loan") was extended to May 2026 to correspond with the timing of the underlying hotel sale, which will repay our loan. The related secured debt was fully repaid during the quarter, and the loan remains on non-accrual status.

Ended the quarter with total common equity book value of $1.6 billion(b)

Repurchased 2.9 million shares of common stock at a w/a price of $10.52 per share, resulting in book value per share accretion of $0.03

Ended the quarter with $285 million of total liquidity, including $229 million of cash(c) and $56 million available leverage on our secured debt arrangements

Received a full repayment of a $247 million first mortgage secured by a portfolio of student housing properties located in the United Kingdom as well as a full repayment of a $100 million first mortgage secured by an office building located in Chicago, IL.

Repurchased an additional 3.9 million shares of common stock at a w/a price of $10.72 per share, resulting in book value per share accretion of $0.04

Board of directors approved a stock repurchase program for up to an aggregate of $150.0 million of our common stock

Completed the sale of the Company's commercial real estate loan portfolio(d) to Athene Holding Ltd. ("Athene") for a purchase price based on 99.7% of total loan commitments on April 24th (the "Asset Sale"). All foreign currency hedges were unwound and proceeds from the Asset Sale were used to repay associated secured debt and corporate-level facilities.

Represents USD equivalent based on foreign exchange rates as of date funded or commitment closed

Reflects book value per share (net of General CECL Allowance and depreciation) of $12.01 multiplied by shares of common stock outstanding (see page 4 for book value per share overview)

Includes loan proceeds held by servicer

Excludes loans that were repaid prior to closing and the Chicago Hotel Loan with a carrying value of $42 million as of March 31, 2026, which is expected to repay after closing. 3

Q1 Distributable Earnings1 of $0.22 per share

Q1 Dividend Yield on Book Value Per Share5 of 8.3%

$0.26

4Q'25

1Q'26

Distributable Earnings per Share 1

Quarterly Dividend

Distributable Earnings Per Share1,6

$0.25

$0.22

$12.14

$12.01

1Q'26

4Q'25

Book Value Per Share5,(a)

a) Undepreciated book value per share of $12.39 and $12.29, including General CECL Allowance per share of $0.32 and $0.30 in 4Q'25 and 1Q'26, respectively 4

Portfolio Activity & REO Overview

($ in mm)

Q1 Portfolio Activity

Update on 111 West 57th Street

One contract closed during Q1 generating ~$17 million of net sales proceeds

One unit under contract for estimated net sales proceeds of ~$39 million

REO Overview & Update

Brooklyn Multifamily: 591-unit, 53-story multifamily tower

($ in mm)

As of March 31, 2026

Net Assets

Debt (a)

Net Equity 6

Brooklyn Multifamily

$650

($366)

$284

D.C. Hotel

159

(74)

Atlanta Hotel

Massachusetts Healthcare(b)

Total REO Held for Investment 6

$902

($440)

$462

77% of Market Units leased

Debt related to real estate owned represents construction financing on our Brooklyn Multifamily property (maximum commitment of $388 million and presented net of $0.4 million in deferred financing costs) and mortgage on our D.C. Hotel (maximum commitment of $74 million and presented net of $0.2 million in deferred financing costs) 5

Massachusetts Healthcare is an equity method investment in a joint venture with other Apollo-managed entities that owns two hospitals in Massachusetts. The net asset balance represents our allocation of the net assets of the joint venture.

Loan Portfolio Overview

W/A Remaining Fully-Extended Term8,9

3.0 Years

Carrying Value/ Number of Loans

$8.9 billion/54 Loans

W/A Portfolio Risk Rating8

3.0

Loan Position8

99% First Mortgage

W/A Portfolio Loan-to-Value(b)

59%

W/A Unlevered All-in Yield on Loan Portfolio3,8,(a)

7.0%

Collateral Diversification8

Origination Vintage8

Retail(e) 5%

Data Centers 6%

Industrial 11%

Hotel 19%

Mixed Use 2%

Other(c) 5%

Residential 29%

Office 23%

(d)

$3,376

$1,317

$941

$1,350

$480

$547

$96 $162

$0 $0

$280

$73

$297

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

62% of

portfolio originated post-2022

Excludes benefit of forward points on currency hedges related to loans denominated in currencies other than USD

W/A LTV reflects the LTV at the time the loan was originated; based on amortized cost and excludes risk-rated 5 loans

Other property types include urban predevelopment (3%) and pubs (2%)

Residential property types include multifamily (11%), senior housing (11%), student housing (5%), and residential-for-sale (2%)

Retail property types include urban retail (4%) and lifestyle center (1%) 6

Loan Portfolio Overview (cont'd)

($ in mm) Property Type

United Kingdom

New York City

Other Europe

Southeast

West

Midwest

Other (d)

Total6

Residential (a)

$488 / 5%

$467 / 5%

$639 / 7%

$261 / 3%

$332 / 4%

$404 / 5%

$2,591 / 29%

Office

865 / 10%

501 / 6%

520 / 6%

173 / 2%

2,059 / 23%

Hotel

236 / 3%

480 / 5%

294 / 3%

268 / 3%

137 / 2%

138 / 2%

125 / 1%

1,679 / 19%

Industrial

224 / 3%

22 / 0%

310 / 3%

7 / 0%

223 / 2%

7 / 0%

172 / 2%

965 / 11%

Data Centers

240 / 3%

253 / 3%

493 / 6%

Retail (b)

334 / 4%

27 / 0%

96 / 1%

457 / 5%

Mixed Use

78 / 1%

156 / 2%

233 / 2%

Other (c)

213 / 2%

229 / 3%

442 / 5%

Total 6,10

$2,437 / 27%

$1,626 / 18%

$1,151 / 13%

$1,144 / 13%

$861 / 10%

$746 / 8%

$954 / 11%

$8,919 / 100%

General CECL Reserve

($37)

Carrying value, net 6

$8,882

Collateral Diversification

West 10%

Midwest 8%

New York City 18%

United Kingdom 27%

Sweden 3%

Germany 8%

Southeast 13%

Italy 2%

Residential property types include multifamily (11%), senior housing (11%), student housing (5%), and residential-for-sale (2%)

Retail property types include urban retail (4%) and lifestyle center (1%)

Other property types include urban predevelopment (3%) and pubs (2%)

Other geographies include Southwest (5%), Northeast (3%), Mid-Atlantic (2%) and Other (<1%)

Note: Map does not show locations where percentages are lower than 2% 7

Office Loan Portfolio Overview

Number of Loans(a)

9 Loans

W/A Risk Rating8

2.7

Origination Vintage8

Location8

Fully Extended Maturities8,9

Largest commitment 100% leased to credit tenant(c)

$729 million

Loans with 3rd Party Subordinate Debt

4 Loans

W/A Loan-to-Value(b)

58%

First Mortgage8

100%

$238

Carrying Value

$2.1 Billion

$100

$509

$282

$865

$271

$303

$100

32%

United States

Chicago, IL 8%

68%

Europe

$865

New York City 24%

Various, Germany 5%

Milan, Italy 8%

Berlin, Germany 12%

London, UK 43%

$585

2026 2027 2028 2029 2030

Includes one loan secured by a portfolio which includes office, industrial, and retail property types located in various cities across Germany

W/A LTV reflects the LTV at the time the loan was originated; based on amortized cost and excludes risk-rated 5 loans

Portfolio includes a £487 million ($644 million in USD), based on amortized cost, first mortgage secured by an office property in London which is 100% leased by a credit tenant for a 20-year term

Note: Location chart does not show locations where percentages are lower than 2% 8

Senior Loan Portfolio

($ in mm)

Residential

Property

Type

Origination

Date

Amortized

Cost

Unfunded

Commitments

Construction

Loan

3rd Party

Subordinate Debt

Fully-extended Maturity 9

Location

Loan 1

Residential

02/2026

$297

03/2031

Various, US

Loan 2

Residential

12/2021

243

02/2027

Various, UK

Loan 3

Residential

11/2025

240

11/2030

Manhattan, NY

Loan 4

Residential

08/2025

238

09/2030

Various, US

Loan 5

Residential

04/2024

157

05/2029

Emeryville, CA

Loan 6

Residential

08/2024

154

08/2029

Various, UK

Loan 7

Residential

04/2025

153

04/2030

Various, US

Loan 8

Residential

09/2025

152

09/2030

Charlotte, NC

Loan 9

Residential

04/2025

149

05/2030

Jersey City, NJ

Loan 10

Residential

03/2025

133

04/2029

Port St. Lucie, FL

Loan 1112

Residential

08/2022

112

11/2026

Manhattan, NY

Loan 12

Residential

06/2024

07/2029

Washington, DC

Loan 13

Residential

10/2024

11/2029

Various, US

Loan 14

Residential

08/2025

08/2030

Various, UK

Loan 15

Residential

02/2025

02/2030

Miami, FL

Loan 16

Residential

05/2021

12/2027

Cleveland, OH

Loan 17

Residential

05/2025

05/2030

Manhattan, NY

Subtotal - Residential

$2,541

$75

Office

(a)

Loan 18

Office

02/2022

643

12/2028

London, UK

Loan 19

Office

12/2025

271

12/2030

Manhattan, NY

Loan 20

Office

06/2019

238

06/2030

Berlin, Germany

Loan 21

Office

01/2020

230

08/2027

Long Island City, NY

Loan 22

Office

02/2020

222

03/2028

London, UK

Loan 23

Office

02/2022

171

06/2027

Milan, Italy

Loan 24

Office

11/2022

100

09/2026

Chicago, IL

Loan 25

Office

03/2018

09/2027

Chicago, IL

Subtotal - Office

$1,948

$260

a) Loan is secured by an office property which is 100% leased by a credit tenant for a 20-year term 9

($ in mm)

Hotel

Property

Type

Origination

Date

Amortized

Cost

Unfunded

Commitments

Construction

Loan

3rd Party

Subordinate Debt

Fully-extended Maturity9

Location

Loan 26

Hotel

12/2023

$333

$10

12/2028

Various, Europe

Loan 27

Hotel

10/2025

228

10/2028

London, UK

Loan 28

Hotel

07/2021

180

08/2026

Various, US

Loan 29

Hotel

09/2025

149

10/2030

Manhattan, NY

Loan 30

Hotel

09/2015

139

12/2026

Manhattan, NY

Loan 31

Hotel

06/2024

131

06/2029

St. Petersburg, FL

Loan 32

Hotel

08/2025

125

09/2030

San Diego, CA

Loan 33

Hotel

06/2024

110

07/2029

Brooklyn, NY

Loan 34

Hotel

12/2024

01/2030

Indianapolis, IN

Loan 35

Hotel

12/2025

04/2027

Manhattan, NY

Loan 36

Hotel

12/2024

12/2029

New Orleans, LA

Loan 3711

Hotel

05/2019

05/2026

Chicago, IL

Subtotal - Hotel

$1,678

$31

Industrial

Loan 38

Industrial

03/2021

254

05/2027

Various, Sweden

Loan 39

Industrial

04/2025

246

05/2030

Various, US

Loan 40

Industrial

11/2025

184

12/2030

Various, US

Loan 41

Industrial

08/2025

119

08/2030

Various, Europe

Loan 42

Industrial

08/2024

108

08/2029

Various, UK

Subtotal - Industrial

$911

$48

Data Center

Loan 43

Data Center

05/2025

253

110

06/2030

Abilene, TX

Loan 44

Data Center

03/2025

240

02/2030

West Jordan, UT

Subtotal - Data Center

$493

$169

($ in mm)

Retail

Property

Type

Origination

Date

Amortized

Cost

Unfunded

Commitments

Construction

Loan

3rd Party

Subordinate Debt

Fully-extended Maturity 9

Location

Loan 45

Retail

12/2024

$333

07/2030

London, UK

Loan 11

Retail

11/2014

09/2026

Cincinnati, OH

Subtotal - Retail

$429

Mixed Use

Loan 47

Mixed Use

03/2022

156

03/2029

Brooklyn, NY

Loan 48

Mixed Use

05/2025

05/2027

London, UK

Subtotal - Mixed Use

$234

$13

Other

Loan 49

Urban Predevelopment

12/2022

135

04/2026

Miami, FL

Loan 50

Urban Predevelopment

10/2025

11/2030

Miami, FL

Loan 51

Pubs

12/2023

213

01/2029

Various, UK

Loan 52(a)

Portfolio

06/2021

191

06/2027

Various, Germany

Subtotal - Other

$633

$59

Subtotal/W.A. - First Mortgage

$8,867

$655

3.0 Years

a) Includes portfolio of office, industrial, and retail property types

($ in mm)

Property

Type

Origination

Date

Amortized

Cost

Unfunded

Commitments

Construction

Loan

3rd Party

Subordinate Debt

Fully-extended Maturity9

Location

Loan 5311,12

Residential

05/2020

$28

11/2026

Manhattan, NY

Loan 5412

Residential

06/2015

11/2026

Manhattan, NY

Total

$51

Subtotal/W.A. - Subordinate

$51

0.6 Years

Total/W.A. - Loans6,10

$8,918

$655

3.0 Years

General CECL Reserve

($37)

Total/W.A. - Loans, Net 6

$8,882

$655

Q1'26 Capital Structure Composition

Post Asset Sale Capital Structure Composition(g)

($ in mm)

$6,505 (66%)

$440 (4%)

Term Loan B

$744 (7%)

Senior Secured Notes

$500 (5%)

$169 (2%)

$1,642 (16%)

Secured Debt Arrangements(a),(b),(c)

Debt Related to Real Estate Owned

$1,244 (12%)

Preferred Stock(d)

Common Equity Book Value(e)

($ in mm)

$1,613 (72%)

$169 (8%)

$440 (20%)

Debt Related to Real Estate Owned

Preferred Stock(d)

Common Equity Book Value(f)

Includes

$1.3B of cash

W/A rates of applicable benchmark rates and credit spread adjustments plus spreads of USD: +2.02% / GBP: +1.92% / EUR: +1.92% / SEK: +1.50%

Our secured credit facilities do not contain capital markets-based mark-to-market provisions

Consists of eight secured credit facilities, one revolving credit facility and one private securitization

Series B-1 Preferred Stock is generally not convertible into or exchangeable for any other property or any other of our securities at the election of the holders. On and after July 15, 2026, we may, at our option, redeem the shares at a redemption price of $25.00 (equating to $169 million liquidation preference), plus any accrued unpaid dividends to, but not including, the date of the redemption

Reflects book value per share (net of General CECL Allowance and depreciation) of $12.01 multiplied by shares of common stock outstanding as of March 31, 2026

Reflects book value per share (net of accumulated depreciation as of March 31, 2026) of $12.15, without giving pro forma effect to quarter-to-date real estate owned activity and related financing, as well as certain quarterly accruals, multiplied by shares of common stock outstanding as of April 24, 2026

As of April 24, 2026, unless otherwise noted 13

Mitigating Foreign Exchange Risk

We have taken several risk mitigating steps to structure and fund our non-US loan portfolio and associated secured financing facilities to position ARI for fluctuating foreign exchange rates

Foreign Exchange Rate Change (Local/USD)

1.29x

1.37x

1.08x

1.18x

1.34x

1.17x

1.35x

1.17x

1.32x 1.16x

0.10x

0.11x

0.10x

% FX Change YoY

GBP: 2%

EUR: 7%

Mar-25 Jun-25 Sep-25 Dec-25 Mar-26

SEK: 6%

Mitigating Foreign Exchange Risk

Secured debt arrangements are structured in local currency thereby reducing FX exposure to our net equity on foreign loans.

78% weighted average advance on total foreign loan portfolio

Net equity and net interest income of foreign loans are economically hedged through forward currency contracts

Forward point impact on forward currency contracts resulted in a $3.9 million realized gain in Q1 2026

Q1 Gain (Loss) on Net Equity

Foreign Loan Capital Stack

($ in mm)

$3,604

$804

$2,800

78%

($ in mm) As of March 31, 2026 Q1 2025

Offset by local currency denominated secured debt arrangements

Carrying Value(a)

Secured Debt

Net Equity

Net Loss(b)

GBP

$2,420

($1,925)

$495

($12)

EUR

$930

($671)

$259

($5)

SEK

$254

($204)

$50

($1)

Total

$3,604

($2,800)

$804

($18)

Currency

Hedged with forward currency contracts

22%

Q1 gain (loss) on forward contracts(c) $15

Carrying value includes all commercial mortgage and subordinate loans denominated in foreign currencies with or without secured debt financing

Represents the net gain (loss) on foreign loan principal and respective foreign secured debt arrangements for the quarter ended March 31, 2026.

Represents net gain (loss) on forward contracts for the quarter ended March 31, 2026, excluding gains (losses) on forward currency contracts economically hedging foreign currency interest

Private and Confidential 14

Appendix

Consolidated Balance Sheets Consolidated Statement of Operations

Reconciliation of GAAP Net Income to Distributable Earnings

Consolidated Balance Sheets

($ in thousands - except share data)

Assets:

March 31, 2026

December 31, 2025

Cash and cash equivalents

$126,847

$139,825

Commercial mortgage loans, net (a)(b)

8,830,428

8,712,018

Subordinate loans, net (b)

51,190

62,198

Real estate owned, held for investment, net (net of $38,419 and $34,438 accumulated depreciation in 2026 and 2025, respectively)

852,115

842,947

Other assets

208,631

143,979

Derivative assets, net

17,772

Total Assets

$10,086,983

$9,900,967

Liabilities and Stockholders' Equity

Liabilities:

Secured debt arrangements, net

$6,494,368

$6,268,550

Senior secured term loans, net

726,711

727,533

Senior secured notes, net

497,421

497,226

Debt related to real estate owned, held for investment, net

439,168

424,703

Accounts payable, accrued expenses and other liabilities(c)

109,496

91,462

Derivative liabilities, net

26,791

Payable to related party

8,126

8,612

Total Liabilities

$8,275,290

$8,044,877

Stockholders' Equity:

Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2026 and 2025

$68

Common stock, $0.01 par value, 450,000,000 shares authorized, 136,724,839 and 138,943,831 shares issued and outstanding in 2026 and 2025, respectively

1,367

1,389

Additional paid-in-capital

2,671,533

2,704,316

Accumulated deficit

(861,275)

(849,683)

Total Stockholders' Equity

$1,811,693

$1,856,090

Total Liabilities and Stockholders' Equity

$10,086,983

$9,900,967

Includes carrying value of $8,677,452 and $8,424,605 pledged as collateral under secured debt arrangements in 2026 and 2025, respectively.

Net of $375,498 and $376,754 CECL Allowances comprised $37,498 and $38,754 General CECL Allowance in 2026 and 2025, respectively, and $338,000 Specific CECL Allowance in 2026 and 2025.

Includes $3,726 and $5,759 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2026 and 2025, respectively.

Consolidated Statement of Operations

($ in thousands - except share and per share data)

Three Months Ended March 31,

Net interest income:

2026

2025

Interest income from commercial mortgage loans

$149,989

$143,985

Interest income from subordinate loans and other lending assets

557

Interest expense

(113,922)

(105,057)

Net interest income

$36,067

$39,485

Revenue from real estate owned operations

22,567

26,331

Total net revenue

$58,634

$65,816

Operating expenses:

General and administrative expenses (includes equity-based compensation of $3,047 and $3,430 in 2026 and 2025, respectively)

(5,952)

(6,652)

Management fees to related party

(8,118)

(8,564)

Operating expenses related to real estate owned

(18,218)

(20,767)

Depreciation and amortization on real estate owned

(3,981)

(2,456)

Total operating expenses

($36,269)

($38,439)

Other income, net

$1,413

$1,883

Loss from equity method investment

(274)

(689)

Decrease (Increase) in current expected credit loss allowance, net

3,289

(4,008)

Foreign currency translation gain (loss)

(17,148)

40,558

Gain (loss) on foreign currency forward contracts (includes unrealized gains (losses) of $44,494 and ($41,829) in 2026 and 2025, respectively)

16,812

(38,972)

Loss on interest rate hedging instruments (includes unrealized loss of ($174) in 2025)

(42)

Net income before taxes

$26,457

$26,107

Income tax provision

(230)

(116)

Net income

$26,227

$25,991

Preferred dividends

(3,068)

Net income available to common stockholders

$23,159

$22,923

Net income per basic share of common stock

$0.16

Net income per diluted share of common stock

$0.16

Basic weighted-average shares of common stock outstanding

139,110,347

138,639,004

Diluted weighted-average shares of common stock outstanding

139,709,831

138,991,818

Dividend declared per share of common stock

$0.25

Reconciliation of GAAP Net Income to Distributable Earnings1

($ in thousands - except share and per share data)

Three Months Ended

Distributable Earnings1:

March 31, 2026

December 31, 2025

Net income available to common stockholders:

$23,159

$26,131

Adjustments:

Equity-based compensation expense

3,047

3,385

Loss (gain) on foreign currency forwards

(16,812)

1,839

Foreign currency loss (gain), net

17,148

(2,160)

Realized gains (losses) relating to interest income on foreign currency hedges, net

(416)

Realized gains relating to forward points on foreign currency hedges, net

3,864

2,099

Depreciation and amortization on real estate owned

3,981

3,403

Increase (decrease) in current expected credit loss allowance, net

(3,289)

2,474

Total adjustments

7,523

11,099

Distributable Earnings:1

$30,682

$37,230

Weighted-average diluted shares - Distributable Earnings1

Weighted-average diluted shares - GAAP

139,709,831

139,348,728

Weighted-average unvested RSUs13

2,060,564

1,825,485

Weighted-average diluted shares - Distributable Earnings1

141,770,395

141,174,213

Diluted Distributable Earnings1 per share of common stock

$0.22

$0.26

Footnotes

Distributable Earnings: Distributable Earnings is a non-GAAP financial measure that we define 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 (including depreciation and amortization on real estate owned) included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses), other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on our foreign currency hedges, and (v) provision for current expected credit losses. Please see page 18 for a reconciliation of GAAP net income to Distributable Earnings.

Reflects closing share price on April 27, 2026.

Weighted Average Unlevered All-in Yield on the loan portfolio is based on the applicable benchmark rates as of period end on the floating rate loans and includes accrual of origination, extension, and exit fees. For non-US deals, yield excludes incremental forward points impact from currency hedging.

Add-on fundings represent fundings subsequent to loan closing.

Book value per share, or "BVPS", of common stock is common stockholders' equity divided by shares of common stock outstanding.

Amounts and percentages may not foot due to rounding.

Other includes changes in General CECL Allowance, cost recovery interest, PIK interest, and the accretion of loan costs and fees.

Based on loan amortized cost, net of Specific CECL Allowance.

Assumes exercise of all extension options. There is no assurance that all or any extension options will be exercised.

Gross of $37 million of General CECL Allowance.

Amortized cost for these loans is net of the recorded Specific CECL Allowances.

Loans are secured by the same property.

Unvested RSUs are net of incremental shares assumed repurchased under the treasury stock method, if dilutive. For the three months ended March 31, 2026 and December 31, 2025, there were 599,484 and 405,421 incremental shares included, respectively

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Apollo Commercial Real Estate Finance Inc. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 20:58 UTC.