*Unless otherwise indicated, performance and return information reflects Class B shares, as of April 30th, 2026, and is calculated net of fees and expenses and assumes the reinvestment of all distributions. These materials should be read in conjunction with the offering memorandum dated April 30, 2026, including the risk factors identified therein. This update has been provided for general information purposes only and is not intended to be a solicitation to purchase shares of AP Capital Mortgage Investment Corporation or advice regarding the suitability of the investment for specific investors. All purchases of shares in AP Capital Mortgage Investment Corporation must be made through an approved registrant (investment dealer or exempt market dealer). Any opinions expressed herein are effective as at the date of the report. Management does not undertake to notify the reader of any subsequent change of circumstance or opinion. Historic returns set out above are net of all fund expenses and management fees. Past results are not indicative of future performance. For further information and disclosures, please refer to the Investor section of our website.