XML 65 R14.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Subordinate Loans | 3 Months Ended
--- | ---
Mar. 31, 2013
Mortgage Loans On Real Estate [Abstract] |
Subordinate Loans | Note 6 – Subordinate Loans The Company’s subordinate loan portfolio was comprised of the following at March 31, 2013:
Description |  | Date of Investment |  |  | Maturity Date |  |  | Original Face Amount |  |  | Current Face Amount |  |  | Carrying Value |  |  | Coupon |
Office - Michigan |  |  | May-10 |  |  |  | Jun-20 |  |  | $ | 9,000 |  |  | $ | 8,897 |  |  | $ | 8,897 |  |  |  | Fixed |
Ski Resort - California |  |  | Apr-11 |  |  |  | May-17 |  |  |  | 40,000 |  |  |  | 40,000 |  |  |  | 39,855 |  |  |  | Fixed |
Hotel Portfolio – New York (1) |  |  | Aug-11 |  |  |  | July-13 |  |  |  | 25,000 |  |  |  | 25,000 |  |  |  | 25,000 |  |  |  | Floating |
Retail Center – Virginia (2) |  |  | Oct-11 |  |  |  | Oct-14 |  |  |  | 25,000 |  |  |  | 24,442 |  |  |  | 24,442 |  |  |  | Fixed |
Hotel– New York (3) |  |  | Jan-12 |  |  |  | Feb-14 |  |  |  | 15,000 |  |  |  | 15,000 |  |  |  | 15,058 |  |  |  | Fixed |
Hotel– New York (4) |  |  | Mar-12 |  |  |  | Mar-14 |  |  |  | 15,000 |  |  |  | 15,000 |  |  |  | 15,000 |  |  |  | Floating |
Mixed Use – North Carolina |  |  | Jul-12 |  |  |  | Jul-22 |  |  |  | 6,525 |  |  |  | 6,525 |  |  |  | 6,525 |  |  |  | Fixed |
Office Complex - Missouri |  |  | Sept-12 |  |  |  | Oct-22 |  |  |  | 10,000 |  |  |  | 9,945 |  |  |  | 9,945 |  |  |  | Fixed |
Hotel Portfolio – Various (5) |  |  | Nov-12 |  |  |  | Nov-15 |  |  |  | 50,000 |  |  |  | 49,799 |  |  |  | 49,620 |  |  |  | Floating |
Condo Conversion – NY, NY (6) |  |  | Dec-12 |  |  |  | Jan-15 |  |  |  | 350 |  |  |  | 350 |  |  |  | — |  |  |  | Floating |
Condo Construction – NY, NY (7) |  |  | Jan-13 |  |  |  | Jul-17 |  |  |  | 49,139 |  |  |  | 50,009 |  |  |  | 49,420 |  |  |  | Fixed |
Multifamily Conversion – NY, NY (8) |  |  | Jan-13 |  |  |  | Dec-14 |  |  |  | 18,000 |  |  |  | 18,000 |  |  |  | 17,839 |  |  |  | Floating |
Hotel Portfolio – Rochester, MN |  |  | Jan-13 |  |  |  | Feb-18 |  |  |  | 25,000 |  |  |  | 24,968 |  |  |  | 24,968 |  |  |  | Fixed |
Total/Weighted Average |  |  |  |  |  |  |  |  |  | $ | 288,014 |  |  | $ | 287,935 |  |  | $ | 286,569 |  |  |  | 12.24 | %
(1) | Includes three one-year extension options subject to certain conditions and the payment of a fee for the fourth and fifth year extensions.
(2) | Includes two one-year extension options subject to certain conditions.
(3) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
(4) | Includes two one-year extension options subject to certain conditions and the payment of a fee for the second extension.
(5) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
(6) | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of March 31, 2013, the Company had $34,650 of unfunded loan commitments related to this loan.
(7) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of March 31, 2013, the Company had $10,861 of unfunded loan commitments related to this loan.
(8) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
In February 2013, the Company received principal repayment on two mezzanine loans totaling $50,000 secured by a portfolio of retail shopping centers located throughout the United States. In connection with the repayment, the Company received a yield maintenance payment totaling $2,500. With the yield maintenance payment, the Company realized a 15% internal rate of return (“IRR”) on its mezzanine loan investment. For a description of how IRR is calculated, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Financial Condition and Results of Operations – Investments”. The Company’s subordinate loan portfolio was comprised of the following at December 31, 2012:
Description |  | Date of Investment |  |  | Maturity Date |  |  | Original Face Amount |  |  | Current Face Amount |  |  | Carrying Value |  |  | Coupon |
Senior Mezz - Retail - Various |  |  | Dec-09 |  |  |  | Dec-19 |  |  | $ | 30,000 |  |  | $ | 30,000 |  |  | $ | 30,000 |  |  |  | Fixed |
Junior Mezz - Retail - Various |  |  | Dec-09 |  |  |  | Dec-19 |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | Fixed |
Office - Michigan |  |  | May-10 |  |  |  | Jun-20 |  |  |  | 9,000 |  |  |  | 8,912 |  |  |  | 8,912 |  |  |  | Fixed |
Ski Resort - California |  |  | Apr-11 |  |  |  | May-17 |  |  |  | 40,000 |  |  |  | 40,000 |  |  |  | 39,831 |  |  |  | Fixed |
Hotel Portfolio – New York (1) |  |  | Aug-11 |  |  |  | July-13 |  |  |  | 25,000 |  |  |  | 25,000 |  |  |  | 25,000 |  |  |  | Floating |
Retail Center – Virginia (2) |  |  | Oct-11 |  |  |  | Oct-14 |  |  |  | 25,000 |  |  |  | 26,243 |  |  |  | 26,243 |  |  |  | Fixed |
Hotel– New York (3) |  |  | Jan-12 |  |  |  | Feb-14 |  |  |  | 15,000 |  |  |  | 15,000 |  |  |  | 15,013 |  |  |  | Fixed |
Hotel– New York (4) |  |  | Mar-12 |  |  |  | Mar-14 |  |  |  | 15,000 |  |  |  | 15,000 |  |  |  | 15,000 |  |  |  | Floating |
Mixed Use – North Carolina |  |  | Jul-12 |  |  |  | Jul-22 |  |  |  | 6,525 |  |  |  | 6,525 |  |  |  | 6,525 |  |  |  | Fixed |
Office Complex - Missouri |  |  | Sept-12 |  |  |  | Oct-22 |  |  |  | 10,000 |  |  |  | 9,979 |  |  |  | 9,979 |  |  |  | Fixed |
Hotel Portfolio – Various (5) |  |  | Nov-12 |  |  |  | Nov-15 |  |  |  | 50,000 |  |  |  | 49,950 |  |  |  | 49,743 |  |  |  | Floating |
Condo Conversion – NY, NY (6) |  |  | Dec-12 |  |  |  | Jan-15 |  |  |  | 350 |  |  |  | 350 |  |  |  | — |  |  |  | Floating |
Total/Weighted Average |  |  |  |  |  |  |  |  |  | $ | 245,875 |  |  | $ | 246,959 |  |  | $ | 246,246 |  |  |  | 12.46 | %
(1) | Includes three one-year extension options subject to certain conditions and the payment of a fee for the fourth and fifth year extensions.
(2) | Includes two one-year extension options subject to certain conditions.
(3) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
(4) | Includes two one-year extension options subject to certain conditions and the payment of a fee for the second extension.
(5) | Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
(6) | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of December 31, 2012, the Company had $34,650 of unfunded loan commitments related to this loan.
The Company evaluates its loans for possible impairment on a quarterly basis. See “Note 5 – Commercial Mortgage Loans” for a summary of the metrics reviewed. The Company has determined that an allowance for loan loss was not necessary at March 31, 2013 and December 31, 2012.

X
- Definition Subordinate Loans Disclosure. + References No definition available. + Details
Name: | ari_SubordinateLoansDisclosureTextBlock
Namespace Prefix: | ari_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_MortgageLoansOnRealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration