XML 83 R31.htm IDEA: XBRL DOCUMENT v3.20.1

Secured Debt Arrangements, Net (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Weighted Average Maturities and Interest Rates of Borrowings

At March 31, 2020 and December 31, 2019, our borrowings had the following secured debt arrangements, maturities and weighted-average interest rates ($ in thousands):

		March 31, 2020										December 31, 2019
		Maximum Amount of Borrowings(1)				Borrowings Outstanding(1)				Maturity (2)		Maximum Amount of Borrowings(1)				Borrowings Outstanding(1)				Maturity (2)
	JPMorgan (USD)	$	1,139,932			$	1,024,617			June 2024		$	1,154,109			$	1,090,160			June 2024
	JPMorgan (GBP)	93,882				93,882				June 2024		51,702				50,410				June 2024
	JPMorgan (EUR)	66,186				66,186				June 2024		94,189				94,189				June 2024
	DB (USD)	1,000,000				506,977				March 2023		1,250,000				513,876				March 2021
	Goldman (USD)	500,000				359,540				November 2021		500,000				322,170				November 2021
	CS - USD	328,141				325,868				January 2023(3)		226,068				218,644				June 2020
	CS - GBP	84,748				84,748				September 2020		93,915				93,915				June 2020
	HSBC - USD	50,625				50,625				January 2021		50,625				50,625				October 2020
	HSBC - GBP	32,230				32,230				June 2020		34,634				34,634				June 2020
	HSBC - EUR	151,537				151,537				July 2021		154,037				154,037				January 2021
	Barclays (USD)	200,000				35,192				March 2024		N/A				N/A				N/A
	Barclays (GBP)	645,854				645,854				November 2023(4)		538,916				290,347				February 2024(4)
	Barclays (EUR)	179,586				179,586				August 2024(3)		182,549				182,549				November 2020
	Sub-total(5)(6)(7)	4,472,721				3,556,842						4,330,744				3,095,556
	less: deferred financing costs	N/A				(16,917		)				N/A				(17,190		)
	Total	$	4,472,721			$	3,539,925					$	4,330,744			$	3,078,366

———————

(1) As of March 31, 2020, GBP and EUR borrowings were converted at a rate of 1.24 and 1.10, respectively. As of December 31, 2019, GBP and EUR borrowings were converted at a rate of 1.33 and 1.12, respectively.

(2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable.

(3) Assumes financings are extended in line with the underlying loans.

(4) Represents weighted average maturity across various financings with the counterparty. See below for additional details.

(5) Weighted-average borrowing costs as of March 31, 2020 and December 31, 2019 were USD L + 2.05% / GBP L + 1.66% / EUR L + 1.35% and USD L + 2.07% / GBP L + 1.75% / EUR L + 1.36%, respectively.

(6) Weighted average advance rates based on cost as of March 31, 2020 and December 31, 2019 were 67.3% (65.6% (USD) / 70.6% (GBP) / 70.7% (EUR)) and 63.8% (66.7% (USD) / 47.1% (GBP) / 76.1% (EUR)).

(7) As of March 31, 2020 and December 31, 2019, approximately 54% of the outstanding balance under these secured borrowings were recourse to us.

Schedule of Secured Debt Arrangements

The table below provides the currency, outstanding balance, stated maturity, and extended maturity for each of the five secured debt arrangements under the Barclays Facility - GBP/EUR:

Local Currency	Borrowings outstanding (in $)	Fully-Extended Maturity(1)
GBP	$217,350	December 2023
GBP	156,958	February 2023
GBP	149,830	October 2024
GBP	121,716	September 2023
Sub-total/Weighted-Average	$645,854	November 2023
EUR	179,586	see below(2)
Total/Weighted-Average	$825,440

———————

(1) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised.

(2) The Barclays Facility - EUR has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve month notice.

Remaining Maturities of Borrowings

At March 31, 2020, our borrowings had the following remaining maturities ($ in thousands):

	Less than 1 year				1 to 3 years				3 to 5 years				More than 5 years				Total
JPMorgan	$	61,836			$	289,842			$	833,007			$	—			$	1,184,685
DB	27,900				196,477				282,600				—				506,977
Goldman	—				359,540				—				—				359,540
CS - USD	—				200,307				125,561				—				325,868
CS - GBP	84,748				—				—				—				84,748
HSBC - USD	50,625				—				—				—				50,625
HSBC - GBP	32,230				—				—				—				32,230
HSBC - EUR	—				151,537				—				—				151,537
Barclays (GBP)	—				—				645,854				—				645,854
Barclays (EUR)	—				—				179,586				—				179,586
Barclays (USD)	—				—				35,192				—				35,192
Total	$	257,339			$	1,197,703			$	2,101,800			$	—			$	3,556,842

———————

(1) The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers.

Schedule of Outstanding, Maximum and Average Balances of Debt

The table below summarizes the outstanding balances at March 31, 2020, as well as the maximum and average month-end balances for the three months ended March 31, 2020 for our borrowings under secured debt arrangements ($ in thousands).

	As of March 31, 2020								For the three months ended March 31, 2020
	Balance				Amortized Cost of Collateral				Maximum Month-End Balance				Average Month-End Balance
JPMorgan	$	1,184,685			$	1,912,345			$	1,184,685			$	989,915
DB	506,977				778,607				506,977				470,077
Goldman	359,540				537,249				359,540				319,369
CS - USD	325,868				439,725				336,448				326,684
CS - GBP	84,748				121,286				90,111				87,452
HSBC - USD	50,625				67,041				50,625				50,625
HSBC - GBP	32,230				46,565				34,501				33,336
HSBC - EUR	151,537				191,565				152,389				151,798
Barclays (USD)	35,192				49,800				35,192				11,731
Barclays (GBP)	645,854				899,075				666,810				610,833
Barclays (EUR)	179,586				239,483				180,595				179,895
Total	$	3,556,842			$	5,282,741

The table below summarizes the outstanding balances at December 31, 2019, as well as the maximum and average month-end balances for the year ended December 31, 2019 for our borrowings under secured debt arrangements ($ in thousands).

As of December 31, 2019 For the year ended December 31, 2019

	Balance				Amortized Cost of Collateral				Maximum Month-End Balance				Average Month-End Balance
JPMorgan	$	1,234,759			$	1,845,400			$	1,234,759			$	947,400
DB	513,876				766,676				757,117				604,067
Goldman	322,170				513,559				324,821				246,318
CS - USD	218,644				308,884				218,644				182,646
CS - GBP	93,915				129,723				150,811				134,694
HSBC - USD	50,625				66,960				50,625				50,625
HSBC - GBP	34,634				49,976				50,784				42,296
HSBC - EUR	154,037				190,780				154,037				151,889
Barclays (GBP)	290,347				738,455				290,347				139,004
Barclays (EUR)	182,549				241,674				182,549				181,159
Total	$	3,095,556			$	4,852,087

X

- Definition

Schedule of Outstanding, Maximum and Average Balances of Debt [Table Text Block]

+ References

No definition available.

+ Details

Name:	ari_ScheduleofOutstandingMaximumandAverageBalancesofDebtTableTextBlock
Namespace Prefix:	ari_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Name:	us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

+ Details

Name:	us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration