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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Apollo Commercial Real Estate Finance, Inc.
Schedule IV — Mortgage Loans on Real Estate
As of December 31, 2020
($ in thousands)

DescriptionNumber of LoansProperty Type/location
Contractual Interest Rate (1)
Maturity Date(2)
Periodic PaymentPrincipal
Balance		Carrying
Value		Principal Amount of
Mortgages Subject
to Delinquent
Principal or Interest
Commercial mortgage loans individually >3%
Loan AUrban Retail/United Kingdom6.65%Dec 2023Principal and Interest$340,896 $338,368 $340,896 
Loan BUrban Retail/Manhattan, NY4.75%Sep 2024Interest Only318,106 317,088 — — 
Loan CHotel/Spain3.00%Aug 2024Interest Only275,887 274,780 — 
Loan DOffice/United Kingdom3.30%Feb 2025Interest Only230,340 228,740 — 
Loan EHealthcare/United Kingdom3.79%Oct 2024Principal and Interest227,950 226,343 — 
Loan FOffice/Germany2.80%Nov 2026Interest Only216,407 215,509 — 
Loan GOffice/Manhattan, NY5.68%Jan 2022Interest Only197,360 197,360 — 
Loan HIndustrial/Brooklyn/Queens, NY5.95%Feb 2024Interest Only197,000 196,918 — 
Commercial mortgage loans individually <3%
First Mortgage(3)
39Hotel, Office, Urban Predevelopment,
Residential-for-sale: inventory,
Residential-for-sale: construction,
Retail Center, Multifamily, Mixed Use/Various
0.0%-9.2%
2021-2025Principal and Interest/ Interest Only$3,648,538 $3,472,992 $513,852 
Total Commercial mortgage loans$5,652,484 $5,468,098 $854,748 
Subordinate loans and other lending assets individually >3%
Loan IResidential-for-sale: construction/
Manhattan, NY		11.34%Jun 2021Interest Only$222,395 $222,579 $— 
Subordinate loans and other lending assets individually <3%
Subordinate
Mortgage and
other lending
assets (4)
19Residential-for-sale: construction,
Hotel, Multifamily, Healthcare,
Mixed Use, Residential-for-sale:
inventory, Industrial, Office/
Various
0.0%-13.5%
2021-2034Principal and Interest/ Interest Only$853,545 $844,402 $50,900 
Total Subordinate loans and other lending assets(5)
$1,075,940 $1,066,981 $50,900 
Total loans(6)
$6,728,424 $6,535,079 $905,648 
General CECL Allowance(7)
(38,102)
Carrying value, net$6,496,977 
———————
(1) Assumes applicable benchmark rate as of December 31, 2020 for all floating rate loans
(2) Assumes all extension options are exercised.
(3) Includes $9.2 million in a subordinate participation in a first mortgage loan sold during the period
(4) Includes $25.8 million in a subordinate participation in a subordinate loan sold during the period
(5) Subject to prior liens of approximately $4.3 billion.
(6) The aggregate cost for U.S. federal income tax purposes is $6.6 billion.
(7) Excludes $3.4 million of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2020.

The following table summarizes the changes in the carrying amounts of our loan investment portfolio during 2020 and 2019 ($ in thousands):

Reconciliation of Carrying Amount of LoansDecember 31, 2020December 31, 2019
Balance at beginning of year$6,375,093 $4,927,593 
January 1, 2020 - Adoption of CECL Standard(27,779)— 
Loan fundings876,658 3,435,457 
Loan repayments (1)
(683,254)(2,037,322)
Gain on foreign currency translation80,618 43,649 
Realized loss on investment, net of provision for loan loss reversal (2)
(42,465)2,487 
Transfer to real estate owned, held for sale(12,255)— 
Specific CECL Allowance (3)
(118,019)(35,000)
General CECL Allowance (4)
(10,323)— 
Deferred Fees(6,455)(46,275)
PIK interest, amortization of fees and other items (5)
65,158 84,504 
Balance at the close of year$6,496,977 $6,375,093 
———————
1)During the year ended December 31, 2020, we sold $208.5 million in commercial mortgage loans secured by various property types to funds managed by affiliates of the Manager. During the year ended December 31, 2019, we sold $152.6 million in mezzanine loans secured by an urban retail property to two funds managed by an affiliate of the Manager.
2)During the year ended December 31, 2020, realized loss on investment included a $11.1 million realized loss ($11.1 million previously recorded Specific CECL Allowance was reversed) related to the selling of the underlying collateral on a commercial mortgage loan secured by a residential-for-sale property located in Bethesda, MD; a realized a loss of $26.0 million related to two restructurings ($24.5 million in previously recorded Specific CECL Allowances were reversed); and $5.2 million realized loss related to loans sold during the period. During the year ended December 31, 2019, the underlying collateral on a commercial mortgage loan and a contiguous subordinate loan secured by a multifamily property located in Williston, ND was sold resulting in a realized loss of $12.5 million. Consequently, the previously recorded $15.0 million loan loss provision was reversed.
3)During the year ended December 31, 2020, we recorded $118.0 million in Specific CECL Allowances, net of $10.0 million in reversals, due to factors including COVID-19. During the year ended December 31, 2019, we recorded $35.0 million for provision for loan losses and impairments, comprised of a (i) $32.0 million loan loss provision recorded against a commercial mortgage loan secured by a retail center located in Cincinnati, OH, and (ii) $3.0 million loan loss provision recorded against a commercial mortgage loan secured by a fully-built, for-sale residential condominium units located in Bethesda, MD.
4)$3.4 millionof the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability on our consolidated balance sheet.
5)Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses, as well as $1.8 million and $1.4 million in cost recovery proceeds in 2020 and 2019, respectively