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Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended
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Dec. 31, 2021
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, 2021 ($ in thousands)
Description |  | Number of Loans |  | Property Type/location |  | Contractual Interest Rate (1) |  | Maturity Date(2) |  | Periodic Payment |  | Principal Balance |  | Carrying Value |  | Principal Amount of Mortgages Subject to Delinquent Principal or Interest
Commercial mortgage loans individually >3% |  |  |  |  |  |  |  |  |  |  |  |
Loan A |  |  |  | Urban Retail/United Kingdom(3) |  | 6.65% |  | Dec 2023 |  | Principal and Interest |  | $ | 354,490 |  |  | $ | 352,834 |  |  | $ | 354,490 |
Loan B |  |  |  | Urban Retail/Manhattan, NY |  | 4.75% |  | Sep 2024 |  | Interest Only |  | 318,106 |  |  | 318,106 |  | — |  | — |
Loan C |  |  |  | Retail Center/United Kingdom |  | 3.15% |  | Oct 2026 |  | Interest Only |  | 312,934 |  |  | 309,928 |  |  | — |
Loan D |  |  |  | Industrial/Sweden |  | 3.20% |  | May 2026 |  | Interest Only |  | 286,822 |  |  | 284,358 |  |  | — |
Loan E |  |  |  | Other/Various |  | 4.30% |  | May 2026 |  | Principal and Interest |  | 271,141 |  |  | 269,493 |  |  | — |
Loan F |  |  |  | Various/Germany |  | 3.00% |  | Jun 2026 |  | Interest Only |  | 270,120 |  |  | 267,447 |  |  | — |
Loan G |  |  |  | Hotel/Spain |  | 3.00% |  | Aug 2024 |  | Interest Only |  | 263,044 |  |  | 263,044 |  |  | — |
Commercial mortgage loans individually <3% |  |  |  |  |  |  |  |  |  |  |  |
First Mortgage(4) |  | 45 |  | Hotel, Office, Urban Predevelopment, Residential-for-sale, Retail Center, Residential-for-rent, Mixed Use, Other/Various |  | 0.0%-7.8% |  | 2022-2028 |  | Principal and Interest/ Interest Only |  | $ | 5,141,676 |  |  | $ | 4,969,656 |  |  | $ | 548,402 |
Total Commercial mortgage loans |  |  |  |  |  |  |  | $ | 7,218,333 |  |  | $ | 7,034,866 |  |  | $ | 902,892 |
Subordinate loans and other lending assets individually >3% |  |  |  |  |  |  |  |  |  |  |  |
Loan H |  |  |  | Residential-for-sale/ Manhattan, NY |  | 11.39% |  | Mar 2022 |  | Interest Only |  | $ | 237,884 |  |  | $ | 238,421 |  |  | $ | — |
Subordinate loans and other lending assets individually <3% |  |  |  |  |  |  |  |  |  |  |  |
Subordinate Mortgage and other lending assets |  | 14 |  | Residential-for-sale, Mixed Use, Office, Healthcare, Industrial, Hotel/Various |  | 0.0%-13.5% |  | 2022-2034 |  | Principal and Interest/ Interest Only |  | $ | 616,160 |  |  | $ | 617,561 |  |  | $ | — |
Total Subordinate loans and other lending assets(5) |  |  |  |  |  |  |  | $ | 854,044 |  |  | $ | 855,982 |  |  | $ | — |
Total loans(6) |  |  |  |  |  |  |  | $ | 8,072,377 |  |  | $ | 7,890,848 |  |  | $ | 902,892 |
General CECL Allowance(7) |  |  |  |  |  |  |  |  |  | (33,588) |  |  |
Carrying value, net |  |  |  |  |  |  |  |  |  | $ | 7,857,260 |  |  |
——————— (1) Assumes applicable benchmark rate as of December 31, 2021 for all floating rate loans. (2) Assumes all extension options are exercised. (3) On January 18, 2022 this loan was repaid in full, including all accrued default interest. (4) Includes $27.1 million in a subordinate participation in a first mortgage loan sold in 2020. (5) Subject to prior liens of approximately $3.4 billion. (6) The aggregate cost for U.S. federal income tax purposes is $8.0 billion. (7) Excludes $3.1 million of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2021. The following table summarizes the changes in the carrying amounts of our loan portfolio during 2021 and 2020 ($ in thousands):
Reconciliation of Carrying Amount of Loans |  | December 31, 2021 |  | December 31, 2020
Balance at beginning of year |  | $ | 6,496,977 |  |  | $ | 6,375,093 |
January 1, 2020 - Adoption of CECL Standard |  | — |  |  | (27,779) |
Loan fundings |  | 3,334,062 |  |  | 876,658 |
Loan repayments (1) |  | (1,881,211) |  |  | (683,254) |
Gain (loss) on foreign currency translation |  | (93,241) |  |  | 80,618 |
Realized loss on investment, net of provision for loan loss reversal (2) |  | (20,767) |  |  | (42,465) |
Transfer to real estate owned, held for sale |  | (45,289) |  |  | (12,255) |
Specific CECL Allowance (3) |  | 30,000 |  |  | (118,019) |
General CECL Allowance (4) |  | 4,514 |  |  | (10,323) |
Deferred Fees |  | (42,911) |  |  | (6,455) |
PIK interest, amortization of fees and other items (5) |  | 75,126 |  |  | 65,158 |
Balance at the close of year |  | $ | 7,857,260 |  |  | $ | 6,496,977 |
——————— 1)During the year ended December 31, 2020, we sold $208.5 million in subordinate loans secured by various property types to funds managed by affiliates of the Manager. 2)During the year ended December 31, 2021, realized loss on investment included a $20.0 million realized loss related to a deed-in-lieu foreclosure (including reversal of $10.0 million previously recorded Specific CECL Allowance) and $0.8 million realized loss on a sale of a subordinate loan secured by a mixed-used property. 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. 3)During the year ended December 31, 2021, we reversed $30.0 million in Specific CECL Allowances comprised of i) $10.0 million in Specific CECL Allowance reversed in connection with a deed-in-lieu foreclosure on a hotel in Washington D.C. and ii) $20.0 million reversal on a multifamily development property due to a more favorable market outlook in 2021 as compared to when the provisions were initially recorded. During the year ended December 31, 2020, we recorded $118.0 million in Specific CECL, net of $10.0 million in reversals, due to factors including COVID-19. 4) $3.1 million and $3.4 million as of December 31, 2021 and 2020, respectively of 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 $1.4 million and $1.8 million in cost recovery proceeds in 2021 and 2020, respectively.

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding three percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=120402547&loc=d3e617274-123014 + Details
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