XML 41 R30.htm IDEA: XBRL DOCUMENT v3.22.0.1
Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
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)

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 A
Urban Retail/United Kingdom(3)
6.65%Dec 2023Principal and Interest$354,490 $352,834 $354,490 
Loan BUrban Retail/Manhattan, NY4.75%Sep 2024Interest Only318,106 318,106 — — 
Loan CRetail Center/United Kingdom3.15%Oct 2026Interest Only312,934 309,928 — 
Loan DIndustrial/Sweden3.20%May 2026Interest Only286,822 284,358 — 
Loan EOther/Various4.30%May 2026Principal and Interest271,141 269,493 — 
Loan FVarious/Germany3.00%Jun 2026Interest Only270,120 267,447 — 
Loan GHotel/Spain3.00%Aug 2024Interest Only263,044 263,044 — 
Commercial mortgage loans individually <3%
First Mortgage(4)
45Hotel, Office, Urban Predevelopment,
Residential-for-sale,
Retail Center, Residential-for-rent, Mixed Use, Other/Various
0.0%-7.8%
2022-2028Principal 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 HResidential-for-sale/
Manhattan, NY		11.39%Mar 2022Interest Only$237,884 $238,421 $— 
Subordinate loans and other lending assets individually <3%
Subordinate
Mortgage and
other lending
assets 		14Residential-for-sale,
Mixed Use, Office, Healthcare, Industrial, Hotel/Various
0.0%-13.5%
2022-2034Principal 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 LoansDecember 31, 2021December 31, 2020
Balance at beginning of year$6,496,977 $6,375,093 
January 1, 2020 - Adoption of CECL Standard— (27,779)
Loan fundings3,334,062 876,658 
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.