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Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended
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Dec. 31, 2022
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, 2022 ($ 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 |  |  |  | Retail/United Kingdom |  | 6.7% |  | Apr 2027 |  | Interest Only |  | $ | 455,732 |  |  | $ | 451,718 |  |  | $ | — |
Loan B |  |  |  | Retail/United Kingdom |  | 6.6% |  | Oct 2026 |  | Interest Only |  | 394,878 |  |  | 391,805 |  | — |  | — |
Loan C |  |  |  | Healthcare/Northeast |  | 8.1% |  | Mar 2027 |  | Interest Only |  | 374,793 |  |  | 370,835 |  |  | — |
Loan D |  |  |  | Mixed Use/United Kingdom |  | 8.2% |  | Jun 2025 |  | Interest Only |  | 306,366 |  |  | 304,655 |  |  | — |
Loan E |  |  |  | Residential/New York City |  | 8.6% |  | Sept 2024 |  | Interest Only |  | 276,610 |  |  | 274,105 |  |  | — |
Loan F |  |  |  | Parking Garage/Various US |  | 8.3% |  | May 2026 |  | Interest Only |  | 271,141 |  |  | 270,199 |  |  | — |
Loan G |  |  |  | Hotel/Spain |  | 4.8% |  | Aug 2024 |  | Interest Only |  | 334,224 |  |  | 334,224 |  |  | — |
Commercial mortgage loans individually <3% |  |  |  |  |  |  |  |  |  |  |  |
First Mortgage(3) |  | 17 |  | Hotel/Various |  | 4.8%-11.6% |  | 2022-2027 |  | Principal and Interest/ Interest Only |  | $ | 1,745,133 |  |  | $ | 1,739,394 |  |  | $ | 98,246 |
First Mortgage(4) |  | 10 |  | Office/Various |  | 4.6%-11.0% |  | 2022-2027 |  | Interest Only |  | 1,534,092 |  |  | 1,525,489 |  |  | 112,429 |
First Mortgage |  | 9 |  | Residential/Various |  | 6.7%-8.3% |  | 2023-2027 |  | Principal and Interest/ Interest Only |  | 805,304 |  |  | 801,237 |  |  |
First Mortgage |  | 3 |  | Retail/Various |  | 6.6%-8.5% |  | 2023-2027 |  | Interest Only |  | 561,383 |  |  | 487,447 |  |  | 171,099 |
First Mortgage |  | 3 |  | Mixed Use/Various |  | 7.9%-9.3% |  | 2023-2027 |  | Interest Only |  | 255,196 |  |  | 255,154 |  |  |
First Mortgage |  | 1 |  | Industrial/Sweden |  | 4.7% |  | May 2026 |  | Interest Only |  | 248,064 |  |  | 246,409 |  |  |
First Mortgage |  | 1 |  | Healthcare/United Kingdom |  | 7.7% |  | Oct 2024 |  | Principal and Interest |  | 154,759 |  |  | 153,212 |  |  |
First Mortgage(5) |  | 3 |  | Other/Various |  | 4.4%-8.8% |  | 2025 to 2028 |  | Interest Only |  | 542,586 |  |  | 538,074 |  |  |
Total Commercial mortgage loans |  |  |  |  |  |  |  | $ | 8,260,261 |  |  | $ | 8,143,957 |  |  | $ | 381,774 |
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
Subordinate loans and other lending assets individually <3% |  |  |  |  |  |  |  |  |  |  |  |
Subordinate Mortgage |  | 3 |  | Residential/New York City |  | 0.0%-13.1% |  | Sep 2024 |  | Principal and Interest/ Interest Only |  | $ | 530,398 |  |  | $ | 462,198 |  |  | $ | 337,493 |
Other Lending Asset |  | 1 |  | Healthcare/Various US |  | 9.6% |  | Jun 2024 |  | Interest Only |  | $ | 51,097 |  |  | $ | 51,097 |  |  |
Subordinate Mortgage |  | 2 |  | Hotel/Various US |  | 10.4%-11.5% |  | 2023-2025 |  | Principal and Interest/ Interest Only |  | 43,511 |  |  | 43,462 |  |  |
Subordinate Mortgage |  | 1 |  | Office/Midwest |  | 11.0% |  | Sep 2024 |  | Interest Only |  | 7,500 |  |  | 7,500 |  |  |
Total Subordinate loans and other lending assets(6) |  |  |  |  |  |  |  | $ | 632,506 |  |  | $ | 564,257 |  |  | $ | 337,493 |
Total loans(7) |  |  |  |  |  |  |  | $ | 8,892,767 |  |  | $ | 8,708,214 |  |  | $ | 719,267 |
General CECL Allowance(8) |  |  |  |  |  |  |  |  |  | (26,224) |  |  |
Carrying value, net |  |  |  |  |  |  |  |  |  | $ | 8,681,990 |  |  |
——————— (1) Assumes applicable benchmark rate as of December 31, 2022 for all floating rate loans. (2) Assumes all extension options are exercised. (3) Includes one loan that was in maturity default as of December 31, 2022. (4) Includes one loan that was in maturity default as of December 31, 2022 and was paid in full on January 13, 2023. (5) Includes a loan collateralized by a portfolio of office, industrial, and retail property types. (6) Subject to prior liens of approximately $1.3 billion. (7) The aggregate cost for U.S. federal income tax purposes is $8.8 billion. (8) Excludes $4.3 million of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2022. The following table summarizes the changes in the carrying amounts of our loan portfolio during 2022 and 2021 ($ in thousands):
Reconciliation of Carrying Amount of Loans |  | December 31, 2022 |  | December 31, 2021
Balance at beginning of year |  | $ | 7,857,260 |  |  | $ | 6,496,977 |
Loan fundings |  | 3,624,661 |  |  | 3,334,062 |
Loan repayments |  | (2,214,621) |  |  | (1,881,211) |
Loss on foreign currency translation |  | (356,436) |  |  | (93,241) |
Realized loss on investments (1) |  | (24,894) |  |  | (20,767) |
Transfer to real estate owned, held for sale |  | (226,459) |  |  | (45,289) |
Decrease in Specific CECL Allowance (2) |  | 11,500 |  |  | 30,000 |
Decrease in General CECL Allowance (3) |  | 7,364 |  |  | 4,514 |
Deferred Fees |  | (46,874) |  |  | (42,911) |
PIK interest, amortization of fees and other items (4) |  | 50,489 |  |  | 75,126 |
Balance at the close of year |  | $ | 8,681,990 |  |  | $ | 7,857,260 |
——————— 1)During the year ended December 31, 2022, we recorded a realized loss on investments represented with a write-off of a previously recorded Specific CECL Allowance comprising of (i) a $17.9 million on a first mortgage loan secured by an urban predevelopment property following the sale of the underlying property, and (ii) a $7.0 million, related to a first mortgage secured by a hotel property in anticipation of consensual foreclosure in the first quarter of 2023. During the year ended December 31, 2021, we recorded a $20.0 million realized loss on investments reflecting the difference between the fair value of a hotel acquired through a deed-in-lieu of foreclosure and the amortized cost of the loan at the time of foreclosure and an $0.8 million loss on the sale of our interest in a subordinate loan secured by a mixed-use property. 2)The $11.5 million decrease during the year ended December 31, 2022 was comprised of i) a reversal and a write-off of a previously recorded Specific CECL Allowance of $53.0 million and $15.0 million, respectively, on an urban predevelopment first mortgage loan in Miami, FL and ii) a $10.0 million reversal of a previously recorded Specific CECL Allowance on a loan related to a multifamily development in Brooklyn, NY. These write-offs and reversals recorded during the year ended December 31, 2022 were offset by the Specific CECL Allowance of $66.5 million recorded in relation to a mezzanine loan secured by our interest in an ultra-luxury residential property in Manhattan, NY. The $30.0 million decrease of our Specific CECL Allowance during the year ended December 31, 2021 was comprised of i) a $20.0 million reversal of a previously recorded Specific CECL Allowance on a multifamily development loan located in Brooklyn, NY due to a more favorable market outlook as compared to when the allowance was taken and ii) a $10.0 million write-off of a previously recorded Specific CECL Allowance recorded in connection with a deed-in-lieu foreclosure on a mezzanine loan secured by an interest in a luxury hotel in Washington, D.C. 3) $4.3 million and $3.1 million as of December 31, 2022 and 2021, 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 sheets. 4)Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses, as well as $3.2 million and $1.4 million in cost recovery proceeds in 2022 and 2021, 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 3 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 https://asc.fasb.org/extlink&oid=120402547&loc=d3e617274-123014 + Details
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