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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
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)

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 ARetail/United Kingdom6.7%Apr 2027Interest Only$455,732 $451,718 $— 
Loan BRetail/United Kingdom6.6%Oct 2026Interest Only394,878 391,805 — — 
Loan CHealthcare/Northeast8.1%Mar 2027Interest Only374,793 370,835 — 
Loan DMixed Use/United Kingdom8.2%Jun 2025Interest Only306,366 304,655 — 
Loan EResidential/New York City8.6%Sept 2024Interest Only276,610 274,105 — 
Loan FParking Garage/Various US8.3%May 2026Interest Only271,141 270,199 — 
Loan GHotel/Spain4.8%Aug 2024Interest Only334,224 334,224 — 
Commercial mortgage loans individually <3%
First Mortgage(3)
17Hotel/Various
4.8%-11.6%
2022-2027Principal and Interest/ Interest Only$1,745,133 $1,739,394 $98,246 
First Mortgage(4)
10Office/Various
4.6%-11.0%
2022-2027Interest Only1,534,092 1,525,489 112,429 
First Mortgage9Residential/Various
6.7%-8.3%
2023-2027Principal and Interest/ Interest Only805,304 801,237 
First Mortgage3Retail/Various
6.6%-8.5%
2023-2027Interest Only561,383 487,447 171,099 
First Mortgage3Mixed Use/Various
7.9%-9.3%
2023-2027Interest Only255,196 255,154 
First Mortgage1Industrial/Sweden
4.7%
May 2026Interest Only248,064 246,409 
First Mortgage1Healthcare/United Kingdom
7.7%
Oct 2024Principal and Interest154,759 153,212 
First Mortgage(5)
3Other/Various
4.4%-8.8%
2025 to 2028Interest Only542,586 538,074 
Total Commercial mortgage loans$8,260,261 $8,143,957 $381,774 
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
Subordinate loans and other lending assets individually <3%
Subordinate
Mortgage		3Residential/New York City
0.0%-13.1%
Sep 2024Principal and Interest/ Interest Only$530,398 $462,198 $337,493 
Other Lending Asset1Healthcare/Various US9.6%Jun 2024Interest Only$51,097 $51,097 
Subordinate
Mortgage		2Hotel/Various US
10.4%-11.5%
2023-2025Principal and Interest/ Interest Only43,511 43,462 
Subordinate
Mortgage		1Office/Midwest11.0%Sep 2024Interest Only7,500 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 LoansDecember 31, 2022December 31, 2021
Balance at beginning of year$7,857,260 $6,496,977 
Loan fundings3,624,661 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.