Apollo Commercial Real Estate Finance, Inc.
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
ARI$2.32-3.7%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedule III-Real Estate and Accumulated Depreciation
As of December 31, 2025
($ in thousands)
| Initial Cost · Capitalized Costs Subsequent · Gross Carrying Amount at December 31, 2025 · Accumulated · Net Carrying Amount · Year · Year | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | Encumbrances | Land | Building | to Acquisition | Land | Building (1) | Total | Depreciation | At December 31, 2025 | Built | Acquired |
| D.C. Hotel | $73,700 | $58,742 | $86,871 | $3,457 | $58,742 | $90,328 | $149,070 | $11,690 | $137,380 | 1925 | 2021 |
| Atlanta Hotel | - | 16,628 | 50,152 | - | 16,628 | 50,152 | 66,780 | 8,620 | 58,160 | 1972 | 2023 |
| Brooklyn Multifamily Development | 352,099 | 221,225 | 69,879 | 340,636 | 221,225 | 410,515 | 631,740 | 774 | 630,966 | NA | 2022 |
| Total | $425,799 | $296,595 | $206,902 | $344,094 | $296,595 | $550,996 | $847,591 | $21,084 | $826,507 | ||
| Furniture, fixtures, and equipment, net | - | - | 16,907 | 12,888 | - | 29,795 | 29,795 | 13,355 | 16,440 | ||
| Total Real Estate Owned | $425,799 | $296,595 | $223,809 | $356,981 | $296,595 | $580,791 | $877,386 | $34,439 | $842,947 | ||
Includes $267.6 million of construction-in-progress for Brooklyn Multifamily Development as of December 31, 2025.
The following is a reconciliation of real estate assets and accumulated depreciation:
| Year Ended December 31, | |||
|---|---|---|---|
| Real Estate | 2025 | 2024 | 2023 |
| Balance at beginning of period | $754,620 | $586,774 | $448,451 |
| Additions: Land | - | - | 16,628 |
| Additions: Buildings & improvements and other | 92,970 | 167,847 | 121,695 |
| Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated | - | - | - |
| Balance at end of period | $847,591 | $754,620 | $586,774 |
| Accumulated Depreciation | |||
| Balance at beginning of period | $14,568 | $7,301 | $2,231 |
| Depreciation expense | 6,516 | 7,268 | 5,070 |
| Less: Accumulated depreciation on assets sold, written off and deconsolidated | - | - | - |
| Balance at end of period | $21,084 | $14,568 | $7,301 |
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