Apollo Commercial Real Estate Finance, Inc.
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Schedule IV—Mortgage Loans on Real Estate
As of December 31, 2025
($ in thousands)
| Description · Number of Loans · Property Type/location · Contractual Interest Rate (1) · Maturity Date(2) · Periodic Payment(3) · PrincipalBalance · CarryingValue · Principal Amount of Mortgages Subject to Delinquent Principal or Interest | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Commercial mortgage loans individually >3% | |||||||||
| Loan A | Office/United Kingdom | 6.6% | Dec-28 | I/O | $658,703 | $654,594 | $— | ||
| Loan B | Hotel/Various Europe | 5.3% | Dec-30 | I/O | 342,338 | 339,309 | — | ||
| Loan C | Office/New York City | 3.0% | Dec-30 | I/O | 267,169 | 267,169 | — | ||
| Commercial mortgage loans individually <3% | |||||||||
| First Mortgage | 17 | Residential/Various | 0.0%-7.8% | 2026-2030 | I/O | $2,268,838 | $2,253,714 | $112,645 | |
| First Mortgage | 6 | Office/Various | 3.0%-8.8% | 2026-2030 | I/O | 1,026,873 | 1,026,770 | — | |
| First Mortgage | 12 | Hotel/Various | 0.0%-9.4% | 2026-2030 | I/O | 1,438,647 | 1,431,024 | — | |
| First Mortgage | 5 | Industrial/Various | 5.1%-7.2% | 2027-2030 | I/O | 976,089 | 970,073 | — | |
| First Mortgage | 3 | Data Center/Various | 6.0%-7.3% | 2029-2030 | I/O | 564,903 | 560,699 | — | |
| First Mortgage | 2 | Retail/Various | 0.0%-6.8% | 2026-2030 | P&I | 376,712 | 295,258 | 173,924 | |
| First Mortgage | 2 | Mixed Use/Various | 7.6%-7.9% | 2027-2029 | I/O | 303,179 | 302,544 | — | |
| First Mortgage(4) | 4 | Other/Various | 5.5%-9.1% | 2026-2030 | I/O | 649,647 | 649,557 | — | |
| Total Commercial mortgage loans | $8,873,098 | $8,750,711 | $286,569 | ||||||
| Description · Number of Loans · Property Type/location · Contractual Interest Rate (1) · Maturity Date(2) · Periodic Payment(3) · Principal Balance · Carrying Value · Principal Amount of Mortgages Subject to Delinquent Principal or Interest | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Subordinate loans individually <3% | ||||||||||
| Subordinate Mortgage | 2 | Residential/New York City | 0.0% | Nov-26 | I/O | $330,962 | $62,259 | $330,962 | ||
| Total Subordinate loans(5) | $330,962 | $62,259 | $330,962 | |||||||
| Total loans(6) | $9,204,060 | $8,812,970 | $617,530 | |||||||
| General CECL Allowance(7) | (38,754) | |||||||||
| Carrying value, net | $8,774,216 | |||||||||
Assumes applicable benchmark rate as of December 31, 2025 for all floating rate loans. For loans placed on nonaccrual theinterest rate noted above is 0%.
Assumes all extension options are exercised.
Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity.
Includes loans collateralized by pubs, urban predevelopment, and a portfolio of office, industrial, and retail property types.
Not subject to prior liens.
The aggregate cost for U.S. federal income tax purposes is $9.0 billion.
Excludes$5.8 million of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2025.
The following table summarizes the changes in the carrying amounts of our loan portfolio during 2025 , 2024 and 2023, respectively ($ in thousands):
| Reconciliation of Carrying Amount of Loans | December 31, 2025(1) | December 31, 2024(1) | December 31, 2023 |
|---|---|---|---|
| Balance at beginning of year | $7,104,156 | $8,358,093 | $8,681,990 |
| Loan fundings | 4,195,959 | 1,871,792 | 929,106 |
| Loan repayments and sales | (2,868,214) | (2,541,740) | (1,225,930) |
| Gain (loss) on foreign currency translation | 365,923 | (133,477) | 175,707 |
| Realized loss on investments(2) | (7,436) | (128,191) | (86,604) |
| Transfer to Other Assets | — | (159,667) | (75,000) |
| Decrease (increase) in Specific CECL Allowance(3) | 4,500 | (149,500) | (59,500) |
| Decrease (increase) in General CECL Allowance(4) | (7,918) | (4,354) | (258) |
| Deferred Fees and other items(5) | (46,986) | (39,554) | (16,453) |
| Payment-in-kind interest and amortization of fees | 34,232 | 30,754 | 35,035 |
| Balance at the close of year | $8,774,216 | $7,104,156 | $8,358,093 |
Excludes Note receivable, held for sale and related activity. The note was held for sale as of December 31, 2024 and was sold during the third quarter of 2025.
During theyear ended December 31, 2025, we recorded a $7.4 million net realized loss on investments, consisting of (i) a $1.2 million realized loss on the sale of a promissory note related to the sale of one of the eight hospitals that previously secured the Massachusetts Healthcare Loan and (ii) a $6.2 million realized loss related to the discounted payoff of the Michigan Office Loan. During the year ended December 31, 2024, we recorded a$128.2 million net realized loss on investments, consisting of (i) a $127.5 million realized loss related to the extinguishment of the Massachusetts Healthcare Loan and (ii) a $0.7 million realized loss related to the sale of a commercial mortgage loan collateralized by a hotel property located in Honolulu, HI, which was sold at a price of 99.5%. During the year ended December 31, 2023, we recorded an $86.6 million realized loss on investments comprised of (i) a $4.8 million realized loss related to the acquisition of the Atlanta Hotel through a deed-in-lieu of foreclosure and (ii) a $82.0 million realized loss representing a write-off of previously recorded Specific CECL Allowance on one of our subordinate loans secured by an ultra-luxury residential property in Manhattan, NY. These losses were partially offset by a $0.2 million gain on investments recorded in connection with the sale of our entire interest in three commercial loans secured by properties in Europe and a partial interest in one commercial loan secured by property located in London, United Kingdom.
During theyear ended December 31, 2025, we recorded a net decrease in our Specific CECL Allowance of $4.5 million. This amount consisted of (i) a $1.3 million reversal and a $6.2 million write-off of our Specific CECL Allowance related to the discounted payoff of our Michigan Office Loan and (ii) a $3.0 million Specific CECL Allowance recorded on a commercial mortgage loan secured by a hotel in Chicago, IL. During the year ended December 31, 2024, we recorded a net increase in our Specific CECL Allowance of $149.5 million. This net increase was comprised of Specific CECL Allowances on two of our mezzanine loans and a Specific CECL Allowance on our Massachusetts Healthcare Loan, which was subsequently fully written off. During the year ended December 31, 2023, the Specific CECL Allowance increased $59.5 million. We recorded a $141.5 million increase to our Specific CECL Allowance, related to two mezzanine loans secured by the same ultra-luxury residential property in Manhattan, NY. As of June 30, 2023, $82.0 million related to the most junior mezzanine loan was deemed unrecoverable. Accordingly, $82.0 million of previously recorded Specific CECL was written-off and recorded as a realized loss within net realized loss on investments during the second quarter of 2023.
$5.8 million,$5.9 million, and $4.0 million as of December 31,2025, 2024, and 2023, 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.
Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses, as well as$1.2 million,$9.1 million, and $2.5 million in cost recovery proceeds in 2025, 2024, and 2023, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.