Company: ARI
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0000950170-25-017122
Chunk: 71

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 7
Chunk 71
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, net

    4,498

    4,616

    (118
    )

    Net realized loss on investments

    (128,191
    )

    (86,604
    )

    (41,587
    )

    Realized gain on extinguishment of debt

    —

    495

    (495
    )

    Increase in Specific CECL Allowance

    (149,500
    )

    (59,500
    )

    (90,000
    )

    Decrease (increase) in General CECL Allowance, net

    (6,284
    )

    72

    (6,356
    )

    Gain (loss) on foreign currency forward contracts

    52,590

    (48,213
    )

    100,803

    Foreign currency translation gain (loss)

    (37,476
    )

    52,031

    (89,507
    )

    Gain (loss) on interest rate hedging instruments

    570

    (414
    )

    984

    Net income (loss) before taxes
     
    $
    (119,242
    )
     
    $
    58,569

    $
    (177,811
    )

    Income tax provision

    (394
    )

    (442
    )

    48

    Net income (loss)
     
    $
    (119,636
    )
     
    $
    58,127

    $
    (177,763
    )

Net Interest Income

Net interest income decreased by $53.2 million during the year ended December 31, 2024 compared to the year ended December 31, 2023. This net decrease was primarily attributable to a decrease in interest income from (i) higher average balance of loans on non-accrual in 2024, (ii) realization of a loss on investment during 2024, and (iii) modifying two commercial mortgage loans from floating to fixed rate terms in 2024. Refer to "Note 4 – Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for additional detail.

Operations Related to Real Estate Owned

Net income related to real estate owned remained generally the same for the year ended December 31, 2024 compared to the year ended December 31, 2023.

Management Fees

Management fees expense decreased by $1.