Company: ARI
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0000950170-25-017122
Chunk: 164

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 8
Chunk 164
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, interest and carry costs, among others. As such, the timings and amounts of future fundings depend on the progress and performance of the underlying assets of our loans. Certain of our lenders are contractually obligated to fund their ratable portion of these loan commitments over time, while other lenders have some degree of discretion over future loan funding obligations. The total unfunded commitment is expected to be funded over the remaining 4.5 years weighted-average tenor of these loans.

Note 19 – Fair Value of Financial InstrumentsThe following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our consolidated balance sheets at December 31, 2024 and December 31, 2023 ($ in thousands): 

        December 31, 2024

        December 31, 2023

        CarryingValue

        EstimatedFair Value

        CarryingValue

        EstimatedFair Value

        Cash and cash equivalents
         
        $
        317,396

        $
        317,396

        $
        225,438

        $
        225,438

        Commercial mortgage loans, net

        6,715,347

        6,616,694

        7,925,359

        7,813,304

        Subordinate loans, net

        388,809

        388,780

        432,734

        432,458

        Secured debt arrangements, net

        (4,814,973
        )

        (4,814,973
        )

        (5,538,476
        )

        (5,538,476
        )

        Senior secured term loans, net

        (754,210
        )

        (757,772
        )

        (759,150
        )

        (754,197
        )

        Senior secured notes, net

        (496,433
        )

        (432,500
        )

        (495,637
        )

        (418,750
        )

        Debt related to real estate owned, held for investment, net

        (324,587
        )

        (324,587
        )

        (161,586
        )

        (161,586
        )
       
       To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, are used to discount contractual cash flows. The estimated fair values are not necessarily