Company: ARI
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0000950170-25-017122
Chunk: 132

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 8
Chunk 132
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 data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower's exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants.The following table summarizes our risk rated five loans as of December 31, 2024, which were analyzed for Specific CECL Allowances ($ in thousands): 

        Type
        Property type
         
        Location
         
        Amortized cost prior to Specific CECL Allowance

        Specific CECL Allowance

        Amortized cost

        Interest recognition status/ as of date
         
        Risk Rating

        Mortgage
        Retail(1)(2)
         
        Cincinnati, OH
         
        $
        164,339

        $
        67,000

        $
        97,339

        Nonaccrual/ 10/1/2019
         
        5

        Mezzanine
        Residential(3)
         
        Manhattan, NY

        295,881

        268,000

        27,881

        Nonaccrual/ 7/1/2021
         
        5

        Mezzanine
        Office(4)
         
        Troy, MI

        7,500

        7,500

        -

        Nonaccrual/ 6/30/2024
         
        5

        Total

        $
        467,720

        $
        342,500

        $
        125,220

       (1)The fair value of retail collateral was determined by applying a capitalization rate of 9.0%.(2)In September 2018, we entered a joint venture with Turner Consulting II, LLC ("Turner Consulting"), through an entity which owns the underlying property that secures our loan. Turner Consulting contributed 10% of the venture's equity and we contributed 90%. The entity was deemed to be a variable interest entity ("VIE"), and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activities. During the second quarter of 2024, the loan's maturity was extended from September 2024 to September 2025.(3)The fair value of the residential collateral was determined by making certain projections and assumptions with respect to future performance and a discount rate of