Company: ARI
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0000950170-25-017122
Chunk: 103

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 8
Chunk 103
---
    $
    9,296,730

(1)Includes carrying value of $6,715,347 and $7,705,491 pledged as collateral under secured debt arrangements in 2024 and 2023, respectively. 

(2)Includes carrying value of $232,991 as collateral under secured debt arrangements in 2023. 

(3)Net of $373,336 and $219,482 CECL Allowances comprised of $342,500 and $193,000 Specific CECL Allowance and $30,836 and $26,482 General CECL Allowance in 2024 and 2023, respectively.

(4)Includes $154,048 pledged as collateral under secured debt arrangements in 2023.

(5)Includes $5,948 and $4,017 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2024 and 2023, respectively.

See notes to consolidated financial statements.63

Apollo Commercial Real Estate Finance, Inc. and Subsidiaries

Consolidated Statement of Operations

(in thousands—except share and per share data)

    Year Ended December 31,

    2024

    2023

    2022

    Net interest income:

    Interest income from commercial mortgage loans
     
    $
    699,389

    $
    701,002

    $
    456,513

    Interest income from subordinate loans and other lending assets

    3,542

    17,280

    55,590

    Interest expense

    (503,949
    )

    (466,110
    )

    (270,525
    )

    Net interest income
     
    $
    198,982

    $
    252,172

    $
    241,578

    Revenue from real estate owned operations

    104,689

    92,419

    62,062

    Total net revenue
     
    $
    303,671

    $
    344,591

    $
    303,640

    Operating expenses:

    General and administrative expenses (includes equity-based compensation of $16,468, $17,444 and $18,252 in 2024, 2023 and 2022, respectively)
     
    $
    (29,649
    )
     
    $
    (29,520
    )