Senior Secured Term Loan, Net (Tables)

3 Months Ended

Mar. 31, 2025

The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of March 31, 2025 and December 31, 2024 ($ in thousands):


	March 31, 2025
Local Currency	Count	Outstanding Principal		Carrying Value
GBP	5	$	1,309,001	$	1,296,020
EUR	3		752,691		744,904
SEK	1		247,013		245,618
Total	9	$	2,308,705	$	2,286,542


	December 31, 2024
Local Currency	Count	Outstanding Principal		Carrying Value
GBP	5	$	1,251,205	$	1,236,691
EUR	3		720,126		711,859
SEK	1		223,992		222,727
Total	9	$	2,195,324	$	2,171,277

The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of March 31, 2025 ($ in thousands):


	Borrowings Outstanding(1)		Fully-Extended Maturity(2)
Total/Weighted-Average GBP	$	936,211	October 2027
Total/Weighted-Average EUR		533,490	October 2027(3)
Total/Weighted-Average SEK		197,611	May 2026
Total/Weighted-Average Securitization	$	1,667,312	August 2027

(1)

As of March 31, 2025, we had £724.7 million, €493.2 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans.

(2)

Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised.

(3)

The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice.


	Borrowings Outstanding(1)		Fully-Extended Maturity(2)
Total/Weighted-Average GBP	$	897,199	April 2027
Total/Weighted-Average EUR		511,387	October 2027(3)
Total/Weighted-Average SEK		179,194	May 2026
Total/Weighted-Average Securitization	$	1,587,780	May 2027

(1)

As of December 31, 2024, we had £716.8 million, €493.9 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans.

(2)

Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised.

(3)

The following table summarizes the terms of the Term Loans as of March 31, 2025 ($ in thousands):


	Principal Amount		Unamortized Issuance Discount(1)			Deferred Financing Costs(1)			Carrying Value		Rate			Maturity Date
2026 Term Loan	$	471,250	$	(387	)	$	(2,403	)	$	468,460		2.86	%	5/15/2026
2028 Term Loan		288,000		(1,250	)		(2,245	)		284,505		3.61	%	3/11/2028
Total	$	759,250	$	(1,637	)	$	(4,648	)	$	752,965

(1)

Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.

The following table summarizes the terms of the Term Loans as of December 31, 2024 ($ in thousands):


	Principal Amount		Unamortized Issuance Discount(1)			Deferred Financing Costs(1)			Carrying Value		Rate			Maturity Date
2026 Term Loan	$	472,500	$	(476	)	$	(2,778	)	$	469,246		2.86	%	5/15/2026
2028 Term Loan		288,750		(1,357	)		(2,429	)		284,964		3.61	%	3/11/2028
Total	$	761,250	$	(1,833	)	$	(5,207	)	$	754,210

(1)

Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Apollo Commercial Real Estate Finance, Inc. 10-Q