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SEC Filings
10-Q
APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. filed this Form 10-Q on 05/02/2017
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The following table summarizes the Company's non-designated Fx forwards as of December 31, 2016:
Type of Derivative
December 31, 2016
 
Number of Contracts
 
Aggregate Notional Amount
 
Notional Currency
 
Maturity
Fx Contracts - GBP
11
 
148,310
 
GBP
 
January 2017- December 2017
The Company has not designated any of its derivative instruments as hedges as defined in ASC 815, Derivatives and Hedging and, therefore, changes in the fair value of the Company's derivative instruments are recorded directly in earnings. The following table summarizes the amounts recognized on the condensed consolidated statements of operations related to the Company’s derivative instruments for the three months ended March 31, 2017 and 2016. 
 
 
Three months ended March 31,
 
Location of Loss Recognized in Income
2017
 
2016
Forward currency contract
(Loss) on derivative instruments - unrealized
$
(2,883
)
 
$
(1,310
)
Forward currency contract
Gain (loss) on derivative instruments - realized
(156
)
 
6,083

Interest rate caps (1)
(Loss) on derivative instruments - unrealized
(6
)
 
(70
)
Total
 
$
(3,045
)
 
$
4,703


(1)
With a notional amount of $44,153 and $48,722 at March 31, 2017 and 2016, respectively.
The following table summarizes the gross asset amounts related to the Company's derivative instruments at March 31, 2017 and December 31, 2016.

 
March 31, 2017
 
December 31, 2016
 
Gross
Amount of
Recognized
Assets
 
Gross
Amounts
Offset in the Condensed
Consolidated Balance Sheet
 
Net Amounts
of Assets
Presented in Condensed
the Consolidated Balance Sheet
 
Gross
Amount of
Recognized
Assets
 
Gross
Amounts
Offset in the
Consolidated Balance Sheet
 
Net Amounts
of Assets
Presented in
the Consolidated Balance Sheet
Interest rate caps
$
9

 
$

 
$
9

 
$
23

 
$

 
$
23

Forward currency contract
4,144

 
(1,144
)
 
3,000

 
5,883

 

 
5,883

Total derivative instruments
$
4,153

 
$
(1,144
)
 
$
3,009

 
$
5,906

 
$

 
$
5,906


Note 11 – Related Party Transactions
AMTG Merger
As fully described in "Note 17- Business Combination", in August 2016, the Company acquired AMTG, an entity managed by an affiliate of Apollo.
Management Agreement
In connection with the Company’s initial public offering in September 2009, the Company entered into a management agreement (the “Management Agreement”) with ACREFI Management, LLC (the “Manager”), which describes the services to be provided by the Manager and its compensation for those services. The Manager is responsible for managing the Company’s day-to-day operations, subject to the direction and oversight of the Company’s board of directors.
Pursuant to the terms of the Management Agreement, the Manager is paid a base management fee equal to 1.5% per annum of the Company’s stockholders’ equity (as defined in the Management Agreement), calculated and payable (in cash) quarterly in arrears.
The current term of the Management Agreement expires on September 29, 2018 and is automatically renewed for successive one-year terms on each anniversary thereafter. The Management Agreement may be terminated upon expiration of

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