Apollo Commercial Real Estate Finance, Inc.
US ˙ NYSE ˙ US03762U1051

SecurityARI / Apollo Commercial Real Estate Finance, Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership1,780,963 shares
Latest Disclosed Value $ 18,806,984
Morgan Stanley reports 8.70% decrease in ownership of ARI / Apollo Commercial Real Estate Finance, Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 1,780,963 shares of Apollo Commercial Real Estate Finance, Inc. (US:ARI) valued at $18,806,969 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 1,950,734 shares of Apollo Commercial Real Estate Finance, Inc.. This represents a change in shares of -8.70% during the quarter. The current value of the position is $19,448,116 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F APOLLO COML REAL ESTATE FIN COM 03762U105 1,780,963 -169,771 -8.70 18,807 -0.41 0.0011
2026-05-27 2025-12-31 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 1,950,734 350,933 21.94 18,883 16.53 0.0011
2026-02-13 2025-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 1,950,734 350,933 18,883 0.0011
2026-05-27 2025-09-30 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 1,599,801 -109,971 -6.43 16,206 -2.08 0.0010
2025-11-14 2025-09-30 13F APOLLO COML REAL EST FIN COM 03762U105 1,599,801 -109,971 16,206 0.0010
2025-08-15 2025-06-30 13F APOLLO COML REAL EST FIN COM 03762U105 1,709,772 -125,577 -6.84 16,551 -5.77 0.0011
2025-05-15 2025-03-31 13F APOLLO COML REAL EST FIN COM 03762U105 1,835,349 -85,253 -4.44 17,564 5.60 0.0013
2025-05-15 2024-12-31 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 1,920,602 -97,378 -4.83 16,632 -10.32 0.0012
2025-02-14 2024-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 1,920,602 -97,378 16,632 0.0012
2025-05-14 2024-09-30 13F/A-2 APOLLO COML REAL EST FIN COM 03762U105 2,017,980 -20,911 -1.03 18,545 -7.09 0.0013
2025-02-14 2024-09-30 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 2,017,980 -20,911 18,545 0.0013
2024-11-14 2024-09-30 13F APOLLO COML REAL EST FIN COM 03762U105 2,017,980 -20,911 18,545 0.0013
2025-05-14 2024-06-30 13F/A-2 APOLLO COML REAL EST FIN COM 03762U105 2,038,891 -163,022 -7.40 19,961 -18.63 0.0015
2024-10-17 2024-06-30 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 2,038,891 -163,022 19,961 0.0015
2024-08-14 2024-06-30 13F APOLLO COML REAL EST FIN COM 03762U105 2,038,891 -163,022 19,961 0.0015
2024-10-17 2024-03-31 13F/A-2 APOLLO COML REAL EST FIN COM 03762U105 2,201,913 -159,308 -6.75 24,529 -11.51 0.0020
2024-08-16 2024-03-31 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 2,201,913 -159,308 24,529 0.0002
2024-05-15 2024-03-31 13F APOLLO COML REAL EST FIN COM 03762U105 2,201,913 -159,308 24,529 0.0020
2024-08-16 2023-12-31 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 2,361,221 206,054 9.56 27,721 26.98 0.0024
2024-02-13 2023-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 2,361,221 206,054 27,721 0.0024
2023-11-15 2023-09-30 13F APOLLO COML REAL EST FIN COM 03762U105 2,155,167 -85,200 -3.80 21,832 -13.92 0.0022
2023-08-14 2023-06-30 13F APOLLO COML REAL EST FIN COM 03762U105 2,240,367 280,075 14.29 25,361 38.96 0.0025
2023-05-15 2023-03-31 13F APOLLO COML REAL EST FIN COM 03762U105 1,960,292 -186,976 -8.71 18,250 -21.01 0.0020
2023-02-14 2022-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 2,147,268 50,400 2.40 23,105 32.75 0.0026
2022-11-14 2022-09-30 13F APOLLO COML REAL EST FIN COM 03762U105 2,096,868 -140,614 -6.28 17,404 -25.50 0.0024
2022-10-27 2022-06-30 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 2,237,482 605,304 37.09 23,360 2.74 0.0030
2022-08-15 2022-06-30 13F APOLLO COML REAL EST FIN COM 03762U105 2,237,482 605,304 23,360 0.0006
2022-10-27 2022-03-31 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 1,632,178 -109,823 -6.30 22,736 -0.82 0.0031
2022-05-13 2022-03-31 13F APOLLO COML REAL EST FIN COM 03762U105 1,632,178 -109,823 22,736 0.0031
2022-02-14 2021-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 1,742,001 223,592 14.73 22,924 1.81 0.0028
2021-11-15 2021-09-30 13F APOLLO COML REAL EST FIN COM 03762U105 1,518,409 -27,071 -1.75 22,517 -8.66 0.0030
2021-08-23 2021-06-30 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 1,545,480 159,858 11.54 24,651 27.35 0.0033
2021-08-16 2021-06-30 13F APOLLO COML REAL EST FIN COM 03762U105 1,545,480 159,858 24,651 0.0007
2021-05-17 2021-03-31 13F APOLLO COML REAL EST FIN COM 03762U105 1,385,622 91,806 7.10 19,357 33.94 0.0028
2021-02-16 2020-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 1,293,816 -119,454 -8.45 14,452 13.49 0.0022
2020-11-13 2020-09-30 13F APOLLO COML REAL EST FIN COM 03762U105 1,413,270 -136,199 -8.79 12,734 -16.23 0.0025
2020-08-14 2020-06-30 13F APOLLO COML REAL EST FIN COM 03762U105 1,549,469 22,897 1.50 15,201 34.20 0.0034
2020-05-26 2020-03-31 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 1,526,572 -368,662 -19.45 11,327 -67.32 0.0031
2020-05-15 2020-03-31 13F APOLLO COML REAL EST FIN COM 03762U105 1,526,572 -368,662 11,327 870.1497
2020-02-14 2019-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 1,895,234 309,960 19.55 34,664 14.06 0.0081
2019-11-14 2019-09-30 13F APOLLO COML REAL EST FIN COM 03762U105 1,585,274 -51,400 -3.14 30,390 0.97 0.0080
2019-08-14 2019-06-30 13F APOLLO COML REAL EST FIN COM 03762U105 1,636,674 586,164 55.80 30,099 57.44 0.0080
2019-05-15 2019-03-31 13F APOLLO COML REAL EST FIN COM 03762U105 1,050,510 -183,562 -14.87 19,118 -7.01 0.0054
2019-02-14 2018-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 1,234,072 133,660 12.15 20,559 -0.99 0.0062
2019-04-23 2018-09-30 13F/A-2 APOLLO COML REAL EST FIN COM 03762U105 1,100,412 54,670 5.23 20,765 8.63 0.0052
2018-11-20 2018-09-30 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 1,100,412 0 20,765 0.0052
2018-11-14 2018-09-30 13F APOLLO COML REAL EST FIN COM 03762U105 1,100,412 54,670 20,765
2019-04-23 2018-06-30 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 1,045,742 76,563 7.90 19,115 9.69 0.0052
2018-08-14 2018-06-30 13F APOLLO COML REAL EST FIN COM 03762U105 1,045,742 76,563 19,115
2019-04-23 2018-03-31 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 969,179 84,246 9.52 17,426 6.73 0.0048
2018-05-14 2018-03-31 13F APOLLO COML REAL EST FIN COM 03762U105 969,179 84,246 17,426
2019-04-23 2017-12-31 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 884,933 83,598 10.43 16,327 12.50 0.0045
2018-02-14 2017-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 884,933 83,598 16,327
2017-11-14 2017-09-30 13F APOLLO COML REAL EST FIN COM 03762U105 801,335 32,514 4.23 14,513 1.76 0.0043
2017-08-11 2017-06-30 13F APOLLO COML REAL EST FIN COM 03762U105 768,821 177,694 30.06 14,262 28.27 0.0043
2017-05-22 2017-03-31 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 591,127 -298,617 -33.56 11,119 -24.81 0.0034
2017-05-12 2017-03-31 13F APOLLO COML REAL EST FIN COM 03762U105 591,127 11,119
2017-02-22 2016-12-31 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 889,744 570,757 178.93 14,788 183.19 0.0048
2017-02-13 2016-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 889,744 14,788
2016-11-10 2016-09-30 13F APOLLO COML REAL EST FIN COM 03762U105 318,987 96,819 43.58 5,222 46.27 0.0018
2016-08-12 2016-06-30 13F APOLLO COML REAL EST FIN COM 03762U105 222,168 9,106 4.27 3,570 2.79 0.0013
2016-05-12 2016-03-31 13F APOLLO COML REAL EST FIN COM 03762U105 213,062 -14,442 -6.35 3,473 -11.38 0.0013
2016-02-09 2015-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 227,504 124,601 121.09 3,919 142.36 0.0014
2016-02-08 2015-09-30 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 102,903 -19,748 -16.10 1,617 -19.75 0.0006
2015-11-09 2015-09-30 13F APOLLO COML REAL EST FIN COM 03762U105 102,903 1,617
2015-08-12 2015-06-30 13F APOLLO COML REAL EST FIN COM 03762U105 122,651 -140,671 -53.42 2,015 -55.47 0.0007
2015-05-14 2015-03-31 13F APOLLO COML REAL EST FIN COM 03762U105 263,322 183,823 231.23 4,525 247.81 0.0017
2015-02-13 2014-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 79,499 -58,514 -42.40 1,301 -40.02 0.0005
2014-12-16 2014-09-30 13F/A-1 APOLLO COML REAL EST FIN COM 03762U105 138,013 -31,093 -18.39 2,169 -22.20 0.0008
2014-11-14 2014-09-30 13F APOLLO COML REAL EST FIN COM 03762U105 138,013 2,169
2014-08-12 2014-06-30 13F APOLLO COML REAL EST FIN COM 03762U105 169,106 92,235 119.99 2,788 118.15 0.0048
2014-05-13 2014-03-31 13F APOLLO COML REAL EST FIN COM 03762U105 76,871 -186,235 -70.78 1,278 -70.11 0.0005
2014-02-13 2013-12-31 13F APOLLO COML REAL EST FIN COM 03762U105 263,106 -249,986 -48.72 4,276 -45.42 0.0018
2013-11-13 2013-09-30 13F APOLLO COMMERCIAL REAL ESTA COM 03762U105 513,092 273,236 113.92 7,835 105.75 0.0037
2013-08-08 2013-06-30 13F APOLLO COMMERCIAL REAL ESTA COM 03762U105 239,856 239,856 3,808 0.0019
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.