Shell Asset Management Co reports 52.50% decrease in ownership of ARI / Apollo Commercial Real Estate Finance, Inc.

Apollo Commercial Real Estate Finance, Inc.

US ˙ NYSE ˙ US03762U1051

Security	ARI / Apollo Commercial Real Estate Finance, Inc.
Institution	Shell Asset Management Co
Latest Disclosed Ownership	4,047 shares
Latest Disclosed Value	$ 41

On November 7, 2025 - Shell Asset Management Co filed a 13F-HR form disclosing ownership of 4,047 shares of Apollo Commercial Real Estate Finance, Inc. (US:ARI) valued at $40,996 USD as of September 30, 2025. The entity filed a previous 13F-HR on July 23, 2025 disclosing 8,520 shares of Apollo Commercial Real Estate Finance, Inc.. The current value of the position is $44,072 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	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2025-11-07	2025-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	4,047	-4,473	-52.50	0		0.0041
2025-07-23	2025-06-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	8,520	-851	-9.08	0		0.0028
2025-05-14	2025-03-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	9,371	-4,650	-33.16	0		0.0043
2025-02-14	2024-12-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	14,021	0	0.00	0		0.0053
2024-11-07	2024-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	14,021	-839	-5.65	0		0.0057
2024-07-25	2024-03-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	14,860	-1,198	-7.46	0		0.0066
2024-02-14	2023-12-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	16,058	-4,919	-23.45	0		0.0087
2023-11-08	2023-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	20,977	-498	-2.32	0		0.0088
2023-07-28	2023-06-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	21,475	-120	-0.56	0		0.0096
2023-05-15	2023-03-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	21,595	-76	-0.35	0		0.0083
2023-02-07	2022-12-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	21,671	-4,413	-16.92	0	-100.00	0.0102
2022-11-14	2022-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	26,084	-6,853	-20.81	216	-37.21	0.0084
2022-08-09	2022-06-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	32,937	4,801	17.06	344	-12.24	0.0102
2022-05-04	2022-03-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	28,136	-4,163	-12.89	392	-7.76	0.0093
2022-02-09	2021-12-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	32,299	155	0.48	425	-10.90	0.0087
2021-11-04	2021-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	32,144	-1,410	-4.20	477	-10.84	0.0107
2021-08-12	2021-06-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	33,554	1,810	5.70	535	20.77	0.0104
2021-05-10	2021-03-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	31,744	-200	-0.63	443	24.09	0.0089
2021-02-16	2020-12-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	31,944	0	0.00	357	23.96	0.0074
2020-11-13	2020-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	31,944	0	0.00	288	-7.99	0.0067
2020-08-10	2020-06-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	31,944	-5,129	-13.83	313	13.82	0.0078
2020-05-11	2020-03-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	37,073	-564	-1.50	275	-60.03	0.0077
2020-02-13	2019-12-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	37,637	-963	-2.49	688	-7.03	0.0148
2019-11-12	2019-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	38,600	-334	-0.86	740	3.35	0.0169
2019-08-12	2019-06-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	38,934	-887	-2.23	716	-1.24	0.0158
2019-05-09	2019-03-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	39,821	0	0.00	725	9.35	0.0160
2019-02-13	2018-12-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	39,821	-3,300	-7.65	663	-18.55	0.0165
2018-11-13	2018-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	43,121	0	0.00	814	3.30	0.0161
2018-08-10	2018-06-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	43,121	-2,306	-5.08	788	-3.55	0.0162
2018-05-14	2018-03-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	45,427	-41,566	-47.78	817	-49.10	0.0163
2018-02-09	2017-12-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	86,993	0	0.00	1,605	1.90	0.0319
2017-10-20	2017-09-30	13F/A-1	APOLLO COML REAL EST FIN	COM	03762U105	86,993	-2,000	-2.25	1,575	-4.60	0.0350
2017-10-18	2017-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	119,559	30,566		1,878
2017-07-26	2017-06-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	88,993	0	0.00	1,651	-1.37	0.0410
2017-04-26	2017-03-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	88,993	-6,230	-6.54	1,674	5.75	0.0427
2017-01-10	2016-12-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	95,223	-834	-0.87	1,583	0.70	0.0428
2016-10-28	2016-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	96,057	-4,401	-4.38	1,572	-2.60	0.0376
2016-07-25	2016-06-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	100,458	-5,709	-5.38	1,614	-6.76	0.0374
2016-05-11	2016-03-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	106,167	-6,360	-5.65	1,731	-10.73	0.0415
2016-02-05	2015-12-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	112,527	-7,032	-5.88	1,939	3.25	0.0458
2015-10-13	2015-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	119,559	5,568	4.88	1,878	0.27	0.0298
2015-07-30	2015-06-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	113,991	-5,217	-4.38	1,873	-8.54	0.0375
2015-05-07	2015-03-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	119,208	119,208	0.00	2,048		0.0357
2015-02-04	2014-12-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	0	-119,559	-100.00	0	-100.00
2014-10-24	2014-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	119,559	11,142	10.28	1,878	5.03	0.0292
2014-08-08	2014-06-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	108,417	74,291	217.70	1,788	214.79	0.0276
2014-05-07	2014-03-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	34,126	-138	-0.40	568	1.97	0.0094
2014-02-03	2013-12-31	13F/A-1	APOLLO COML REAL EST FIN	COM	03762U105	34,264	5,529	19.24	557	26.88	0.0095
2014-01-27	2013-12-31	13F	APOLLO COML REAL EST FIN	COM	03762U105	34,264			557
2013-10-28	2013-09-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	28,735	0	0.00	439	-3.73	0.0081
2013-08-01	2013-06-30	13F	APOLLO COML REAL EST FIN	COM	03762U105	28,735	28,735		456		0.0087

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.