Vault-13

APOLLO COML REAL ESTATE FIN ARI 5.375 10.15.23

NOTE 5.375%10/1 · US DOMESTIC · CUSIP 03762UAC9

32 institutional holders -11 vs Q4 2022
7,830,0007.8m shares reported held*
$123.0mreported value*
4 new 7 added 4 reduced 15 sold out net sold ≈ $14.4m (-8.2m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $15.71.

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 45Q4 22: 43Q1 23: 3232Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 202245
Q4 202243
Q1 202332

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
20020Q4 22: 19 bought or addedQ4 22: 14 cut or sold outQ4 22Q1 23: 11 bought or addedQ1 23: 19 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221914
Q1 20231119

Biggest buyers

PIPER SANDLER & CO. Added +6,644,000+6.6m
BLUEFIN CAPITAL MANAGEMENT, LLC New +3,000,000+3.0m
Aequim Alternative Investments LP New +3,000,000+3.0m
SCHRODER INVESTMENT MANAGEMENT GROUP Added +2,400,000+2.4m
JPMORGAN CHASE & CO Added +1,326,000+1.3m
Parallax Volatility Advisers, L.P. Added +1,000,000+1.0m
PALISADE CAPITAL MANAGEMENT, LP Added +500,000+500.0k
Kohlberg Kravis Roberts & Co. L.P. Added +386,000+386.0k
CITIGROUP INC New +242,000+242.0k
Mariner, LLC New +30,000+30.0k

Biggest sellers

Bain Capital Credit, LP Reduced -5,000,000-5.0m
OAKTREE CAPITAL MANAGEMENT LP Reduced -4,174,000-4.2m
Western Asset Management Company, LLC Reduced -4,000,000-4.0m
Skaana Management L.P. Sold out -3,996,000-4.0m
Aequim Alternative Investments LP Sold out -3,000,000-3.0m
LAZARD ASSET MANAGEMENT LLC Sold out -2,570,000-2.6m
AGF MANAGEMENT LTD Sold out -2,000,000-2.0m
WELLS FARGO & COMPANY/MN Sold out -1,819,000-1.8m
Lombard Odier Asset Management (Europe) Ltd Sold out -1,700,000-1.7m
Amundi Sold out -1,700,000-1.7m

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.27% of their portfolio New York, NY 26,258,00026.3m $25.6m $25.6m 0.27% Unchanged
2 Allianz Asset Management GmbH 0.04% of their portfolio MUNICH, 2M 17,228,00017.2m $16.9m $16.9m 0.04% Unchanged
3 OAKTREE CAPITAL MANAGEMENT LP 0.16% of their portfolio LOS ANGELES, CA 14,293,00014.3m $14.0m $14.0m 0.16% Reduced -4.2m -4,174,000
4 PIPER SANDLER & CO. 6.76% of their portfolio MINNEAPOLIS, MN 9,993,00010.0m $9.7m $9.7m 6.76% Added +6.6m +6,644,000
5 Western Asset Management Company, LLC 4.69% of their portfolio Pasadena, CA 9,915,0009.9m $9.8m $9.8m 4.69% Reduced -4.0m -4,000,000
6 SSI INVESTMENT MANAGEMENT LLC 0.43% of their portfolio Los Angeles, CA 6,250,0006.2m $6.1m $6.1m 0.43% Unchanged
7 Parallax Volatility Advisers, L.P. 0.20% of their portfolio San Francisco, CA 6,000,0006.0m $5.8m $5.8m 0.20% Added +1.0m +1,000,000
8 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 5,700,0005.7m $5.5m $5.5m 0.01% Unchanged
9 WESTWOOD HOLDINGS GROUP INC 0.04% of their portfolio DALLAS, TX 4,850,0004.8m $4.9m $4.9m 0.04% Unchanged
10 Kohlberg Kravis Roberts & Co. L.P. 0.13% of their portfolio NEW YORK, NY 4,530,0004.5m $4.4m $4.4m 0.13% Added +386.0k +386,000
11 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 3,607,0003.6m $3.6m $3.6m 0.01% Reduced -716.0k -716,000
12 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 3,000,0003.0m $2.9m $2.9m 0.00% Added +2.4m +2,400,000
13 BLUEFIN CAPITAL MANAGEMENT, LLC 0.41% of their portfolio NEW YORK, NY 3,000,0003.0m $2.9m $2.9m 0.41% New
14 Aequim Alternative Investments LP 0.09% of their portfolio MILL VALLEY, CA 3,000,0003.0m $2.9m $2.9m 0.09% New
15 PALISADE CAPITAL MANAGEMENT, LP 0.07% of their portfolio FORT LEE, NJ 2,694,0002.7m $2.6m $2.6m 0.07% Added +500.0k +500,000
16 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,207,0002.2m $2.2m $2.2m 0.00% Added +1.3m +1,326,000
17 Bain Capital Credit, LP 0.43% of their portfolio Boston, MA 2,007,0002.0m $2.0m $2.0m 0.43% Reduced -5.0m -5,000,000
18 Sculati Wealth Management, LLC 0.14% of their portfolio Bloomfield Hills, MI 275,000275.0k $270.1k $270.1k 0.14% Unchanged
19 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 242,000242.0k $234.4k $234.4k 0.00% New
20 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 200,000200.0k $193.8k $193.8k 0.00% Unchanged
21 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 145,000145.0k $140.5k $140.5k 0.00% Unchanged
22 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 140,000140.0k $135.1k $135.1k 0.00% Unchanged
23 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 65,00065.0k $63.0k $63.0k 0.00% Unchanged
24 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 50,00050.0k $46.0k $46.0k 0.00% Unchanged
25 EXCALIBUR MANAGEMENT CORP 0.03% of their portfolio WALTHAM, MA 50,00050.0k $48.4k $48.4k 0.03% Added +15.0k +15,000
26 Obermeyer Wealth Partners 0.00% of their portfolio ASPEN, CO 40,00040.0k $39.3k $39.3k 0.00% Unchanged
27 Mariner, LLC 0.00% of their portfolio Overland Park, KS 30,00030.0k $29.0k $29.0k 0.00% New
28 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 30,00030.0k $29.6k $29.6k 0.00% Unchanged
29 GRIMES & Co WEALTH MANAGEMENT, LLC 0.00% of their portfolio WESTBOROUGH, MA 20,00020.0k $19.4k $19.4k 0.00% Unchanged
30 Raymond James Financial Services Advisors, Inc. 0.00% of their portfolio ST. PETERSBURG, FL 15,00015.0k $14.5k $14.5k 0.00% Unchanged
31 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 13,00013.0k $12.6k $12.6k 0.00% Unchanged
32 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged