Vault-13

APOLLO COML REAL ESTATE FIN ARI 5.375 10.15.23

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

30 institutional holders -2 vs Q1 2023
4,363,0004.4m shares reported held*
$89.9mreported value*
3 new 3 added 7 reduced 5 sold out net sold ≈ $35.2m (-3.5m 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 ≈ $20.61.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 45Q4 22: 43Q1 23: 32Q2 23: 3030Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202245
Q4 202243
Q1 202332
Q2 202330

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 23Q2 23: 6 bought or addedQ2 23: 12 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221914
Q1 20231119
Q2 2023612

Biggest buyers

HighTower Advisors, LLC New +288,000+288.0k
Kohlberg Kravis Roberts & Co. L.P. Added +200,000+200.0k
Dakota Wealth Management New +40,000+40.0k
RAYMOND JAMES & ASSOCIATES Added +25,000+25.0k
ROYAL BANK OF CANADA Added +20,000+20.0k
OSAIC HOLDINGS, INC. New +5+5

Biggest sellers

Allianz Asset Management GmbH Sold out -17,228,000-17.2m
Western Asset Management Company, LLC Reduced -6,530,000-6.5m
Aequim Alternative Investments LP Sold out -3,000,000-3.0m
BLUEFIN CAPITAL MANAGEMENT, LLC Sold out -3,000,000-3.0m
Bain Capital Credit, LP Sold out -2,007,000-2.0m
OAKTREE CAPITAL MANAGEMENT LP Reduced -1,912,000-1.9m
Thrivent Financial for Lutherans Reduced -1,500,000-1.5m
Russell Investments Group, Ltd. Reduced -338,000-338.0k
JPMORGAN CHASE & CO Reduced -207,000-207.0k
Linden Advisors LP Reduced -200,000-200.0k

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.27% of their portfolio New York, NY 26,058,00026.1m $25.9m $25.9m 0.27% Reduced -200.0k -200,000
2 OAKTREE CAPITAL MANAGEMENT LP 0.17% of their portfolio LOS ANGELES, CA 12,381,00012.4m $12.4m $12.4m 0.17% Reduced -1.9m -1,912,000
3 PIPER SANDLER & CO. 10.57% of their portfolio MINNEAPOLIS, MN 9,993,00010.0m $9.9m $9.9m 10.57% Unchanged
4 SSI INVESTMENT MANAGEMENT LLC 0.43% of their portfolio Los Angeles, CA 6,250,0006.2m $6.2m $6.2m 0.43% Unchanged
5 Parallax Volatility Advisers, L.P. 0.20% of their portfolio San Francisco, CA 6,000,0006.0m $5.9m $5.9m 0.20% Unchanged
6 WESTWOOD HOLDINGS GROUP INC 0.04% of their portfolio DALLAS, TX 4,850,0004.8m $4.9m $4.9m 0.04% Unchanged
7 Kohlberg Kravis Roberts & Co. L.P. 0.15% of their portfolio NEW YORK, NY 4,730,0004.7m $4.7m $4.7m 0.15% Added +200.0k +200,000
8 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 4,200,0004.2m $4.2m $4.2m 0.01% Reduced -1.5m -1,500,000
9 Western Asset Management Company, LLC 1.51% of their portfolio Pasadena, CA 3,385,0003.4m $3.4m $3.4m 1.51% Reduced -6.5m -6,530,000
10 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 3,269,0003.3m $3.3m $3.3m 0.01% Reduced -338.0k -338,000
11 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 3,000,0003.0m $3.0m $3.0m 0.00% Unchanged
12 PALISADE CAPITAL MANAGEMENT, LP 0.07% of their portfolio FORT LEE, NJ 2,692,0002.7m $2.7m $2.7m 0.07% Reduced -2.0k -2,000
13 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,000,0002.0m $2.0m $2.0m 0.00% Reduced -207.0k -207,000
14 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 288,000288.0k $288.0k $288.0k 0.00% New
15 Sculati Wealth Management, LLC 0.14% of their portfolio Bloomfield Hills, MI 275,000275.0k $276.7k $276.7k 0.14% Unchanged
16 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 242,000242.0k $239.7k $239.7k 0.00% Unchanged
17 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 200,000200.0k $198.1k $198.1k 0.00% Unchanged
18 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 145,000145.0k $143.6k $143.6k 0.00% Unchanged
19 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 90,00090.0k $89.2k $89.2k 0.00% Added +25.0k +25,000
20 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 70,00070.0k $70.0k $70.0k 0.00% Added +20.0k +20,000
21 EXCALIBUR MANAGEMENT CORP 0.03% of their portfolio WALTHAM, MA 50,00050.0k $49.5k $49.5k 0.03% Unchanged
22 Obermeyer Wealth Partners 0.00% of their portfolio ASPEN, CO 40,00040.0k $40.2k $40.2k 0.00% Unchanged
23 Dakota Wealth Management 0.00% of their portfolio PALM BEACH GARDENS, FL 40,00040.0k $40.1k $40.1k 0.00% New
24 Mariner, LLC 0.00% of their portfolio Overland Park, KS 30,00030.0k $29.7k $29.7k 0.00% Unchanged
25 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 30,00030.0k $29.9k $29.9k 0.00% Unchanged
26 GRIMES & Co WEALTH MANAGEMENT, LLC 0.00% of their portfolio WESTBOROUGH, MA 20,00020.0k $19.8k $19.8k 0.00% Unchanged
27 Raymond James Financial Services Advisors, Inc. 0.00% of their portfolio ST. PETERSBURG, FL 15,00015.0k $14.9k $14.9k 0.00% Unchanged
28 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 13,00013.0k $12.9k $12.9k 0.00% Unchanged
29 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 55 $5.0k $5.0k 0.00% New
30 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged