Vault-13

APOLLO COML REAL ESTATE FIN ARI 5.375 10.15.23

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

33 institutional holders +3 vs Q2 2023
4,363,0004.4m shares reported held*
$80.0mreported value*
3 new 4 added 7 reduced 0 sold out net sold ≈ $10.1m

* 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 ≈ $18.35.

Trends to Q3 2023

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 45Q4 22: 43Q1 23: 32Q2 23: 30Q3 23: 3333Q3 22Q4 22Q1 23Q2 23Q3 23
Numbers
QuarterHolders
Q3 202245
Q4 202243
Q1 202332
Q2 202330
Q3 202333

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 23Q3 23: 7 bought or addedQ3 23: 7 cut or sold outQ3 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221914
Q1 20231119
Q2 2023612
Q3 202377

Biggest buyers

JPMORGAN CHASE & CO Added +2,000,000+2.0m
SSI INVESTMENT MANAGEMENT LLC Added +1,500,000+1.5m
Kohlberg Kravis Roberts & Co. L.P. Added +1,385,000+1.4m
ZAZOVE ASSOCIATES LLC New +89,000+89.0k
Jefferies Financial Group Inc. New +45,000+45.0k
PHILLIPS FINANCIAL MANAGEMENT, LLC New +40,000+40.0k
OSAIC HOLDINGS, INC. Added +15+15

Biggest sellers

OAKTREE CAPITAL MANAGEMENT LP Reduced -9,164,000-9.2m
Russell Investments Group, Ltd. Reduced -2,416,000-2.4m
WESTWOOD HOLDINGS GROUP INC Reduced -1,850,000-1.9m
Linden Advisors LP Reduced -1,723,000-1.7m
PALISADE CAPITAL MANAGEMENT, LP Reduced -14,000-14.0k
HighTower Advisors, LLC Reduced -10,000-10.0k
ROYAL BANK OF CANADA Reduced -10,000-10.0k

Holders, Q3 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.25% of their portfolio New York, NY 24,335,00024.3m $24.3m $24.3m 0.25% Reduced -1.7m -1,723,000
2 PIPER SANDLER & CO. 9.41% of their portfolio MINNEAPOLIS, MN 9,993,00010.0m $9.9m $9.9m 9.41% Unchanged
3 SSI INVESTMENT MANAGEMENT LLC 0.63% of their portfolio Los Angeles, CA 7,750,0007.8m $7.7m $7.7m 0.63% Added +1.5m +1,500,000
4 Kohlberg Kravis Roberts & Co. L.P. 0.21% of their portfolio NEW YORK, NY 6,115,0006.1m $6.1m $6.1m 0.21% Added +1.4m +1,385,000
5 Parallax Volatility Advisers, L.P. 0.21% of their portfolio San Francisco, CA 6,000,0006.0m $6.0m $6.0m 0.21% Unchanged
6 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 4,200,0004.2m $4.2m $4.2m 0.01% Unchanged
7 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 4,000,0004.0m $4.0m $4.0m 0.00% Added +2.0m +2,000,000
8 Western Asset Management Company, LLC 1.54% of their portfolio Pasadena, CA 3,385,0003.4m $3.4m $3.4m 1.54% Unchanged
9 OAKTREE CAPITAL MANAGEMENT LP 0.05% of their portfolio LOS ANGELES, CA 3,217,0003.2m $3.2m $3.2m 0.05% Reduced -9.2m -9,164,000
10 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 3,000,0003.0m $3.0m $3.0m 0.00% Unchanged
11 WESTWOOD HOLDINGS GROUP INC 0.03% of their portfolio DALLAS, TX 3,000,0003.0m $3.1m $3.1m 0.03% Reduced -1.9m -1,850,000
12 PALISADE CAPITAL MANAGEMENT, LP 0.07% of their portfolio FORT LEE, NJ 2,678,0002.7m $2.7m $2.7m 0.07% Reduced -14.0k -14,000
13 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 853,000853.0k $871.1k $871.1k 0.00% Reduced -2.4m -2,416,000
14 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 278,000278.0k $278.0k $278.0k 0.00% Reduced -10.0k -10,000
15 Sculati Wealth Management, LLC 0.14% of their portfolio Bloomfield Hills, MI 275,000275.0k $274.5k $274.5k 0.14% Unchanged
16 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 242,000242.0k $240.8k $240.8k 0.00% Unchanged
17 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 200,000200.0k $199.0k $199.0k 0.00% Unchanged
18 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 145,000145.0k $144.3k $144.3k 0.00% Unchanged
19 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 90,00090.0k $89.5k $89.5k 0.00% Unchanged
20 ZAZOVE ASSOCIATES LLC 0.01% of their portfolio INCLINE VILLAGE, NV 89,00089.0k $89.0k $89.0k 0.01% New
21 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 60,00060.0k $60.0k $60.0k 0.00% Reduced -10.0k -10,000
22 EXCALIBUR MANAGEMENT CORP 0.03% of their portfolio WALTHAM, MA 50,00050.0k $49.9k $49.9k 0.03% Unchanged
23 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 45,00045.0k $44.8k $44.8k 0.00% New
24 Obermeyer Wealth Partners 0.00% of their portfolio ASPEN, CO 40,00040.0k $39.9k $39.9k 0.00% Unchanged
25 PHILLIPS FINANCIAL MANAGEMENT, LLC 0.00% of their portfolio FORT WAYNE, IN 40,00040.0k $39.8k $39.8k 0.00% New
26 Dakota Wealth Management 0.00% of their portfolio PALM BEACH GARDENS, FL 40,00040.0k $40.8k $40.8k 0.00% Unchanged
27 Mariner, LLC 0.00% of their portfolio Overland Park, KS 30,00030.0k $29.9k $29.9k 0.00% Unchanged
28 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 30,00030.0k $30.0k $30.0k 0.00% Unchanged
29 GRIMES & Co WEALTH MANAGEMENT, LLC 0.00% of their portfolio WESTBOROUGH, MA 20,00020.0k $20.0k $20.0k 0.00% Unchanged
30 Raymond James Financial Services Advisors, Inc. 0.00% of their portfolio ST. PETERSBURG, FL 15,00015.0k $14.9k $14.9k 0.00% Unchanged
31 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 13,00013.0k $12.9k $12.9k 0.00% Unchanged
32 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 2020 $19.9k $19.9k 0.00% Added +15 +15
33 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged