Vanguard Portfolio Management (ARI) discloses 6.1M-share stake in Apollo Commercial Real Estate

Rhea-AI Filing Summary

Vanguard Portfolio Management LLC filed an amended Schedule 13G reporting its beneficial ownership of Apollo Commercial Real Estate Finance Inc common stock. Vanguard reports beneficial ownership of 6,144,982 shares, representing 4.69% of the outstanding common stock.

Vanguard has sole voting power over 56,281 shares and sole dispositive power over 6,144,982 shares, with no shared voting or dispositive power. The filing explains that these holdings reflect securities beneficially owned or deemed to be beneficially owned by Vanguard Portfolio Management LLC and certain affiliates, including Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC, across Vanguard funds and managed accounts.

The ownership is reported as 5 percent or less of the class, and Vanguard notes that while various clients and funds have the right to receive dividends or sale proceeds, no single other person has an interest in more than 5% of the class through these securities.

Key Figures

Shares beneficially owned: 6,144,982 shares Percent of class: 4.69% Sole voting power: 56,281 shares +3 more

6 metrics

Shares beneficially owned 6,144,982 shares Amount beneficially owned by Vanguard Portfolio Management for Apollo Commercial Real Estate common stock

Percent of class 4.69% Percentage of Apollo Commercial Real Estate common stock class beneficially owned

Sole voting power 56,281 shares Shares for which Vanguard Portfolio Management has sole power to vote or direct the vote

Sole dispositive power 6,144,982 shares Shares for which Vanguard Portfolio Management has sole power to dispose or direct disposition

Ownership classification 5 percent or less Ownership of 5 percent or less of a class as reported in Item 5

Signature date 07/31/2026 Date of signature by Authorized Signatory for Vanguard Portfolio Management

Key Terms

beneficially owned, sole dispositive power, sole voting power, Schedule 13G, +1 more

5 terms

beneficially owned financial

"this reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power financial

"Sole Dispositive Power 6,144,982.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

sole voting power financial

"Sole Voting Power 56,281.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Schedule 13G regulatory

"In accordance with SEC Release No. 34-39538 (January 12, 1998), this reflects the securities"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

percent of class financial

"Percent of class: 4.69 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/31/2026 - 11:25 AM Accepted by SEC EDGAR 07/31/2026 - 11:25 AM Learn about SEC filing dates

FAQ

What percentage of Apollo Commercial Real Estate Finance (ARI) does Vanguard Portfolio Management report owning?

Vanguard Portfolio Management reports beneficial ownership of 4.69% of Apollo Commercial Real Estate Finance’s common stock, representing 6,144,982 shares. This stake is reported as ownership of 5 percent or less of the class in the Schedule 13G/A.

How many ARI shares does Vanguard Portfolio Management have voting power over?

Vanguard Portfolio Management has sole voting power over 56,281 shares of Apollo Commercial Real Estate Finance and no shared voting power. Voting power determines how many shares Vanguard can vote or direct the vote for in shareholder matters.

How many ARI shares can Vanguard Portfolio Management dispose of according to the Schedule 13G/A?

Vanguard Portfolio Management has sole dispositive power over 6,144,982 shares of Apollo Commercial Real Estate Finance and no shared dispositive power. Dispositive power refers to the authority to sell or otherwise direct the disposition of the shares.

Which Vanguard entities are included in the ARI holdings reported on this Schedule 13G/A?

The reported ARI holdings reflect securities beneficially owned by Vanguard Portfolio Management LLC and affiliates or business divisions including Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC, covering Vanguard funds and certain managed accounts.

Does any single client of Vanguard hold more than 5% of Apollo Commercial Real Estate Finance (ARI)?

No. The filing states that while Vanguard funds and managed accounts have rights to dividends or sale proceeds, no one other person's interest in the securities reported is more than 5% of the class of Apollo Commercial Real Estate Finance common stock.

What is the nature of Vanguard’s ownership of ARI as disclosed in this Schedule 13G/A amendment?

Vanguard reports beneficial ownership of ARI shares, including securities held by Vanguard funds and other managed accounts where it or certain affiliates exercise dispositive and/or voting power. The filing is an amendment to a previously reported passive ownership position.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Apollo Commercial Real Estate Finance Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

03762U105

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 03762U105

1

Names of Reporting Persons

Vanguard Portfolio Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 56,281.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,144,982.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,144,982.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.69 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates: Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Portfolio Management LLC, or business divisions of such subsidiaries whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Apollo Commercial Real Estate Finance Inc
(b)	Address of issuer's principal executive offices: 9 West 57th Street, New York, NY, 10019
Item 2.
(a)	Name of person filing: Vanguard Portfolio Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 03762U105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6144982
(b)	Percent of class: 4.69 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 56281
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6144982
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Portfolio Management

Signature:	My Trieu-Gatt
Name/Title:	Authorized Signatory, Head of Global Fund Administration
Date:	07/31/2026