ARI · Apollo Commercial Real Estate Finance, Inc.

The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.92 to $10.95 inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

125 shares of the Issuer's common stock are held in a joint account with the Reporting Person's son. The Reporting Person has direct control over the joint account.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

Includes 20,277.294 shares acquired pursuant to the Issuer's Direct Stock Purchase and Dividend Reinvestment Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

Consists of shares of common stock withheld by the Issuer in order to satisfy the minimum tax withholding obligations of the reporting person arising in connection with the delivery of shares of common stock underlying vested restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan and the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU award agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

Reported amount includes 196,355 RSUs.

Consists of shares of common stock withheld by the Issuer in order to satisfy the minimum tax withholding obligations of the reporting person arising in connection with the delivery of shares of common stock underlying vested restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan and the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU award agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

Reported amount includes 53,767 RSUs.

Reported amount includes 69,709 restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan and the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

Reported amount includes 319,574 restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan and the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

The sales by the reporting person reported in this Form 4 were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on November 13, 2024.

The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.08 to $10.21, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Reported amount includes 210,122 restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan and the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

The sales by the reporting person reported in this Form 4 were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on November 13, 2024.

The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.72 to $10.88, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Reported amount includes 210,122 restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan and the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

The sales by the reporting person reported in this Form 4 were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on November 13, 2024.

The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.78 to $9.91, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Reported amount includes 210,122 restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan and the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

Consists of shares of common stock withheld by the issuer in order to satisfy the minimum tax withholding obligations of the reporting person arising in connection with the delivery of shares of common stock underlying vested restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the issuer, provided the reporting person remains in service through the applicable vesting dates.

Reported amount includes 34,884 RSUs.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

This amendment is being filed solely to correct the amount of shares granted to the Reporting Person.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

125 shares of the Issuer's common stock are held in a joint account with the Reporting Person's son. The Reporting Person has direct control over the joint account.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

The sales by the reporting person reported in this Form 4 were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on November 13, 2024.

The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.92 to $10.09, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

Reported amount includes 210,122 restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan and the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.94 to $9.975 inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

Consists of shares of common stock withheld by the issuer in order to satisfy the minimum tax withholding obligations of the reporting person arising in connection with the delivery of shares of common stock underlying vested restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the issuer, provided the reporting person remains in service through the applicable vesting dates.

Reported amount includes 37,245 RSUs.

Consists of shares of common stock withheld by the issuer in order to satisfy the minimum tax withholding obligations of the reporting person arising in connection with the delivery of shares of common stock underlying vested restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the issuer, provided the reporting person remains in service through the applicable vesting dates.

Reported amount includes 210,122 RSUs.

Reported amount includes 45,782 restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan and the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

Reported amount includes 361,083 restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan and the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.085 to $10.15, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.05 to $10.075, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.035 to $10.055, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.98 to $10.015, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

Consists of shares of common stock withheld by the issuer in order to satisfy the minimum tax withholding obligations of the reporting person arising in connection with the delivery of shares of common stock underlying vested restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the issuer, provided the reporting person remains in service through the applicable vesting dates.

Reported amount includes 23,568 RSUs.

The sales by the reporting person reported in this Form 4 were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on February 21, 2023.

The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.45 to $10.84, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

Reported amount includes 276,183 restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan (the "Plan"). Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's Amended and Restated 2019 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's Amended and Restated 2019 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's Amended and Restated 2019 Equity Incentive Plan.

125 shares of the Issuer's common stock are held in a joint account with the Reporting Person's son. The Reporting Person has direct control over the joint account.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's Amended and Restated 2019 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's Amended and Restated 2019 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's Amended and Restated 2019 Equity Incentive Plan.

The Issuer granted these shares to the Reporting Person pursuant to the Issuer's Amended and Restated 2019 Equity Incentive Plan.

Consists of shares of common stock withheld by the issuer in order to satisfy the minimum tax withholding obligations of the reporting person arising in connection with the delivery of shares of common stock underlying vested restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the issuer, provided the reporting person remains in service through the applicable vesting dates.

Reported amount includes 25,929 RSUs.

Consists of shares of common stock withheld by the issuer in order to satisfy the minimum tax withholding obligations of the reporting person arising in connection with the delivery of shares of common stock underlying vested restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the issuer, provided the reporting person remains in service through the applicable vesting dates.

Reported amount includes 276,183 RSUs.

The sales by the reporting person reported in this Form 4 were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on February 21, 2023.

The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.39 to $11.58, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

Reported amount includes 466,405 restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

Reported amount includes 30,334 restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the issuer, provided the reporting person remains in service through the applicable vesting dates.