X0306 4 2019-04-15 0 0001467760 Apollo Commercial Real Estate Finance, Inc. ARI 0001128865 ROTHSTEIN STUART C/O APOLLO GLOBAL MANAGEMENT, LLC 9 WEST 57TH STREET, 43RD FLOOR NEW YORK NY 10019 1 1 0 0 President & CEO Common Stock 2019-04-15 4 S 0 24707 18.515 D 276938 D The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted by the reporting person in 2018. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.47 to $18.60, 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. As of the transaction date, reported amount includes 230,001 restricted stock units ("RSUs") granted under the Apollo Commercial Real Estate Finance, Inc. 2009 Equity Incentive Plan, as amended and restated. 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. /s/ Jessica L. Lomm, as Attorney-in-Fact 2019-04-16