State of Michigan Retirement System’s Apollo Commercial Real Estate ARI Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2021 Q4	–	Sell	-5,459,968	Closed	-$81M	–	978
2021 Q3	$81M	Hold	5,459,968	–	–	0.46%	40
2021 Q2	$87.1M	Hold	5,459,968	–	–	0.51%	42
2021 Q1	$76.3M	Hold	5,459,968	–	–	0.48%	44
2020 Q4	$61M	Hold	5,459,968	–	–	0.42%	52
2020 Q3	$49.2M	Hold	5,459,968	–	–	0.39%	62
2020 Q2	$53.6M	Hold	5,459,968	–	–	0.47%	50
2020 Q1	$40.5M	Hold	5,459,968	–	–	0.45%	49
2019 Q4	$99.9M	Hold	5,459,968	–	–	0.83%	22
2019 Q3	$105M	Sell	5,459,968 -460,000	-8%	-$8.82M	0.95%	18
2019 Q2	$109M	Hold	5,919,968	–	–	0.98%	17
2019 Q1	$108M	Hold	5,919,968	–	–	0.86%	19
2018 Q4	$98.6M	Hold	5,919,968	–	–	0.88%	21
2018 Q3	$112M	Hold	5,919,968	–	–	0.82%	21
2018 Q2	$108M	Buy	5,919,968 +735,000	+14%	+$13.4M	0.85%	21
2018 Q1	$93.2M	Buy	5,184,968 +1,470,000	+40%	+$26.4M	0.75%	26
2017 Q4	$68.5M	Buy	3,714,968 +734,200	+25%	+$13.5M	0.54%	37
2017 Q3	$54M	Hold	2,980,768	–	–	0.44%	54
2017 Q2	$55.3M	Hold	2,980,768	–	–	0.42%	53
2017 Q1	$56.1M	Hold	2,980,768	–	–	0.43%	45
2016 Q4	$49.5M	Hold	2,980,768	–	–	0.39%	55
2016 Q3	$48.8M	Hold	2,980,768	–	–	0.38%	55
2016 Q2	$47.9M	Buy	2,980,768 +661,768	+29%	+$10.6M	0.38%	54
2016 Q1	$37.8M	Buy	+2,319,000	New	+$37.8M	0.3%	65