Yorktown Management & Research Company’s Apollo Commercial Real Estate ARI Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2019 Q1	–	Sell	-150,000	Closed	-$2.5M	–	315
2018 Q4	$2.5M	Hold	150,000	–	–	0.83%	24
2018 Q3	$2.83M	Sell	150,000 -360,000	-71%	-$6.79M	0.83%	23
2018 Q2	$9.32M	Hold	510,000	–	–	2.7%	2
2018 Q1	$9.17M	Hold	510,000	–	–	2.72%	3
2017 Q4	$9.41M	Sell	510,000 -40,000	-7%	-$738K	2.71%	3
2017 Q3	$9.96M	Sell	550,000 -120,000	-18%	-$2.17M	2.61%	6
2017 Q2	$12.4M	Buy	670,000 +20,000	+3%	+$371K	3.96%	4
2017 Q1	$12.2M	Hold	650,000	–	–	3.19%	4
2016 Q4	$10.8M	Buy	650,000 +267,534	+70%	+$4.45M	2.74%	5
2016 Q3	$6.26M	Buy	382,466 +112,466	+42%	+$1.84M	1.36%	24
2016 Q2	$4.34M	Hold	270,000	–	–	0.99%	39
2016 Q1	$4.4M	Hold	270,000	–	–	0.85%	40
2015 Q4	$4.65M	Sell	270,000 -27,000	-9%	-$465K	0.82%	35
2015 Q3	$4.67M	Sell	297,000 -50,000	-14%	-$786K	0.77%	36
2015 Q2	$5.7M	Hold	347,000	–	–	1%	25
2015 Q1	$5.96M	Buy	347,000 +157,000	+83%	+$2.7M	1.08%	27
2014 Q4	$3.11M	Hold	190,000	–	–	0.65%	43
2014 Q3	$2.99M	Hold	190,000	–	–	0.57%	45
2014 Q2	$3.13M	Buy	190,000 +130,000	+217%	+$2.14M	0.58%	45
2014 Q1	$998K	Hold	60,000	–	–	0.19%	101
2013 Q4	$975K	Buy	60,000 +10,000	+20%	+$163K	0.2%	99
2013 Q3	$764K	Sell	50,000 -142,600	-74%	-$2.18M	0.16%	103
2013 Q2	$3.06M	Buy	+192,600	New	+$3.06M	0.64%	40