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            <issuerCik>0001467760</issuerCik>
            <issuerName>APOLLO COMMERCIAL REAL ESTATE FINANCE INC.</issuerName>
            <secFileNumber>001-34452</secFileNumber>
            <issuerAddress>
                <ns2:street1>C/O APOLLO GLOBAL MANAGEMENT, LLC</ns2:street1>
                <ns2:street2>9 WEST 57TH STREET, 43RD FLOOR</ns2:street2>
                <ns2:city>NEW YORK</ns2:city>
                <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                <ns2:zipCode>10019</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>(212) 515-3200</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>MARK BIDERMAN</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Director</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>8th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>15000</noOfUnitsSold>
            <aggregateMarketValue>149943.00</aggregateMarketValue>
            <noOfUnitsOutstanding>142162205</noOfUnitsOutstanding>
            <approxSaleDate>05/01/2024</approxSaleDate>
            <securitiesExchangeName>NYSE</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>04/01/2021</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted stock vesting under a registered plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>15000</amountOfSecuritiesAcquired>
            <paymentDate>04/01/2021</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>05/01/2024</noticeDate>
            <planAdoptionDates/>
            <signature>/s/ Mark Biderman</signature>
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144
0001263606
XXXXXXXX
LIVE
0001467760
APOLLO COMMERCIAL REAL ESTATE FINANCE INC.
001-34452
C/O APOLLO GLOBAL MANAGEMENT, LLC
9 WEST 57TH STREET, 43RD FLOOR
NEW YORK
NY
10019
(212) 515-3200
MARK BIDERMAN
Director
Common
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
8th Floor
New York
NY
10004
15000
149943.00
142162205
05/01/2024
NYSE
Common
04/01/2021
Restricted stock vesting under a registered plan
Issuer
N
15000
04/01/2021
Services Rendered
Y
05/01/2024
/s/ Mark Biderman