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ARI

Apollo Commercial Real Estate
ARI

253 hedge funds and large institutions have $767M invested in Apollo Commercial Real Estate in 2025 Q2 according to their latest regulatory filings, with 31 funds opening new positions, 94 increasing their positions, 78 reducing their positions, and 26 closing their positions.

New
Increased
Maintained
Reduced
Closed

21% more repeat investments, than reductions

Existing positions increased: 94 | Existing positions reduced: 78

19% more first-time investments, than exits

New positions opened: 31 | Existing positions closed: 26

2% more funds holding

Funds holding: 249 → 253 (+4)

0% more capital invested

Capital invested by funds: $766M → $767M (+$680K)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

0.64% less ownership

Funds ownership: 57.56% → 56.92% (-0.64%)

81% less call options, than puts

Call options by funds: $2.19M | Put options by funds: $11.5M

Holders
253
Holders Change
+4
Holders Change %
+1.61%
% of All Funds
3.33%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.01%
New
31
Increased
94
Reduced
78
Closed
26
Calls
$2.19M
Puts
$11.5M
Net Calls
-$9.35M
Net Calls Change
-$4.17M

Top Buyers

Rank Fund Capital Flow
1
NSGL
No Street GP LP
California
+$21.2M
2
EP
Edgestream Partners
New Jersey
+$5.18M
3
Victory Capital Management
Victory Capital Management
Texas
+$4.1M
4
Invesco
Invesco
Georgia
+$4.07M
5
UBS AM
UBS AM
Illinois
+$3.49M

Top Sellers

Rank Fund Capital Flow
1
Nomura Holdings
Nomura Holdings
Japan
-$25.9M
2
Balyasny Asset Management
Balyasny Asset Management
Illinois
-$9.18M
3
BlackRock
BlackRock
New York
-$8.54M
4
Jane Street
Jane Street
New York
-$4.3M
5
Renaissance Technologies
Renaissance Technologies
New York
-$3.12M
Name Holding Trade Value Shares
Change 		Change in
Stake
YCM
101
Yousif Capital Management
Michigan
$458K -$989 -105 -0.2%
EGM
102
Engineers Gate Manager
New York
$444K +$432K +45,880 New
Nomura Holdings
103
Nomura Holdings
Japan
$436K -$25.9M -2,749,881 -98%
Zurich Cantonal Bank
104
Zurich Cantonal Bank
Switzerland
$436K +$178K +18,928 +73%
SEI Investments
105
SEI Investments
Pennsylvania
$416K +$1.37K +145 +0.3%
CC
106
Centiva Capital
New York
$412K +$36.7K +3,892 +10%
Handelsbanken Fonder
107
Handelsbanken Fonder
Sweden
$409K – – –
TRSOTSOK
108
Teachers Retirement System of the State of Kentucky
Kentucky
$406K – – –
PI
109
PFG Investments
New York
$405K -$84.5K -8,970 -18%
MA
110
MAS Advisors
Florida
$402K +$13.7K +1,455 +4%
SOW
111
State of Wyoming
Wyoming
$397K +$139K +14,757 +56%
II
112
Inspire Investing
Idaho
$394K +$45.3K +4,807 +13%
VOYA Investment Management
113
VOYA Investment Management
Georgia
$392K +$5.06K +537 +1%
GC
114
Guggenheim Capital
Illinois
$384K -$11.6K -1,230 -3%
New York State Common Retirement Fund
115
New York State Common Retirement Fund
New York
$379K – – –
ASRS
116
Arizona State Retirement System
Arizona
$373K +$7.99K +848 +2%
Mercer Global Advisors
117
Mercer Global Advisors
Colorado
$372K -$40.8K -4,334 -10%
Commonwealth Equity Services
118
Commonwealth Equity Services
Massachusetts
$363K -$989 -105 -0.3%
Cambridge Investment Research Advisors
119
Cambridge Investment Research Advisors
Iowa
$362K -$23.4K -2,482 -6%
MSRPS
120
Maryland State Retirement & Pension System
Maryland
$361K – – –
AB
121
Amalgamated Bank
New York
$359K – – –
Mariner
122
Mariner
Kansas
$359K +$122K +12,971 +54%
ET
123
Entropy Technologies
New York
$358K +$349K +37,018 New
Millennium Management
124
Millennium Management
New York
$349K -$522K -55,396 -61%
HHRDM
125
H&H Retirement Design & Management
Nevada
$322K – – –
3 4
5
6 7

ARI Hedge Fund Activity: Q2 2025 in Review

253 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Apollo Commercial Real Estate (ARI) for Q2 2025, worth a combined $767M — up 0.09% from $766M a quarter earlier.

Buyers outnumbered sellers: 31 funds opened new ARI positions and 26 closed out — a net gain of 5 holders — while 94 added to existing stakes and 78 trimmed.

The largest buyer was No Street GP LP, opening a new position worth an estimated $21.2M. The largest seller was Nomura Holdings, cutting an estimated $25.9M.

  • 253 institutional investors held Apollo Commercial Real Estate (ARI) as of Q2 2025, up from 249 in Q1 2025.
  • Funds reported $767M of Apollo Commercial Real Estate stock for Q2 2025, up 0.09% quarter-over-quarter.
  • 31 funds opened new Apollo Commercial Real Estate positions in Q2 2025 and 26 closed out, a net change of +5 holders.
  • The largest Apollo Commercial Real Estate buyer in Q2 2025 was No Street GP LP, an estimated $21.2M added.
  • The largest Apollo Commercial Real Estate seller in Q2 2025 was Nomura Holdings, an estimated $25.9M sold.

Based on aggregated 13F filings for Q2 2025.