Apollo Commercial Real Estate
ARI
261 hedge funds and large institutions have $797M invested in Apollo Commercial Real Estate in 2025 Q4 according to their latest regulatory filings, with 37 funds opening new positions, 97 increasing their positions, 79 reducing their positions, and 33 closing their positions.
142% more call options, than puts
Call options by funds: $1.56M | Put options by funds: $646K
100% more funds holding in top 10
Funds holding in top 10: 1 → 2 (+1)
23% more repeat investments, than reductions
Existing positions increased: 97 | Existing positions reduced: 79
12% more first-time investments, than exits
New positions opened: 37 | Existing positions closed: 33
1.7% more ownership
Funds ownership: 57.44% → 59.14% (+1.7%)
0% less funds holding
Funds holding: 262 → 261 (-1)
2% less capital invested
Capital invested by funds: $810M → $797M (-$12.8M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
WAM
Waterfall Asset Management
New York
|
+$5.69M |
| 2 |
First Trust Advisors
Wheaton,
Illinois
|
+$5.58M |
| 3 |
Millennium Management
New York
|
+$4.85M |
| 4 |
UBS AM
Chicago,
Illinois
|
+$3.76M |
| 5 |
Morgan Stanley
New York
|
+$3.51M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Victory Capital Management
San Antonio,
Texas
|
-$4.96M |
| 2 |
Citadel Advisors
Miami,
Florida
|
-$3.58M |
| 3 |
Barclays
London,
United Kingdom
|
-$3.2M |
| 4 |
FCM
FJ Capital Management
Mclean,
Virginia
|
-$3.04M |
| 5 |
Prudential Financial
Newark,
New Jersey
|
-$2.92M |
ARI Hedge Fund Activity: Q4 2025 in Review
261 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in Apollo Commercial Real Estate (ARI) for Q4 2025, worth a combined $797M — down 1.6% from $810M a quarter earlier.
Buyers outnumbered sellers: 37 funds opened new ARI positions and 33 closed out — a net gain of 4 holders — while 97 added to existing stakes and 79 trimmed.
The largest buyer was Waterfall Asset Management, opening a new position worth an estimated $5.69M. The largest seller was Victory Capital Management, cutting an estimated $4.96M.
- 261 institutional investors held Apollo Commercial Real Estate (ARI) as of Q4 2025, down from 262 in Q3 2025.
- Funds reported $797M of Apollo Commercial Real Estate stock for Q4 2025, down 1.6% quarter-over-quarter.
- 37 funds opened new Apollo Commercial Real Estate positions in Q4 2025 and 33 closed out, a net change of +4 holders.
- The largest Apollo Commercial Real Estate buyer in Q4 2025 was Waterfall Asset Management, an estimated $5.69M added.
- The largest Apollo Commercial Real Estate seller in Q4 2025 was Victory Capital Management, an estimated $4.96M sold.
Based on aggregated 13F filings for Q4 2025.