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Written by Jonathan Ponciano for The Motley Fool->
Waterfall Asset Management sold 569,000 shares of ARI in the first quarter; the estimated trade size was $5.92 million (estimate based on quarterly average prices).
Meanwhile, the quarter-end position value declined by $5.56 million, reflecting both selling activity and share price changes.
The transaction value represented 3.31% of the fund’s 13F reportable assets under management.
Waterfall Asset Management fully exited its position in Apollo Commercial Real Estate Finance (NYSE:ARI) during the first quarter, selling 569,000 shares in a move estimated at $5.92 million based on quarterly average pricing, according to a May 8, 2026, SEC filing.
According to a Securities and Exchange Commission (SEC) filing dated May 8, 2026, Waterfall Asset Management sold its entire holding of 569,000 Apollo Commercial Real Estate Finance shares, with the estimated transaction value totaling $5.92 million based on the average closing price during the first quarter. The fund reported no remaining shares in ARI at quarter end, marking a full exit from the position.
Apollo Commercial Real Estate Finance, Inc. is a publicly traded mortgage REIT focused on originating and investing in commercial real estate debt. Apollo Commercial Real Estate Finance, Inc. originates, acquires, invests in, and manages commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt investments in the United States. Apollo Commercial Real Estate Finance, Inc. manages a portfolio of commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt investments in the United States.
Apollo Commercial Real Estate Finance continues to generate cash flow, but growth has been relatively muted, making this look like some portfolio cleanup in a part of the market that still carries real uncertainty. In first-quarter results released last week, the company reported net income of $0.16 per diluted share and distributable earnings of $0.22 per share. As a mortgage REIT, ARI depends heavily on spread income from commercial real estate loans, making performance closely tied to financing conditions and property market health.The broader context matters too. While ARI shares gained about 15% over the past year, they still badly trailed the S&P 500’s roughly 30% return. Meanwhile, Waterfall’s remaining top holdings lean more toward apartment REITs and residential-linked names like Camden Property Trust and AvalonBay, suggesting the firm may simply prefer property sectors with cleaner fundamentals right now.Ultimately, commercial real estate debt has stabilized from its worst levels, but plenty of investors remain cautious about office exposure, refinancing risk, and whether higher rates will keep pressuring property values longer than expected.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends AvalonBay Communities. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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