It’s a marriage made in heaven: large asset managers and insurance companies. Apollo-owned Athene is buying $9b worth of loans (99.7 of par) of Apollo-managed $ARI This will leave $ARI with $1.4B in cash, $466M of equity investments and $169M of preferred stock From FT: “Shares in Apollo Commercial Real Estate Finance (ARI) have traded at an average of 77 per cent of book value over the past four years” 🫠