Real Estate Shorts Vanish
Real Estate ETFs and REITs Experience Sharp Short Interest Declines, Signaling Shifting Sentiment
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Key Points
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Cambria Global Real Estate ETF (BLDG) saw its June short interest collapse 99.7% to 1,266 shares, with about 0.1% of shares short and a 0.2-day short-covering ratio, while the stock traded near $27.17. The article notes a 50-day moving average of $26.37 and a 200-day moving average of $25.66, a market cap around $43.5 million, a P/E of 14.37, and a beta of 0.83, indicating a notable shift in sentiment alongside technical indicators.
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Cambria Trinity ETF (TRTY) saw short interest drop 93.2% to 1,203 shares (0.0% short), with a 0.2-day cover ratio, while trading around $30.57 on about 18,257 shares of volume (vs. a 51,914 average). The article also highlights shifts in ownership, noting increases by Fermata Advisors LLC (to 149,337 shares), Bravias Capital Group LLC (to 85,393), LPL Financial LLC (to 80,927), Citadel Advisors LLC (to 33,885), and a new stake by Envestnet Asset Management Inc. (~$239,000 value).
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Link Real Estate Investment Trust (LKREF) posted a steep 91.1% plunge in short interest to 341,009 shares, but the days-to-cover ratio surged to 163.4 days, reflecting a thin trading market. The stock traded around $4.81, with a 50-day moving average of $4.92 and a 200-day moving average of $4.77, and a 1-year low/high of $4.20/$5.83; LKREF is a Hong Kong-based REIT.
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Hills Bancorporation (HBIA), while not a real estate stock, showed a sharp 95.4% reduction in short interest to 9 shares in June, with day-to-cover at 0.0 and a price around $44.55. The company is a bank holding company (Hills Bank & Trust) operating in eastern Iowa, providing a broader context of easing short positions beyond real estate equities.
Short sellers pulled back sharply from several real estate-focused stocks in June, with Cambria Global Real Estate ETF (BLDG) seeing its short interest collapse by 99.7% to just 1,266 shares, according to Ticker Report. The ETF traded near $27.17, with only 0.1% of its shares sold short and a short-covering ratio of just 0.2 days — meaning sellers could exit their positions almost instantly.
The move was part of a broader wave of short-covering across real estate ETFs and related funds during the month. Analysts watch short interest closely because a sharp drop often signals that bearish investors are giving up on a bet that prices will fall.
BLDG and TRTY ETFs See Near-Total Short Exits
Cambria Global Real Estate ETF (BLDG) ended June with short interest at just 1,266 shares — down from a much higher level just weeks before. The ETF's 50-day moving average sits at $26.37, and its 200-day moving average is $25.66. Its market cap is roughly $43.5 million, and it carries a price-to-earnings ratio of 14.37 and a beta of 0.83, suggesting it moves a little less than the broader market.
Its sister fund, Cambria Trinity ETF (TRTY), also saw short interest fall 93.2% to just 1,203 shares. TRTY traded around $30.57, with daily volume of about 18,257 shares — well below its average of 51,914. Both ETFs now have a 0.2-day short-covering ratio, meaning short sellers face almost no pressure to unwind positions quickly.
New Investors Pile Into TRTY as Short Sellers Retreat
As short sellers left TRTY, longer-term buyers stepped in. Fermata Advisors LLC raised its stake to 149,337 shares. Bravias Capital Group LLC increased to 85,393 shares. LPL Financial LLC grew its holding to 80,927 shares. Citadel Advisors LLC added shares, reaching 33,885. Envestnet Asset Management Inc. opened a brand-new position worth roughly $239,000.
This pattern — short sellers leaving while institutional buyers arrive — can sometimes signal a turning point in sentiment for a fund. It does not guarantee prices will rise, but it does suggest fewer investors are actively betting against TRTY right now.
Link REIT's Thin Market Hides a Warning Signal
Link Real Estate Investment Trust (LKREF), a Hong Kong-based REIT, also saw short interest drop steeply — down 91.1% to 341,009 shares. But one number stands out: its days-to-cover ratio jumped to 163.4 days. That means at current trading volumes, short sellers would need over five months to fully exit their positions.
LKREF traded near $4.81, between its one-year low of $4.20 and high of $5.83. Its 50-day moving average is $4.92 and its 200-day average is $4.77. The extremely high days-to-cover ratio reflects a very thin trading market, where even a small number of shares can take a long time to trade.
Even a Small Iowa Bank Joined the Short-Covering Wave
Hills Bancorporation (HBIA), a bank holding company behind Hills Bank & Trust in eastern Iowa, also saw short interest plunge in June — falling 95.4% to just 9 shares. HBIA traded around $44.55, and its days-to-cover ratio hit 0.0, meaning the remaining short position is essentially nothing.
HBIA is not a real estate stock. But its inclusion in the trend shows the short-covering wave was not limited to ETFs or REITs. Across sectors, investors seemed eager to close out bearish bets in June — a sign that near-term fear in parts of the market is easing, at least for now.
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