Dark Forest Capital Management’s KKR Real Estate Finance Trust KREF Stock Holding History

Dark Forest Capital Management’s Portfolio KREF Stock Details KREF Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-74,308	Closed	-$669K	–	1173
2025 Q3	$669K	Buy	+74,308	New	+$691K	0.03%	851
2025 Q2	–	Sell	-122,506	Closed	-$1.32M	–	1371
2025 Q1	$1.32M	Buy	122,506 +92,738	+312%	+$999K	0.06%	554
2024 Q4	$301K	Buy	+29,768	New	+$341K	0.04%	667

Other funds holding KREF

KKRC

Kohlberg Kravis Roberts & Co New York $5.71B AUM 72.37% 1-Year Est. Return

BlackRock New York $6.73T AUM 46.02% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

NSLI

Nan Shan Life Insurance Taipei City, Taiwan $3.19B AUM 24.42% 1-Year Est. Return

Nomura Holdings Tokyo, Japan $85.4B AUM 91.09% 1-Year Est. Return

State Street Boston, Massachusetts $3.38T AUM 44.17% 1-Year Est. Return

LPC

Long Pond Capital New York $1.04B AUM 2.38% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.88T AUM 44.46% 1-Year Est. Return

Mirae Asset Global ETFs Holdings Causeway Bay, Hong Kong $83.9B AUM 60.43% 1-Year Est. Return

Nokomis Capital Dallas, Texas $290M AUM 55.12% 1-Year Est. Return

Dark Forest Capital Management's KREF Position: Q4 2025 in Review

Dark Forest Capital Management sold out of KKR Real Estate Finance Trust (KREF) in Q4 2025, closing a stake of 74,308 shares — an estimated $669K sold.

Dark Forest Capital Management first reported a position in KREF in Q4 2024 and held it in 3 quarters. The position peaked at $1.32M in Q1 2025. 164 funds tracked by Wall St. Rank hold KREF as of Q4 2025.

Dark Forest Capital Management reported no remaining KKR Real Estate Finance Trust position as of Q4 2025 after selling out during the quarter.
Dark Forest Capital Management sold 74,308 KKR Real Estate Finance Trust shares in Q4 2025, an estimated $669K.
Dark Forest Capital Management first reported a position in KKR Real Estate Finance Trust in Q4 2024 and held it in 3 quarters.
Dark Forest Capital Management's KKR Real Estate Finance Trust position peaked at $1.32M in Q1 2025.
164 funds tracked by Wall St. Rank held KKR Real Estate Finance Trust as of Q4 2025.

Based on Dark Forest Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.