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KREF

KKR Real Estate Finance Trust
KREF

97 hedge funds and large institutions have $827M invested in KKR Real Estate Finance Trust in 2018 Q4 according to their latest regulatory filings, with 25 funds opening new positions, 46 increasing their positions, 14 reducing their positions, and 4 closing their positions.

New
Increased
Maintained
Reduced
Closed

525% more first-time investments, than exits

New positions opened: 25 | Existing positions closed: 4

229% more repeat investments, than reductions

Existing positions increased: 46 | Existing positions reduced: 14

100% more funds holding in top 10

Funds holding in top 10: 1 → 2 (+1)

28% more funds holding

Funds holding: 76 → 97 (+21)

1.5% more ownership

Funds ownership: 72.45% → 73.94% (+1.5%)

2% less capital invested

Capital invested by funds: $848M → $827M (-$21M)

Holders
97
Holders Change
+21
Holders Change %
+27.63%
% of All Funds
2.16%
Holding in Top 10
2
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+100%
% of All Funds
0.04%
New
25
Increased
46
Reduced
14
Closed
4
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
EM
Elliott Management
New York
+$10.2M
2
BlackRock
BlackRock
New York
+$10M
3
Alyeska Investment Group
Alyeska Investment Group
Illinois
+$7.68M
4
Acadian Asset Management
Acadian Asset Management
Massachusetts
+$5.36M
5
Prudential Financial
Prudential Financial
New Jersey
+$2.76M

Top Sellers

Rank Fund Capital Flow
1
KKRC
Kohlberg Kravis Roberts & Co
New York
-$34.5M
2
N
Nuveen
North Carolina
-$5.87M
3
Balyasny Asset Management
Balyasny Asset Management
Illinois
-$4.09M
4
Vanguard Group
Vanguard Group
Pennsylvania
-$2.57M
5
Bessemer Group
Bessemer Group
New Jersey
-$1.76M
Name Holding Trade Value Shares
Change 		Change in
Stake
Bessemer Group
26
Bessemer Group
New Jersey
$2.37M -$1.76M -89,078 -42%
Blackstone Inc
27
Blackstone Inc
New York
$2.29M +$2.36M +119,747 New
NC
28
Northpointe Capital
Michigan
$2.25M +$2.31M +117,220 New
Goldman Sachs
29
Goldman Sachs
New York
$2.05M +$1.52M +77,046 +257%
YMRC
30
Yorktown Management & Research Company
Virginia
$1.92M +$591K +30,000 +43%
Morgan Stanley
31
Morgan Stanley
New York
$1.84M +$1.05M +53,350 +124%
Bank of New York Mellon
32
Bank of New York Mellon
New York
$1.67M +$294K +14,904 +21%
Citadel Advisors
33
Citadel Advisors
Florida
$1.52M +$343K +17,406 +28%
JIM
34
Jupiter Investment Management
United Kingdom
$1.28M +$733K +37,194 +124%
VRS
35
Virginia Retirement Systems
Virginia
$1.21M +$1.25M +63,200 New
EGPO
36
EnTrust Global Partners Offshore
New York
$1.2M +$1.24M +62,700 New
Invesco
37
Invesco
Georgia
$978K +$1.01M +51,064 New
OAM
38
Orinda Asset Management
California
$958K +$985K +50,000 New
First Trust Advisors
39
First Trust Advisors
Illinois
$917K +$330K +16,762 +54%
Public Sector Pension Investment Board (PSP Investments)
40
Public Sector Pension Investment Board (PSP Investments)
Quebec, Canada
$900K +$926K +47,000 New
Wells Fargo
41
Wells Fargo
California
$876K -$41K -2,079 -4%
PPA
42
Parametric Portfolio Associates
Washington
$790K +$548K +27,793 +206%
Principal Financial Group
43
Principal Financial Group
Iowa
$695K +$715K +36,288 New
Swiss National Bank
44
Swiss National Bank
Switzerland
$687K +$63K +3,200 +10%
GCP
45
GSA Capital Partners
United Kingdom
$681K +$81.6K +4,142 +13%
UBS Group
46
UBS Group
Switzerland
$681K +$414K +21,006 +144%
TA
47
Teachers Advisors
New York
$646K +$92.7K +4,707 +16%
SG Americas Securities
48
SG Americas Securities
New York
$646K +$360K +18,277 +118%
California State Teachers Retirement System (CalSTRS)
49
California State Teachers Retirement System (CalSTRS)
California
$644K +$140K +7,083 +27%
Los Angeles Capital Management
50
Los Angeles Capital Management
California
$572K +$589K +29,875 New
1
2
3 4

KREF Hedge Fund Activity: Q4 2018 in Review

97 of the 4,488 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q4 2018, worth a combined $827M — down 2.5% from $848M a quarter earlier.

Buyers outnumbered sellers: 25 funds opened new KREF positions and 4 closed out — a net gain of 21 holders — while 46 added to existing stakes and 14 trimmed.

The largest buyer was Elliott Management, opening a new position worth an estimated $10.2M. The largest seller was Kohlberg Kravis Roberts & Co, cutting an estimated $34.5M.

  • 97 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q4 2018, up from 76 in Q3 2018.
  • Funds reported $827M of KKR Real Estate Finance Trust stock for Q4 2018, down 2.5% quarter-over-quarter.
  • 25 funds opened new KKR Real Estate Finance Trust positions in Q4 2018 and 4 closed out, a net change of +21 holders.
  • The largest KKR Real Estate Finance Trust buyer in Q4 2018 was Elliott Management, an estimated $10.2M added.
  • The largest KKR Real Estate Finance Trust seller in Q4 2018 was Kohlberg Kravis Roberts & Co, an estimated $34.5M sold.

Based on aggregated 13F filings for Q4 2018.