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KREF

KKR Real Estate Finance Trust
KREF

170 hedge funds and large institutions have $429M invested in KKR Real Estate Finance Trust in 2025 Q2 according to their latest regulatory filings, with 21 funds opening new positions, 59 increasing their positions, 62 reducing their positions, and 28 closing their positions.

New
Increased
Maintained
Reduced
Closed

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

0.71% less ownership

Funds ownership: 72.71% → 72% (-0.71%)

5% less repeat investments, than reductions

Existing positions increased: 59 | Existing positions reduced: 62

4% less funds holding

Funds holding: 178 → 170 (-8)

21% less capital invested

Capital invested by funds: $542M → $429M (-$113M)

25% less first-time investments, than exits

New positions opened: 21 | Existing positions closed: 28

90% less call options, than puts

Call options by funds: $198K | Put options by funds: $1.9M

Holders
170
Holders Change
-8
Holders Change %
-4.49%
% of All Funds
2.24%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.01%
New
21
Increased
59
Reduced
62
Closed
28
Calls
$198K
Puts
$1.9M
Net Calls
-$1.7M
Net Calls Change
+$1.46M

Top Buyers

Rank Fund Capital Flow
1
Balyasny Asset Management
Balyasny Asset Management
Illinois
+$3.88M
2
Invesco
Invesco
Georgia
+$3.71M
3
NC
Nokomis Capital
Texas
+$3.13M
4
AQR Capital Management
AQR Capital Management
Connecticut
+$1.82M
5
Renaissance Technologies
Renaissance Technologies
New York
+$1.72M

Top Sellers

Rank Fund Capital Flow
1
Vanguard Group
Vanguard Group
Pennsylvania
-$9.98M
2
BlackRock
BlackRock
New York
-$5.87M
3
Millennium Management
Millennium Management
New York
-$3.81M
4
RIP
Rhino Investment Partners
Pennsylvania
-$3.2M
5
Marshall Wace
Marshall Wace
United Kingdom
-$3.17M
Name Holding Trade Value Shares
Change 		Change in
Stake
Principal Financial Group
26
Principal Financial Group
Iowa
$2.48M -$49K -5,328 -2%
Two Sigma Investments
27
Two Sigma Investments
New York
$2.3M -$270K -29,348 -10%
N
28
Nuveen
North Carolina
$2.21M +$406K +44,071 +21%
BAMF
29
BI Asset Management Fondsmaeglerselskab
Denmark
$2.06M – – –
Renaissance Technologies
30
Renaissance Technologies
New York
$1.97M +$1.72M +187,147 +495%
Fidelity Investments
31
Fidelity Investments
Massachusetts
$1.93M +$207K +22,455 +11%
GA
32
GFS Advisors
Texas
$1.87M – – –
Prudential Financial
33
Prudential Financial
New Jersey
$1.79M +$1.36M +147,895 +262%
AQR Capital Management
34
AQR Capital Management
Connecticut
$1.74M +$1.82M +197,839 New
Public Sector Pension Investment Board (PSP Investments)
35
Public Sector Pension Investment Board (PSP Investments)
Quebec, Canada
$1.7M +$102K +11,110 +6%
Goldman Sachs
36
Goldman Sachs
New York
$1.63M -$357K -38,787 -17%
UBS Group
37
UBS Group
Switzerland
$1.52M +$460K +50,009 +41%
AG
38
Algert Global
California
$1.5M – – –
Wells Fargo
39
Wells Fargo
California
$1.47M +$44.2K +4,807 +3%
RhumbLine Advisers
40
RhumbLine Advisers
Massachusetts
$1.46M +$7.4K +804 +0.5%
Legal & General Group
41
Legal & General Group
United Kingdom
$1.36M -$8.62K -937 -0.6%
AI
42
AXS Investments
New York
$1.31M -$144K -15,621 -9%
Royal Bank of Canada
43
Royal Bank of Canada
Ontario, Canada
$1.15M +$527K +57,262 +78%
DWM
44
Drive Wealth Management
Utah
$1.08M +$126K +13,658 +13%
Two Sigma Advisers
45
Two Sigma Advisers
New York
$1.05M -$669K -72,700 -38%
PCM
46
Penserra Capital Management
California
$1M +$163K +17,717 +18%
Ameriprise
47
Ameriprise
Minnesota
$986K -$113K -12,261 -10%
LPL Financial
48
LPL Financial
California
$981K +$10.2K +1,113 +1%
Swiss National Bank
49
Swiss National Bank
Switzerland
$978K -$38.7K -4,200 -4%
Barclays
50
Barclays
United Kingdom
$946K +$283K +30,726 +40%
1
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KREF Hedge Fund Activity: Q2 2025 in Review

170 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q2 2025, worth a combined $429M — down 21% from $542M a quarter earlier.

Sellers outnumbered buyers: 28 funds closed out of KREF and 21 opened new positions — a net loss of 7 holders — while 62 trimmed existing stakes and 59 added.

The largest buyer was Balyasny Asset Management, adding an estimated $3.88M. The largest seller was Vanguard Group, cutting an estimated $9.98M.

  • 170 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q2 2025, down from 178 in Q1 2025.
  • Funds reported $429M of KKR Real Estate Finance Trust stock for Q2 2025, down 21% quarter-over-quarter.
  • 21 funds opened new KKR Real Estate Finance Trust positions in Q2 2025 and 28 closed out, a net change of -7 holders.
  • The largest KKR Real Estate Finance Trust buyer in Q2 2025 was Balyasny Asset Management, an estimated $3.88M added.
  • The largest KKR Real Estate Finance Trust seller in Q2 2025 was Vanguard Group, an estimated $9.98M sold.

Based on aggregated 13F filings for Q2 2025.