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KREF

KKR Real Estate Finance Trust
KREF

173 hedge funds and large institutions have $443M invested in KKR Real Estate Finance Trust in 2025 Q3 according to their latest regulatory filings, with 26 funds opening new positions, 57 increasing their positions, 67 reducing their positions, and 22 closing their positions.

New
Increased
Maintained
Reduced
Closed

272% more call options, than puts

Call options by funds: $428K | Put options by funds: $115K

18% more first-time investments, than exits

New positions opened: 26 | Existing positions closed: 22

2.81% more ownership

Funds ownership: 72% → 74.81% (+2.8%)

2% more funds holding

Funds holding: 170 → 173 (+3)

3% more capital invested

Capital invested by funds: $429M → $443M (+$14M)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

15% less repeat investments, than reductions

Existing positions increased: 57 | Existing positions reduced: 67

Holders
173
Holders Change
+3
Holders Change %
+1.76%
% of All Funds
2.27%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.01%
New
26
Increased
57
Reduced
67
Closed
22
Calls
$428K
Puts
$115K
Net Calls
+$313K
Net Calls Change
+$2.01M

Top Buyers

Rank Fund Capital Flow
1
LPC
Long Pond Capital
New York
+$21.6M
2
Nomura Holdings
Nomura Holdings
Japan
+$5.38M
3
Invesco
Invesco
Georgia
+$2.83M
4
Goldman Sachs
Goldman Sachs
New York
+$2.03M
5
AQR Capital Management
AQR Capital Management
Connecticut
+$1.67M

Top Sellers

Rank Fund Capital Flow
1
Vanguard Group
Vanguard Group
Pennsylvania
-$14.4M
2
Balyasny Asset Management
Balyasny Asset Management
Illinois
-$4.7M
3
D.E. Shaw & Co
D.E. Shaw & Co
New York
-$2.9M
4
SPIA
Steward Partners Investment Advisory
New York
-$2.72M
5
Morgan Stanley
Morgan Stanley
New York
-$2.58M
Name Holding Trade Value Shares
Change 		Change in
Stake
N
26
Nuveen
North Carolina
$2.61M +$356K +38,340 +15%
BAMF
27
BI Asset Management Fondsmaeglerselskab
Denmark
$2.58M +$487K +52,354 +22%
Bank of America
28
Bank of America
North Carolina
$2.54M -$279K -29,976 -10%
SI
29
Stephens Inc
Arkansas
$2.41M -$1.64M -176,200 -40%
Principal Financial Group
30
Principal Financial Group
Iowa
$2.37M -$176K -18,950 -7%
UBS Group
31
UBS Group
Switzerland
$2.33M +$795K +85,530 +49%
Fidelity Investments
32
Fidelity Investments
Massachusetts
$2.18M +$201K +21,676 +10%
GA
33
GFS Advisors
Texas
$1.95M +$32.1K +3,450 +2%
Public Sector Pension Investment Board (PSP Investments)
34
Public Sector Pension Investment Board (PSP Investments)
Quebec, Canada
$1.91M +$172K +18,521 +10%
D.E. Shaw & Co
35
D.E. Shaw & Co
New York
$1.77M -$2.9M -312,060 -61%
Wells Fargo
36
Wells Fargo
California
$1.7M +$199K +21,391 +13%
AG
37
Algert Global
California
$1.54M -$2.32K -250 -0.1%
Millennium Management
38
Millennium Management
New York
$1.52M +$1.57M +169,003 New
PIWA
39
Prevail Innovative Wealth Advisors
Kansas
$1.42M +$1.47M +157,638 New
Legal & General Group
40
Legal & General Group
United Kingdom
$1.39M -$13.9K -1,490 -1%
UBS AM
41
UBS AM
Illinois
$1.36M +$828K +89,046 +144%
RhumbLine Advisers
42
RhumbLine Advisers
Massachusetts
$1.27M -$241K -25,946 -16%
PCM
43
Penserra Capital Management
California
$1.06M +$37.2K +4,004 +4%
Swiss National Bank
44
Swiss National Bank
Switzerland
$1M – – –
LPL Financial
45
LPL Financial
California
$994K -$13K -1,400 -1%
Ameriprise
46
Ameriprise
Minnesota
$975K -$39.6K -4,258 -4%
GBI
47
GP Brinson Investments
Illinois
$942K – – –
CWA
48
Cura Wealth Advisors
Illinois
$888K +$78K +8,396 +9%
Raymond James Financial
49
Raymond James Financial
Florida
$818K +$170K +18,256 +25%
Two Sigma Investments
50
Two Sigma Investments
New York
$800K -$1.61M -172,949 -66%
1
2
3 4 5

KREF Hedge Fund Activity: Q3 2025 in Review

173 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q3 2025, worth a combined $443M — up 3.3% from $429M a quarter earlier.

Buyers outnumbered sellers: 26 funds opened new KREF positions and 22 closed out — a net gain of 4 holders — while 57 added to existing stakes and 67 trimmed.

The largest buyer was Long Pond Capital, opening a new position worth an estimated $21.6M. The largest seller was Vanguard Group, cutting an estimated $14.4M.

  • 173 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q3 2025, up from 170 in Q2 2025.
  • Funds reported $443M of KKR Real Estate Finance Trust stock for Q3 2025, up 3.3% quarter-over-quarter.
  • 26 funds opened new KKR Real Estate Finance Trust positions in Q3 2025 and 22 closed out, a net change of +4 holders.
  • The largest KKR Real Estate Finance Trust buyer in Q3 2025 was Long Pond Capital, an estimated $21.6M added.
  • The largest KKR Real Estate Finance Trust seller in Q3 2025 was Vanguard Group, an estimated $14.4M sold.

Based on aggregated 13F filings for Q3 2025.