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.
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
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
LPC
Long Pond Capital
New York
|
+$21.6M |
| 2 |
Nomura Holdings
Tokyo,
Japan
|
+$5.38M |
| 3 |
Invesco
Atlanta,
Georgia
|
+$2.83M |
| 4 |
Goldman Sachs
New York
|
+$2.03M |
| 5 |
AQR Capital Management
Greenwich,
Connecticut
|
+$1.67M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Vanguard Group
Malvern,
Pennsylvania
|
-$14.4M |
| 2 |
Balyasny Asset Management
Chicago,
Illinois
|
-$4.7M |
| 3 |
D.E. Shaw & Co
New York
|
-$2.9M |
| 4 |
SPIA
Steward Partners Investment Advisory
New York
|
-$2.72M |
| 5 |
Morgan Stanley
New York
|
-$2.58M |
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.