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KREF

KKR Real Estate Finance Trust
KREF

131 hedge funds and large institutions have $1,000M invested in KKR Real Estate Finance Trust in 2019 Q4 according to their latest regulatory filings, with 39 funds opening new positions, 48 increasing their positions, 25 reducing their positions, and 9 closing their positions.

New
Increased
Maintained
Reduced
Closed

333% more first-time investments, than exits

New positions opened: 39 | Existing positions closed: 9

92% more repeat investments, than reductions

Existing positions increased: 48 | Existing positions reduced: 25

30% more funds holding

Funds holding: 101 → 131 (+30)

14% more capital invested

Capital invested by funds: $879M → $1,000M (+$121M)

6.76% more ownership

Funds ownership: 78.38% → 85.14% (+6.8%)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

Holders
131
Holders Change
+30
Holders Change %
+29.7%
% of All Funds
2.58%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.02%
New
39
Increased
48
Reduced
25
Closed
9
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
BlackRock
BlackRock
New York
+$45.2M
2
Invesco
Invesco
Georgia
+$33.4M
3
State Street
State Street
Massachusetts
+$5.67M
4
Millennium Management
Millennium Management
New York
+$5.06M
5
Morgan Stanley
Morgan Stanley
New York
+$4.06M

Top Sellers

Rank Fund Capital Flow
1
CGM
Capital Growth Management
Massachusetts
-$26.5M
2
N
Nuveen
North Carolina
-$10.5M
3
HS
Hazelview Securities
Ontario, Canada
-$6.65M
4
RA
Resource America
New York
-$4.88M
5
Balyasny Asset Management
Balyasny Asset Management
Illinois
-$3.18M
Name Holding Trade Value Shares
Change 		Change in
Stake
California Public Employees Retirement System
76
California Public Employees Retirement System
California
$389K +$136K +6,800 +55%
QC
77
Quadrature Capital
United Kingdom
$378K +$370K +18,515 New
SOADOR
78
State of Alaska Department of Revenue
Alaska
$372K +$364K +18,227 New
AIG
79
American International Group
New York
$370K +$43.6K +2,181 +14%
KPW
80
Kore Private Wealth
New York
$368K – – –
SCM
81
Symons Capital Management
Pennsylvania
$347K -$2.54K -127 -0.7%
TPSF
82
Texas Permanent School Fund
Texas
$337K +$330K +16,515 New
ASRS
83
Arizona State Retirement System
Arizona
$329K +$322K +16,100 New
State of Tennessee, Department of Treasury
84
State of Tennessee, Department of Treasury
Tennessee
$317K +$310K +15,515 New
JG
85
Jefferies Group
New York
$314K +$308K +15,400 New
SEI Investments
86
SEI Investments
Pennsylvania
$303K +$264K +13,198 New
Manulife (Manufacturers Life Insurance)
87
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$294K +$100 +5 +0%
DTL
88
Dynamic Technology Lab
Singapore
$281K +$275K +13,765 New
Stifel Financial
89
Stifel Financial
Missouri
$278K +$55K +2,755 +25%
IA
90
IndexIQ Advisors
New York
$267K -$23.3K -1,168 -8%
VOYA Investment Management
91
VOYA Investment Management
Georgia
$262K +$256K +12,838 New
New York State Teachers Retirement System (NYSTRS)
92
New York State Teachers Retirement System (NYSTRS)
New York
$241K +$236K +11,801 New
Citigroup
93
Citigroup
New York
$228K +$162K +8,130 +264%
FC
94
FORA Capital
Florida
$208K +$204K +10,193 New
MIM
95
MetLife Investment Management
New Jersey
$206K – – –
OPERF
96
Oregon Public Employees Retirement Fund
Oregon
$200K +$196K +9,800 New
BNP Paribas Financial Markets
97
BNP Paribas Financial Markets
France
$191K +$105K +5,246 +127%
PAM
98
Panagora Asset Management
Massachusetts
$179K +$33.6K +1,681 +24%
MSA
99
Mason Street Advisors
Wisconsin
$172K +$168K +8,410 New
Victory Capital Management
100
Victory Capital Management
Texas
$160K -$122K -6,110 -44%
2 3
4
5 6

KREF Hedge Fund Activity: Q4 2019 in Review

131 of the 5,075 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q4 2019, worth a combined $1,000M — up 14% from $879M a quarter earlier.

Buyers outnumbered sellers: 39 funds opened new KREF positions and 9 closed out — a net gain of 30 holders — while 48 added to existing stakes and 25 trimmed.

The largest buyer was BlackRock, adding an estimated $45.2M. The largest seller was Capital Growth Management, exiting entirely with an estimated $26.5M sold.

  • 131 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q4 2019, up from 101 in Q3 2019.
  • Funds reported $1,000M of KKR Real Estate Finance Trust stock for Q4 2019, up 14% quarter-over-quarter.
  • 39 funds opened new KKR Real Estate Finance Trust positions in Q4 2019 and 9 closed out, a net change of +30 holders.
  • The largest KKR Real Estate Finance Trust buyer in Q4 2019 was BlackRock, an estimated $45.2M added.
  • The largest KKR Real Estate Finance Trust seller in Q4 2019 was Capital Growth Management, an estimated $26.5M sold.

Based on aggregated 13F filings for Q4 2019.