KKR Real Estate Finance Trust
KREF
178 hedge funds and large institutions have $542M invested in KKR Real Estate Finance Trust in 2025 Q1 according to their latest regulatory filings, with 24 funds opening new positions, 64 increasing their positions, 56 reducing their positions, and 16 closing their positions.
50% more first-time investments, than exits
New positions opened: 24 | Existing positions closed: 16
14% more repeat investments, than reductions
Existing positions increased: 64 | Existing positions reduced: 56
6% more capital invested
Capital invested by funds: $513M → $542M (+$28.9M)
4% more funds holding
Funds holding: 171 → 178 (+7)
0% more funds holding in top 10
Funds holding in top 10: 1 → 1 (0)
0.2% less ownership
Funds ownership: 72.91% → 72.71% (-0.2%)
89% less call options, than puts
Call options by funds: $392K | Put options by funds: $3.55M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SPIA
Steward Partners Investment Advisory
New York
|
+$2.98M |
| 2 |
Marshall Wace
London,
United Kingdom
|
+$2.76M |
| 3 |
Two Sigma Investments
New York
|
+$2.5M |
| 4 |
RIP
Rhino Investment Partners
West Conshohocken,
Pennsylvania
|
+$2.16M |
| 5 |
Two Sigma Advisers
New York
|
+$1.85M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Balyasny Asset Management
Chicago,
Illinois
|
-$7.87M |
| 2 |
GC
Gratia Capital
Los Angeles,
California
|
-$3.33M |
| 3 |
Invesco
Atlanta,
Georgia
|
-$3M |
| 4 |
1832 Asset Management
Toronto,
Ontario, Canada
|
-$2.51M |
| 5 |
LIP
Lighthouse Investment Partners
Palm Beach Gardens,
Florida
|
-$2.48M |
KREF Hedge Fund Activity: Q1 2025 in Review
178 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q1 2025, worth a combined $542M — up 5.6% from $513M a quarter earlier.
Buyers outnumbered sellers: 24 funds opened new KREF positions and 16 closed out — a net gain of 8 holders — while 64 added to existing stakes and 56 trimmed.
The largest buyer was Steward Partners Investment Advisory, opening a new position worth an estimated $2.98M. The largest seller was Balyasny Asset Management, cutting an estimated $7.87M.
- 178 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q1 2025, up from 171 in Q4 2024.
- Funds reported $542M of KKR Real Estate Finance Trust stock for Q1 2025, up 5.6% quarter-over-quarter.
- 24 funds opened new KKR Real Estate Finance Trust positions in Q1 2025 and 16 closed out, a net change of +8 holders.
- The largest KKR Real Estate Finance Trust buyer in Q1 2025 was Steward Partners Investment Advisory, an estimated $2.98M added.
- The largest KKR Real Estate Finance Trust seller in Q1 2025 was Balyasny Asset Management, an estimated $7.87M sold.
Based on aggregated 13F filings for Q1 2025.