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KREF

KKR Real Estate Finance Trust
KREF

97 hedge funds and large institutions have $827M invested in KKR Real Estate Finance Trust in 2018 Q4 according to their latest regulatory filings, with 25 funds opening new positions, 46 increasing their positions, 14 reducing their positions, and 4 closing their positions.

New
Increased
Maintained
Reduced
Closed

525% more first-time investments, than exits

New positions opened: 25 | Existing positions closed: 4

229% more repeat investments, than reductions

Existing positions increased: 46 | Existing positions reduced: 14

100% more funds holding in top 10

Funds holding in top 10: 1 → 2 (+1)

28% more funds holding

Funds holding: 76 → 97 (+21)

1.5% more ownership

Funds ownership: 72.45% → 73.94% (+1.5%)

2% less capital invested

Capital invested by funds: $848M → $827M (-$21M)

Holders
97
Holders Change
+21
Holders Change %
+27.63%
% of All Funds
2.16%
Holding in Top 10
2
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+100%
% of All Funds
0.04%
New
25
Increased
46
Reduced
14
Closed
4
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
EM
Elliott Management
New York
+$10.2M
2
BlackRock
BlackRock
New York
+$10M
3
Alyeska Investment Group
Alyeska Investment Group
Illinois
+$7.68M
4
Acadian Asset Management
Acadian Asset Management
Massachusetts
+$5.36M
5
Prudential Financial
Prudential Financial
New Jersey
+$2.76M

Top Sellers

Rank Fund Capital Flow
1
KKRC
Kohlberg Kravis Roberts & Co
New York
-$34.5M
2
N
Nuveen
North Carolina
-$5.87M
3
Balyasny Asset Management
Balyasny Asset Management
Illinois
-$4.09M
4
Vanguard Group
Vanguard Group
Pennsylvania
-$2.57M
5
Bessemer Group
Bessemer Group
New Jersey
-$1.76M
Name Holding Trade Value Shares
Change 		Change in
Stake
KKRC
1
Kohlberg Kravis Roberts & Co
New York
$421M -$34.5M -1,750,000 -7%
NSLI
2
Nan Shan Life Insurance
Taiwan
$67M – – –
Capital Research Global Investors
3
Capital Research Global Investors
California
$48.7M – – –
Temasek Holdings
4
Temasek Holdings
Singapore
$46.7M – – –
BlackRock
5
BlackRock
New York
$45.2M +$10M +509,742 +28%
Vanguard Group
6
Vanguard Group
Pennsylvania
$45M -$2.57M -130,220 -5%
N
7
Nuveen
North Carolina
$12.2M -$5.87M -298,083 -32%
Acadian Asset Management
8
Acadian Asset Management
Massachusetts
$11.5M +$5.36M +271,862 +83%
EM
9
Elliott Management
New York
$9.92M +$10.2M +518,000 New
Alyeska Investment Group
10
Alyeska Investment Group
Illinois
$9.71M +$7.68M +389,662 +332%
State Street
11
State Street
Massachusetts
$7.71M +$2.11M +106,883 +37%
Renaissance Technologies
12
Renaissance Technologies
New York
$7.59M +$1.48M +74,900 +23%
Geode Capital Management
13
Geode Capital Management
Massachusetts
$6.08M +$890K +45,162 +17%
TCIM
14
TIAA CREF Investment Management
New York
$5.95M +$1.89M +95,832 +45%
RA
15
Resource America
New York
$5.94M +$1.67M +85,000 +38%
Bank of America
16
Bank of America
North Carolina
$5.41M +$1.73M +87,695 +45%
Northern Trust
17
Northern Trust
Illinois
$5.23M +$628K +31,850 +13%
Two Sigma Investments
18
Two Sigma Investments
New York
$4.33M +$1.44M +72,991 +48%
SCA
19
Secor Capital Advisors
New York
$4.3M +$2.18M +110,406 +97%
Millennium Management
20
Millennium Management
New York
$4.3M -$184K -9,340 -4%
JP Morgan Chase
21
JP Morgan Chase
New York
$3.08M +$921K +46,725 +41%
Prudential Financial
22
Prudential Financial
New Jersey
$2.94M +$2.76M +139,872 +1,047%
MAM
23
Martingale Asset Management
Massachusetts
$2.93M +$1.65M +83,947 +122%
Two Sigma Advisers
24
Two Sigma Advisers
New York
$2.73M +$408K +20,700 +17%
Charles Schwab
25
Charles Schwab
California
$2.68M +$49.6K +2,517 +2%
1
2 3 4

KREF Hedge Fund Activity: Q4 2018 in Review

97 of the 4,488 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q4 2018, worth a combined $827M — down 2.5% from $848M a quarter earlier.

Buyers outnumbered sellers: 25 funds opened new KREF positions and 4 closed out — a net gain of 21 holders — while 46 added to existing stakes and 14 trimmed.

The largest buyer was Elliott Management, opening a new position worth an estimated $10.2M. The largest seller was Kohlberg Kravis Roberts & Co, cutting an estimated $34.5M.

  • 97 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q4 2018, up from 76 in Q3 2018.
  • Funds reported $827M of KKR Real Estate Finance Trust stock for Q4 2018, down 2.5% quarter-over-quarter.
  • 25 funds opened new KKR Real Estate Finance Trust positions in Q4 2018 and 4 closed out, a net change of +21 holders.
  • The largest KKR Real Estate Finance Trust buyer in Q4 2018 was Elliott Management, an estimated $10.2M added.
  • The largest KKR Real Estate Finance Trust seller in Q4 2018 was Kohlberg Kravis Roberts & Co, an estimated $34.5M sold.

Based on aggregated 13F filings for Q4 2018.