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KREF

KKR Real Estate Finance Trust
KREF

103 hedge funds and large institutions have $909M invested in KKR Real Estate Finance Trust in 2019 Q2 according to their latest regulatory filings, with 15 funds opening new positions, 47 increasing their positions, 22 reducing their positions, and 10 closing their positions.

New
Increased
Maintained
Reduced
Closed

114% more repeat investments, than reductions

Existing positions increased: 47 | Existing positions reduced: 22

50% more first-time investments, than exits

New positions opened: 15 | Existing positions closed: 10

3.76% more ownership

Funds ownership: 75.67% → 79.43% (+3.8%)

3% more funds holding

Funds holding: 100 → 103 (+3)

1% more capital invested

Capital invested by funds: $898M → $909M (+$10.7M)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

Holders
103
Holders Change
+3
Holders Change %
+3%
% of All Funds
2.24%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.04%
New
15
Increased
47
Reduced
22
Closed
10
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
CGM
Capital Growth Management
Massachusetts
+$17.7M
2
CCM
Callodine Capital Management
Massachusetts
+$5.71M
3
N
Nuveen
North Carolina
+$5.1M
4
D.E. Shaw & Co
D.E. Shaw & Co
New York
+$3.9M
5
BlackRock
BlackRock
New York
+$2.33M

Top Sellers

Rank Fund Capital Flow
1
EM
Elliott Management
New York
-$10.4M
2
Renaissance Technologies
Renaissance Technologies
New York
-$5M
3
Bank of America
Bank of America
North Carolina
-$2.78M
4
Deutsche Bank
Deutsche Bank
Germany
-$2.62M
5
First Trust Advisors
First Trust Advisors
Illinois
-$2.17M
Name Holding Trade Value Shares
Change 		Change in
Stake
KKRC
1
Kohlberg Kravis Roberts & Co
New York
$438M – – –
NSLI
2
Nan Shan Life Insurance
Taiwan
$69.7M – – –
BlackRock
3
BlackRock
New York
$50.7M +$2.33M +115,093 +5%
Capital Research Global Investors
4
Capital Research Global Investors
California
$50.6M – – –
Temasek Holdings
5
Temasek Holdings
Singapore
$48.6M – – –
Vanguard Group
6
Vanguard Group
Pennsylvania
$45.8M +$1.81M +89,641 +4%
CGM
7
Capital Growth Management
Massachusetts
$34.5M +$17.7M +874,000 +102%
UBS Group
8
UBS Group
Switzerland
$15.8M +$1.38M +68,244 +9%
N
9
Nuveen
North Carolina
$14.6M +$5.1M +252,275 +52%
State Street
10
State Street
Massachusetts
$12.7M +$1.6M +79,030 +15%
Acadian Asset Management
11
Acadian Asset Management
Massachusetts
$12.6M +$1.33M +65,835 +12%
Mirae Asset Global Investments
12
Mirae Asset Global Investments
South Korea
$7.81M +$2.07M +102,689 +35%
CCM
13
Callodine Capital Management
Massachusetts
$6.93M +$5.71M +282,763 +435%
Geode Capital Management
14
Geode Capital Management
Massachusetts
$6.78M +$462K +22,877 +7%
RA
15
Resource America
New York
$6.17M – – –
Northern Trust
16
Northern Trust
Illinois
$5.49M +$110K +5,428 +2%
JP Morgan Chase
17
JP Morgan Chase
New York
$4.3M -$221K -10,934 -5%
D.E. Shaw & Co
18
D.E. Shaw & Co
New York
$4.07M +$3.9M +192,811 +1,710%
Renaissance Technologies
19
Renaissance Technologies
New York
$4.06M -$5M -247,700 -55%
Two Sigma Investments
20
Two Sigma Investments
New York
$3.86M +$617K +30,531 +19%
Prudential Financial
21
Prudential Financial
New Jersey
$3.28M +$110K +5,460 +3%
Charles Schwab
22
Charles Schwab
California
$3.07M +$163K +8,088 +6%
Bessemer Group
23
Bessemer Group
New Jersey
$2.78M -$60.9K -3,015 -2%
Millennium Management
24
Millennium Management
New York
$2.67M +$1.4M +69,151 +106%
MAM
25
Martingale Asset Management
Massachusetts
$2.61M -$927K -45,900 -26%
1
2 3 4 5

KREF Hedge Fund Activity: Q2 2019 in Review

103 of the 4,605 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q2 2019, worth a combined $909M — up 1.2% from $898M a quarter earlier.

Buyers outnumbered sellers: 15 funds opened new KREF positions and 10 closed out — a net gain of 5 holders — while 47 added to existing stakes and 22 trimmed.

The largest buyer was Capital Growth Management, adding an estimated $17.7M. The largest seller was Elliott Management, exiting entirely with an estimated $10.4M sold.

  • 103 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q2 2019, up from 100 in Q1 2019.
  • Funds reported $909M of KKR Real Estate Finance Trust stock for Q2 2019, up 1.2% quarter-over-quarter.
  • 15 funds opened new KKR Real Estate Finance Trust positions in Q2 2019 and 10 closed out, a net change of +5 holders.
  • The largest KKR Real Estate Finance Trust buyer in Q2 2019 was Capital Growth Management, an estimated $17.7M added.
  • The largest KKR Real Estate Finance Trust seller in Q2 2019 was Elliott Management, an estimated $10.4M sold.

Based on aggregated 13F filings for Q2 2019.