KKR Real Estate Finance Trust
KREF
170 hedge funds and large institutions have $429M invested in KKR Real Estate Finance Trust in 2025 Q2 according to their latest regulatory filings, with 21 funds opening new positions, 60 increasing their positions, 61 reducing their positions, and 28 closing their positions.
0% more funds holding in top 10
Funds holding in top 10: 1 → 1 (0)
0.7% less ownership
Funds ownership: 72.7% → 72% (-0.7%)
2% less repeat investments, than reductions
Existing positions increased: 60 | Existing positions reduced: 61
4% less funds holding
Funds holding: 178 → 170 (-8)
21% less capital invested
Capital invested by funds: $542M → $429M (-$113M)
25% less first-time investments, than exits
New positions opened: 21 | Existing positions closed: 28
90% less call options, than puts
Call options by funds: $198K | Put options by funds: $1.9M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Balyasny Asset Management
Chicago,
Illinois
|
+$3.88M |
| 2 |
Invesco
Atlanta,
Georgia
|
+$3.71M |
| 3 |
NC
Nokomis Capital
Dallas,
Texas
|
+$3.13M |
| 4 |
AQR Capital Management
Greenwich,
Connecticut
|
+$1.82M |
| 5 |
Renaissance Technologies
New York
|
+$1.72M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Vanguard Group
Malvern,
Pennsylvania
|
-$9.98M |
| 2 |
BlackRock
New York
|
-$5.87M |
| 3 |
Millennium Management
New York
|
-$3.81M |
| 4 |
RIP
Rhino Investment Partners
West Conshohocken,
Pennsylvania
|
-$3.2M |
| 5 |
Marshall Wace
London,
United Kingdom
|
-$3.17M |
KREF Hedge Fund Activity: Q2 2025 in Review
170 of the 7,613 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q2 2025, worth a combined $429M — down 21% from $542M a quarter earlier.
Sellers outnumbered buyers: 28 funds closed out of KREF and 21 opened new positions — a net loss of 7 holders — while 61 trimmed existing stakes and 60 added.
The largest buyer was Balyasny Asset Management, adding an estimated $3.88M. The largest seller was Vanguard Group, cutting an estimated $9.98M.
- 170 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q2 2025, down from 178 in Q1 2025.
- Funds reported $429M of KKR Real Estate Finance Trust stock for Q2 2025, down 21% quarter-over-quarter.
- 21 funds opened new KKR Real Estate Finance Trust positions in Q2 2025 and 28 closed out, a net change of -7 holders.
- The largest KKR Real Estate Finance Trust buyer in Q2 2025 was Balyasny Asset Management, an estimated $3.88M added.
- The largest KKR Real Estate Finance Trust seller in Q2 2025 was Vanguard Group, an estimated $9.98M sold.
Based on aggregated 13F filings for Q2 2025.