KKR Real Estate Finance Trust
KREF
164 hedge funds and large institutions have $422M invested in KKR Real Estate Finance Trust in 2025 Q4 according to their latest regulatory filings, with 19 funds opening new positions, 49 increasing their positions, 73 reducing their positions, and 28 closing their positions.
100% more funds holding in top 10
Funds holding in top 10: 1 → 2 (+1)
56% more call options, than puts
Call options by funds: $263K | Put options by funds: $169K
3.36% more ownership
Funds ownership: 74.81% → 78.17% (+3.4%)
5% less capital invested
Capital invested by funds: $443M → $422M (-$20.7M)
5% less funds holding
Funds holding: 173 → 164 (-9)
32% less first-time investments, than exits
New positions opened: 19 | Existing positions closed: 28
33% less repeat investments, than reductions
Existing positions increased: 49 | Existing positions reduced: 73
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Nomura Holdings
Tokyo,
Japan
|
+$18.2M |
| 2 |
Two Sigma Investments
New York
|
+$7.76M |
| 3 |
Two Sigma Advisers
New York
|
+$5.78M |
| 4 |
NC
Nokomis Capital
Dallas,
Texas
|
+$5.33M |
| 5 |
CRAM
Compass Rose Asset Management
New York
|
+$2.84M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
LPC
Long Pond Capital
New York
|
-$6.42M |
| 2 |
Invesco
Atlanta,
Georgia
|
-$3.91M |
| 3 |
T. Rowe Price Associates
Baltimore,
Maryland
|
-$3.37M |
| 4 |
D.E. Shaw & Co
New York
|
-$1.77M |
| 5 |
AQR Capital Management
Greenwich,
Connecticut
|
-$1.74M |
KREF Hedge Fund Activity: Q4 2025 in Review
164 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q4 2025, worth a combined $422M — down 4.7% from $443M a quarter earlier.
Sellers outnumbered buyers: 28 funds closed out of KREF and 19 opened new positions — a net loss of 9 holders — while 73 trimmed existing stakes and 49 added.
The largest buyer was Nomura Holdings, adding an estimated $18.2M. The largest seller was Long Pond Capital, cutting an estimated $6.42M.
- 164 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q4 2025, down from 173 in Q3 2025.
- Funds reported $422M of KKR Real Estate Finance Trust stock for Q4 2025, down 4.7% quarter-over-quarter.
- 19 funds opened new KKR Real Estate Finance Trust positions in Q4 2025 and 28 closed out, a net change of -9 holders.
- The largest KKR Real Estate Finance Trust buyer in Q4 2025 was Nomura Holdings, an estimated $18.2M added.
- The largest KKR Real Estate Finance Trust seller in Q4 2025 was Long Pond Capital, an estimated $6.42M sold.
Based on aggregated 13F filings for Q4 2025.