KKR Real Estate Finance Trust
KREF
169 hedge funds and large institutions have $308M invested in KKR Real Estate Finance Trust in 2026 Q1 according to their latest regulatory filings, with 46 funds opening new positions, 50 increasing their positions, 55 reducing their positions, and 38 closing their positions.
50% more funds holding in top 10
Funds holding in top 10: 2 → 3 (+1)
21% more first-time investments, than exits
New positions opened: 46 | Existing positions closed: 38
3% more funds holding
Funds holding: 164 → 169 (+5)
0.04% less ownership
Funds ownership: 78.17% → 78.13% (-0.04%)
9% less repeat investments, than reductions
Existing positions increased: 50 | Existing positions reduced: 55
27% less capital invested
Capital invested by funds: $422M → $308M (-$114M)
82% less call options, than puts
Call options by funds: $80K | Put options by funds: $452K
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
LPC
Long Pond Capital
New York
|
+$30.5M |
| 2 |
CC
Conversant Capital
Summit,
New Jersey
|
+$10.7M |
| 3 |
Millennium Management
New York
|
+$10.6M |
| 4 |
Point72 Asset Management
Stamford,
Connecticut
|
+$5.11M |
| 5 |
WAM
Waterfall Asset Management
New York
|
+$3.47M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BlackRock
New York
|
-$26.9M |
| 2 |
NSLI
Nan Shan Life Insurance
Taipei City,
Taiwan
|
-$25.2M |
| 3 |
Mirae Asset Global ETFs Holdings
Causeway Bay,
Hong Kong
|
-$9.37M |
| 4 |
State Street
Boston,
Massachusetts
|
-$6.53M |
| 5 |
Wellington Management Group
Boston,
Massachusetts
|
-$4.72M |
KREF Hedge Fund Activity: Q1 2026 in Review
169 of the 8,187 institutional investors tracked by Wall St. Rank reported a position in KKR Real Estate Finance Trust (KREF) for Q1 2026, worth a combined $308M — down 27% from $422M a quarter earlier.
Buyers outnumbered sellers: 46 funds opened new KREF positions and 38 closed out — a net gain of 8 holders — while 50 added to existing stakes and 55 trimmed.
The largest buyer was Long Pond Capital, adding an estimated $30.5M. The largest seller was BlackRock, cutting an estimated $26.9M.
- 169 institutional investors held KKR Real Estate Finance Trust (KREF) as of Q1 2026, up from 164 in Q4 2025.
- Funds reported $308M of KKR Real Estate Finance Trust stock for Q1 2026, down 27% quarter-over-quarter.
- 46 funds opened new KKR Real Estate Finance Trust positions in Q1 2026 and 38 closed out, a net change of +8 holders.
- The largest KKR Real Estate Finance Trust buyer in Q1 2026 was Long Pond Capital, an estimated $30.5M added.
- The largest KKR Real Estate Finance Trust seller in Q1 2026 was BlackRock, an estimated $26.9M sold.
Based on aggregated 13F filings for Q1 2026.