Who owns KKR Real Estate Finance Trust Inc. (KREF)
Which tracked institutional funds hold KREF, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See KREF company fundamentals →
Ownership as of the 2026-Q1 13F filings. 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
24 tracked funds added or opened KREF while 49 trimmed or exited it between 2025-Q4 and 2026-Q1 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
KREF’s largest tracked holder by dollar value, Kohlberg Kravis Roberts & Co. L.P., sizes it at 1.2% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 1.2pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in KREF divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2025-Q4 and 2026-Q1, across 169 tracked filers holding KREF, 96 increased or opened the position and 96 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in KREF between the 2025-Q4 and 2026-Q1 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 15
- VANGUARD CAPITAL MANAGEMENT LLC$14M
- Conversant Capital LLC$9M
- Point72 Asset Management, L.P.$4M
- WATERFALL ASSET MANAGEMENT, LLC$3M
- Qube Research & Technologies Ltd$3M
- VANGUARD PORTFOLIO MANAGEMENT LLC$3M
Full exits 8
- VANGUARD GROUP INC$27M
- Nan Shan Life Insurance Co., Ltd.$25M
- TWO SIGMA ADVISERS, LP$6M
- WELLINGTON MANAGEMENT GROUP LLP$5M
- COMPASS ROSE ASSET MANAGEMENT, LP$3M
- PRINCIPAL FINANCIAL GROUP INC$2M
Largest adds
- Long Pond Capital, LP$22M
- MILLENNIUM MANAGEMENT LLC$9M
- GFS Advisors, LLC$2M
- CITADEL ADVISORS LLC$2M
- PRUDENTIAL FINANCIAL INC$2M
- SUSQUEHANNA INTERNATIONAL GROUP, LLP$600K
Largest trims
- BlackRock, Inc.$42M
- Kohlberg Kravis Roberts & Co. L.P.$22M
- MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.$11M
- STATE STREET CORP$10M
- NOMURA HOLDINGS INC$5M
- Invesco Ltd.$4M
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| Kohlberg Kravis Roberts & Co. L.P. | 10,000,001 | $61M | 15.9% | 2026-Q1 |
| Long Pond Capital, LP added | 5,733,513 | $35M | 9.1% | 2026-Q1 |
| BlackRock, Inc. trimmed | 5,533,021 | $34M | 8.8% | 2026-Q1 |
| NOMURA HOLDINGS INC added | 2,875,297 | $18M | 4.6% | 2026-Q1 |
| VANGUARD CAPITAL MANAGEMENT LLC new | 2,327,008 | $14M | 3.7% | 2026-Q1 |
| MILLENNIUM MANAGEMENT LLC added | 1,478,151 | $9M | 2.3% | 2026-Q1 |
| Conversant Capital LLC new | 1,470,600 | $9M | 2.3% | 2026-Q1 |
| STATE STREET CORP trimmed | 1,278,352 | $8M | 2.1% | 2026-Q1 |
| GEODE CAPITAL MANAGEMENT, LLC trimmed | 1,325,381 | $8M | 2.1% | 2026-Q1 |
| Nokomis Capital, L.L.C. added | 1,119,822 | $7M | 1.8% | 2026-Q1 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC added | 1,033,299 | $6M | 1.6% | 2026-Q1 |
| TWO SIGMA INVESTMENTS, LP trimmed | 942,201 | $6M | 1.5% | 2026-Q1 |
| CITADEL ADVISORS LLC added | 915,236 | $6M | 1.5% | 2026-Q1 |
| MORGAN STANLEY added | 752,053 | $5M | 1.2% | 2026-Q1 |
| Point72 Asset Management, L.P. new | 699,224 | $4M | 1.1% | 2026-Q1 |
| PRUDENTIAL FINANCIAL INC added | 647,750 | $4M | 1.0% | 2026-Q1 |
| GOLDMAN SACHS GROUP INC added | 640,763 | $4M | 1.0% | 2026-Q1 |
| GFS Advisors, LLC trimmed | 8,094 | $4M | 1.0% | 2026-Q1 |
| NORTHERN TRUST CORP trimmed | 515,041 | $3M | 0.8% | 2026-Q1 |
| WATERFALL ASSET MANAGEMENT, LLC new | 475,154 | $3M | 0.8% | 2026-Q1 |
| VAN ECK ASSOCIATES CORP added | 467,814 | $3M | 0.7% | 2026-Q1 |
| Qube Research & Technologies Ltd added | 440,264 | $3M | 0.7% | 2026-Q1 |
| CONDOR CAPITAL MANAGEMENT trimmed | 410,742 | $3M | 0.7% | 2026-Q1 |
| VANGUARD PORTFOLIO MANAGEMENT LLC new | 410,436 | $3M | 0.7% | 2026-Q1 |
| Brooklyn Investment Group added | 350,044 | $2M | 0.6% | 2026-Q1 |
| VANGUARD FIDUCIARY TRUST CO new | 344,672 | $2M | 0.5% | 2026-Q1 |
| JPMORGAN CHASE & CO trimmed | 301,456 | $2M | 0.5% | 2026-Q1 |
| FMR LLC added | 303,750 | $2M | 0.5% | 2026-Q1 |
| JANE STREET GROUP, LLC trimmed | 299,034 | $2M | 0.5% | 2026-Q1 |
| ExodusPoint Capital Management, LP added | 297,724 | $2M | 0.5% | 2026-Q1 |
| D. E. Shaw & Co., Inc. added | 293,089 | $2M | 0.5% | 2026-Q1 |
| BI Asset Management Fondsmaeglerselskab A/S | 287,061 | $2M | 0.5% | 2026-Q1 |
| BALYASNY ASSET MANAGEMENT L.P. trimmed | 276,491 | $2M | 0.4% | 2026-Q1 |
| Y-Intercept (Hong Kong) Ltd added | 261,690 | $2M | 0.4% | 2026-Q1 |
| Endure Capital Management, LLC new | 252,523 | $2M | 0.4% | 2026-Q1 |
| UBS Group AG added | 243,908 | $1M | 0.4% | 2026-Q1 |
| BANK OF AMERICA CORP /DE/ trimmed | 210,297 | $1M | 0.3% | 2026-Q1 |
| BNP PARIBAS FINANCIAL MARKETS added | 201,444 | $1M | 0.3% | 2026-Q1 |
| Invesco Ltd. trimmed | 194,047 | $1M | 0.3% | 2026-Q1 |
| Nuveen, LLC trimmed | 176,404 | $1M | 0.3% | 2026-Q1 |
| MARSHALL WACE, LLP trimmed | 170,695 | $1M | 0.3% | 2026-Q1 |
| Bank of New York Mellon Corp trimmed | 163,743 | $1M | 0.3% | 2026-Q1 |
| HRT FINANCIAL LP added | 161,137 | $986K | 0.3% | 2026-Q1 |
| XTX Topco Ltd added | 147,761 | $904K | 0.2% | 2026-Q1 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP added | 146,174 | $895K | 0.2% | 2026-Q1 |
| Penserra Capital Management LLC added | 141,056 | $863K | 0.2% | 2026-Q1 |
| WELLS FARGO & COMPANY/MN trimmed | 125,523 | $768K | 0.2% | 2026-Q1 |
| Quantinno Capital Management LP added | 120,218 | $736K | 0.2% | 2026-Q1 |
| Beach Point Capital Management LP trimmed | 115,016 | $704K | 0.2% | 2026-Q1 |
| Swiss National Bank | 111,500 | $682K | 0.2% | 2026-Q1 |
| PRICE T ROWE ASSOCIATES INC /MD/ added | 109,303 | $669K | 0.2% | 2026-Q1 |
| CURA WEALTH ADVISORS, LLC trimmed | 100,515 | $615K | 0.2% | 2026-Q1 |
| LPL Financial LLC trimmed | 96,379 | $590K | 0.2% | 2026-Q1 |
| STIFEL FINANCIAL CORP trimmed | 90,700 | $555K | 0.1% | 2026-Q1 |
| Atom Investors LP new | 88,597 | $542K | 0.1% | 2026-Q1 |
| WEDBUSH SECURITIES INC trimmed | 85,315 | $522K | 0.1% | 2026-Q1 |
| CITIGROUP INC added | 79,328 | $485K | 0.1% | 2026-Q1 |
| Lido Advisors, LLC added | 68,744 | $438K | 0.1% | 2026-Q1 |
| RHUMBLINE ADVISERS trimmed | 68,691 | $420K | 0.1% | 2026-Q1 |
| Brevan Howard Capital Management LP added | 67,932 | $416K | 0.1% | 2026-Q1 |
| EntryPoint Capital, LLC added | 67,421 | $413K | 0.1% | 2026-Q1 |
| VOYA INVESTMENT MANAGEMENT LLC trimmed | 67,010 | $410K | 0.1% | 2026-Q1 |
| Corient Private Wealth LLC added | 65,094 | $398K | 0.1% | 2026-Q1 |
| AQR CAPITAL MANAGEMENT LLC trimmed | 64,599 | $395K | 0.1% | 2026-Q1 |
| STEPHENS INC /AR/ trimmed | 64,411 | $394K | 0.1% | 2026-Q1 |
| ALGERT GLOBAL LLC trimmed | 58,376 | $357K | 0.1% | 2026-Q1 |
| RAYMOND JAMES FINANCIAL INC trimmed | 57,968 | $355K | 0.1% | 2026-Q1 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM trimmed | 53,737 | $329K | 0.1% | 2026-Q1 |
| ALLIANCEBERNSTEIN L.P. trimmed | 38,700 | $318K | 0.1% | 2026-Q1 |
| Squarepoint Ops LLC added | 50,669 | $310K | 0.1% | 2026-Q1 |
| BARCLAYS PLC trimmed | 47,115 | $288K | 0.1% | 2026-Q1 |
| Weiss Asset Management LP new | 46,552 | $285K | 0.1% | 2026-Q1 |
| FOX RUN MANAGEMENT, L.L.C. added | 45,149 | $283K | 0.1% | 2026-Q1 |
| Legal & General Group Plc trimmed | 45,716 | $280K | 0.1% | 2026-Q1 |
| Engineers Gate Manager LP added | 45,500 | $278K | 0.1% | 2026-Q1 |
| VANGUARD GROUP INC trimmed | 3,285,336 | $27M | 7.0% | 2025-Q4 stale |
| Nan Shan Life Insurance Co., Ltd. | 3,060,384 | $25M | 6.5% | 2025-Q4 stale |
| TWO SIGMA ADVISERS, LP added | 683,200 | $6M | 1.5% | 2025-Q4 stale |
| WELLINGTON MANAGEMENT GROUP LLP added | 574,289 | $5M | 1.2% | 2025-Q4 stale |
| Rhino Investment Partners, Inc added | 296,668 | $3M | 0.8% | 2025-Q1 stale |
| COMPASS ROSE ASSET MANAGEMENT, LP new | 335,000 | $3M | 0.7% | 2025-Q4 stale |
| PRINCIPAL FINANCIAL GROUP INC trimmed | 259,096 | $2M | 0.6% | 2025-Q4 stale |
| PUBLIC SECTOR PENSION INVESTMENT BOARD trimmed | 188,948 | $2M | 0.4% | 2025-Q4 stale |
| PREVAIL INNOVATIVE WEALTH ADVISORS, LLC trimmed | 157,638 | $1M | 0.4% | 2025-Q3 stale |
| AXS Investments LLC trimmed | 149,002 | $1M | 0.3% | 2025-Q2 stale |
| GP Brinson Investments LLC | 104,706 | $861K | 0.2% | 2025-Q4 stale |
| RENAISSANCE TECHNOLOGIES LLC trimmed | 83,674 | $753K | 0.2% | 2025-Q3 stale |
| DARK FOREST CAPITAL MANAGEMENT LP trimmed | 74,308 | $669K | 0.2% | 2025-Q3 stale |
| Cubist Systematic Strategies, LLC added | 46,835 | $506K | 0.1% | 2025-Q1 stale |
| Sophron Capital Management L.P. added | 57,138 | $501K | 0.1% | 2025-Q2 stale |
| GAMCO INVESTORS, INC. ET AL | 50,000 | $450K | 0.1% | 2025-Q3 stale |
| IEQ CAPITAL, LLC added | 49,845 | $449K | 0.1% | 2025-Q3 stale |
| Polymer Capital Management (US) LLC new | 45,869 | $402K | 0.1% | 2025-Q2 stale |
| Nebula Research & Development LLC trimmed | 32,032 | $346K | 0.1% | 2025-Q1 stale |
| Campbell & CO Investment Adviser LLC added | 31,700 | $342K | 0.1% | 2025-Q1 stale |
| Corebridge Financial, Inc. trimmed | 30,663 | $331K | 0.1% | 2025-Q1 stale |
| TEACHER RETIREMENT SYSTEM OF TEXAS added | 35,063 | $308K | 0.1% | 2025-Q2 stale |
| Thrivent Financial for Lutherans trimmed | 37,350 | $307K | 0.1% | 2025-Q4 stale |
| 1776 Wealth LLC | 31,511 | $284K | 0.1% | 2025-Q3 stale |
| FourThought Financial Partners, LLC new | 31,326 | $282K | 0.1% | 2025-Q3 stale |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.