Based on 167 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added KREF than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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At the ownership peak (95% of max)
95% of all-time peak
167 hedge funds hold KREF right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Outflows — 5% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold KREF compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Slight buying edge — 50% buying
94 buying94 selling
Last quarter: 94 funds bought or added vs 94 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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More new buyers each quarter (+26 vs last Q)
new funds entering per quarter
Funds opening a new KREF position: 21 → 27 → 19 → 45. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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49% of holders stayed for 2+ years
■ 49% conviction (2yr+)
■ 29% medium
■ 22% new
82 out of 167 hedge funds have held KREF for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Buying through price weakness — shares -1%, value -85%
Last quarter: funds added -1% more shares while total portfolio value only changed -85%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
26 → 21 → 27 → 19 → 45 new funds/Q
New funds entering each quarter: 21 → 27 → 19 → 45. A growing number of institutions are discovering KREF each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 60% veterans vs 25% newcomers
■ 60% veterans
■ 14% 1-2yr
■ 25% new
Entry-cohort mix of 169 holders: 102 (60%) are 2+ year veterans, 24 entered 1–2 years ago, and 43 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Strong quality — 22% AUM from major funds
22% from top-100 AUM funds
38 of 167 holders rank in the top 100 by AUM, accounting for 22% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.