Vault-13

KKR REAL ESTATE FIN TR INC KREF 6.125 05.15.23

NOTE 6.125% 5/1 · US DOMESTIC · CUSIP 48251KAB6

28 institutional holders -1 vs Q4 2022
4,712,2364.7m shares reported held*
$65.1mreported value*
6 new 6 added 8 reduced 7 sold out net sold ≈ $24.0m (-4.7m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $13.81.

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0102030Q3 22: 29Q4 22: 29Q1 23: 2828Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 202229
Q4 202229
Q1 202328

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
20020Q4 22: 9 bought or addedQ4 22: 10 cut or sold outQ4 22Q1 23: 12 bought or addedQ1 23: 15 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022910
Q1 20231215

Biggest buyers

PIPER SANDLER & CO. Added +2,082,000+2.1m
SSI INVESTMENT MANAGEMENT LLC Added +1,250,000+1.2m
Skaana Management L.P. New +1,000,000+1.0m
Seelaus Asset Management LLC Added +150,000+150.0k
KELLEHER FINANCIAL ADVISORS New +96,000+96.0k
GRAHAM CAPITAL WEALTH MANAGEMENT, LLC New +93,000+93.0k
AlphaCentric Advisors LLC New +30,000+30.0k
Advisory Services Network, LLC Added +27,000+27.0k
MORGAN STANLEY Added +26,000+26.0k
Gladstone Institutional Advisory LLC New +20,000+20.0k

Biggest sellers

OAKTREE CAPITAL MANAGEMENT LP Reduced -12,555,000-12.6m
Thrivent Financial for Lutherans Sold out -4,800,000-4.8m
Walleye Capital LLC Reduced -4,232,000-4.2m
Russell Investments Group, Ltd. Reduced -2,620,000-2.6m
AGF MANAGEMENT LTD Sold out -2,250,000-2.2m
JPMORGAN CHASE & CO Sold out -1,900,000-1.9m
LAZARD ASSET MANAGEMENT LLC Reduced -250,000-250.0k
BNP PARIBAS FINANCIAL MARKETS Reduced -103,000-103.0k
KELLEHER FINANCIAL ADVISORS Sold out -96,000-96.0k
FMR LLC Sold out -77,000-77.0k

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 PIPER SANDLER & CO. 9.16% of their portfolio MINNEAPOLIS, MN 13,246,00013.2m $13.1m $13.1m 9.16% Added +2.1m +2,082,000
2 LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 10,124,00010.1m $10.1m $10.1m 0.01% Reduced -250.0k -250,000
3 Walleye Capital LLC 0.20% of their portfolio NEW YORK, NY 9,931,0009.9m $9.9m $9.9m 0.20% Reduced -4.2m -4,232,000
4 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 5,880,0005.9m $5.9m $5.9m 0.01% Reduced -103.0k -103,000
5 SSI INVESTMENT MANAGEMENT LLC 0.34% of their portfolio Los Angeles, CA 4,864,0004.9m $4.8m $4.8m 0.34% Added +1.2m +1,250,000
6 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 4,532,0004.5m $4.5m $4.5m 0.01% Unchanged
7 WESTWOOD HOLDINGS GROUP INC 0.04% of their portfolio DALLAS, TX 4,000,0004.0m $4.1m $4.1m 0.04% Unchanged
8 PALISADE CAPITAL MANAGEMENT, LP 0.07% of their portfolio FORT LEE, NJ 2,726,0002.7m $2.7m $2.7m 0.07% Reduced -10.0k -10,000
9 OAKTREE CAPITAL MANAGEMENT LP 0.02% of their portfolio LOS ANGELES, CA 1,780,0001.8m $1.8m $1.8m 0.02% Reduced -12.6m -12,555,000
10 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 1,000,0001.0m $990.0k $990.0k 0.00% Unchanged
11 Skaana Management L.P. 0.58% of their portfolio BROOKLYN, NY 1,000,0001.0m $990.0k $990.0k 0.58% New
12 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 720,000720.0k $734.2k $734.2k 0.00% Reduced -2.6m -2,620,000
13 Seelaus Asset Management LLC 0.34% of their portfolio CHATHAM, NJ 452,000452.0k $455.0k $455.0k 0.34% Added +150.0k +150,000
14 Cutler Capital Management, LLC 0.09% of their portfolio WORCESTER, MA 195,000195.0k $193.1k $193.1k 0.09% Unchanged
15 Sculati Wealth Management, LLC 0.09% of their portfolio Bloomfield Hills, MI 165,000165.0k $166.2k $166.2k 0.09% Unchanged
16 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 150,000150.0k $148.5k $148.5k 0.00% Unchanged
17 KELLEHER FINANCIAL ADVISORS 0.06% of their portfolio NEW YORK, NY 96,00096.0k $95.0k $95.0k 0.06% New
18 GRAHAM CAPITAL WEALTH MANAGEMENT, LLC 0.13% of their portfolio WASHINGTON, DC 93,00093.0k $920.7k $920.7k 0.13% New
19 Advisory Services Network, LLC 0.00% of their portfolio ATLANTA, GA 42,00042.0k $41.6k $41.6k 0.00% Added +27.0k +27,000
20 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 32,00032.0k $31.7k $31.7k 0.00% Added +26.0k +26,000
21 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 30,69030.7k $30.7k $30.7k 0.00% Added +6.2k +6,154
22 AlphaCentric Advisors LLC 0.02% of their portfolio SAN JUAN, PR 30,00030.0k $29.9k $29.9k 0.02% New
23 Goldstein Advisors, LLC 0.01% of their portfolio Madison, WI 30,00030.0k $29.7k $29.7k 0.01% Reduced -9.0k -9,000
24 Gladstone Institutional Advisory LLC 0.00% of their portfolio Bedminster, NJ 20,00020.0k $19.8k $19.8k 0.00% New
25 Independent Wealth Network Inc. 0.01% of their portfolio URBANDALE, IA 15,00015.0k $14.8k $14.8k 0.01% New
26 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 12,00012.0k $11.9k $11.9k 0.00% Unchanged
27 LAFFER TENGLER INVESTMENTS, INC. 0.91% of their portfolio Scottsdale, AZ 3,2363.2k $3.4m $3.4m 0.91% Reduced -5 -5
28 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged