[Form 4] KKR Real Estate Finance Trust Inc. Insider Trading Activity

Rhea-AI Filing Summary

KKR Real Estate Finance Trust Inc. (KREF) reported an insider tax-withholding transaction. On 10/01/2025, an officer (General Counsel and Secretary) had 420 shares of common stock withheld at $9 per share under code F, which indicates shares withheld to cover taxes upon vesting of restricted stock units.

Following the transaction, the reporting person directly owned 3,080 shares. The filing notes the shares were withheld to satisfy tax liability tied to RSU vesting, rather than an open-market sale.

Insights

Corporate governance analyst

Routine insider tax withholding; neutral for valuation.

The action is coded F, meaning the issuer withheld 420 shares at $9 to cover taxes on RSU vesting. This is an administrative event rather than a discretionary sale, so it typically carries limited signaling value.

Post-transaction direct ownership is 3,080 shares, indicating continued equity alignment. The entry does not change cash flows for the company or provide guidance on operations. Subsequent filings may detail future equity vesting activity if applicable.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Galligan Kelly

(Last) (First) (Middle)

C/O KKR REAL ESTATE FINANCE TRUST INC.

30 HUDSON YARDS, SUITE 7500

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KKR Real Estate Finance Trust Inc. [ KREF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel and Secretary

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/01/2025		F(1)		420	D	$9	3,080	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

	/s/ Kelly Galligan	10/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did KREF report in this Form 4?

An officer had 420 shares withheld at $9 per share on 10/01/2025 to satisfy taxes upon RSU vesting (code F).

What does transaction code F mean for KREF?

Code F indicates shares were withheld to satisfy tax liability related to equity vesting, not an open-market sale.

How many KREF shares does the insider hold after the transaction?

The reporting person directly owned 3,080 shares after the transaction.

What was the reported price for the withheld KREF shares?

The reported price was $9 per share for the 420 shares withheld.

What role does the reporting person hold at KREF?

The filing lists the reporting person as an Officer, title: General Counsel and Secretary.

Was this an open-market sale of KREF shares?

No. The filing states the shares were withheld to satisfy tax liability upon RSU vesting.