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

Rhea-AI Filing Summary

KKR Real Estate Finance Trust, Inc. (KREF) reported a Form 4 showing that director Lee Christen E.J. had 10,074 shares of common stock disposed of on 10/01/2025 under transaction code F(1). The filing explains these shares were withheld to satisfy tax liabilities upon vesting of restricted stock units. After the reported disposition, the reporting person directly owns 219,133.07 shares. The Form 4 also discloses indirect holdings: 17,646 shares (including 5,000 held by the reporting person’s children and 12,646 held in a trust) and additional indirect holdings of 3,664 and 3,730 shares held in trusts and by the reporting person’s spouse, respectively. The filing includes a standard disclaimer regarding indirect beneficial ownership and is signed by an attorney-in-fact on 10/03/2025.

Positive

• Shares were withheld to satisfy tax liabilities, indicating the disposition resulted from restricted stock unit vesting rather than an open-market sell order
• Significant direct ownership retained: the reporting person continues to hold 219,133.07 shares directly
• Full disclosure of indirect holdings (children, trusts, spouse) and trustee relationships are provided

Negative

• 10,074 shares were disposed of on 10/01/2025, reducing the reporting person’s immediate share count
• Form 4 shows a disposition under code F(1), which investors sometimes view as liquidity realized by insiders even if for taxes

Insights

Corporate Governance Analyst

Director withheld 10,074 shares to cover taxes; retains substantial direct and indirect holdings.

The Form 4 records a F(1) code sale on 10/01/2025 where 10,074 shares were disposed of to satisfy tax obligations tied to vested restricted stock units. Such withholding is a common administrative action following vesting and does not necessarily indicate an active decision to reduce long-term ownership.

The reporting person still directly holds 219,133.07 shares and materially broader indirect stakes totaling at least 24, (etc.) (as specified: 17,646, 3,664, 3,730), with explicit trustee relationships disclosed. The filing includes the required disclaimer about indirect beneficial ownership.

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).

1. Name and Address of Reporting Person^*

Lee Christen E.J.

(Last) (First) (Middle)

C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.

30 HUDSON YARDS

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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)		10,074	D	$9	219,133.07	D
Common Stock								17,646	I	See footnote.(2)
Common Stock								3,664	I	See footnote.(3)
Common Stock								3,730	I	See footnote.(4)

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.

2. Consists of 5,000 shares held by the Reporting Person's children and 12,646 shares held by a trust for the benefit of the Reporting Person's children for which the Reporting Person is the trustee.

3. Held by a trust for which the Reporting Person is the trustee.

4. Held by the Reporting Person's spouse.

Remarks:

Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended, the Reporting Person states that this filing shall not be an admission that the Reporting Person is the beneficial owner of any of the securities reported herein as indirectly owned, and the Reporting Person disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein. Exhibit List: Exhibit 24 - Power of Attorney

	/s/ Kelly Galligan, as Attorney-in-Fact	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 transaction did KREF director Lee Christen report on 10/01/2025?

The Form 4 shows a disposition of 10,074 common shares on 10/01/2025 under code F(1), withheld to satisfy tax liabilities from vested restricted stock units.

How many shares does Lee Christen directly own after the reported transaction?

After the reported transaction the reporting person directly owns 219,133.07 shares of KREF common stock.

What indirect holdings did the Form 4 disclose for Lee Christen?

The filing discloses indirect holdings of 17,646 shares (including 5,000 for the reporting person’s children and 12,646 in a trust), plus 3,664 and 3,730 shares held in trusts and by the reporting person’s spouse.

Why were shares disposed of according to the Form 4?

The filing states the shares were withheld to satisfy the reporting person’s tax liability in connection with the vesting of restricted stock units.

Who signed the Form 4 filing and when?

The Form 4 was signed by /s/ Kelly Galligan, as Attorney-in-Fact on 10/03/2025.