Insider purchase: KREF director adds 10,000 shares

Rhea-AI Filing Summary

KKR Real Estate Finance Trust Inc. (KREF) reported an insider transaction: a director purchased 10,000 shares of common stock on 11/07/2025 at a weighted average price of $7.7978 (transactions ranged from $7.785 to $7.800).

Following the trade, the director beneficially owns 229,133 shares directly. Indirect holdings include 17,646 shares held for the benefit of the director’s children (including a trust for which the director is trustee), 3,664 shares held by a trust for which the director is trustee, and 3,730 shares held by the director’s spouse.

Insider Trade Summary

Net Buyer: 10,000 shares

Net Buy 4 txns

Insider Lee Christen E.J.

Role Director

Bought 10,000 shs ($78K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	10,000	$7.7978	$78K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 229,133 shares (Direct); Common Stock — 25,040 shares (Indirect, See footnote.)

Footnotes (4)

1. F1. The price reported is a weighted average price per share of Common Stock of the Issuer purchased by the Reporting Person. These shares were purchased in multiple transactions at prices ranging from $7.785 to $7.800, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
2. F2. 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. F3. Held by a trust for which the Reporting Person is the trustee.
4. F4. Held by the Reporting Person's spouse.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 11/10/2025 - 08:15 AM Learn about SEC filing dates

FAQ

What insider transaction did KREF report?

A director purchased 10,000 KREF common shares on 11/07/2025 at a weighted average price of $7.7978.

What was the price range for the KREF insider purchase?

The reported weighted average reflects multiple trades between $7.785 and $7.800 per share.

How many KREF shares does the insider own directly after the trade?

Direct beneficial ownership is 229,133 shares after the reported transaction.

What indirect KREF holdings are reported for the insider?

Indirect holdings include 17,646 shares for the benefit of children (including a trust), 3,664 shares in a trust, and 3,730 shares held by the spouse.

What was the Form 4 transaction code for the KREF trade?

The transaction was coded P, indicating an open-market or private purchase of common stock.

Did the filing mention Rule 10b5-1 plan use?

The form includes the standard 10b5-1 checkbox language; the excerpt does not indicate it was selected.

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
Estimated average burden
hours per response:			0.5

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^*

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)
11/07/2025

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	11/07/2025		P		10,000	A	$7.7978(1)	229,133	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. The price reported is a weighted average price per share of Common Stock of the Issuer purchased by the Reporting Person. These shares were purchased in multiple transactions at prices ranging from $7.785 to $7.800, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

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.

	/s/ Kelly Galligan, as Attorney-in-Fact	11/10/2025
	** 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.