KKR Real Estate Finance director granted 16,691 RSUs

ESTEVES IRENE M reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

ESTEVES IRENE M reported acquisition or exercise transactions in this Form 4 filing.

KKR Real Estate Finance Trust Inc. director Irene M. Esteves received a grant of 16,691 restricted stock units as equity compensation. These RSUs vest on the earlier of April 14, 2027 or the next annual stockholder meeting. She has elected to defer delivery of the underlying common shares until she no longer serves on the board, and her direct holdings after this award are reported at 69,968 shares.

Insider Trade Summary

Grant/Award: 16,691 shares

Grant/Award 1 txn

Insider ESTEVES IRENE M

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	16,691	$0.00	$0.00

Holdings After Transaction: Common Stock — 69,968 shares (Direct)

Footnotes (1)

1. F1. Represents a grant of restricted stock units, which will vest on the earlier of (i) April 14, 2027 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date. The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until such date in which the reporting person no longer serves as a member of the Board of Directors of the Issuer.

Key Figures

RSU grant size: 16,691 units Grant price: $0.00 per share Holdings after transaction: 69,968 shares +1 more

4 metrics

RSU grant size 16,691 units Restricted stock units granted to director on April 14, 2026

Grant price $0.00 per share Equity compensation award, no cash paid by director

Holdings after transaction 69,968 shares Total KREF common shares reported as directly held post-grant

Vesting date trigger April 14, 2027 Latest vesting date, or earlier next annual stockholder meeting

Key Terms

restricted stock units, vest, annual meeting of the stockholders, defer receipt, +1 more

5 terms

restricted stock units financial

"Represents a grant of restricted stock units, which will vest on the earlier"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

vest financial

"which will vest on the earlier of (i) April 14, 2027 and (ii)"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

annual meeting of the stockholders financial

"the first regularly scheduled annual meeting of the stockholders of the Issuer"

defer receipt financial

"The reporting person has elected to defer receipt of all of the shares"

Board of Directors financial

"until such date in which the reporting person no longer serves as a member of the Board of Directors"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did KREF director Irene M. Esteves report?

Irene M. Esteves reported receiving 16,691 restricted stock units in KKR Real Estate Finance Trust Inc. The award is a stock-based compensation grant with no cash paid per share and increases her reported direct holdings to 69,968 shares after the transaction.

When do Irene M. Esteves’s 16,691 KREF restricted stock units vest?

The 16,691 restricted stock units vest on the earlier of April 14, 2027 or the first regularly scheduled annual meeting of KKR Real Estate Finance Trust stockholders after the grant date, providing a time- and service-based schedule tied to her ongoing board role.

Did Irene M. Esteves buy KREF shares on the open market?

No, the filing shows a grant of 16,691 restricted stock units at a price of $0.00 per share. This reflects equity compensation rather than an open-market purchase, so no cash was paid by the director for these new units.

How many KREF shares does Irene M. Esteves hold after this grant?

After the reported grant, Irene M. Esteves is shown holding 69,968 shares of KKR Real Estate Finance Trust Inc. common stock directly. This figure comes from the total shares following transaction line in the Form 4 non-derivative holdings table.

Has Irene M. Esteves deferred receipt of her KREF shares from this award?

Yes. She elected to defer receipt of all common shares issuable upon vesting of the 16,691 restricted stock units. Delivery of those shares will occur only when she no longer serves as a member of KKR Real Estate Finance Trust’s Board of Directors.

What type of Form 4 transaction code applies to Irene M. Esteves’s KREF award?

The transaction is coded “A” on Form 4, indicating a grant, award, or other acquisition. It represents stock-based compensation in the form of restricted stock units rather than a market trade or sale of existing KKR Real Estate Finance Trust shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/16/2026 - 04:47 PM Learn about SEC filing dates

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^*

ESTEVES IRENE M

(Last) (First) (Middle)

C/O KKR REAL ESTATE FINANCE TRUST INC.

30 HUDSON YARDS, SUITE 7500

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/14/2026

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

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

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

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	04/14/2026		A(1)		16,691	A	$0	69,968	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. Represents a grant of restricted stock units, which will vest on the earlier of (i) April 14, 2027 and (ii) the first regularly scheduled annual meeting of the stockholders of the Issuer following the grant date. The reporting person has elected to defer receipt of all of the shares of Common Stock issuable upon the vesting of the restricted stock units until such date in which the reporting person no longer serves as a member of the Board of Directors of the Issuer.

	/s/ Patrick Mattson, as Attorney-in-Fact	04/16/2026
	** 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.
* Form 4: SEC 1474 (03-26)