Vanguard amends Schedule 13G/A; reports 0 shares in KREF (KREF)

Rhea-AI Filing Summary

The Vanguard Group filed Amendment No. 8 to a Schedule 13G/A reporting 0 shares (0%) of common stock of KKR Real Estate Finance Trust Inc as of 03/13/2026. The filing explains an internal realignment on 01/12/2026 that led certain Vanguard subsidiaries and business divisions to report beneficial ownership separately in reliance on SEC Release No. 34-39538, and states Vanguard no longer is deemed to beneficially own securities held by those entities.

The filing is signed by Ashley Grim, Head of Global Fund Administration, on 03/27/2026, and lists Vanguard's Malvern address and KREF's principal office at 30 Hudson Yards, New York.

Insights

Institutional Ownership Specialist

Amendment documents disaggregated reporting; Vanguard reports no beneficial ownership.

The amendment states 0 shares (0%) beneficially owned as of 03/13/2026, citing an internal realignment on 01/12/2026 and reliance on SEC Release No. 34-39538. This is an administrative reallocation of reporting responsibilities among Vanguard entities rather than a market trade.

Implications depend on how subsidiary reports are filed going forward; subsequent disaggregated filings will show holdings under separate Vanguard entities. Cash‑flow treatment and any subsidiary amounts are not included in this excerpt.

Compliance & Regulatory Analyst

Filing follows the SEC disaggregation framework and explicitly relinquishes deemed ownership.

The document quotes SEC Release No. 34-39538 and states that certain subsidiaries will report separately and that The Vanguard Group, Inc. no longer is deemed to beneficially own securities held by those subsidiaries. The statement is procedural and tied to internal structure changes on 01/12/2026.

Regulatory watchers should look for follow-up Schedule 13G/A or 13D filings by the named subsidiaries to see where holdings are attributed; timing and amounts are not provided here.

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

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Accepted by SEC EDGAR 03/27/2026 - 10:17 AM Learn about SEC filing dates

FAQ

What does Vanguard report for KREF in this Schedule 13G/A amendment?

The filing reports 0 shares (0%) of KKR Real Estate Finance Trust Inc common stock as of 03/13/2026. It attributes the change to an internal realignment dated 01/12/2026.

Why does Vanguard say it no longer beneficially owns these securities?

Vanguard states that after an internal realignment on 01/12/2026, certain subsidiaries will report separately in reliance on SEC Release No. 34-39538, and Vanguard is no longer deemed to beneficially own those subsidiary holdings.

Who signed the amendment and when was it signed?

The amendment is signed by Ashley Grim, Head of Global Fund Administration, and dated 03/27/2026, certifying the Schedule 13G/A Amendment No. 8 for Vanguard.

Does this filing disclose the subsidiaries' holdings after disaggregation?

No. The amendment explains disaggregation but does not list amounts held by subsidiaries or business divisions; those holdings are not included in the provided excerpt.

What addresses are listed for the issuer and filer in the filing?

The issuer's principal office is listed as 30 Hudson Yards, Suite 7500, New York, NY 10001; Vanguard's address is 100 Vanguard Blvd., Malvern, PA 19355 in the amendment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 8)

KKR Real Estate Finance Trust Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

48251K100

(CUSIP Number)

03/13/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 48251K100

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: KKR Real Estate Finance Trust Inc
(b)	Address of issuer's principal executive offices: 30 Hudson Yards, Suite 7500, New York, NY, 10001
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd.,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 0
(b)	Percent of class: 0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	03/27/2026