Long Pond Capital reports 5.73M KREF stake (KREF) — 8.92% ownership

Rhea-AI Filing Summary

KKR Real Estate Finance Trust Inc. ownership filing: Long Pond Capital and related parties report beneficial ownership of 5,733,513 shares, equal to 8.92%.

The filing states that Long Pond Capital, LP, Long Pond Capital GP, LLC and John Khoury share voting and dispositive power over 5,733,513 common shares. The reporting parties indicate certain funds for which Long Pond acts as investment manager may have the right to receive dividends or sale proceeds. The filing is signed by John Khoury on 05/14/2026.

Insights

Governance Analyst

Consolidated ownership of 8.92% reported by Long Pond and affiliates.

The filing shows 5,733,513 shares are beneficially owned with shared voting and shared dispositive power. This indicates coordinated control of the position across fund and GP entities rather than sole individual control.

Signatures dated 05/14/2026 confirm the report. Subsequent filings could show changes if any of the affiliated funds alter holdings; current cash‑flow treatment and sale intentions are not disclosed in the excerpt.

Investor Relations Specialist

Disclosure identifies Long Pond as an investment manager with funds having economic interest.

The statement in Item 6 notes that certain funds for which Long Pond LP serves as investment manager "have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale" of the reported securities. That ties economic benefits to managed funds rather than a single individual.

Filing shows aggregate holdings and control allocation; timing and intended actions by holders are not provided in the excerpt.

Key Figures

Beneficial ownership: 5,733,513 shares Percent of class: 8.92% Shared voting power: 5,733,513 shares +2 more

5 metrics

Beneficial ownership 5,733,513 shares Amount beneficially owned reported in Item 4

Percent of class 8.92% Percent of class reported in Item 4

Shared voting power 5,733,513 shares Shared power to vote reported in Item 4 (ii)

Shared dispositive power 5,733,513 shares Shared power to dispose reported in Item 4 (iv)

Filing signature date 05/14/2026 Signature block date

Key Terms

Schedule 13G, beneficially owned, shared dispositive power, investment manager

4 terms

Schedule 13G regulatory

"Item 1. (a) Name of issuer: KKR Real Estate Finance Trust Inc."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficially owned regulatory

"Item 4. (a) Amount beneficially owned: 5,733,513"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared dispositive power regulatory

"Item 4. (iv) Shared power to dispose or to direct the disposition of: 5,733,513"

investment manager financial

"Item 6. Certain funds to which Long Pond LP serves as investment manager"

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

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Accepted by SEC EDGAR 05/14/2026 - 05:00 PM Learn about SEC filing dates

FAQ

What stake does Long Pond report in KREF?

Long Pond reports beneficial ownership of 5,733,513 shares, representing 8.92% of KREF. The Schedule 13G lists shared voting and dispositive power over these common shares and is signed on 05/14/2026.

Who are the reporting parties in the Schedule 13G for KREF?

The reporting parties are Long Pond Capital, LP, Long Pond Capital GP, LLC, and John Khoury. Their addresses and organizational statuses are provided, and Mr. Khoury signed the filing on 05/14/2026.

Does Long Pond claim sole voting control of the KREF shares?

No. The filing shows 0 shares of sole voting power and reports 5,733,513 shares of shared voting power and dispositive power, indicating shared control across the reporting entities.

Are the reported KREF shares held on behalf of other funds?

Yes. Item 6 states certain funds for which Long Pond LP is investment manager may have the right to receive dividends or sale proceeds from the reported securities, indicating fund-level economic interests.

When was the Schedule 13G for KREF signed?

The Schedule 13G is signed by John Khoury and dated 05/14/2026. That date appears in the signature block of the filing excerpt provided.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

KKR Real Estate Finance Trust Inc.

(Name of Issuer)

Common stock, par value $0.01 per share

(Title of Class of Securities)

48251K100

(CUSIP Number)

03/31/2026

(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

Long Pond Capital, LP

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,733,513.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,733,513.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,733,513.00

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)

8.92 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 48251K100

1

Names of Reporting Persons

Long Pond Capital GP, LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,733,513.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,733,513.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,733,513.00

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)

8.92 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP Number(s): 48251K100

1

Names of Reporting Persons

John Khoury

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

NEW BRUNSWICK, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,733,513.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,733,513.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,733,513.00

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)

8.92 %

12

Type of Reporting Person (See Instructions)

HC, IN

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: Long Pond Capital, LP ("Long Pond LP") Long Pond Capital GP, LLC ("Long Pond LLC") John Khoury ("Mr. Khoury")
(b)	Address or principal business office or, if none, residence: 527 Madison Avenue, 15th Floor, New York, NY 10022
(c)	Citizenship: Long Pond LP is a limited partnership organized under the laws of the State of Delaware. Long Pond LLC is a limited liability company organized under the laws of the State of Delaware. Mr. Khoury is the principal of Long Pond LP and is a Canadian citizen.
(d)	Title of class of securities: Common stock, par value $0.01 per share
(e)	CUSIP Number(s): 48251K100
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: 5,733,513
(b)	Percent of class: 8.92%
(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: 5,733,513
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 5,733,513
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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. Certain funds to which Long Pond LP serves as investment manager 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.
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.

Long Pond Capital, LP

Signature:	John Khoury
Name/Title:	John Khoury | Authorized Person
Date:	05/14/2026

Long Pond Capital GP, LLC

Signature:	John Khoury
Name/Title:	John Khoury | Authorized Person
Date:	05/14/2026

John Khoury

Signature:	John Khoury
Name/Title:	John Khoury | Self
Date:	05/14/2026