KKR Real Estate Finance Trust Inc. common stock is reported as being beneficially owned by several related entities and an individual led by Vikram S. Uppal (the "Reporting Persons"). Vaspen MS I, LLC holds 1,457,508 shares of common stock and Maspen MS I, LLC holds 1,727,674 shares, for a combined total of 3,185,182 shares.
Based on 58,577,948 shares of common stock outstanding as of July 20, 2026, Vaspen’s holdings represent 2.5% of the class and Maspen’s represent 2.9%. Each of Terra Capital Partners, LLC, Terra REIT Advisors, LLC, Mavik Capital GP, LLC, Mavik Capital Group, LP, Mavik Capital Management, LP, and Mr. Uppal is reported as beneficial owner of 3,185,182 shares, or 5.4% of the class, through shared voting and dispositive power.
The shares are held of record by Vaspen and Maspen, which are managed through a chain of Delaware entities ultimately controlled by Mavik-related entities, with Terra REIT and Terra Capital as wholly owned subsidiaries within the structure. The Reporting Persons state they may be deemed to be a group with respect to these holdings.
Positive
None.
Negative
None.
Key Figures
Shares outstanding:58,577,948 sharesVaspen MS I, LLC holdings:1,457,508 sharesMaspen MS I, LLC holdings:1,727,674 shares+4 more
7 metrics
Shares outstanding58,577,948 sharesCommon stock outstanding as of July 20, 2026
Vaspen MS I, LLC holdings1,457,508 sharesBeneficial ownership of KREF common stock by Vaspen
Maspen MS I, LLC holdings1,727,674 sharesBeneficial ownership of KREF common stock by Maspen
Combined holdings attributed to main reporting entities3,185,182 sharesBeneficial ownership reported by Terra Capital, Terra REIT, MCGP, MCG, MCM and Vikram S. Uppal
Ownership percentage Vaspen2.5%Percent of KREF common stock class held by Vaspen
Ownership percentage Maspen2.9%Percent of KREF common stock class held by Maspen
Ownership percentage key reporting persons5.4%Percent of KREF common stock class held by Terra Capital, Terra REIT, MCGP, MCG, MCM and Vikram S. Uppal
"The Reporting Persons filed this schedule as a Schedule 13G"
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.
beneficial ownerfinancial
"Vaspen is the beneficial owner of 1,457,508 shares of common stock"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
shared voting powerfinancial
"Shared Voting Power 3,185,182.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 3,185,182.00"
groupregulatory
"The Reporting Persons may be deemed to be members of a group"
FAQ
What percentage of KREF common stock is owned by the reporting group in this Schedule 13G?
The reporting group is associated with 3,185,182 shares of KREF common stock, representing 5.4% of the outstanding class, based on 58,577,948 shares outstanding as of July 20, 2026.
How many KREF shares do Vaspen MS I, LLC and Maspen MS I, LLC each own?
Vaspen MS I, LLC holds 1,457,508 KREF shares, and Maspen MS I, LLC holds 1,727,674 shares. Together, they account for the 3,185,182 shares attributed to the broader reporting group.
What ownership percentages in KREF are reported for Vaspen and Maspen?
Vaspen’s 1,457,508 KREF shares represent 2.5% of the class, while Maspen’s 1,727,674 shares represent 2.9%, calculated using 58,577,948 shares outstanding as of July 20, 2026.
Who are the reporting persons in the KREF Schedule 13G filing?
The reporting persons are Terra Capital Partners, LLC, Terra REIT Advisors, LLC, Mavik Capital GP, LLC, Mavik Capital Group, LP, Mavik Capital Management, LP, Vaspen MS I, LLC, Maspen MS I, LLC, and Vikram S. Uppal.
What voting and dispositive powers over KREF shares are reported by the group?
Each reporting person has 0 shares with sole voting or dispositive power. They report 3,185,182 shares with shared voting and shared dispositive power across the group, held of record by Vaspen and Maspen.
What is the outstanding share count of KREF used in this Schedule 13G calculation?
Ownership percentages are calculated using 58,577,948 KREF common shares outstanding as of July 20, 2026, as reported in the company’s Quarterly Report on Form 10-Q filed on July 21, 2026.
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)
08/10/2026
(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
Terra Capital Partners, 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
3,185,182.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,185,182.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,185,182.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
48251K100
1
Names of Reporting Persons
Terra REIT Advisors, 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
3,185,182.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,185,182.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,185,182.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
48251K100
1
Names of Reporting Persons
Mavik 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
3,185,182.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,185,182.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,185,182.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
48251K100
1
Names of Reporting Persons
Mavik Capital Group, 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
3,185,182.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,185,182.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,185,182.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
48251K100
1
Names of Reporting Persons
Mavik Capital Management, 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
3,185,182.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,185,182.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,185,182.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
48251K100
1
Names of Reporting Persons
Vaspen MS I, 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
1,457,508.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,457,508.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,457,508.00
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)
2.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
48251K100
1
Names of Reporting Persons
Maspen MS I, 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
1,727,674.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,727,674.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,727,674.00
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)
2.9 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
48251K100
1
Names of Reporting Persons
Vikram S Uppal
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,185,182.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,185,182.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,185,182.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
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:
This Schedule 13G is being filed on behalf of Terra Capital Partners, LLC, a Delaware limited liability company ("Terra Capital"), Terra REIT Advisors, LLC, a Delaware limited liability company ("Terra REIT"), Mavik Capital GP, LLC, a Delaware limited liability company ("MCGP"), Mavik Capital Group, LP, a Delaware limited partnership ("MCG"), Mavik Capital Management, LP, a Delaware limited partnership ("MCM"), Vaspen MS I, LLC ("Vaspen"), Maspen MS I, LLC ("Maspen") and Vikram S Uppal ("Mr. Uppal" and together with Terra Capital, Terra REIT, MCGP, MCG, MCM, Vaspen and Maspen, the "Reporting Persons").
(b)
Address or principal business office or, if none, residence:
The business address of each of the Reporting Persons is 205 West 28th Street, 12th Floor, New York, New York 10001.
(c)
Citizenship:
(i) Terra Capital is a Delaware limited liability company; (ii) Terra REIT is a Delaware limited liability company; (iii) MCGP is a Delaware limited liability company; (iv) MCG is a Delaware limited partnership; (v) MCM is a Delaware limited partnership; (vi) Vaspen is a Delaware limited liability company; (vii) Maspen is a Delaware limited liability company; and (viii) Mr. Uppal is a United States 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:
(i) Vaspen is the beneficial owner of 1,457,508 shares of common stock, par value $0.01 per share (the "Common Stock"); (ii) Maspen is the beneficial owner of 1,727,674 shares of Common Stock; and (iii) each of Terra Capital, Terra REIT, MCGP, MCG, MCM and Mr. Uppal is the beneficial owner of 3,185,182 shares of Common Stock.
(b)
Percent of class:
(i) Vaspen - 2.5%; (ii) Maspen - 2.9%; and (iii) each of Terra Capital, Terra REIT, MCGP, MCG, MCM and Mr. Uppal - 5.4%. The ownership percentage of each Reporting Person has been calculated based on 58,577,948 shares of Common Stock outstanding as of July 20, 2026 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 21, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0 shares of Common Stock for each of the Reporting Persons
(ii) Shared power to vote or to direct the vote:
(i) 1,457,508 shares of Common Stock for Vaspen; (ii) 1,727,674 shares of Common Stock for Maspen; and (iii) 3,185,182 shares of Common Stock for each of Terra Capital, Terra REIT, MCGP, MCG, MCM and Mr. Uppal.
(iii) Sole power to dispose or to direct the disposition of:
0 shares of Common Stock for each of the Reporting Persons
(iv) Shared power to dispose or to direct the disposition of:
(i) 1,457,508 shares of Common Stock for Vaspen; (ii) 1,727,674 shares of Common Stock for Maspen; and (iii) 3,185,182 shares of Common Stock for each of Terra Capital, Terra REIT, MCGP, MCG, MCM and Mr. Uppal.
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.
Not Applicable
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.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
The shares of Common Stock reported herein are held directly by Vaspen and Maspen, each of which is managed by Terra REIT. Terra REIT is member managed and is a wholly-owned subsidiary of Terra Capital. Terra Capital is member managed and is a wholly-owned subsidiary of MCM. MCG is the general partner of MCM. MCGP is the general partner of MCG. Mr. Uppal is the majority member and Chief Executive Officer of MCGP. The Reporting Persons may be deemed to be members of a group with respect to the Common Stock owned of record by Vaspen and Maspen. Vaspen is the record owner of 1,457,508 shares of Common Stock and Maspen is the record owner of 1,727,674 shares of Common Stock.
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 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.
Terra Capital Partners, LLC
Signature:
/s/ Vikram S. Uppal
Name/Title:
Vikram S. Uppal, Chief Executive Officer
Date:
08/17/2026
Terra REIT Advisors, LLC
Signature:
/s/ Vikram S. Uppal
Name/Title:
Vikram S. Uppal, Chief Executive Officer
Date:
08/17/2026
Mavik Capital GP, LLC
Signature:
/s/ Vikram S. Uppal
Name/Title:
Vikram S. Uppal, Chief Executive Officer
Date:
08/17/2026
Mavik Capital Group, LP
Signature:
/s/ Vikram S. Uppal
Name/Title:
Vikram S. Uppal, Authorized Signatory
Date:
08/17/2026
Mavik Capital Management, LP
Signature:
/s/ Vikram S. Uppal
Name/Title:
Vikram S. Uppal, Authorized Signatory
Date:
08/17/2026
Vaspen MS I, LLC
Signature:
/s/ Vikram S. Uppal
Name/Title:
Vikram S. Uppal, Authorized Signatory
Date:
08/17/2026
Maspen MS I, LLC
Signature:
/s/ Vikram S. Uppal
Name/Title:
Vikram S. Uppal, Authorized Signatory
Date:
08/17/2026
Vikram S Uppal
Signature:
/s/ Vikram S. Uppal
Name/Title:
Vikram S. Uppal
Date:
08/17/2026
Exhibit Information
Exhibit 1 - Joint Filing Agreement Pursuant to Rule 13d-1(k)
