KREF

SEC source: 0001140361-19-022993 · form4.xml · nonDerivative · entry 1

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 224,096.07

F1 · kind: Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2020.

SEC source: 0001140361-19-022995 · form4.xml · nonDerivative · entry 1

Mattson W Patrick · CIK 0001704723 · Chief Operating Off. and Secr

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 108,115

F1 · kind: Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2020.

SEC source: 0001140361-19-017918 · form4.xml · nonDerivative · entry 1

Nagaty Mostafa · CIK 0001736319 · CFO and Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,877

F1 · kind: Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

SEC source: 0001140361-19-017915 · form4.xml · nonDerivative · entry 1

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 149,096.07

F1 · kind: Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

SEC source: 0001140361-19-017919 · form4.xml · nonDerivative · entry 1

Salem Matthew A · CIK 0001704710 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 116,395

F1 · kind: Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

SEC source: 0001140361-19-017916 · form4.xml · nonDerivative · entry 1

Mattson W Patrick · CIK 0001704723 · Chief Operating Off. and Secr

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 63,115

F1 · kind: Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

SEC source: 0001140361-19-015224 · form4.xml · nonDerivative · entry 1

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 160,848.07

SEC source: 0001140361-19-015225 · form4.xml · nonDerivative · entry 1

Salem Matthew A · CIK 0001704710 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 127,209

F1 · price: This price represents the weighted average price per share of common stock of open market purchases of shares of common stock of KKR Real Estate Finance Trust Inc. (the "Issuer") that were executed at prices ranging from $18.84 to $18.855 per share. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares of common stock of the Issuer purchased at each price.

SEC source: 0001140361-19-008049 · form4.xml · nonDerivative · entry 1

MCANENY DEBORAH H · CIK 0001206273 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,159

F1 · kind: Represents a grant of restricted stock units, which will vest on April 26, 2020.

SEC source: 0001140361-19-008032 · form4.xml · nonDerivative · entry 1

ESTEVES IRENE M · CIK 0001191609 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,028

F1 · kind: Represents a grant of restricted stock units, which will vest on April 26, 2020.

SEC source: 0001140361-19-008039 · form4.xml · nonDerivative · entry 1

Langer Jonathan A · CIK 0001328582 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,659

F1 · kind: Represents a grant of restricted stock units, which will vest on April 26, 2020.

SEC source: 0001140361-19-008044 · form4.xml · nonDerivative · entry 1

Madoff Paula · CIK 0001737977 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,242

F1 · kind: Represents a grant of restricted stock units, which will vest on April 26, 2020.

SEC source: 0001140361-19-006429 · form4.xml · nonDerivative · entry 1

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 155,848.07

F1 · kind: Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

SEC source: 0001140361-19-006435 · form4.xml · nonDerivative · entry 1

Salem Matthew A · CIK 0001704710 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 114,209

F1 · kind: Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

SEC source: 0001140361-19-006431 · form4.xml · nonDerivative · entry 1

Mattson W Patrick · CIK 0001704723 · Chief Operating Off. and Secr

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 70,827

F1 · kind: Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

SEC source: 0001140361-18-045636 · form4.xml · nonDerivative · entry 1

Nagaty Mostafa · CIK 0001736319 · CFO and Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

F1 · kind: Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2019.

SEC source: 0001140361-18-045632 · form4.xml · nonDerivative · entry 1

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 161,453.071

F1 · kind: Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2019.

SEC source: 0001140361-18-045637 · form4.xml · nonDerivative · entry 1

Salem Matthew A · CIK 0001704710 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 119,758

F1 · kind: Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2019.

SEC source: 0001140361-18-045634 · form4.xml · nonDerivative · entry 1

Mattson W Patrick · CIK 0001704723 · Chief Operating Off. and Secr

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 73,544

F1 · kind: Represents a grant of restricted stock units which will vest in three equal annual installments beginning on October 1, 2019.

SEC source: 0001140361-18-044435 · form4.xml · nonDerivative · entry 3

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 5,000

F2 · ownership.nature: Held by the Reporting Person's children.

SEC source: 0001140361-18-044435 · form4.xml · nonDerivative · entry 2

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 3,000

F1 · ownership.nature: Held by the Reporting Person's spouse.

SEC source: 0001140361-18-044435 · form4.xml · nonDerivative · entry 1

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 95,203.071

SEC source: 0001140361-18-043392 · form4.xml · nonDerivative · entry 2

Tactical Value SPN-KREF Holdings L.P. · CIK 0001705139 · 10% owner

Tactical Value SPN-SPV GP LLC · CIK 0001705140 · 10% owner

KKR Tactical Value SPN L.P. · CIK 0001705146 · 10% owner

KKR Associates TV SPN L.P. · CIK 0001705147 · 10% owner

KKR TV SPN GP Ltd · CIK 0001705148 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 2,008,616

F2 · price: This amount represents the price per share of Common Stock of the Issuer sold by Tactical Value SPN-KREF Holdings L.P., a vehicle holding shares primarily for the benefit of a third party unaffiliated with KKR, to the underwriters in the Secondary Offering.

F4 · ownership.nature: Shares of Common Stock of the Issuer are held by Tactical Value SPN-KREF Holdings L.P. The general partner of Tactical Value SPN-KREF Holdings L.P. is Tactical Value SPN-SPV GP LLC, the sole member of which is KKR Tactical Value SPN L.P. ("TV SPN"). The general partner of TV SPN is KKR Associates TV SPN L.P., whose general partner is KKR TV SPN GP Limited, the sole shareholder of which is KKR Management Holdings L.P. The general partner of KKR Management Holdings L.P. is KKR Management Holdings Corp., the sole shareholder of which is KKR Group Holdings Corp.

F5 · ownership.nature: KKR & Co. Inc. is the sole shareholder of KKR Group Holdings Corp. KKR Management LLC is the controlling shareholder of KKR & Co. Inc. Henry R. Kravis and George R. Roberts are the designated members of KKR Management LLC.

F6 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0000904454-18-000757 · edgar.xml · nonDerivative · entry 1

MAKENA CAPITAL MANAGEMENT LLC · CIK 0001359262 · 10% owner

Makena U.S. Real Estate Master Fund B, L.P. · CIK 0001705306 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Makena U.S. Real Estate Master Fund B, L.P.

Disclosed balance after: 5,250,000

F1 · ownership.nature: The shares reported herein are held by Makena U.S. Real Estate Master Fund B, L.P. Makena Capital Management, LLC is the sole manager of Makena Capital Holdings B GP, LLC, which is the general partner of Makena U.S. Real Estate Master Fund B, L.P., and by virtue of this relationship Makena Capital Management, LLC may be deemed to indirectly beneficially own the securities held by Makena U.S. Real Estate Master Fund B, L.P.

SEC source: 0001140361-18-043393 · form4.xml · nonDerivative · entry 2

KKR Management Holdings L.P. · CIK 0001472693 · 10% owner

ROBERTS GEORGE R · CIK 0001081715 · 10% owner

KRAVIS HENRY R · CIK 0001081714 · 10% owner

KKR Management LLC · CIK 0001472694 · 10% owner

KKR & Co. Inc. · CIK 0001404912 · 10% owner

KKR Group Holdings Corp. · CIK 0001743754 · 10% owner

KKR Management Holdings Corp · CIK 0001472692 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 2,008,616

F2 · price: This amount represents the price per share of Common Stock of the Issuer sold by Tactical Value SPN-KREF Holdings L.P., a vehicle holding shares primarily for the benefit of a third party unaffiliated with KKR, to the underwriters in the Secondary Offering.

F4 · ownership.nature: Shares of Common Stock of the Issuer are held by Tactical Value SPN-KREF Holdings L.P. The general partner of Tactical Value SPN-KREF Holdings L.P. is Tactical Value SPN-SPV GP LLC, the sole member of which is KKR Tactical Value SPN L.P. ("TV SPN"). The general partner of TV SPN is KKR Associates TV SPN L.P., whose general partner is KKR TV SPN GP Limited, the sole shareholder of which is KKR Management Holdings L.P. The general partner of KKR Management Holdings L.P. is KKR Management Holdings Corp., the sole shareholder of which is KKR Group Holdings Corp.

F5 · ownership.nature: KKR & Co. Inc. is the sole shareholder of KKR Group Holdings Corp. KKR Management LLC is the controlling shareholder of KKR & Co. Inc. Henry R. Kravis and George R. Roberts are the designated members of KKR Management LLC.

F6 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001140361-18-035414 · form4.xml · nonDerivative · entry 1

MCANENY DEBORAH H · CIK 0001206273 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,951

F1 · kind: Represents a grant of restricted stock units, which will vest on August 2, 2019.

SEC source: 0001140361-18-035409 · form4.xml · nonDerivative · entry 1

ESTEVES IRENE M · CIK 0001191609 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,820

F1 · kind: Represents a grant of restricted stock units, which will vest on August 2, 2019.

SEC source: 0001140361-18-035412 · form4.xml · nonDerivative · entry 1

Langer Jonathan A · CIK 0001328582 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,451

F1 · kind: Represents a grant of restricted stock units, which will vest on August 2, 2019.

SEC source: 0001140361-18-035413 · form4.xml · nonDerivative · entry 1

Madoff Paula · CIK 0001737977 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,034

F1 · kind: Represents a grant of restricted stock units, which will vest on August 2, 2019.

SEC source: 0001140361-18-030996 · form4.xml · derivative · entry 3

KKR Group Ltd · CIK 0001472695 · 10% owner

KKR Group Holdings L.P. · CIK 0001472696 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 0

Underlying: Common Stock · 1 shares

Expires not disclosed

F1 · kind: Pursuant to an internal reorganization in connection with the conversion of KKR & Co. L.P., a Delaware limited partnership, into a Delaware corporation named KKR & Co. Inc., which became effective on July 1, 2018, KKR & Co. L.P. contributed all of its interests in two wholly-owned subsidiaries, KKR Group Holdings L.P. and KKR Group Limited, to a newly formed and wholly-owned subsidiary, KKR Group Holdings Corp., and KKR Group Holdings L.P. and KKR Group Limited were liquidated. KKR Group Holdings L.P. and KKR Group Limited are filing this "exit" Form 4 to report that they are no longer beneficial owners of securities of KKR Real Estate Finance Trust Inc. (the "Issuer"). KKR Group Holdings Corp. is separately filing a Form 3 to report beneficial ownership of Issuer securities in connection with the above reorganization. This internal reorganization did not involve any purchase or sale of securities of the Issuer.

F1 · price: Pursuant to an internal reorganization in connection with the conversion of KKR & Co. L.P., a Delaware limited partnership, into a Delaware corporation named KKR & Co. Inc., which became effective on July 1, 2018, KKR & Co. L.P. contributed all of its interests in two wholly-owned subsidiaries, KKR Group Holdings L.P. and KKR Group Limited, to a newly formed and wholly-owned subsidiary, KKR Group Holdings Corp., and KKR Group Holdings L.P. and KKR Group Limited were liquidated. KKR Group Holdings L.P. and KKR Group Limited are filing this "exit" Form 4 to report that they are no longer beneficial owners of securities of KKR Real Estate Finance Trust Inc. (the "Issuer"). KKR Group Holdings Corp. is separately filing a Form 3 to report beneficial ownership of Issuer securities in connection with the above reorganization. This internal reorganization did not involve any purchase or sale of securities of the Issuer.

F7 · derivative.exercise_date: The one share of Special Voting Preferred Stock of the Issuer gives KKR REFT Asset Holdings certain additional voting rights as more fully described in the Issuer's Registration Statement on Form S-11 (File No. 333-217126) and is convertible into one share of Common Stock of the Issuer upon the election of the holder.

F7 · derivative.expiration_date: The one share of Special Voting Preferred Stock of the Issuer gives KKR REFT Asset Holdings certain additional voting rights as more fully described in the Issuer's Registration Statement on Form S-11 (File No. 333-217126) and is convertible into one share of Common Stock of the Issuer upon the election of the holder.

F4 · ownership.nature: The one share of Special Voting Preferred Stock is held by KKR REFT Asset Holdings.

F5 · ownership.nature: KKR REFT Asset Holdings is owned by KKR Fund Holdings L.P. and KKR Financial Holdings LLC, whose common shares are wholly owned by KKR Fund Holdings L.P. KKR Fund Holdings GP Limited is a general partner of KKR Fund Holdings L.P.

F6 · ownership.nature: Prior to the reorganization, KKR Group Holdings L.P. was the general partner of KKR Fund Holdings L.P. and the sole shareholder of KKR Fund Holdings GP Limited and KKR Management Holdings Corp., and KKR Group Limited was the general partner of KKR Group Holdings L.P.

SEC source: 0001140361-18-030996 · form4.xml · nonDerivative · entry 2

KKR Group Ltd · CIK 0001472695 · 10% owner

KKR Group Holdings L.P. · CIK 0001472696 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 0

F1 · kind: Pursuant to an internal reorganization in connection with the conversion of KKR & Co. L.P., a Delaware limited partnership, into a Delaware corporation named KKR & Co. Inc., which became effective on July 1, 2018, KKR & Co. L.P. contributed all of its interests in two wholly-owned subsidiaries, KKR Group Holdings L.P. and KKR Group Limited, to a newly formed and wholly-owned subsidiary, KKR Group Holdings Corp., and KKR Group Holdings L.P. and KKR Group Limited were liquidated. KKR Group Holdings L.P. and KKR Group Limited are filing this "exit" Form 4 to report that they are no longer beneficial owners of securities of KKR Real Estate Finance Trust Inc. (the "Issuer"). KKR Group Holdings Corp. is separately filing a Form 3 to report beneficial ownership of Issuer securities in connection with the above reorganization. This internal reorganization did not involve any purchase or sale of securities of the Issuer.

F1 · price: Pursuant to an internal reorganization in connection with the conversion of KKR & Co. L.P., a Delaware limited partnership, into a Delaware corporation named KKR & Co. Inc., which became effective on July 1, 2018, KKR & Co. L.P. contributed all of its interests in two wholly-owned subsidiaries, KKR Group Holdings L.P. and KKR Group Limited, to a newly formed and wholly-owned subsidiary, KKR Group Holdings Corp., and KKR Group Holdings L.P. and KKR Group Limited were liquidated. KKR Group Holdings L.P. and KKR Group Limited are filing this "exit" Form 4 to report that they are no longer beneficial owners of securities of KKR Real Estate Finance Trust Inc. (the "Issuer"). KKR Group Holdings Corp. is separately filing a Form 3 to report beneficial ownership of Issuer securities in connection with the above reorganization. This internal reorganization did not involve any purchase or sale of securities of the Issuer.

F3 · ownership.nature: Shares of Common Stock of the Issuer are held by Tactical Value SPN-KREF Holdings L.P. The general partner of Tactical Value SPN-KREF Holdings L.P. is Tactical Value SPN-SPV GP LLC, the sole member of which is KKR Tactical Value SPN L.P. ("TV SPN"). The general partner of TV SPN is KKR Associates TV SPN L.P., whose general partner is KKR TV SPN GP Limited, the sole shareholder of which is KKR Management Holdings L.P. The general partner of KKR Management Holdings L.P. is KKR Management Holdings Corp.

F6 · ownership.nature: Prior to the reorganization, KKR Group Holdings L.P. was the general partner of KKR Fund Holdings L.P. and the sole shareholder of KKR Fund Holdings GP Limited and KKR Management Holdings Corp., and KKR Group Limited was the general partner of KKR Group Holdings L.P.

SEC source: 0001140361-18-030996 · form4.xml · nonDerivative · entry 1

KKR Group Ltd · CIK 0001472695 · 10% owner

KKR Group Holdings L.P. · CIK 0001472696 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 0

F1 · kind: Pursuant to an internal reorganization in connection with the conversion of KKR & Co. L.P., a Delaware limited partnership, into a Delaware corporation named KKR & Co. Inc., which became effective on July 1, 2018, KKR & Co. L.P. contributed all of its interests in two wholly-owned subsidiaries, KKR Group Holdings L.P. and KKR Group Limited, to a newly formed and wholly-owned subsidiary, KKR Group Holdings Corp., and KKR Group Holdings L.P. and KKR Group Limited were liquidated. KKR Group Holdings L.P. and KKR Group Limited are filing this "exit" Form 4 to report that they are no longer beneficial owners of securities of KKR Real Estate Finance Trust Inc. (the "Issuer"). KKR Group Holdings Corp. is separately filing a Form 3 to report beneficial ownership of Issuer securities in connection with the above reorganization. This internal reorganization did not involve any purchase or sale of securities of the Issuer.

F1 · price: Pursuant to an internal reorganization in connection with the conversion of KKR & Co. L.P., a Delaware limited partnership, into a Delaware corporation named KKR & Co. Inc., which became effective on July 1, 2018, KKR & Co. L.P. contributed all of its interests in two wholly-owned subsidiaries, KKR Group Holdings L.P. and KKR Group Limited, to a newly formed and wholly-owned subsidiary, KKR Group Holdings Corp., and KKR Group Holdings L.P. and KKR Group Limited were liquidated. KKR Group Holdings L.P. and KKR Group Limited are filing this "exit" Form 4 to report that they are no longer beneficial owners of securities of KKR Real Estate Finance Trust Inc. (the "Issuer"). KKR Group Holdings Corp. is separately filing a Form 3 to report beneficial ownership of Issuer securities in connection with the above reorganization. This internal reorganization did not involve any purchase or sale of securities of the Issuer.

F2 · ownership.nature: Shares of common stock ("Common Stock") of the Issuer are held by KKR REFT Holdings L.P. The general partner of KKR REFT Holdings L.P. is KKR REFT Holdings GP LLC, which is wholly owned by KKR REFT Asset Holdings LLC ("KKR REFT Asset Holdings").

F5 · ownership.nature: KKR REFT Asset Holdings is owned by KKR Fund Holdings L.P. and KKR Financial Holdings LLC, whose common shares are wholly owned by KKR Fund Holdings L.P. KKR Fund Holdings GP Limited is a general partner of KKR Fund Holdings L.P.

F6 · ownership.nature: Prior to the reorganization, KKR Group Holdings L.P. was the general partner of KKR Fund Holdings L.P. and the sole shareholder of KKR Fund Holdings GP Limited and KKR Management Holdings Corp., and KKR Group Limited was the general partner of KKR Group Holdings L.P.

SEC source: 0001140361-18-028266 · form4.xml · nonDerivative · entry 1

ESTEVES IRENE M · CIK 0001191609 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 411

F1 · kind: Represents a grant of restricted stock units, which will vest on June 11, 2019.

SEC source: 0001140361-18-024743 · form4.xml · nonDerivative · entry 1

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 90,203.071

SEC source: 0001140361-18-022311 · form4.xml · nonDerivative · entry 1

Madoff Paula · CIK 0001737977 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 625

F1 · kind: Represents a grant of restricted stock units, which will vest on May 4, 2019.

SEC source: 0001140361-18-016821 · form4.xml · nonDerivative · entry 1

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 88,203.071

F1 · kind: Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

SEC source: 0001140361-18-016832 · form4.xml · nonDerivative · entry 1

Salem Matthew A · CIK 0001704710 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,508

F1 · kind: Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

SEC source: 0001140361-18-016825 · form4.xml · nonDerivative · entry 1

Mattson W Patrick · CIK 0001704723 · Chief Operating Off. and Secr

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,294

F1 · kind: Reflects shares withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

SEC source: 0001140361-17-047245 · form4.xml · nonDerivative · entry 1

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 93,808.071

F1 · kind: Represents a grant of restricted stock units which will vest in three equal annual installments beginning on April 1, 2018.

SEC source: 0001140361-17-047242 · form4.xml · nonDerivative · entry 1

Salem Matthew A · CIK 0001704710 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 59,057

F1 · kind: Represents a grant of restricted stock units which will vest in three equal annual installments beginning on April 1, 2018.

SEC source: 0001140361-17-047251 · form4.xml · nonDerivative · entry 1

Mattson W Patrick · CIK 0001704723 · Chief Operating Off. and Secr

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,011

F1 · kind: Represents a grant of restricted stock units which will vest in three equal annual installments beginning on April 1, 2018.

SEC source: 0001140361-17-047248 · form4.xml · nonDerivative · entry 1

Miller William B · CIK 0001704980 · CFO and Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,500

F1 · kind: Represents a grant of restricted stock units which will vest in three equal annual installments beginning on April 1, 2018.

SEC source: 0001140361-17-043019 · form4.xml · nonDerivative · entry 3

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 49,808.071

F3 · price: This price represents the weighted average price per share of common stock of open market purchases of shares of common stock of the Issuer that were executed at prices ranging from $20.00 to $20.04 per share. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares of common stock of the Issuer purchased at each price.

SEC source: 0001140361-17-043019 · form4.xml · nonDerivative · entry 2

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 2,000

F2 · price: This price represents the weighted average price per share of common stock of open market purchases of shares of common stock of the Issuer that were executed at prices ranging from $19.91 to $20.00 per share. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares of common stock of the Issuer purchased at each price.

F4 · ownership.nature: Held by the Reporting Person's spouse.

SEC source: 0001140361-17-043019 · form4.xml · nonDerivative · entry 1

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 44,808.071

F1 · price: This price represents the weighted average price per share of common stock of open market purchases of shares of common stock of KKR Real Estate Finance Trust Inc. (the "Issuer") that were executed at prices ranging from $19.92 to $19.99 per share. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares of common stock of the Issuer purchased at each price.

SEC source: 0001140361-17-038685 · form4.xml · nonDerivative · entry 1

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,808.071

F1 · kind: Represents shares of common stock acquired pursuant to an automatic dividend reinvestment feature in the Reporting Person's brokerage account.

SEC source: 0001140361-17-032377 · form4.xml · nonDerivative · entry 3

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,557

F3 · price: This price represents the weighted average price per share of common stock of open market purchases of shares of common stock of the Issuer that were executed at prices ranging from $20.04 to $20.28 per share. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares of common stock of the Issuer purchased at each price.

SEC source: 0001140361-17-032377 · form4.xml · nonDerivative · entry 2

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 2,600

F2 · price: This price represents the weighted average price per share of common stock of open market purchases of shares of common stock of the Issuer that were executed at prices ranging from $19.87 to $19.89 per share. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares of common stock of the Issuer purchased at each price.

F4 · ownership.nature: Held by the Reporting Person's children.

SEC source: 0001140361-17-032377 · form4.xml · nonDerivative · entry 1

Lee Christen E.J. · CIK 0001704701 · Co-CEO and Co-President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,957

F1 · price: This price represents the weighted average price per share of common stock of open market purchases of shares of common stock of KKR Real Estate Finance Trust Inc. (the "Issuer") that were executed at prices ranging from $19.82 to $20.35 per share. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares of common stock of the Issuer purchased at each price.

SEC source: 0001140361-17-020170 · form4.xml · nonDerivative · entry 1

MCANENY DEBORAH H · CIK 0001206273 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,939