Exhibit 4.1

      

      INCORPORATED UNDER THE LAWS OF THE

      STATE OF MARYLAND

       

        

      	
              NUMBER

            	 	
              SHARES

            
	
              **    **

            	 	
              **     **

            
	 	 	 
	 	 	
              CUSIP 48251K 209

            
	 	
              SEE REVERSE FOR IMPORTANT NOTICE ON TRANSFER

              RESTRICTIONS AND OTHER INFORMATION

            


       

      

      KKR REAL ESTATE FINANCE TRUST INC.

       

      

      a Corporation

      Incorporated Under the Laws of the State of Maryland

       

        

      THIS CERTIFIES THAT **                        ** is the registered owner
            of **                       (          )** fully paid and non-assessable shares of 6.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series A Preferred Stock”), of

      

      

      KKR Real Estate Finance Trust Inc.

      (the “Corporation”), transferable on the books of the Corporation by the holder hereof in person or by its duly authorized attorney upon surrender of
        this Certificate properly endorsed. This Certificate and the shares represented hereby are issued and shall be held subject to all of the provisions of the charter and Bylaws of the Corporation and any amendments or supplements thereto. This
        Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar.

       

      

      IN WITNESS WHEREOF, the Corporation has caused this Certificate to be executed on its behalf by its duly authorized officers and its seal to be
        hereunder affixed this        day of          , 20   .

       

        

      	
              Countersigned and Registered:

            	 	 	
              (SEAL)

            
	 	Transfer Agent and Registrar	 	 President	 
	 	 	 	 	 
	
              By:

            	 	 	 	 
	 	
              Authorized Signature

            	 	
              Secretary

            	 


      

      

      
        
          


      

      IMPORTANT NOTICE

      CLASSES OF STOCK

       

      

      The Corporation is authorized to issue capital stock of more than one class or series, consisting of common stock and one or more classes or
        series of preferred stock. The Board of Directors is authorized to determine the preferences, limitations and relative rights of any class or series of preferred stock before the issuance of such class or series of preferred stock. The Corporation
        will furnish to any stockholder, on request and without charge, a full statement of the information required by Section 2-211(b) of the Corporations and Associations Article of the Annotated Code of Maryland with respect to the designations and any
        preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, and other distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation is authorized to
        issue and, if the Corporation is authorized to issue any preferred or special class in series, (i) the differences in the relative rights and preferences between the shares of each series to the extent they have been set, and (ii) the authority of
        the Board of Directors to set such rights and preferences of subsequent series. The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to the charter of the Corporation, a copy of which
        will be sent without charge to each stockholder who so requests.  Such request must be made to the Secretary of the Corporation at its principal office or to the Transfer Agent.

      

      

      RESTRICTIONS ON OWNERSHIP AND TRANSFER

       

      

      The shares represented by this certificate are subject to restrictions on Beneficial Ownership and Constructive Ownership and Transfer for the purpose, among others, of
        the Corporation’s maintenance of its status as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain further restrictions and except as expressly provided in the Corporation’s charter,
        (i) no Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own shares of Capital Stock in excess of the Stock Ownership Limit, and no Excepted Holder shall Beneficially Own or Constructively Own shares of Capital Stock
        in excess of the Excepted Holder Limit for such Excepted Holder; (ii) no Person shall Beneficially Own shares of Capital Stock to the extent that such Beneficial Ownership of Capital Stock would result in the Corporation being “closely held” within
        the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year); (iii) any Transfer of shares of Capital Stock that, if effective, would result in the Capital Stock being
        beneficially owned by less than one hundred (100) Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such shares of Capital Stock; (iv) no
        Person shall Beneficially Own or Constructively Own shares of Capital Stock to the extent such Beneficial Ownership or Constructive Ownership would cause the Corporation to Constructively Own ten percent (10%) or more of the ownership interests in
        a tenant (other than a TRS) of the Corporation’s real property within the meaning of Section 856(d)(2)(B) of the Code; and (v) no Person shall Beneficially Own or Constructively Own shares of Capital Stock to the extent that such Beneficial
        Ownership or Constructive Ownership would otherwise cause the Corporation to fail to qualify as a REIT under the Code.  Any Person who acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership of shares of Capital
        Stock which will or may cause a Person to Beneficially Own or Constructively Own shares of Capital Stock in excess or in violation of the above limitations must immediately give written notice to the Corporation of such event or, in the case of any
        attempted transaction, give at least fifteen (15) days prior written notice and must provide to the Corporation such other information as the Corporation may request in order to determine the effect, if any, of such Transfer on the Corporation’s
        status as a REIT. If any of the restrictions on transfer or ownership provided in (i), (ii), (iv), or (v) above are violated, the shares of Capital Stock in excess or in violation of the above limitations (rounded up to the nearest whole share)
        will be automatically transferred to a Charitable Trust for the benefit of a Charitable Beneficiary. In addition, the Corporation may redeem shares of Capital Stock if the Board of Directors determines that ownership or a Transfer or other event
        may violate the restrictions described above. Furthermore, if the transfer to the Charitable Trust described above would not be effective for any reason to prevent the violation of clauses (i), (ii), (iv) or (v), then the Transfer of that number of
        shares of Capital Stock that otherwise would cause any Person to violate such clauses shall be void ab initio. All capitalized terms in this legend have the meanings given to them in the charter of the Corporation, as the same may be amended from
        time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of shares of Capital Stock on request and without charge. Requests for such a copy may be directed to the Secretary of the
        Corporation at its principal office.

       

      

       

      
        
          


      

       

      KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN

      OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A

      CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

       

      

      The following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were written out in full according to
        applicable laws or regulations:

       

        

      	
              TEN COM -

            	
              as tenants in common

            	
              UNIF GIFT MIN ACT -                  Custodian

            
	
              TEN ENT -

            	
              as tenants by the entireties

            	
              Minor) under Uniform Gifts to Minors Act of              (State)

            
	
              JT TEN -

            	
              as joint tenants with right of survivorship and not as tenants in common

            	
              Additional abbreviations may also be used though not in the above list.

            


       

        

      	
              FOR VALUE RECEIVED,                                      HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO

            
	 
	
              (PLEASE INSERT NAME AND ADDRESS OF ASSIGNEE, INCLUDING ZIP CODE)

            
	 
	
              (PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE)

            


       

      

      (                ) Shares of Series A Preferred Stock of the Corporation represented by this Certificate, and does hereby irrevocably constitute and
        appoint attorney                                            to transfer the said shares on the books of the Corporation, with full power of substitution in the premises.

       

        

      	
              Dated

            	 	 	

            	

            


       

      

      
        
          


      

       

      

      	
              NOTICE:

            	
              THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
                  WRITTEN UPON THE FACE OF THIS CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER.