# EDGAR Filing Document

**Accession Number:** 0001631596
**File Stem:** 0001140361-23-006060
**Filing Date:** 2023-2
**Character Count:** 44552
**Document Hash:** dc0a61edafc12cfa1554f258cad4554a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-006060.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001140361-23-006060

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230210

**GROUP MEMBERS**: GEORGE R. ROBERTS

**GROUP MEMBERS**: HENRY R. KRAVIS

**GROUP MEMBERS**: KKR & CO. INC.

**GROUP MEMBERS**: KKR FINANCIAL HOLDINGS LLC

**GROUP MEMBERS**: KKR GROUP CO. INC.

**GROUP MEMBERS**: KKR GROUP HOLDINGS CORP.

**GROUP MEMBERS**: KKR MANAGEMENT LLP

**GROUP MEMBERS**: KKR REFT ASSET HOLDINGS LLC

**GROUP MEMBERS**: KKR REFT HOLDINGS GP LLC

**GROUP MEMBERS**: KKR REFT HOLDINGS L.P.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR Real Estate Finance Trust Inc.
- **CENTRAL INDEX KEY:** 0001631596
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 472009094
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90236
- **FILM NUMBER:** 23613926

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **STREET 2:** SUITE 7500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-750-8300

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **STREET 2:** SUITE 7500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR Group Partnership L.P.
- **CENTRAL INDEX KEY:** 0001472698
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.
- **STREET 2:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-230-9742

**MAIL ADDRESS:**
- **STREET 1:** C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.
- **STREET 2:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KKR Fund Holdings L.P.
- **DATE OF NAME CHANGE:** 20090921

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### <br>

------

### SCHEDULE 13G

#### Under the Securities Exchange Act of 1934

#### (Amendment No. 5)\*

------

#### <br>

## KKR Real Estate Finance Trust Inc.

#### (Name of Issuer)

#### Common Stock, $0.01 par value per share

#### (Title of Class of Securities)

#### 48251K100

#### (CUSIP Number)

#### December 31, 2022

#### (Date of Event Which Requires Filing of this Statement)

#### <br>

------

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

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

&nbsp;&nbsp;&nbsp;&nbsp;☒ Rule 13d-1(d)

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

------

CUSIP No. 48251K100 13G

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | KKR REFT Holdings L.P. | KKR REFT Holdings L.P. |
| **1** | KKR REFT Holdings L.P. | KKR REFT Holdings L.P. |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Delaware | Delaware |
| **4** | Delaware | Delaware |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000000 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000000 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000000 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000000 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 10000000 | 10000000 |
| **9** | 10000000 | 10000000 |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 15.4% | 15.4% |
| **11** | 15.4% | 15.4% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | PN | PN |
| **12** | PN | PN |

---

------

CUSIP No. 48251K100 13G

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | KKR REFT Holdings GP LLC | KKR REFT Holdings GP LLC |
| **1** | KKR REFT Holdings GP LLC | KKR REFT Holdings GP LLC |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Delaware | Delaware |
| **4** | Delaware | Delaware |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000000 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000000 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000000 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000000 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 10000000 | 10000000 |
| **9** | 10000000 | 10000000 |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 15.4% | 15.4% |
| **11** | 15.4% | 15.4% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | OO | OO |
| **12** | OO | OO |

---

------

CUSIP No. 48251K100 13G

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | KKR REFT Asset Holdings LLC | KKR REFT Asset Holdings LLC |
| **1** | KKR REFT Asset Holdings LLC | KKR REFT Asset Holdings LLC |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Delaware | Delaware |
| **4** | Delaware | Delaware |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 10000001 | 10000001 |
| **9** | 10000001 | 10000001 |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 15.4% | 15.4% |
| **11** | 15.4% | 15.4% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | OO | OO |
| **12** | OO | OO |

---

------

CUSIP No. 48251K100 13G

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | KKR Financial Holdings LLC | KKR Financial Holdings LLC |
| **1** | KKR Financial Holdings LLC | KKR Financial Holdings LLC |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Delaware | Delaware |
| **4** | Delaware | Delaware |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 10000001 | 10000001 |
| **9** | 10000001 | 10000001 |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 15.4% | 15.4% |
| **11** | 15.4% | 15.4% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | OO | OO |
| **12** | OO | OO |

---

------

CUSIP No. 48251K100 13G

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | KKR Group Partnership L.P. | KKR Group Partnership L.P. |
| **1** | KKR Group Partnership L.P. | KKR Group Partnership L.P. |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Cayman Islands | Cayman Islands |
| **4** | Cayman Islands | Cayman Islands |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 10000001 | 10000001 |
| **9** | 10000001 | 10000001 |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 15.4% | 15.4% |
| **11** | 15.4% | 15.4% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | PN | PN |
| **12** | PN | PN |

---

------

CUSIP No. 48251K100 13G

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | KKR Group Holdings Corp. | KKR Group Holdings Corp. |
| **1** | KKR Group Holdings Corp. | KKR Group Holdings Corp. |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Delaware | Delaware |
| **4** | Delaware | Delaware |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 10000001 | 10000001 |
| **9** | 10000001 | 10000001 |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 15.4% | 15.4% |
| **11** | 15.4% | 15.4% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | CO | CO |
| **12** | CO | CO |

---

------

CUSIP No. 48251K100 13G

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | KKR Group Co. Inc. | KKR Group Co. Inc. |
| **1** | KKR Group Co. Inc. | KKR Group Co. Inc. |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Delaware | Delaware |
| **4** | Delaware | Delaware |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 10000001 | 10000001 |
| **9** | 10000001 | 10000001 |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 15.4% | 15.4% |
| **11** | 15.4% | 15.4% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | CO | CO |
| **12** | CO | CO |

---

------

CUSIP No. 48251K100 13G

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | KKR & Co. Inc. | KKR & Co. Inc. |
| **1** | KKR & Co. Inc. | KKR & Co. Inc. |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Delaware | Delaware |
| **4** | Delaware | Delaware |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 10000001 | 10000001 |
| **9** | 10000001 | 10000001 |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 15.4% | 15.4% |
| **11** | 15.4% | 15.4% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | CO | CO |
| **12** | CO | CO |

---

------

CUSIP No. 48251K100 13G

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | KKR Management LLP | KKR Management LLP |
| **1** | KKR Management LLP | KKR Management LLP |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Delaware | Delaware |
| **4** | Delaware | Delaware |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 10000001 | 10000001 |
| **9** | 10000001 | 10000001 |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 15.4% | 15.4% |
| **11** | 15.4% | 15.4% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | PN | PN |
| **12** | PN | PN |

---

------

CUSIP No. 48251K100 13G

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | Henry R. Kravis | Henry R. Kravis |
| **1** | Henry R. Kravis | Henry R. Kravis |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | United States | United States |
| **4** | United States | United States |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 10000001 |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 10000001 | 10000001 |
| **9** | 10000001 | 10000001 |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 15.4% | 15.4% |
| **11** | 15.4% | 15.4% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | IN | IN |
| **12** | IN | IN |

---

------

CUSIP No. 48251K100 13G

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | George R. Roberts | George R. Roberts |
| **1** | George R. Roberts | George R. Roberts |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | United States | United States |
| **4** | United States | United States |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 10000001 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 10000001 |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 10000001 | 10000001 |
| **9** | 10000001 | 10000001 |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 15.4% | 15.4% |
| **11** | 15.4% | 15.4% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | IN | IN |
| **12** | IN | IN |

---

------

#### STATEMENT ON SCHEDULE 13G

This is Amendment No. 5 to the Schedule 13G filed with the Securities and Exchange Commission on February 13, 2018, as amended on February 13, 2019, February 14, 2020, February 12, 2021 and February 10, 2022. Pursuant to Rule 13d-1(d) under the Securities Exchange Act of 1934, as amended (the "Act"), each of the persons listed below under Item 2 (each a "Reporting Person," and collectively the "Reporting Persons"), have agreed to file one statement with respect to their beneficial ownership of Common Stock, $0.01 par value per share ("Common Stock"), of KKR Real Estate Finance Trust Inc. (the "Issuer").

#### Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name of Issuer:

KKR Real Estate Finance Trust Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Address of Issuer's Principal Executive Offices:

30 Hudson Yards, Suite 7500, New York, NY 10001

#### Item 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name of Person Filing:

KKR REFT Holdings L.P. ("KKR REFT Holdings")

KKR REFT Holdings GP LLC ("KKR REFT Holdings GP")

KKR REFT Asset Holdings LLC ("KKR REFT Asset Holdings")

KKR Financial Holdings LLC ("KKR Financial Holdings")

KKR Group Partnership L.P. ("KKR Group Partnership")

KKR Group Holdings Corp. ("KKR Group Holdings")

KKR Group Co. Inc. ("KKR Group Co.")

KKR & Co. Inc. ("KKR & Co.")

KKR Management LLP ("KKR Management")

Henry R. Kravis

George R. Roberts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Address of Principal Business Office, or, if none, Residence:

The principal business office for all persons filing (other than George R. Roberts) is:

c/o Kohlberg Kravis Roberts & Co. L.P.

30 Hudson Yards

New York, NY 10001

The principal business office for George R. Roberts is:

c/o Kohlberg Kravis Roberts & Co. L.P.

2800 Sand Hill Road, Suite 200

Menlo Park, CA 94025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Citizenship:

See Item 4 of each cover page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Title of Class of Securities:

Common Stock, $0.01 par value per share.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) CUSIP Number:

48251K100

**Item 3.** **Not applicable.**<br>

**Item 4.** **Ownership.**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount beneficially owned:

The ownership percentages set forth below are based on 65,095,011 shares of Common Stock outstanding as of October 19, 2022, as reported in the Quarterly Report on Form 10-Q, filed by the Issuer with the Securities and Exchange Commission on October 24, 2022.

KKR REFT Holdings holds 10,000,000 shares of Common Stock of the Issuer, which represents 15.4% of the total number of shares of Common Stock outstanding. Each of KKR REFT Holdings GP (as the general partner of KKR REFT Holdings) and KKR REFT Asset Holdings (as the sole owner of KKR REFT Holdings GP) may also be deemed to be the beneficial owner of the shares of Common Stock beneficially owned by KKR REFT Holdings, but each disclaims beneficial ownership of such shares. KKR REFT Asset Holdings holds 1 share of Common Stock of the Issuer. KKR Financial Holdings (as an owner of KKR REFT Asset Holdings) may also be deemed to be the beneficial owner of the shares of Common Stock beneficially owned by KKR REFT Holdings and KKR REFT Asset Holdings, but disclaims beneficial ownership of such shares.

Each of KKR Group Partnership (as an owner of KKR REFT Asset Holdings and the sole owner of the common shares of KKR Financial Holdings); KKR Group Holdings (as the general partner of KKR Group Partnership); KKR Group Co. (as the sole shareholder of KKR Group Holdings); KKR & Co. (as the sole shareholder of KKR Group Co.) and KKR Management (as the Series I preferred stockholder of KKR & Co.) and Messrs. Henry R. Kravis and George R. Roberts (as the founding partners of KKR Management) may also be deemed to be the beneficial owner of the shares of Common Stock beneficially owned by KKR REFT Holdings and KKR REFT Asset Holdings, for an aggregate of 10,000,001 shares, or 15.4%, but each disclaims beneficial ownership of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Percent of class:

See Item 4(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Number of shares as to which the person has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sole power to vote or to direct the vote

See Item 5 of each cover page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Shared power to vote or to direct the vote

See Item 6 of each cover page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Sole power to dispose or to direct the disposition of

See Item 7 of each cover page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shared power to dispose or to direct the disposition of

See Item 8 of each cover page.

**Item 5.** **Ownership of Five Percent or Less of a Class.**<br>

------

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: ☐

**Item 6.** **Ownership of More than Five Percent on Behalf of Another Person.**<br>

See Item 4 above. To the best knowledge of the Reporting Persons, no one other than the Reporting Persons and the partners, members, affiliates and shareholders of the Reporting Persons has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, shares of Common Stock.

**Item 7.** **Identification and Classification of the Subsidiary Which Acquired the Security Being**<br>

#### Reported on By the Parent Holding Company or Control Person.

Not applicable.

**Item 8.** **Identification and Classification of Members of the Group.**<br>

Not applicable.

**Item 9.** **Notice of Dissolution of Group.**<br>

Not applicable.

**Item 10.** **Certifications.**<br>

Not applicable.

------

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

Dated: February 10, 2023

---

| | |
|:---|:---|
| **KKR REFT HOLDINGS L.P.** | **KKR REFT HOLDINGS L.P.** |
| By: KKR REFT Holdings GP LLC, its general partner | By: KKR REFT Holdings GP LLC, its general partner |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Attorney-in-fact for Robert H. Lewin, Chief |
|  | Financial Officer |
| **KKR REFT HOLDINGS GP LLC** | **KKR REFT HOLDINGS GP LLC** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Attorney-in-fact for Robert H. Lewin, Chief |
|  | Financial Officer |
| **KKR REFT ASSET HOLDINGS LLC** | **KKR REFT ASSET HOLDINGS LLC** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Attorney-in-fact for Robert H. Lewin, Chief |
|  | Financial Officer and Vice President |
| **KKR FINANCIAL HOLDINGS LLC** | **KKR FINANCIAL HOLDINGS LLC** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Attorney-in-fact for Robert H. Lewin, Chief |
|  | Executive Officer |
| **KKR GROUP PARTNERSHIP L.P.** | **KKR GROUP PARTNERSHIP L.P.** |
| By: KKR Group Holdings Corp., general partner | By: KKR Group Holdings Corp., general partner |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Assistant Secretary |

---

------

---

| | |
|:---|:---|
| **KKR GROUP HOLDINGS CORP.** | **KKR GROUP HOLDINGS CORP.** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Assistant Secretary |
| **KKR GROUP CO. INC.** | **KKR GROUP CO. INC.** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Assistant Secretary |
| **KKR & CO. INC.** | **KKR & CO. INC.** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Assistant Secretary |
| **KKR MANAGEMENT LLP** | **KKR MANAGEMENT LLP** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Assistant Secretary |
| **HENRY R. KRAVIS** | **HENRY R. KRAVIS** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Attorney-in-fact |
| **GEORGE R. ROBERTS** | **GEORGE R. ROBERTS** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Attorney-in-fact |

---

------

#### EXHIBITS

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | Title |
| 1 | Joint Filing Agreement |
| 2 | Power of Attorneys granted by Henry R. Kravis and George R. Roberts (previously filed with the Schedule 13G filed on February 13, 2018 and incorporated herein by reference) |
| 3 | Power of Attorney granted by Robert H. Lewin (previously filed with Amendment No. 2 to the Schedule 13G filed on February 14, 2020 and incorporated herein by reference) |

---

------

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Common Stock, $0.01 par value per share, of KKR Real Estate Finance Trust Inc. and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filing. In evidence thereof, the undersigned, being duly authorized, hereby execute this Joint Filing Agreement as of February 10, 2023.

---

| | |
|:---|:---|
| **KKR REFT HOLDINGS L.P.** | **KKR REFT HOLDINGS L.P.** |
| By: KKR REFT Holdings GP LLC, its general partner | By: KKR REFT Holdings GP LLC, its general partner |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Attorney-in-fact for Robert H. Lewin, Chief |
|  | Financial Officer |
| **KKR REFT HOLDINGS GP LLC** | **KKR REFT HOLDINGS GP LLC** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Attorney-in-fact for Robert H. Lewin, Chief |
|  | Financial Officer |
| **KKR REFT ASSET HOLDINGS LLC** | **KKR REFT ASSET HOLDINGS LLC** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Attorney-in-fact for Robert H. Lewin, Chief |
|  | Financial Officer and Vice President |
| **KKR FINANCIAL HOLDINGS LLC** | **KKR FINANCIAL HOLDINGS LLC** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Attorney-in-fact for Robert H. Lewin, Chief |
|  | Executive Officer |
| **KKR GROUP PARTNERSHIP L.P.** | **KKR GROUP PARTNERSHIP L.P.** |
| By: KKR Group Holdings Corp., general partner | By: KKR Group Holdings Corp., general partner |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Assistant Secretary |

---

------

---

| | |
|:---|:---|
| **KKR GROUP HOLDINGS CORP.** | **KKR GROUP HOLDINGS CORP.** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Assistant Secretary |
| **KKR GROUP CO. INC.** | **KKR GROUP CO. INC.** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Assistant Secretary |
| **KKR & CO. INC.** | **KKR & CO. INC.** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Assistant Secretary |
| **KKR MANAGEMENT LLP** | **KKR MANAGEMENT LLP** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Assistant Secretary |
| **HENRY R. KRAVIS** | **HENRY R. KRAVIS** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Attorney-in-fact |
| **GEORGE R. ROBERTS** | **GEORGE R. ROBERTS** |
| By: | <u>/s/ Christopher Lee</u> |
| Name: | Christopher Lee |
| Title: | Attorney-in-fact |

---

------