X0202 SCHEDULE 13G 0001798836 XXXXXXXX LIVE Common stock, par value $0.01 per share 08/10/2026 0001631596 KKR Real Estate Finance Trust Inc. 48251K100 30 Hudson Yards, Suite 7500 New York NY 10001 Rule 13d-1(c) Terra Capital Partners, LLC DE 0.00 3185182.00 0.00 3185182.00 3185182.00 N 5.4 OO Terra REIT Advisors, LLC DE 0.00 3185182.00 0.00 3185182.00 3185182.00 N 5.4 IA Mavik Capital GP, LLC DE 0.00 3185182.00 0.00 3185182.00 3185182.00 N 5.4 OO Mavik Capital Group, LP DE 0.00 3185182.00 0.00 3185182.00 3185182.00 N 5.4 PN Mavik Capital Management, LP DE 0.00 3185182.00 0.00 3185182.00 3185182.00 N 5.4 PN Vaspen MS I, LLC DE 0.00 1457508.00 0.00 1457508.00 1457508.00 N 2.5 OO Maspen MS I, LLC DE 0.00 1727674.00 0.00 1727674.00 1727674.00 N 2.9 OO Vikram S Uppal X1 0.00 3185182.00 0.00 3185182.00 3185182.00 N 5.4 IN KKR Real Estate Finance Trust Inc. 30 Hudson Yards, Suite 7500, New York, NY 10001 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"). The business address of each of the Reporting Persons is 205 West 28th Street, 12th Floor, New York, New York 10001. (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. Y (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. (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. 0 shares of Common Stock for each of the Reporting Persons (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. 0 shares of Common Stock for each of the Reporting Persons (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. Y Y Y N 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. Y N 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. Exhibit 1 - Joint Filing Agreement Pursuant to Rule 13d-1(k) Terra Capital Partners, LLC /s/ Vikram S. Uppal 08/17/2026 Terra REIT Advisors, LLC /s/ Vikram S. Uppal 08/17/2026 Mavik Capital GP, LLC /s/ Vikram S. Uppal 08/17/2026 Mavik Capital Group, LP /s/ Vikram S. Uppal 08/17/2026 Mavik Capital Management, LP /s/ Vikram S. Uppal 08/17/2026 Vaspen MS I, LLC /s/ Vikram S. Uppal 08/17/2026 Maspen MS I, LLC /s/ Vikram S. Uppal 08/17/2026 Vikram S Uppal /s/ Vikram S. Uppal 08/17/2026