X0306 4 2020-12-17 0001631596 KKR Real Estate Finance Trust Inc. KREF 0001705139 Tactical Value SPN-KREF Holdings L.P. C/O KOHLBERG KRAVIS ROBERTS & CO. L.P. 9 WEST 57TH STREET, SUITE 4200 NEW YORK NY 10019 true 0001705140 Tactical Value SPN-SPV GP LLC C/O KOHLBERG KRAVIS ROBERTS & CO. L.P. 9 WEST 57TH STREET, SUITE 4200 NEW YORK NY 10019 true 0001705146 KKR Tactical Value SPN L.P. C/O KOHLBERG KRAVIS ROBERTS & CO. L.P. 9 WEST 57TH STREET, SUITE 4200 NEW YORK NY 10019 true 0001705147 KKR Associates TV SPN L.P. C/O KOHLBERG KRAVIS ROBERTS & CO. L.P. 9 WEST 57TH STREET, SUITE 4200 NEW YORK NY 10019 true 0001705148 KKR TV SPN GP Ltd C/O KOHLBERG KRAVIS ROBERTS & CO. L.P. 9 WEST 57TH STREET, SUITE 4200 NEW YORK NY 10019 true Common Stock 20000000 I See Footnotes Common Stock 2020-12-17 4 S 0 73619 18.54 D 1308792 I See Footnotes Common Stock 2020-12-18 4 S 0 13291 18.55 D 1295501 I See Footnotes Represents 20,000,000 shares of common stock ("Common Stock") of KKR Real Estate Finance Trust Inc. (the "Issuer") held by KKR REFT Holdings L.P. continuously since the initial public offering of the Issuer. KKR REFT Holdings L.P. did not sell any shares reported in this Form 4. As described below, this Form 4 is being filed to report the sale of shares by a vehicle holding shares primarily for the benefit of a third party unaffiliated with KKR. The price reported is a weighted average 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. These shares were sold in multiple transactions at prices ranging from $18.50 to $18.61, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported is a weighted average 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. These shares were sold in multiple transactions at prices ranging from $18.50 to $18.75, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. 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 LLC is owned by KKR Group Partnership L.P. and KKR Financial Holdings LLC, whose common shares are wholly owned by KKR Group Partnership L.P. The general partner of KKR Group Partnership L.P. is KKR Group Holdings Corp. 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., the general partner of which is KKR Associates TV SPN L.P. The general partner of KKR Associates TV SPN L.P. is KKR TV SPN GP Limited, the sole shareholder of which is KKR Group Partnership L.P. The general partner of KKR Group Partnership L.P. is KKR Group Holdings Corp. KKR & Co. Inc. is the sole shareholder of KKR Group Holdings Corp. KKR Management LLP is the Series I preferred stockholder of KKR & Co. Inc. Henry R. Kravis and George R. Roberts are the founding partners of KKR Management LLP. 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. Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed a separate Form 4. TACTICAL VALUE SPN-KREF HOLDINGS L.P. By: Tactical Value SPN-SPV GP LLC, its general partner By: /s/ Jeffrey B. Van Horn Name: Jeffrey B. Van Horn Title: Vice President 2020-12-21 TACTICAL VALUE SPN-SPV GP LLC By: /s/ Jeffrey B. Van Horn Name: Jeffrey B. Van Horn Title: Vice President 2020-12-21 KKR TACTICAL VALUE SPN L.P. By: KKR Associates TV SPN L.P., its general partner By: KKR TV SPN GP Limited, its general partner By: /s/ Jeffrey B. Van Horn Name: Jeffrey B. Van Horn Title: Director 2020-12-21 KKR ASSOCIATES TV SPN L.P. By: KKR TV SPN GP Limited, its general partne By: /s/ Jeffrey B. Van Horn Name: Jeffrey B. Van Horn Title: Director 2020-12-21 KKR TV SPN GP LIMITED By: /s/ Jeffrey B. Van Horn Name: Jeffrey B. Van Horn Title: Director 2020-12-21