| Item 1. | |
| (a) | Name of issuer:
KKR Real Estate Finance Trust Inc. |
| (b) | Address of issuer's principal executive offices:
30 Hudson Yards, Suite 7500, New York, NY 10001 |
| Item 2. | |
| (a) | Name of person filing:
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"). |
| (b) | Address or principal business office or, if none, residence:
The business address of each of the Reporting Persons is 205 West 28th Street, 12th Floor, New York, New York 10001. |
| (c) | Citizenship:
(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. |
| (d) | Title of class of securities:
Common stock, par value $0.01 per share |
| (e) | CUSIP No.:
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| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) |  Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
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| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
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| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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| | |
| Item 4. | Ownership |
| (a) | Amount beneficially owned:
(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. |
| (b) | Percent of class:
(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. |
| (c) | Number of shares as to which the person has:
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| | (i) Sole power to vote or to direct the vote:
0 shares of Common Stock for each of the Reporting Persons
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| | (ii) Shared power to vote or to direct the vote:
(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.
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| | (iii) Sole power to dispose or to direct the disposition of:
0 shares of Common Stock for each of the Reporting Persons
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| | (iv) Shared power to dispose or to direct the disposition of:
(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.
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| Item 5. | Ownership of 5 Percent or Less of a Class. |
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Not Applicable
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| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
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Not Applicable
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| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
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Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. |
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If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
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. |
| Item 9. | Notice of Dissolution of Group. |
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Not Applicable
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Rule 13d-1(c)