KKR Real Estate Finance Trust (KREF) 10-Q 26 Jul 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 22, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-38082
Entity Registrant Name	KKR Real Estate Finance Trust Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-2009094
Entity Address, Address Line One	30 Hudson Yards,
Entity Address, Address Line Two	Suite 7500
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	750-8300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,637,480
Entity Central Index Key	0001631596
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	KREF
Security Exchange Name	NYSE
6.5% Series A Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	KREF PRA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents		$ 119,172	$ 110,832
Commercial real estate loans, held-for-investment		5,308,500	4,844,534
Less: Allowance for credit losses		(58,011)	(59,801)
Commercial real estate loans, held-for-investment, net		5,250,489	4,784,733
Equity method investments		33,773	33,651
Accrued interest receivable		15,752	15,412
Other assets	[1]	104,153	20,984
Total Assets		5,523,339	4,965,612
Liabilities
Secured financing agreements, net		2,996,564	2,574,747
Collateralized loan obligation, net		767,000	810,000
Secured term loan, net		287,418	288,028
Convertible notes, net		141,152	140,465
Loan participations sold, net		66,242	66,232
Dividends payable		24,348	24,287
Accrued interest payable		5,432	5,381
Due to affiliates		5,117	6,243
Accounts payable, accrued expenses and other liabilities	[2]	3,255	4,823
Total Liabilities		4,296,528	3,920,206
Commitments and Contingencies (Note 12)		0	0
Temporary Equity
Redeemable preferred stock		2,316	1,852
Permanent Equity
Common stock, $0.01 par value, 300,000,000 authorized (59,537,806 and 59,519,754 shares issued; 55,637,480 and 55,619,428 shares outstanding as of June 30, 2021 and December 31, 2020, respectively)		556	556
Additional paid-in capital		1,339,959	1,169,695
Accumulated deficit		(55,090)	(65,698)
Repurchased stock (3,900,326 shares repurchased as of June 30, 2021 and December 31, 2020)		(60,999)	(60,999)
Total KKR Real Estate Finance Trust Inc. stockholders’ equity		1,224,495	1,043,554
Total Permanent Equity		1,224,495	1,043,554
Total Liabilities and Equity		5,523,339	4,965,612
Voting Preferred Stock
Permanent Equity
Preferred stock, value issued		0	0
6.5% Series A Cumulative Redeemable Preferred Stock
Permanent Equity
Preferred stock, value issued		$ 69	$ 0
[1]	Includes $99.8 million of loan repayment proceeds held by the servicer, including $59.3 million receivable by the CLO and $40.5 million receivable by KREF, as of June 30, 2021. Includes $15.9 million of loan repayment proceeds held by the servicer and receivable by KREF as of December 31, 2020.
[2]	Includes $0.5 million and $0.9 million of expected loss reserve for unfunded loan commitments as of June 30, 2021 and December 31, 2020, respectively.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Common stock par value (usd per share)	$ 0.01	$ 0.01
Common stock authorized (shares)	300,000,000	300,000,000
Common stock issued (shares)	59,537,806	59,519,754
Common stock outstanding (shares)	55,637,480	55,619,428
Treasury stock, held (shares)	3,900,326	3,900,326
Loan repayment proceeds	$ 99.8	$ 15.9
Expected loss reserve for unfunded loan commitments	0.5	$ 0.9
Parent company
Loan repayment proceeds	40.5
Primary Beneficiary
Loan repayment proceeds	$ 59.3
Voting Preferred Stock
Preferred stock authorized (shares)	50,000,000	50,000,000
Preferred stock par value (usd per share)	$ 0.01	$ 0.01
Preferred stock issued (shares)	1	1
Preferred stock outstanding (shares)	1	1
6.5% Series A Cumulative Redeemable Preferred Stock
Preferred stock par value (usd per share)	$ 0.01
Preferred stock issued (shares)	6,900,000	0
Preferred stock outstanding (shares)	6,900,000	0
Preferred stock liquidation preference (usd per share)	$ 25

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Interest Income
Interest income	$ 67,149	$ 67,219	$ 131,915	$ 138,298
Interest expense	26,958	30,563	54,341	69,645
Total net interest income	40,191	36,656	77,574	68,653
Other Income
Income (loss) from equity method investments	1,256	297	2,346	(1,604)
Other income	100	196	166	556
Total other income (loss)	1,356	493	2,512	(1,048)
Operating Expenses
General and administrative	3,688	4,046	7,193	7,813
Provision for (reversal of) credit losses, net	(559)	(1,366)	(2,147)	53,908
Management fees to affiliate	4,835	4,218	9,125	8,517
Incentive compensation to affiliate	2,403	1,249	4,595	2,855
Total operating expenses	10,367	8,147	18,766	73,093
Income (Loss) Before Income Taxes, Preferred Dividends and Redemption Value Adjustment	31,180	29,002	61,320	(5,488)
Income tax expense	103	77	151	159
Net Income (Loss)	31,077	28,925	61,169	(5,647)
Preferred stock dividends and redemption value adjustment	1,813	335	2,721	927
Net Income (Loss) Attributable to Common Stockholders	$ 29,264	$ 28,590	$ 58,448	$ (6,574)
Net Income (Loss) Per Share of Common Stock
Basic (usd per share)	$ 0.53	$ 0.52	$ 1.05	$ (0.12)
Diluted (usd per share)	$ 0.52	$ 0.52	$ 1.05	$ (0.12)
Weighted Average Number of Shares of Common Stock Outstanding
Basic (shares)	55,632,322	55,491,937	55,625,911	56,419,332
Diluted (shares)	55,907,086	55,504,077	55,819,110	56,419,332
Dividends declared per share of common stock (usd per share)	$ 0.43	$ 0.43	$ 0.86	$ 0.86

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	6.5% Series A Cumulative Redeemable Preferred Stock	Redeemable Preferred Stock	Preferred Stock6.5% Series A Cumulative Redeemable Preferred Stock	Preferred StockVoting Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated DeficitCumulative effect adjustment upon adoption of ASU 2016-13	Repurchased Stock	Total KKR Real Estate Finance Trust Inc. Stockholders' Equity	Total KKR Real Estate Finance Trust Inc. Stockholders' EquityCumulative effect adjustment upon adoption of ASU 2016-13
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate201613Member
Ending balance (shares) at Dec. 31, 2019					1	57,486,583
Ending balance at Dec. 31, 2019					$ 0	$ 575	$ 1,165,995	$ (8,594)	$ (15,009)	$ (35,958)	$ 1,122,018	$ (15,009)
Ending balance at Dec. 31, 2019			$ 1,694
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared								(24,010)			(24,010)
Stock-based compensation							1,607				1,607
Adjustment of redeemable preferred stock to redemption value			414					(414)			(414)
Repurchase of common stock (shares)						(1,648,551)
Repurchase of common stock										(19,244)	(19,244)
Net income (loss)								(34,750)			(34,750)
Ending balance (shares) at Mar. 31, 2020					1	55,838,032
Ending balance at Mar. 31, 2020					$ 0	$ 575	1,167,602	(82,777)		(55,202)	1,030,198
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred dividends declared			(178)
Adjustment of redeemable preferred stock to redemption value			414					(414)			(414)
Net income (loss)			178
Ending balance at Mar. 31, 2020			2,108
Beginning balance (shares) at Dec. 31, 2019					1	57,486,583
Beginning balance at Dec. 31, 2019					$ 0	$ 575	1,165,995	(8,594)	$ (15,009)	(35,958)	1,122,018	$ (15,009)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared	$ (47,871)
Repurchase of common stock (shares)	(2,037,637)
Repurchase of common stock	$ (25,000)
Ending balance (shares) at Jun. 30, 2020					1	55,491,405
Ending balance at Jun. 30, 2020					$ 0	$ 555	1,168,720	(78,048)		(60,999)	1,030,228
Beginning balance at Dec. 31, 2019			1,694
Ending balance at Jun. 30, 2020			2,275
Beginning balance (shares) at Mar. 31, 2020					1	55,838,032
Beginning balance at Mar. 31, 2020					$ 0	$ 575	1,167,602	(82,777)		(55,202)	1,030,198
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared								(23,861)			(23,861)
Stock-based compensation (in shares)						42,459
Stock-based compensation							1,118				1,118
Adjustment of redeemable preferred stock to redemption value			167					(167)			(167)
Repurchase of common stock (shares)	(389,086)					(389,086)
Repurchase of common stock	$ (5,800)					$ (20)				(5,797)	(5,817)
Net income (loss)								28,757			28,757
Ending balance (shares) at Jun. 30, 2020					1	55,491,405
Ending balance at Jun. 30, 2020					$ 0	$ 555	1,168,720	(78,048)		(60,999)	1,030,228
Beginning balance at Mar. 31, 2020			2,108
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred dividends declared			(168)
Adjustment of redeemable preferred stock to redemption value			167					(167)			(167)
Net income (loss)			168
Ending balance at Jun. 30, 2020			2,275
Beginning balance (shares) at Dec. 31, 2020					1	55,619,428
Beginning balance at Dec. 31, 2020	1,043,554				$ 0	$ 556	1,169,695	(65,698)		(60,999)	1,043,554
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared								(23,916)			(23,916)
Stock-based compensation							1,994				1,994
Adjustment of redeemable preferred stock to redemption value			710					(710)			(710)
Net income (loss)								29,894			29,894
Ending balance (shares) at Mar. 31, 2021				0	1	55,619,428
Ending balance at Mar. 31, 2021				$ 0	$ 0	$ 556	1,171,689	(60,430)		(60,999)	1,050,816
Beginning balance at Dec. 31, 2020	1,852		1,852
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred dividends declared			(198)
Adjustment of redeemable preferred stock to redemption value			710					(710)			(710)
Net income (loss)			198
Ending balance at Mar. 31, 2021			2,562
Beginning balance (shares) at Dec. 31, 2020					1	55,619,428
Beginning balance at Dec. 31, 2020	1,043,554				$ 0	$ 556	1,169,695	(65,698)		(60,999)	1,043,554
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared	$ (47,840)
Repurchase of common stock (shares)	0
Series A preferred dividends declared		$ (1,838)
Ending balance (shares) at Jun. 30, 2021				6,900,000	1	55,637,480
Ending balance at Jun. 30, 2021	$ 1,224,495			$ 69	$ 0	$ 556	1,339,959	(55,090)		(60,999)	1,224,495
Beginning balance at Dec. 31, 2020	1,852		1,852
Ending balance at Jun. 30, 2021	$ 2,316		2,316
Beginning balance (shares) at Mar. 31, 2021				0	1	55,619,428
Beginning balance at Mar. 31, 2021				$ 0	$ 0	$ 556	1,171,689	(60,430)		(60,999)	1,050,816
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared								(23,924)			(23,924)
Stock-based compensation (in shares)						18,052
Stock-based compensation							1,993				1,993
Adjustment of redeemable preferred stock to redemption value			(246)					246			246
Repurchase of common stock (shares)	0
Issuance of Series A cumulative redeemable preferred stock (liquidation preference of $25.00 per share) (in shares)				6,900,000
Issuance of Series A cumulative redeemable preferred stock (liquidation preference of $25.00 per share)				$ 69			172,431				172,500
Offering costs							(6,154)				(6,154)
Series A preferred dividends declared								(1,838)			(1,838)
Net income (loss)								30,856			30,856
Ending balance (shares) at Jun. 30, 2021				6,900,000	1	55,637,480
Ending balance at Jun. 30, 2021	$ 1,224,495			$ 69	$ 0	$ 556	$ 1,339,959	(55,090)		$ (60,999)	1,224,495
Beginning balance at Mar. 31, 2021			2,562
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred dividends declared			(221)
Adjustment of redeemable preferred stock to redemption value			(246)					$ 246			$ 246
Net income (loss)			221
Ending balance at Jun. 30, 2021	$ 2,316		$ 2,316

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	Jun. 15, 2021	Mar. 15, 2021	Jun. 15, 2020	Mar. 16, 2020	Jun. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per share of common stock (usd per share)	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.86	$ 0.86
Dividends declared per share of preferred stock (usd per share)						$ 0.27

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities
Net income (loss)	$ 61,169	$ (5,647)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs and discounts	6,582	10,779
Accretion of net deferred loan fees and discounts	(9,200)	(8,423)
Payment-in-kind interest	(1,303)	(926)
Loss (Income) from equity method investments	(727)	3,362
Provision for (reversal of) credit losses, net	(2,147)	53,908
Stock-based compensation expense	3,987	2,981
Changes in operating assets and liabilities:
Accrued interest receivable, net	(996)	(555)
Other assets	(594)	(1,541)
Accrued interest payable	92	(2,410)
Accounts payable, accrued expenses and other liabilities	656	1,462
Due to affiliates	590	52
Net cash provided by (used in) operating activities	58,109	53,042
Cash Flows From Investing Activities
Proceeds from principal repayments and sale/syndication of commercial real estate loans, held-for-investment	514,490	233,972
Origination of commercial real estate loans, held-for-investment	(1,119,158)	(411,762)
Net cash provided by (used in) investing activities	(604,668)	(177,790)
Cash Flows From Financing Activities
Proceeds from borrowings under secured financing agreements	1,014,306	900,560
Proceeds from issuance of redeemable preferred stock	167,066	0
Payments of common stock dividends	(47,832)	(48,729)
Payments of preferred stock dividends	(2,204)	(429)
Principal repayments on borrowings under secured financing agreements	(572,503)	(636,735)
Payments of debt and collateralized debt obligation issuance costs	(1,806)	(3,774)
Payments of stock issuance costs	(408)	(157)
Payments to reacquire common stock	0	(25,061)
Tax withholding on stock-based compensation	(1,720)	(1,296)
Net cash provided by (used in) financing activities	554,899	184,379
Net Increase (Decrease) in Cash, Cash Equivalents	8,340	59,631
Cash, Cash Equivalents at Beginning of Period	110,832	67,619
Cash, Cash Equivalents at End of Period	119,172	127,250
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	46,296	61,785
Cash paid during the period for income taxes	409	0
Supplemental Schedule of Non-Cash Investing and Financing Activities
Loan principal payments held by servicer	167,057	0
Principal repayments on secured financing agreements on KREF's behalf by borrower	(67,259)	0
Dividend declared, not yet paid	$ 24,348	$ 24,097

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization KKR Real Estate Finance Trust Inc. (together with its consolidated subsidiaries, referred to throughout this report as the "Company", "KREF", "we", "us" and "our") is a Maryland corporation that was formed and commenced operations on October 2, 2014 as a mortgage real estate investment trust ("REIT") that focuses primarily on originating and acquiring transitional senior loans secured by commercial real estate ("CRE") assets. KREF has elected and intends to maintain its qualification to be taxed as a REIT under the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), for U.S. federal income tax purposes. As such, KREF will generally not be subject to U.S. federal income tax on that portion of its income that it distributes to stockholders if it distributes at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains. See Note 15 regarding taxes applicable to KREF. KREF is externally managed by KKR Real Estate Finance Manager LLC ("Manager"), an indirect subsidiary of KKR & Co. Inc. (together with its subsidiaries, "KKR"), through a management agreement ("Management Agreement") pursuant to which the Manager provides a management team and other professionals who are responsible for implementing KREF’s business strategy, subject to the supervision of KREF’s board of directors. For its services, the Manager is entitled to management fees and incentive compensation, both defined in, and in accordance with the terms of, the Management Agreement (Note 13). As of June 30, 2021, KKR beneficially owned 14,250,000 shares, or 25.6% of KREF's outstanding common stock . KREF's principal business activities are related to the origination and purchase of credit investments related to CRE. Management assesses the performance of KREF's current portfolio of leveraged and unleveraged commercial real estate loans and commercial mortgage-backed securities ("CMBS") as a whole and makes operating decisions accordingly. As a result, management presents KREF's operations within a single reporting segment.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation — The accompanying unaudited condensed consolidated financial statements and related notes of KREF are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and instructions to Form 10-Q. The condensed consolidated financial statements, including the accompanying notes, are unaudited and exclude some of the disclosures required in annual financial statements. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements have been condensed or omitted. The condensed consolidated financial statements include the accounts of KREF and its consolidated subsidiaries, and all intercompany transactions and balances have been eliminated. In the opinion of management, all adjustments considered necessary for a fair presentation of KREF’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with KREF's Annual Report on Form 10-K. Risks and Uncertainties — The outbreak of the coronavirus pandemic ("COVID-19") around the globe continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. During 2020, the COVID-19 pandemic created disruption in global supply chains, increased rates of unemployment and adversely impacted many industries, including industries related to the collateral underlying certain of our loans. The impact of the outbreak has been rapidly evolving around the globe, with several countries taking drastic measures to limit the spread of the virus by instituting quarantines or lockdowns, imposing travel restrictions and limiting operations of non-essential offices and retail centers. In 2021, the global economy has, with certain setbacks, begun reopening, and wider distribution of vaccines will likely encourage greater economic activity. Nevertheless, KREF is unable to predict how widely utilized the vaccines will be, whether they will be effective in preventing the spread of COVID-19 (including its variant strains), and when or if normal economic activity and business operations will resume. Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management makes subjective estimates to project cash flows KREF expects to receive on its investments in loans and securities as well as the related market discount rates, which significantly impacts the interest income, impairments, allowance for loan loss and fair values recorded or disclosed. The effects of COVID-19 may negatively and materially impact significant estimates and assumptions used by the Company including, but not limited to estimates of expected credit losses, valuation of our equity method investments and the fair value estimates of the Company’s assets and liabilities . Actual results could materially differ from those estimates. Consolidation — KREF consolidates those entities for which (i) it controls through either majority ownership or voting rights or (ii) management determines that KREF is the primary beneficiary of entities deemed to be variable interest entities ("VIEs"). Variable Interest Entities — VIEs are entities (i) in which equity investors do not have an interest with the characteristics of a controlling financial interest, (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or (iii) established with non-substantive voting rights. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party that has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and that has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could be potentially significant to the VIE (Note 9). To assess whether KREF has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, KREF considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power to direct those activities. To assess whether KREF has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE, KREF considers all of its economic interests and applies judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Collateralized Loan Obligation — KREF consolidates a collateralized loan obligation that closed in November 2018 (“KREF 2018-FL1” or “CLO”) (Note 5). Management determined that KREF 2018-FL1 Ltd. and KREF 2018-FL1 LLC (the "CLO Issuers"), wholly-owned subsidiaries of KREF, were VIEs and that KREF was the primary beneficiary. KREF is the primary beneficiary of the VIEs since it has the ability to control the most significant activities of the CLO Issuers through ownership of non-investment grade rated subordinated controlling tranches, has the obligation to absorb losses, and the right to receive benefits, that could potentially be significant to these entities. As a result, KREF consolidates the CLO Issuers. The collateral assets of the CLO, comprised of a pool of loan participations are included in “Commercial real estate loans, held-for-investment, net” on the Condensed Consolidated Balance Sheets. The liabilities of KREF's consolidated CLO Issuers consist solely of obligations to the senior CLO noteholders, excluding subordinated CLO tranches held by KREF as such interests are eliminated in consolidation, are presented in “Collateralized loan obligation, net” on the Condensed Consolidated Balance Sheets. The collateral assets of the CLO can only be used to settle the obligations of the consolidated CLO. The interest income from the CLO collateral assets and the interest expense on the CLO liabilities are presented on a gross basis in “Interest income” and “Interest expense”, respectively, in KREF's Condensed Consolidated Statements of Income. Temporary Equity — KREF's Special Non-Voting Preferred Stock (“SNVPS”) became redeemable in the second quarter of 2018. As a result, starting with the second quarter of 2018, KREF adjusts the carrying value of the SN VPS to its redemption value quarterly. Accordingly, KREF adjusted the carrying value of the SNVPS to its redemption value of $2.3 million as of June 30, 2021, and recorded a ($0.2) million and $0.5 million non-cash redemption value adjustment to the SNVPS (“SNVPS Redemption Value Adjustment”) during the three and six months ended June 30, 2021, respectively. The SNVPS Redemption Value Adjustment is treated similar to a dividend on preferred st ock for GAAP purposes and therefore is deducted from (or added back to) “Net Income (Loss)” to arrive at “Net Income (Loss) Attributable to Common Stockholders” on KREF's Condensed Consolidated Statements of Income. Equity method investments — Investments are accounted for under the equity method when KREF has significant influence over the operations of an investee but does not consolidate that investment. Equity method investments, for which management has not elected a fair value option, are initially recorded at cost and subsequently adjusted for KREF's share of net income or loss and cash contributions and distributions each period. Management determined that KREF's investment in the Manager is an interest in a VIE, however KREF is not the primary beneficiary. KREF does not have substantive participating or kick-out rights nor the power to direct activities and the obligation to absorb losses of the Manager that could be significant to the Manager. KREF accounts for its investment in the Manager using the equity method (Note 9). Management determined that KREF's investment in an aggregator vehicle alongside KKR Real Estate Credit Opportunity Partners L.P. ("RECOP I ") is an interest in a VIE, however KREF is not the primary beneficiary and does not have substantive participating or kick-out rights. KREF records its share of net asset value in RECOP I in “Equity method investments” on its Condensed Consolidated Balance Sheets and its share of unrealized gains or losses in “Income from equity method investments” in its Condensed Consolidated Statements of Income. Management elected the fair value option for KREF's investment in RECOP I. KREF classifies distributions received from equity method investees using the cumulative earnings approach. Distributions received up to the cumulative earnings from each equity method investee are considered returns on investment and presented within “Cash Flows from Operating Activities” in the Condensed Consolidated Statements of Cash Flows; excess distributions received are considered returns of investment and presented within “Cash Flows from Investing Activities” in the Condensed Consolidated Statements of Cash Flows. Fair Value — GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 - Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. KREF follows this hierarchy for its financial instruments. The classifications are based on the lowest level of input that is significant to the fair value measurement. Valuation Process — The Manager reviews the valuation of Level 3 financial instruments as part of KKR's quarterly process. As of June 30, 2021, KKR’s valuation process for Level 3 measurements, as described below, subjected valuations to the review and oversight of various committees. KKR has a global valuation committee assisted by the asset class-specific valuation committees, including a real estate valuation committee that reviews and approves all preliminary Level 3 valuations for real estate assets, including the financial instruments held by KREF. The global valuation committee is responsible for coordinating and implementing KKR’s valuation process to ensure consistency in the application of valuation principles across portfolio investments and between periods. All Level 3 valuations are also subject to approval by the global valuation committee. Valuation of Commercial Real Estate Loans and Participation Sold — Management generally considers KREF's commercial real estate loans Level 3 assets in the fair value hierarchy as such assets are illiquid, structured investments that are specific to the sponsor, underlying property and its operating performance (Note 14). On a quarterly basis, management engages an independent valuation firm to estimate the fair value of each loan categorized as a Level 3 asset. Management reviews the quarterly loan valuation estimates provided by the independent valuation firm. These loans are generally valued using a discounted cash flow model using discount rates derived from observable market data applied to the capital structure of the respective sponsor and/or estimated property value. In the event that management's estimate of fair value differs from the fair value estimate provided by the independent valuation firm, KREF ultimately relies solely upon the valuation prepared by the investment personnel of the Manager. Valuation of CLO Consolidated VIEs — Management estimates the fair value of the CLO liabilities using prices obtained from an independent valuation firm. If prices received from the independent valuation firm are inconsistent with values determined in connection with management’s independent review, management makes inquiries to the independent valuation firm about the prices received and related methods. In the event management determines the price obtained from an independent valuation firm to be unreliable or inaccurate representation of the fair value of the CLO liabilities (based on considerations given to observable market data), management then compiles evidence independently and presents the independent valuation firm with such evidence supporting a different value. As a result, the independent valuation firm may revise their price after evaluating any additional evidence. However, if management continues to disagree with the price from the independent valuation firm, in light of evidence that management compiled independently and believes to be compelling, valuations are then prepared using inputs based on non-binding broker quotes obtained from independent, well-known, major financial brokers that are CLO market makers. In validating any non-binding broker quote used in this circumstance, management compares the non-binding quote to the observable market data points in addition to understanding the valuation methodologies used by the market makers. These market participants may utilize a similar methodology as the independent valuation firm to value the CLO liabilities, with the key input of expected yield determined independently based on both observable and unobservable factors. To avoid reliance on any single broker-dealer, management receives a minimum of two non-binding quotes, of which the average is used. Other Valuation Matters — For Level 3 financial assets originated, or otherwise acquired, and financial liabilities assumed during the current calendar quarter that were conducted in an orderly transaction with an unrelated party, management generally believes that the transaction price provides the most observable indication of fair value given the illiquid nature of these financial instruments, unless management is aware of any circumstances that may cause a material change in the fair value through the remainder of the quarterly reporting period. For instance, significant changes to the underlying property or its planned operations may cause material changes in the fair value of commercial real estate loans acquired, or originated, by KREF. KREF’s determination of fair value is based upon the best information available for a given circumstance and may incorporate assumptions that are management’s best estimates after consideration of a variety of internal and external factors. When an independent valuation firm expresses an opinion on the fair value of a financial instrument in the form of a range, management selects a value within the range provided by the independent valuation firm, generally the midpoint, to assess the reasonableness of management’s estimated fair value for that financial instrument. See Note 14 for additional information regarding the valuation of KREF's financial assets and liabilities. Sales of Financial Assets and Financing Agreements — KREF will, from time to time, transfer loans, securities and other assets as well as finance assets in the form of secured borrowings. In each case, management evaluates whether the transaction constitutes a sale through legal isolation of the transferred financial asset from KREF, the ability of the transferee to pledge or exchange the transferred asset without constraint and the transfer of control of the transferred asset. For transfers that constitute sales, KREF (i) recognizes the financial assets it retains and liabilities it has incurred, if any, (ii) derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished and (iii) recognizes a realized gain, or loss, based upon the excess, or deficient, proceeds received over the carrying value of the transferred asset. KREF does not recognize a gain, or loss, on interests retained, if any, where management elected the fair value option prior to sale. Balance Sheet Measurement Cash and Cash Equivalents and Restricted Cash — KREF considers cash equivalents as highly liquid short-term investments with maturities of 90 days or less when purchased. Substantially all amounts on deposit with major financial institutions exceed insured limits. KREF must maintain sufficient cash and cash equivalents to satisfy liquidity covenants related to its secured financing agreements. However, such amounts are not restricted from use in KREF's current operations, and KREF does not present these cash and cash equivalents as restricted. As of June 30, 2021 and December 31, 2020, KREF was required to maintain unrestricted cash and cash equivalents of at least $47.2 million and $42.6 million, respectively, to satisfy its liquidity covenants (Note 4). Commercial Real Estate Loans Held-For-Investment and Allowance for Credit Losses — KREF recognizes its investments in commercial real estate loans based on management's intent, and KREF's ability, to hold those investments through their contractual maturity. Management classifies those loans that management does not intend to sell in the foreseeable future, and KREF is able to hold until maturity, as held-for-investment. Loans that are held-for-investment are carried at their aggregate outstanding principal, net of applicable (i) unamortized origination or acquisition premiums and discounts, (ii) unamortized deferred nonrefundable fees and other direct loan origination costs, and (iii) allowance for credit losses, net of write-offs of impaired loans . If a loan is determined to be impaired, management writes off the loan through a charge to the "Allowance for credit losses" and respective loan balance. KREF applies the interest method to amortize origination or acquisition premiums and discounts and deferred nonrefundable fees or other direct loan origination costs, or on a straight-line basis when it approximates the interest method. Loans for which management elects the fair value option at the time of origination, or acquisition, are carried at fair value on a recurring basis (Note 3). On January 1, 2020, KREF adopted ASU No. 2016-13, Financial Instruments-Credit Losses , and subsequent amendments (“ASU 2016-13”), which replaced the incurred loss methodology with an expected loss model known as the Current Expected Credit Loss ("CECL") model. CECL amended the previous credit loss model to reflect a reporting entity's current estimate of all expected credit losses, not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, and off-balance sheet credit exposures such as unfunded loan commitments. The allowance for credit losses required under ASU 2016-13 is deducted from the respective loans’ amortized cost basis on KREF's Condensed Consolidated Balance Sheets. The allowance for credit losses attributed to unfunded loan commitments is included in “Accounts payable, accrued expenses and other liabilities” on the Condensed Consolidated Balance Sheets. The guidance also required a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. In connection with KREF’s adoption of ASU 2016-13, KREF implemented new processes including the utilization of loan loss forecasting models, updates to KREF's reserve policy documentation, changes to internal reporting processes and related internal controls. KREF has implemented loan loss forecasting models for estimating expected life-time credit losses, at the individual loan level, for its commercial real estate loan portfolio. The CECL forecasting methods used by KREF include (i) a probability of default and loss given default method using underlying third-party CMBS/CRE loan database with historical loan losses from 1998 to 2021 and (ii) probability weighted expected cash flow method, depending on the type of loan and the availability of relevant historical market loan loss data. KREF might use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. KREF estimates the CECL allowance for its loan portfolio, including unfunded loan commitments, at the individual loan level. Significant inputs to KREF’s forecasting methods include (i) key loan-specific inputs such as loan-to-value ("LTV"), vintage year, loan-term, underlying property type, geographic location, and expected timing and amount of future loan fundings, (ii) performance against the underwritten business plan and KREF's internal loan risk rating and (iii) a macro-economic forecast. These estimates may change in future periods based on available future macro-economic data and might result in a material change in the KREF’s future estimates of expected credit losses for its loan portfolio. KREF considers the individual loan internal risk rating as the primary credit quality indicator underlying the CECL assessment. In certain instances, KREF considers relevant loan-specific qualitative factors to certain loans to estimate its CECL allowance. KREF considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that KREF determines that foreclosure of the collateral is probable, KREF measures the expected losses based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that KREF determines foreclosure is not probable, KREF applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and t he amortized cost basis of the loan. See " Expense Recognition — Commercial Real Estate Loans, Held-For-Investment " for additional discussion regarding management’s determination for loan losses. Commercial Real Estate Loans Held-For-Sale — Loans that KREF originates or acquires, which KREF is unable to hold, or management intends to sell or otherwise dispose of, in the foreseeable future are classified as held-for-sale and are carried at the lower of amortized cost or fair value. Secured Financing Agreements — KREF's secured financing agreements, including uncommitted repurchase facilities, term lending agreement, warehouse facility, asset specific financings and term loan financings, are treated as floating-rate collateralized financing arrangements carried at their contractual amounts, net of unamortized debt issuance costs (Note 4). Included within KREF's secured financing agreements is KREF's corporate revolving credit facility ("Revolver"), which is full recourse to certain guarantor wholly-owned subsidiaries of KREF. Secured Term Loan, Net — KREF records its secured term loan at its contractual amount, net of unamortized original issuance discount and deferred financing costs (Note 6) on its Condensed Consolidated Balance Sheets. Any original issuance discount or deferred financing costs are amortized through the maturity date of the secured term loan as additional non-cash interest expense. Convertible Notes, Net — KREF accounts for its convertible debt with a cash conversion feature in accordance with ASC 470-20 Debt with Conversion and Other Options, which requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. KREF measured the estimated fair value of the debt component of the 6.125% convertible senior notes due May 15, 2023 (“Convertible Notes”) as of the issuance date based on KREF’s nonconvertible debt borrowing rate. The equity component of the Convertible Notes is reflected within "Additional Paid-in Capital" on the Condensed Consolidated Balance Sheets, and the resulting debt discount is amortized over the period during which such Convertible Notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense using the interest method, or on a straight line basis when it approximates the interest method. The additional non-cash interest expense attributable to such convertible notes will increase in subsequent periods through the maturity date as the notes accrete to their par value over the same period (Note 7). Loan Participations Sold, Net — In connection with its investments in CRE loans, KREF finances certain investments through the syndication of non-recourse, or limited-recourse, loan participation to unaffiliated third parties. KREF’s presentation of the senior loan and related financing involved in the syndication depends upon whether the transaction is recognized as a sale under GAAP, though such differences in presentation do not generally impact KREF’s net stockholders’ equity or net income aside from timing differences in the recognition of certain transaction costs. To the extent that a sale is recognized under GAAP from the syndication, KREF derecognizes the participation in the senior/whole loan that KREF sold and continues to carry the retained portion of the loan as an investment. While KREF does not generally expect to recognize a material gain or loss on these sales, KREF would realize a gain or loss in an amount equal to the difference between the net proceeds received from the third party purchaser and its carrying value of the loan participation that KREF sold at time of sale. Furthermore, KREF recognizes interest income only on the portion of the loan that it retains as a result of the sale. To the extent that a sale is not recognized under GAAP from the syndication, KREF does not derecognize the participation in the senior/whole loan that it sold. Instead, KREF recognizes a loan participation sold liability in an amount equal to the principal of the loan participation syndicated less any unamortized discounts or financing costs resulting from the syndication. KREF continues to recognize interest income on the entire senior loan, including the interest attributable to the loan participation sold, as well as interest expense on the loan participation sold liability (Note 8). Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities — As of June 30, 2021, other assets include d $99.8 million of loan re payment proceeds held by the servicer, $2.1 million of deferred financing costs related to KREF's Revolver (Note 4) and $0.8 million of prepaid expenses. As of December 31, 2020, other assets included $15.9 million of loan repayment proceeds held by the servicer and receivable by KREF , $2.5 million of deferred financing costs related to KREF's Revolver and $0.5 million of prepaid expenses. As of June 30, 2021, accounts payable, accrued expenses and other liabilities consisted of $1.8 million of accrued expenses, $0.5 million of allowance for credit losses related to KREF's unfunded loan commitments and $1.0 million of good faith deposits. As of December 31, 2020, accounts payable, accrued expenses and other liabilities consisted of $3.1 million of accrued expenses, $0.9 million of al lowance for credit losses related to KREF's unfunded loan commitments and $0.8 million of good faith deposits. Dividends Payable — K REF records dividends payable on its common stock and preferred stock upon declaration of such d ividends. In June 2021, KREF's board of directors declared a dividend of $0.43 per share of common stock to shareholders of record as of June 30, 2021, which was accrued in “Dividends payable” on KREF’s Condensed Consolidated Balance Sheet as of June 30, 2021 and was subsequently paid on July 15, 2021. In April 2021, KREF's board of directors declared a dividend of $0.27 per each issued and outstanding share of the Company’s 6.50% Series A Cumulative Redeemable Preferred Stock, which represents an annual dividend of $1.625 per share. The dividend was paid on June 15, 2021 to KREF’s preferred stockholders of record as of May 31, 2021. Special Non-Voting Preferred Stock — Equity instruments that are redeemable for cash or other assets are classified as temporary equity if the instrument is redeemable, at the option of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely within the control of the issuer. Redeemable equity instruments are initially carried at the fair value of the equity instrument at the issuance date, which is subsequently adjusted at each balance sheet date if the instrument is currently redeemable or probable of becoming redeemable. KREF accounted for the SNVPS as redeemable preferred stock since a third party holds a redemption option, exercisable after May 5, 2018, and such redemption is not solely within KREF's control. As a result, starting with the second quarter of 2018, KREF adjusts the carrying value of the SNVPS to its redemption value quarterly. Accordingly, KREF adjusted the carrying value of the SNVPS to its redemption value of $2.3 million as of June 30, 2021, and record ed a ($0.2) million and $0.5 million non -cash SNVPS Redemption Value Adjustment during the three and six months ended June 30, 2021, respectively. Repurchased Stock — KREF accounts for repurchases of its common stock based on the settlement date and presents repurchased stock in “Repurchased stock” on its Condensed Consolidated Balance Sheets (Note 10). Payments for stock repurchases that are not yet settled as of the reporting date are presented within “Other assets” on the Condensed Consolidated Balance Sheets. As of June 30, 2021, KREF did not retire any repurchased stock. Income Recognition Interest Income — Loans where management expects to collect all contractually required principal and interest payments are considered performing loans. KREF accrues interest income on performing loans based on the outstanding principal amount and contractual terms of the loan. Interest income also includes origination fees, direct loan origination costs and related exit fees for loans that KREF originates, but where management did not elect the fair value option, as a yield adjustment using the interest method over the loan term, or on a straight line basis when it approximates the interest method. KREF expenses origination fees and direct loan origination costs for loans acquired, but not originated, by KREF as well as loans for which management elected the fair value option, as incurred. Other Income — KREF recognizes interest income earned on its cash balances and miscellaneous fee income in “Other income” on its Condensed Consolidated Statements of Income. Realized Gain (Loss) on Sale of Investments — KREF recognizes the excess, or deficiency, of net proceeds received, less the net carrying value of such investments, as realized gains or losses, respectively. KREF reverses cumulative, unrealized gains or losses previously reported in its Condensed Consolid

Commercial Real Estate Loans

Commercial Real Estate Loans	6 Months Ended
	Jun. 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Commercial Real Estate Loans	Commercial Real Estate Loans The following table summarizes KREF's investments in commercial real estate loans as of June 30, 2021 and December 31, 2020: Weighted Average Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % (C) Coupon (C) Life (Years) (D) June 30, 2021 Loans held-for-investment Senior loans (E) $ 5,224,467 $ 5,200,619 $ 5,143,599 44 100.0 % 4.6 % 3.1 Mezzanine and other loans (F) 113,332 107,881 106,890 5 95.1 11.1 4.3 $ 5,337,799 $ 5,308,500 $ 5,250,489 49 99.9 % 4.7 % 3.1 December 31, 2020 Loans held-for-investment Senior loans (E) $ 4,779,367 $ 4,759,624 $ 4,701,268 38 100.0 % 4.7 % 3.3 Mezzanine and other loans (F) 90,329 84,910 83,465 4 93.9 12.6 4.6 $ 4,869,696 $ 4,844,534 $ 4,784,733 42 99.9 % 4.9 % 3.3 (A) Amortized cost represents the outstanding principal of loan, net of applicable unamortized discounts, loan origination fees and write-off on uncollectable loan balances. (B) Carrying value represents the amortized cost of loan, net of applicable allowance for credit losses. (C) Average weighted by outstanding principal of loan. Weighted average coupon assumes the greater of applicable one-month LIBOR rates of 0.10% and 0.14% as of June 30, 2021 and December 31, 2020, respectively, or the applicable contractual LIBOR floor. (D) The weighted average life of each loan is based on the expected timing of the receipt of contractual principal repayments assuming all extension options are exercised by the borrower. (E) Senior loans may include accommodation mezzanine loans in connection with the senior mortgage financing. Also, includes vertical loan participations sold with a princi pal and a carrying value of $66.2 million as of June 30, 2021 and December 31, 2020. Includes CLO loan participations of $897.7 million and $1.0 billion a s of June 30, 2021 and December 31, 2020, respectively. (F) Includes one real estate corporate loan to a multifamily operator with a principal and a carrying value of $38.1 million and $36.6 million , respectively, as of June 30, 2021, and $50.0 million and $48.0 million, respectively, as of December 31, 2020. Activity — For the six months ended June 30, 2021, the loan portfolio activity was as follows: Amortized Cost Allowance for Carrying Value Balance at December 31, 2020 $ 4,844,534 $ (59,801) $ 4,784,733 Originations and future fundings, net (A) 1,119,158 — 1,119,158 Proceeds from sales and loan repayments (B) (665,696) — (665,696) Accretion of loan discount and other amortization, net (C) 9,201 — 9,201 PIK interest 1,303 — 1,303 Reversal of credit losses, net — 1,790 1,790 Loan write-off — — — Balance at June 30, 2021 $ 5,308,500 $ (58,011) $ 5,250,489 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes $150.0 million in net proceeds from non-recourse sale of senior interests during the six months ended June 30, 2021. (C) Includes accretion of applicable discounts, certain fees and deferred loan origination costs. As of June 30, 2021 and December 31, 2020, there was $25.2 million and $20.5 million, respectively, of unamortized deferred loan fees and discounts included in "Commercial Real Estate Loans, Held-for-investment, Net" in the Condensed Consolidated Balance Sheets. KREF recognized net accelerated fee income of $1.1 million and $2.1 million , respectively, during the three and six months ended June 30, 2021. KREF recognized net accelerated fee income of $0.1 million and $0.3 million, respectively, during the three and six months ended June 30, 2020. KREF may enter into loan modifications that include, among other changes, incremental capital contributions or partial repayments from certain borrowers, repurposing of reserves, and a temporary partial deferral for a portion of the coupon as payment-in-kind interest (“PIK Interest”) due, which is capitalized, compounded, and added to the outstanding principal balance of the respective loans. As of June 30, 2021, total PIK Interest outstanding relating to loan modifications was $2.8 million . During the first quarter of 2021, KREF modified one hotel loan, including a principal paydown of $10.0 million, full payment of outstanding PIK interest of $1.6 million, and amended extension hurdles, with no change to the overall coupon. As a result of the improved performance of the underlying property, coupled with the paydown in connection with the modification, KREF upgraded the risk rating of this loan from a 4 rating to a 3 during the first quarter. This hotel loan had an outstanding principal balance and amortized cost of $130.0 million and $129.9 million , respectively, as of June 30, 2021. During the fourth quarter of 2020, KREF modified one senior retail loan with a principal balance and an amortized cost of $109.6 million , respectively. The loan modification included a deferral of interest due and a Deed in Lieu of Foreclosure, which allows KREF to obtain title of the underlying property in the event of default, as defined. As of June 30, 2021, the loan had a risk rating of 5, and was placed on non-accrual status in October 2020; the loan is currently in restructuring discussions. KREF had no remaining unfunded commitment as of June 30, 2021. While KREF did not forgive or charge-off any amounts due under this loan, this modification is considered a TDR under GAAP. There were no other material modifications during the six months ended June 30, 2021. Loan Risk Ratings — As further described in Note 2, our Manager evaluates KREF's commercial real estate loan portfolio on a quarterly basis. In conjunction with the quarterly commercial real estate loan portfolio review, KREF's Manager assesses the risk factors of each loan and assigns a risk rating based on a variety of factors. Loans are rated “1” (very low risk) through “5” Impaired/Loss Likely), which ratings are defined in Note 2. The following tables summarize the net book value of the loan portfolio based on KREF's internal risk ratings: June 30, 2021 December 31, 2020 Risk Rating Number of Loans Net Book Value Total Loan Exposure (A) Total Loan Exposure % Risk Rating Number of Loans Net Book Value Total Loan Exposure (A) Total Loan Exposure % 1 — $ — $ — — % 1 — $ — $ — — % 2 1 194,064 194,400 3.5 2 2 321,686 323,026 6.5 3 42 4,580,309 4,854,305 87.0 3 32 3,715,132 3,836,983 77.3 4 4 405,995 418,532 7.5 4 6 675,727 687,040 13.9 5 2 70,121 115,071 2.0 5 2 72,188 115,071 2.3 49 $ 5,250,489 $ 5,582,308 100.0 % 42 $ 4,784,733 $ 4,962,120 100.0 % (A) In certain instances, KREF finances its loans through the non-recourse sale of a senior interest that is not included in the consolidated financial statements. Total loan exposure includes the entire loan KREF originated and financed, including $310.8 million and $158.7 million of such non-consolidated interests and excludes $66.2 million and $66.2 million vertical loan participation as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, the average risk rating of KREF's portfolio was 3.1 (Av erage Risk), weig hted by total loan exposure, consistent with t hat as of March 31, 2021 and December 31, 2020. Loan Vintage — The following tables present the amortized cost of the loan portfolio by KREF's internal risk rating and year of origination. The risk ratings are updated as of June 30, 2021 and December 31, 2020 in the corresponding table. June 30, 2021 Amortized Cost by Year of Origination Risk Rating Number of Loans Outstanding Principal 2021 2020 2019 2018 2017 Prior Total Carrying Amount Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2 1 194,400 — — — — 194,193 — 194,193 194,064 3 42 4,609,796 859,210 586,035 1,832,013 1,308,716 — — 4,585,974 4,580,309 4 4 418,532 — — 77,088 202,409 138,414 — 417,911 405,995 5 2 115,071 — — — — — 110,422 110,422 70,121 49 $ 5,337,799 $ 859,210 $ 586,035 $ 1,909,101 $ 1,511,125 $ 332,607 $ 110,422 $ 5,308,500 $ 5,250,489 December 31, 2020 Amortized Cost by Year of Origination Risk Rating Number of Loans Outstanding Principal 2020 2019 2018 2017 2016 2015 Total Carrying Amount Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2 2 323,026 — 128,514 — 193,633 — — 322,147 321,686 3 32 3,744,559 461,406 2,105,972 1,159,818 — — — 3,727,196 3,715,132 4 6 687,040 101,586 76,670 340,745 165,751 — — 684,752 675,727 5 2 115,071 — — — — — 110,439 110,439 72,188 42 $ 4,869,696 $ 562,992 $ 2,311,156 $ 1,500,563 $ 359,384 $ — $ 110,439 $ 4,844,534 $ 4,784,733 Allowance for Credit Losses — The following tables present the changes to the allowance for credit losses for the six months ended June 30, 2021 and 2020, respectively: Commercial Unfunded Loan Commitments Total Balance at December 31, 2020 $ 59,801 $ 902 $ 60,703 Provision for (reversal of) credit losses, net (1,790) (356) (2,146) Write-off charged — — — Recoveries — — — Balance as June 30, 2021 $ 58,011 $ 546 $ 58,557 Commercial Unfunded Loan Commitments Total Balance at December 31, 2019 $ — $ — $ — Cumulative-effect adjustment upon adoption of ASU 2016-13 13,909 1,100 15,009 Provision for (reversal of) credit losses, net 53,140 768 53,908 Write-off charged (4,650) — (4,650) Recoveries — — — Balance as June 30, 2020 $ 62,399 $ 1,868 $ 64,267 The $2.1 million net benefit from the reversal of credit losses during the six months ended June 30, 2021 was primarily attributable to a more stable macro-economic outlook based on improved observed economic data, partially offset by an increase to the allowance for 4- and 5-rated loans. The $53.9 million in provision for credit loss during the six months ended June 30, 2020 was primarily due to the significant adverse change in the economic outlook resulting from the outbreak of COVID-19 pandemic and incremental reserves for 4- and 5-risk rated loans. Concentration of Credit Risk — The following tables present the geographies and property types of collateral underlying KREF's commercial real estate loans as a percentage of the loans' principal amounts: June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Geography (A) Collateral Property Type New York 12.6 % 14.5 % Multifamily 51.7 % 51.0 % Pennsylvania 11.1 9.7 Office 29.8 30.2 Illinois 10.8 11.8 Condo (Residential) 5.1 6.1 Texas 9.8 6.6 Hospitality 3.9 4.5 Massachusetts 9.5 8.4 Student Housing 3.6 1.4 Virginia 7.7 10.1 Industrial 3.5 1.8 California 7.7 7.7 Retail 2.2 5.0 Colorado 6.6 4.7 Single Family Rental 0.2 — Washington 6.5 7.2 Total 100.0 % 100.0 % Florida 5.0 5.7 Minnesota 3.7 4.0 Washington D.C. 3.1 2.9 Oregon 2.1 2.3 Georgia 1.6 1.8 Alabama 1.3 1.4 Other U.S. 0.9 1.2 Total 100.0 % 100.0 % (A) Excludes one real estate corporate loan to a multifamily operator with an outstanding principal amount of $38.1 million and $50.0 million, representing 0.7% and 1.0% of KREF’s commercial real estate loans, as of June 30, 2021 and December 31, 2020, respectively.

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations The following table summarizes KREF's secured master repurchase agreements and other financing arrangements in place as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Facility Collateral Facility Month Issued Maximum Facility Size Outstanding Principal Carrying Value (A) Final Stated Maturity Weighted Average Funding Cost (B) Weighted Average Life (Years) (B) Outstanding Principal Amortized Cost Basis Carrying Value Weighted Average Life (Years) (C) Carrying Value (A) Master Repurchase Agreements (D) Wells Fargo (E) Oct 2015 $ 1,000,000 $ 498,276 $ 496,651 Nov 2023 1.7 % 1.8 $ 917,770 $ 911,971 $ 870,816 3.6 $ 443,745 Morgan Stanley (F) Dec 2016 600,000 448,562 447,918 Dec 2022 2.2 1.3 615,210 612,068 603,261 3.8 148,772 Goldman Sachs (G) Sep 2016 240,000 100,754 100,358 Oct 2023 3.2 1.9 182,716 181,006 180,444 2.6 76,163 Term Lending Agreement KREF Lending V (H) Jun 2019 900,000 900,000 899,110 Jun 2026 2.1 1.1 1,132,905 1,129,179 1,127,297 2.9 899,363 Warehouse Facility HSBC Facility (I) Mar 2020 500,000 — (213) Mar 2023 — 1.7 — — — n.a (353) Asset Specific Financing BMO Facility (J) Aug 2018 300,000 60,000 59,963 n.a 1.8 0.7 76,000 75,862 73,324 2.6 59,795 Revolving Credit Agreement Revolver (K) Dec 2018 335,000 — — Dec 2023 — 2.4 n.a n.a n.a n.a — Total / Weighted Average $ 3,875,000 $ 2,007,592 $ 2,003,787 2.1 % 1.4 $ 1,627,485 (A) Net of $3.8 million and $5.6 million unamortized debt issuance costs as of June 30, 2021 and December 31, 2020, respectively. (B) Average weighte d by the outstanding principal of borrowings. Funding cost includes deferred financing costs. (C) Average based on the fully extended loan maturity, weighted by the outstanding principal of the collateral. (D) Borrowings under these repurchase agreements are collateralized by senior loans, held-for-investment, and bear interest equal to the sum of (i) a floating rate index, equal to one-month LIBOR, or an index approximating LIBOR, and (ii) a margin, based on the collateral. As of June 30, 2021 and December 31, 2020, the percentage of the outstanding principal of the collateral sold and not borrowed under these repurchase agreements, or average "haircut" weighted by outstanding principal of collateral, wa s 38.9% and 36.7%, respectively (or 30.8% and 34.8%, respectively, if KREF had borrowed the maximum amount approved by its repurchase agreement counterparties as of such dates). (E) The current stated maturity da te is November 2021, which does not reflect two, twelve-month facility term extensions available to KREF, which is contingent upon certain covenants and thresholds. As of June 30, 2021, the collateral-based margin was betwee n 1.25% and 2.15%. (F) In November 2020, the current stated maturity was extended to December 2021, with one-year extension option upon KREF giving written notice and another two one-year extension periods subject to approval by Morgan Stanley. In addition, KREF has the option to increase the facility amount to $750.0 million. As of June 30, 2021, the collateral-based margin was be tween 1.75% and 2.35%. (G) In May 2020, the facility was amended to extend the current stated maturity date to October 30, 2021. In addition, KREF has the option to extend the maturity date to October 31, 2023 by (i) electing to permanently reduce the maximum advance rate for each pledged loan to the lesser of 65% or the advance rate in effect for such loan at October 30, 2021, and (ii) payment of the applicable contractual fee, subject to the satisfaction of certain conditions. As of June 30, 2021, the collateral-base margin was betwe en 1.90% and 3.20%. (H) In June 2019, KREF entered into a Master Repurchase and Securities Contract Agreement (the "Term Lending Agreement") with Morgan Stanley Mortgage Capital Holdings LLC ("Administrative Agent"), as administrative agent on behalf of Morgan Stanley Bank, N.A. ("Initial Buyer"), which provides for current and future financings of up to $900.0 million on a non-mark-to-market basis. The Initial Buyer subsequently syndicated a portion of the facility to multiple financial institutions. As of June 30, 2021, the Initial Buyer held 22.2% of the total commitment under the facility. Borrowings under the Term Lending Agreement are collateralized by certain loans, held for investment, and bear interest equal to one-month LIBOR, plus a 1.90% margin. In March 2021, the current stated maturity was extended to June 2022, subject to four additional one-year extension options, which may be exercised by KREF upon the satisfaction of certain customary conditions and thresholds. (I) In March 2020, KREF entered into a $500.0 million Loan and Security Agreement with HSBC Bank USA, National Association (“HSBC Facility”). The facility, which matures in March 2023, provides warehouse financing on a non-mark-to-market basis with partial recourse to KREF. (J) In August 2018, KREF entered into a $200.0 million loan financing facility with BMO Harris Bank ("BMO Facility"). The facility provides asset-based financing on a non-mark to market basis with matched-term up to five years with partial recourse to KREF. During May 2019, KREF increased the borrowing capacity to $300.0 million. As of June 30, 2021, the collateral-based margin was 1.70%. (K) In December 2018, KREF entered into a $100.0 million corporate revolving credit facility (“Revolver”) administered by Morgan Stanley Senior Funding, Inc. Additional lenders were added in 2019 and 2020, further increasing the borrowing capacity under the Revolver to $335.0 million as of June 30, 2021. The current stated maturity of the facility is D ecember 2023. Borrowings under the facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under this facility are full recourse to certain guarantor wholly-owned subsidiaries of KREF. As of June 30, 2021, the carrying value excluded $2.1 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. The preceding table excludes loan participations sold (Note 8). As of June 30, 2021 and December 31, 2020, KREF had outstanding repurchase agreements and a Term Lending Agreement where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity. The amount at risk under these agreements is the net counterparty exposure, defined as the excess of the carrying amount (or market value, if higher than the carrying amount, for repurchase agreements) of the assets sold under agreement to repurchase, including accrued interest plus any cash or other assets on deposit to secure the repurchase obligation, over the amount of the repurchase liability, adjusted for accrued interest. The following table summarizes certain characteristics of KREF's repurchase agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity as of June 30, 2021 and December 31, 2020: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) June 30, 2021 Wells Fargo $ 498,276 $ 374,332 30.6 % 1.8 Morgan Stanley 448,562 159,148 13.0 1.3 Term Lending Agreement (B) 900,000 230,507 18.8 1.1 Total / Weighted Average $ 1,846,838 $ 763,987 62.4 % 1.3 December 31, 2020 Wells Fargo $ 446,208 $ 196,715 18.9 % 2.0 Term Lending Agreement (B) 900,000 214,135 20.5 1.5 Total / Weighted Average $ 1,346,208 $ 410,850 39.4 % 1.7 (A) Average weighted by the outstanding principal of borrowings under the secured financing agreement. (B) There were multiple counterparties to the Term Lending Agreement. Morgan Stanley Bank, N.A. represented 4.2% and 4.6% of the net counterparty exposure as a percent of stockholders' equity as of June 30, 2021 and December 31, 2020, respectively. Debt obligations included in the tables above are obligations of KREF’s consolidated subsidiaries, which own the related collateral, and such collateral is generally not available to other creditors of KREF. While KREF is generally not required to post margin under certain repurchase agreement terms for changes in general capital market conditions such as changes in credit spreads or interest rates, KREF may be required to post margin for changes in conditions to specific loans that serve as collateral for those repurchase agreements. Such changes may include declines in the appraised value of property that secures a loan or a negative change in the borrower's ability or willingness to repay a loan. To the extent that KREF is required to post margin, KREF's liquidity could be significantly impacted. Both KREF and its lenders work cooperatively to monitor the performance of the properties and operations related to KREF's loan investments to mitigate investment-specific credit risks. Additionally, KREF incorporates terms in the loans it originates to further mitigate risks related to loan nonperformance. Term Loan Financing In April 2018, KREF, through its consolidated subsidiaries, entered into a term loan financing agreement (“Term Loan Facility”) with third party lenders for an initial borrowing capacity of $200.0 million that was subsequently increased to $1.0 billion in October 2018. The facility provides asset-based financing on a non-mark-to-market basis with matched term up to five years and is non-recourse to KREF. Borrowings under the facility are collateralized by senior loans, held-for-investment, and bear interest equal to one-month LIBOR plus a margin. The weighted average margin on the facility was 1.6% a s of June 30, 2021 and December 31, 2020. The following tables summarize our borrowings under the Term Loan Facility: June 30, 2021 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 13 $ 1,195,821 $ 1,192,567 $ 1,191,508 L + 3.2% n.a. May 2024 Financing provided n.a. 992,777 992,777 992,777 L + 1.6% n.a. May 2024 December 31, 2020 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 13 $ 1,155,378 $ 1,151,144 $ 1,147,517 L + 3.0% n.a. January 2024 Financing provided n.a. 948,204 947,262 947,262 L + 1.9% n.a. January 2024 (A) Floating rate loans and related liabilities are indexed to one-month LIBOR. KREF's net interest rate exposure is in direct proportion to its interest in the net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination/financing costs. (B) Financing under the Term Loan Facility is non-recourse to KREF. (C) The weighted-average term is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower. Activity — For the six months ended June 30, 2021, the activity related to the carrying value of KREF’s secured financing agreements were as follows: Secured Financing Agreements, Net Balance as of December 31, 2020 $ 2,574,747 Principal borrowings 1,014,306 Principal repayments/sales (595,262) Deferred debt issuance costs (1,761) Amortization of deferred debt issuance costs 4,534 Balance as of June 30, 2021 $ 2,996,564 Maturities — KREF’s secured financing agreements, term loan financing and other consolidated debt obligations in place as of June 30, 2021 had contractual maturities as follows: Year Nonrecourse Recourse (A) Total 2021 669,522 89,907 759,429 2022 1,111,683 292,714 1,404,397 2023 471,145 78,847 549,992 2024 151,396 40,429 191,825 Thereafter 94,725 — 94,725 $ 2,498,471 $ 501,897 $ 3,000,368 (A) Except for the Revolver, which is full recourse, amounts borrowed subject to a maximum 25.0% recourse limit. The Revolver expires in December 2023. Covenants — KREF is required to comply with customary loan covenants and event of default provisions related to its secured financing agreements and Revolver, including, but not limited to, negative covenants relating to restrictions on operations with respect to KREF’s status as a REIT, and financial covenants. Such financial covenants include an interest income to interest expense ratio covenant (1.5 to 1.0); a minimum consolidated tangible net worth covenant (75.0% of the aggregate cash proceeds of any equity issuances made and any capital contributions received by KREF and certain subsidiaries or up to approximately $1,005.0 million depending upon the facility); a cash liquidity covenant (the greater of $10.0 million or 5.0% of KREF's recourse indebtedness); and a total indebtedness covenant (83.3% of KREF's Total Assets, as defined). As of June 30, 2021 and December 31, 2020, KREF was in compliance with its financial debt covenants. In September 2020, KREF entered into a $300.0 million secured term loan at a price of 97.5%, which bears interest at a per annum rate equal to LIBOR plus a 4.75% margin, subject to a 1.0% LIBOR floor, payable quarterly beginning in December 2020. The secured term loan is partially amortizing, with an amount equal to 1.0% per annum of the principal balance due in quarterly installments starting March 31, 2021. The secured term loan matures on September 1, 2027 and contains restrictions relating to liens, asset sales, indebtedness, investments and transactions with affiliates. The secured term loan is secured by KREF level guarantees and does not include asset-based collateral. The secured term loan is open for repricing following its first anniversary. Upon the execution of the secured term loan, KREF recorded a $7.5 million issuance discount and $5.1 million in issuance costs, inclusive of $1.1 million in arrangement and structuring fees paid to KKR Capital Markets ("KCM"), an affiliate of KREF. Inclusive of the amortization of the discount and issuance costs, KREF’s total cost of the secured term loan is LIBOR plus 5.3% per annum. The following table summarizes KREF’s secured term loan at June 30, 2021: June 30, 2021 Principal amount $ 298,500 Unamortized discount (6,614) Deferred financing costs (4,468) Carrying amount $ 287,418 Covenants — KREF is required to comply with customary loan covenants and event of default provisions related to its secured term loan that include, but are not limited to, negative covenants relating to restrictions on operations with respect to KREF’s status as a REIT, and financial covenants. Such financial covenants include a minimum consolidated tangible net worth of $650.0 million and a maximum Total Debt to Total Assets ratio, as defined, of 83.3% (the “Leverage Covenant”). KREF was in compliance with such covenants as of June 30, 2021 and December 31, 2020.

Collateralized Loan Obligation

Collateralized Loan Obligation	6 Months Ended
	Jun. 30, 2021
Transfers and Servicing [Abstract]
Collateralized Loan Obligation	Collateralized Loan Obligation In November 2018, KREF financed a pool of loan participations from our existing loan portfolio through a managed CLO. KREF 2018-FL1 provides KREF with match-term financing on a non-mark-to-market and non-recourse basis. KREF 2018-FL1 has a two-year reinvestment feature that allows principal proceeds of the collateral assets to be reinvested in qualifying replacement assets, subject to the satisfaction of certain conditions set forth in the indenture. The two-year reinvestment period ended in December 2020. During the three and six months ended June 30, 2021, KREF repaid $40.0 million and $43.0 million of its outstanding CLO debts in connection with repayments of underlying collateral loan assets. The following tables outline KREF 2018-FL1 collateral assets and respective borrowing as of June 30, 2021 and December 31, 2020: June 30, 2021 Collateralized Loan Obligation Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost Wtd. Avg. Term (B) Collateral assets (A) 19 $ 957,000 $ 957,000 $ 956,276 L + 3.1% March 2024 Financing provided 1 767,000 767,000 767,000 L + 1.4% June 2036 December 31, 2020 Collateralized Loan Obligation Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost Wtd. Avg. Term (B) Collateral assets (A) 21 $ 1,000,000 $ 1,000,000 $ 997,336 L + 2.9% March 2024 Financing provided 1 810,000 810,000 810,000 L + 1.4% June 2036 (A) Collateral loan assets repres ent 16.8% and 20.5% of the principal of KREF's commercial real estate loans as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021 and December 31, 2020, 100% of KREF loans financed through the CLO are floating rate loans. (B) Loan term represents weighted-average final maturity, assuming extension options are exercised by the borrower. Repayments of CLO notes are dependent on timing of related collateral loan asset repayments post reinvestment period. The term of the CLO notes represents the rated final distribution date. The following table presents the KREF 2018-FL1 Assets and Liabilities included in KREF’s Condensed Consolidated Balance Sheets: Assets June 30, 2021 December 31, 2020 Commercial real estate loans, held-for-investment $ 897,678 $ 1,000,483 Less: Allowance for credit losses (724) (2,669) Commercial real estate loans, held-for-investment, net 896,954 997,814 Accrued interest receivable 2,659 3,075 Other assets (A) 59,559 5 Total $ 959,172 $ 1,000,894 Liabilities Collateralized loan obligation, net $ 767,000 $ 810,000 Accrued interest payable 578 668 Accounts payable, accrued expenses and other liabilities — 72 Total $ 767,578 $ 810,740 (A) Includes $59.3 million of loan repayment proceeds held with the servicer and receivable by the CLO as of June 30, 2021. The following table presents the components of net interest income of KREF 2018-FL1 included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net Interest Income Interest income $ 10,832 $ 11,429 $ 21,953 $ 23,265 Interest expense (A) 3,922 6,386 7,954 15,154 Net interest income $ 6,910 $ 5,043 $ 13,999 $ 8,111 (A) Includes $1.7 million and $3.3 million of deferred financing costs amortization for the three and six months ended June 30, 2020. Deferred financing costs incurred in connection with the CLO were fully amortized as of December 31, 2020.

Secured Term Loan, Net

Secured Term Loan, Net	6 Months Ended
	Jun. 30, 2021
Secured Term Loan, Net [Abstract]
Secured Term Loan, Net	Debt Obligations The following table summarizes KREF's secured master repurchase agreements and other financing arrangements in place as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Facility Collateral Facility Month Issued Maximum Facility Size Outstanding Principal Carrying Value (A) Final Stated Maturity Weighted Average Funding Cost (B) Weighted Average Life (Years) (B) Outstanding Principal Amortized Cost Basis Carrying Value Weighted Average Life (Years) (C) Carrying Value (A) Master Repurchase Agreements (D) Wells Fargo (E) Oct 2015 $ 1,000,000 $ 498,276 $ 496,651 Nov 2023 1.7 % 1.8 $ 917,770 $ 911,971 $ 870,816 3.6 $ 443,745 Morgan Stanley (F) Dec 2016 600,000 448,562 447,918 Dec 2022 2.2 1.3 615,210 612,068 603,261 3.8 148,772 Goldman Sachs (G) Sep 2016 240,000 100,754 100,358 Oct 2023 3.2 1.9 182,716 181,006 180,444 2.6 76,163 Term Lending Agreement KREF Lending V (H) Jun 2019 900,000 900,000 899,110 Jun 2026 2.1 1.1 1,132,905 1,129,179 1,127,297 2.9 899,363 Warehouse Facility HSBC Facility (I) Mar 2020 500,000 — (213) Mar 2023 — 1.7 — — — n.a (353) Asset Specific Financing BMO Facility (J) Aug 2018 300,000 60,000 59,963 n.a 1.8 0.7 76,000 75,862 73,324 2.6 59,795 Revolving Credit Agreement Revolver (K) Dec 2018 335,000 — — Dec 2023 — 2.4 n.a n.a n.a n.a — Total / Weighted Average $ 3,875,000 $ 2,007,592 $ 2,003,787 2.1 % 1.4 $ 1,627,485 (A) Net of $3.8 million and $5.6 million unamortized debt issuance costs as of June 30, 2021 and December 31, 2020, respectively. (B) Average weighte d by the outstanding principal of borrowings. Funding cost includes deferred financing costs. (C) Average based on the fully extended loan maturity, weighted by the outstanding principal of the collateral. (D) Borrowings under these repurchase agreements are collateralized by senior loans, held-for-investment, and bear interest equal to the sum of (i) a floating rate index, equal to one-month LIBOR, or an index approximating LIBOR, and (ii) a margin, based on the collateral. As of June 30, 2021 and December 31, 2020, the percentage of the outstanding principal of the collateral sold and not borrowed under these repurchase agreements, or average "haircut" weighted by outstanding principal of collateral, wa s 38.9% and 36.7%, respectively (or 30.8% and 34.8%, respectively, if KREF had borrowed the maximum amount approved by its repurchase agreement counterparties as of such dates). (E) The current stated maturity da te is November 2021, which does not reflect two, twelve-month facility term extensions available to KREF, which is contingent upon certain covenants and thresholds. As of June 30, 2021, the collateral-based margin was betwee n 1.25% and 2.15%. (F) In November 2020, the current stated maturity was extended to December 2021, with one-year extension option upon KREF giving written notice and another two one-year extension periods subject to approval by Morgan Stanley. In addition, KREF has the option to increase the facility amount to $750.0 million. As of June 30, 2021, the collateral-based margin was be tween 1.75% and 2.35%. (G) In May 2020, the facility was amended to extend the current stated maturity date to October 30, 2021. In addition, KREF has the option to extend the maturity date to October 31, 2023 by (i) electing to permanently reduce the maximum advance rate for each pledged loan to the lesser of 65% or the advance rate in effect for such loan at October 30, 2021, and (ii) payment of the applicable contractual fee, subject to the satisfaction of certain conditions. As of June 30, 2021, the collateral-base margin was betwe en 1.90% and 3.20%. (H) In June 2019, KREF entered into a Master Repurchase and Securities Contract Agreement (the "Term Lending Agreement") with Morgan Stanley Mortgage Capital Holdings LLC ("Administrative Agent"), as administrative agent on behalf of Morgan Stanley Bank, N.A. ("Initial Buyer"), which provides for current and future financings of up to $900.0 million on a non-mark-to-market basis. The Initial Buyer subsequently syndicated a portion of the facility to multiple financial institutions. As of June 30, 2021, the Initial Buyer held 22.2% of the total commitment under the facility. Borrowings under the Term Lending Agreement are collateralized by certain loans, held for investment, and bear interest equal to one-month LIBOR, plus a 1.90% margin. In March 2021, the current stated maturity was extended to June 2022, subject to four additional one-year extension options, which may be exercised by KREF upon the satisfaction of certain customary conditions and thresholds. (I) In March 2020, KREF entered into a $500.0 million Loan and Security Agreement with HSBC Bank USA, National Association (“HSBC Facility”). The facility, which matures in March 2023, provides warehouse financing on a non-mark-to-market basis with partial recourse to KREF. (J) In August 2018, KREF entered into a $200.0 million loan financing facility with BMO Harris Bank ("BMO Facility"). The facility provides asset-based financing on a non-mark to market basis with matched-term up to five years with partial recourse to KREF. During May 2019, KREF increased the borrowing capacity to $300.0 million. As of June 30, 2021, the collateral-based margin was 1.70%. (K) In December 2018, KREF entered into a $100.0 million corporate revolving credit facility (“Revolver”) administered by Morgan Stanley Senior Funding, Inc. Additional lenders were added in 2019 and 2020, further increasing the borrowing capacity under the Revolver to $335.0 million as of June 30, 2021. The current stated maturity of the facility is D ecember 2023. Borrowings under the facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under this facility are full recourse to certain guarantor wholly-owned subsidiaries of KREF. As of June 30, 2021, the carrying value excluded $2.1 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. The preceding table excludes loan participations sold (Note 8). As of June 30, 2021 and December 31, 2020, KREF had outstanding repurchase agreements and a Term Lending Agreement where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity. The amount at risk under these agreements is the net counterparty exposure, defined as the excess of the carrying amount (or market value, if higher than the carrying amount, for repurchase agreements) of the assets sold under agreement to repurchase, including accrued interest plus any cash or other assets on deposit to secure the repurchase obligation, over the amount of the repurchase liability, adjusted for accrued interest. The following table summarizes certain characteristics of KREF's repurchase agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity as of June 30, 2021 and December 31, 2020: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) June 30, 2021 Wells Fargo $ 498,276 $ 374,332 30.6 % 1.8 Morgan Stanley 448,562 159,148 13.0 1.3 Term Lending Agreement (B) 900,000 230,507 18.8 1.1 Total / Weighted Average $ 1,846,838 $ 763,987 62.4 % 1.3 December 31, 2020 Wells Fargo $ 446,208 $ 196,715 18.9 % 2.0 Term Lending Agreement (B) 900,000 214,135 20.5 1.5 Total / Weighted Average $ 1,346,208 $ 410,850 39.4 % 1.7 (A) Average weighted by the outstanding principal of borrowings under the secured financing agreement. (B) There were multiple counterparties to the Term Lending Agreement. Morgan Stanley Bank, N.A. represented 4.2% and 4.6% of the net counterparty exposure as a percent of stockholders' equity as of June 30, 2021 and December 31, 2020, respectively. Debt obligations included in the tables above are obligations of KREF’s consolidated subsidiaries, which own the related collateral, and such collateral is generally not available to other creditors of KREF. While KREF is generally not required to post margin under certain repurchase agreement terms for changes in general capital market conditions such as changes in credit spreads or interest rates, KREF may be required to post margin for changes in conditions to specific loans that serve as collateral for those repurchase agreements. Such changes may include declines in the appraised value of property that secures a loan or a negative change in the borrower's ability or willingness to repay a loan. To the extent that KREF is required to post margin, KREF's liquidity could be significantly impacted. Both KREF and its lenders work cooperatively to monitor the performance of the properties and operations related to KREF's loan investments to mitigate investment-specific credit risks. Additionally, KREF incorporates terms in the loans it originates to further mitigate risks related to loan nonperformance. Term Loan Financing In April 2018, KREF, through its consolidated subsidiaries, entered into a term loan financing agreement (“Term Loan Facility”) with third party lenders for an initial borrowing capacity of $200.0 million that was subsequently increased to $1.0 billion in October 2018. The facility provides asset-based financing on a non-mark-to-market basis with matched term up to five years and is non-recourse to KREF. Borrowings under the facility are collateralized by senior loans, held-for-investment, and bear interest equal to one-month LIBOR plus a margin. The weighted average margin on the facility was 1.6% a s of June 30, 2021 and December 31, 2020. The following tables summarize our borrowings under the Term Loan Facility: June 30, 2021 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 13 $ 1,195,821 $ 1,192,567 $ 1,191,508 L + 3.2% n.a. May 2024 Financing provided n.a. 992,777 992,777 992,777 L + 1.6% n.a. May 2024 December 31, 2020 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 13 $ 1,155,378 $ 1,151,144 $ 1,147,517 L + 3.0% n.a. January 2024 Financing provided n.a. 948,204 947,262 947,262 L + 1.9% n.a. January 2024 (A) Floating rate loans and related liabilities are indexed to one-month LIBOR. KREF's net interest rate exposure is in direct proportion to its interest in the net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination/financing costs. (B) Financing under the Term Loan Facility is non-recourse to KREF. (C) The weighted-average term is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower. Activity — For the six months ended June 30, 2021, the activity related to the carrying value of KREF’s secured financing agreements were as follows: Secured Financing Agreements, Net Balance as of December 31, 2020 $ 2,574,747 Principal borrowings 1,014,306 Principal repayments/sales (595,262) Deferred debt issuance costs (1,761) Amortization of deferred debt issuance costs 4,534 Balance as of June 30, 2021 $ 2,996,564 Maturities — KREF’s secured financing agreements, term loan financing and other consolidated debt obligations in place as of June 30, 2021 had contractual maturities as follows: Year Nonrecourse Recourse (A) Total 2021 669,522 89,907 759,429 2022 1,111,683 292,714 1,404,397 2023 471,145 78,847 549,992 2024 151,396 40,429 191,825 Thereafter 94,725 — 94,725 $ 2,498,471 $ 501,897 $ 3,000,368 (A) Except for the Revolver, which is full recourse, amounts borrowed subject to a maximum 25.0% recourse limit. The Revolver expires in December 2023. Covenants — KREF is required to comply with customary loan covenants and event of default provisions related to its secured financing agreements and Revolver, including, but not limited to, negative covenants relating to restrictions on operations with respect to KREF’s status as a REIT, and financial covenants. Such financial covenants include an interest income to interest expense ratio covenant (1.5 to 1.0); a minimum consolidated tangible net worth covenant (75.0% of the aggregate cash proceeds of any equity issuances made and any capital contributions received by KREF and certain subsidiaries or up to approximately $1,005.0 million depending upon the facility); a cash liquidity covenant (the greater of $10.0 million or 5.0% of KREF's recourse indebtedness); and a total indebtedness covenant (83.3% of KREF's Total Assets, as defined). As of June 30, 2021 and December 31, 2020, KREF was in compliance with its financial debt covenants. In September 2020, KREF entered into a $300.0 million secured term loan at a price of 97.5%, which bears interest at a per annum rate equal to LIBOR plus a 4.75% margin, subject to a 1.0% LIBOR floor, payable quarterly beginning in December 2020. The secured term loan is partially amortizing, with an amount equal to 1.0% per annum of the principal balance due in quarterly installments starting March 31, 2021. The secured term loan matures on September 1, 2027 and contains restrictions relating to liens, asset sales, indebtedness, investments and transactions with affiliates. The secured term loan is secured by KREF level guarantees and does not include asset-based collateral. The secured term loan is open for repricing following its first anniversary. Upon the execution of the secured term loan, KREF recorded a $7.5 million issuance discount and $5.1 million in issuance costs, inclusive of $1.1 million in arrangement and structuring fees paid to KKR Capital Markets ("KCM"), an affiliate of KREF. Inclusive of the amortization of the discount and issuance costs, KREF’s total cost of the secured term loan is LIBOR plus 5.3% per annum. The following table summarizes KREF’s secured term loan at June 30, 2021: June 30, 2021 Principal amount $ 298,500 Unamortized discount (6,614) Deferred financing costs (4,468) Carrying amount $ 287,418 Covenants — KREF is required to comply with customary loan covenants and event of default provisions related to its secured term loan that include, but are not limited to, negative covenants relating to restrictions on operations with respect to KREF’s status as a REIT, and financial covenants. Such financial covenants include a minimum consolidated tangible net worth of $650.0 million and a maximum Total Debt to Total Assets ratio, as defined, of 83.3% (the “Leverage Covenant”). KREF was in compliance with such covenants as of June 30, 2021 and December 31, 2020.

Convertible Notes, Net

Convertible Notes, Net	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Convertible Notes, Net	Convertible Notes, Net In May 2018, KREF issued $143.75 million of Convertible Notes, which bear interest at a rate of 6.125% per year, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2018. The Convertible Notes mature on May 15, 2023, unless earlier repurchased or converted. The Convertible Notes’ issuance costs of $5.1 million are amortized through interest expense over the life of the Convertible Notes. The initial conversion rate for the Convertible Notes is 43.9386 shares of KREF’s common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $22.76 per share of KREF’s common stock, which represents a 10% conversion premium over the last reported sale price of $20.69 per share of KREF’s common stock on the New York Stock Exchange on May 15, 2018. The conversion rate is subject to adjustment under certain circumstances. In addition, upon a make-whole fundamental change as defined within the indenture governing the Convertible Notes, KREF will, under certain circumstances, increase the applicable conversion rate for a holder that elects to convert its Notes in connection with such make-whole fundamental change. Prior to February 15, 2023, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. KREF will satisfy any conversion elections by paying or delivering, as the case may be, cash, shares of KREF’s common stock or a combination of cash and shares of KREF’s common stock, at its election. KREF has the intent and ability to settle the Convertible Notes in cash and, as a result, the Convertible Notes did not have an impact on our diluted earnings per share. Upon the issuance of the Convertible Notes, KREF recorded a $1.8 million discount based on the implied value of the conversion option and an assumed effective interest rate of 6.50%, as well as $5.1 million of initial issuance costs, inclusive of $0.8 million paid to an affiliate of KREF. Inclusive of the amortization of this discount and the issuance costs, KREF’s total cost of the May 2018 Convertible Notes issuance is 6.92% per annum. The following table details the interest expense related to the Convertible Notes: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cash coupon $ 2,201 $ 2,201 $ 4,402 $ 4,402 Discount and issuance cost amortization 345 346 687 692 Total interest expense $ 2,546 $ 2,547 $ 5,089 $ 5,094 The following table details the net book value of the Convertible Notes on KREF's Condensed Consolidated Balance Sheets: June 30, 2021 December 31, 2020 Principal $ 143,750 $ 143,750 Deferred financing costs (1,923) (2,431) Unamortized discount (675) (854) Net book value $ 141,152 $ 140,465 Accrued interest payable for the Convertible Notes was $1.1 million and $1.1 million as of June 30, 2021 and December 31, 2020, respectively. Refer to Note 2 for additional discussion of accounting policies for the Convertible Notes.

Loan Participations Sold

Loan Participations Sold	6 Months Ended
	Jun. 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Loan Participations Sold	Loan Participations Sold KREF finances certain loan investments through the syndication of a non-recourse, or limited-recourse, loan participations to unaffiliated third parties. In October 2019, KREF syndicated a $65.0 million vertical participation in one of its loan investments with a principal balance of $328.5 million to an unaffiliated third party, at par value. In June 2020, KREF increased the maximum loan amount by $6.5 million and syndicated additional $1.2 million vertical participation to the same third party. Such syndications did not qualify for "sale" accounting under GAAP and therefore are consolidated in KREF's condensed consolidated financial statements as of June 30, 2021 and December 31, 2020. The following tables summarize the loan participation sold liabilities that KREF recognized since the corresponding syndications of the respective loan participations were not treated as "sales" as of June 30, 2021 and December 31, 2020: June 30, 2021 Loan Participations Sold Count Outstanding Principal Amortized Cost Carrying Value Yield/Cost (A) Guarantee Term Total loan 1 $ 337,327 $ 336,656 $ 336,251 L + 2.6% n.a. July 2024 Vertical loan participation (B) 1 66,248 66,242 66,242 L + 2.6% n.a. July 2024 December 31, 2020 Loan Participations Sold Count Outstanding Principal Amortized Cost Carrying Value Yield/Cost (A) Guarantee Term Total loan 1 $ 337,327 $ 336,329 $ 335,507 L + 2.6% n.a. July 2024 Vertical loan participation (B) 1 66,248 66,232 66,232 L + 2.6% n.a. July 2024 (A) Floating rate loans and related liabilities are indexed to one-month LIBOR. KREF's net interest rate exposure is in direct proportion to its interest in the net assets of the senior loan. (B) During the three months ended June 30, 2021 and 2020, KREF recorded $0.7 million and $0.7 million of interest income, respectively, and $0.7 million and $0.7 million of interest expense, respectively, related to the vertical loan participation sold; and during the six months ended June 30, 2021 and 2020, KREF recorded $1.5 million and $1.4 million of interest income, respectively, and $1.5 million and $1.4 million of interest expense, respectively, related to the vertical loan participation sold.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Collateralized Loan Obligation — KREF is the primary beneficiary of a collateralized loan obligation consolidated as a VIE that closed in November 2018 (Note 5). Management considers the CLO Issuers, wholly-owned subsidiaries of KREF, to be the primary beneficiary as the CLO Issuers have the ability to control the most significant activities of the CLO, the obligation to absorb losses, and the right to receive benefits of the CLO through the subordinate interests the CLO Issuers own. Equity method investments — KREF holds two investments in entities that it records using the equity method. As of June 30, 2021, KREF held a 3.5% interest in RECOP I, an unconsolidated VIE of which KREF is not the primary beneficiary, at its fair value of $33.5 million . The aggregator vehicle in which KREF invests is controlled and advised by affiliates of the Manager. RECOP I primarily acquired junior tranches of CMBS newly issued by third parties. KREF will not pay any fees to RECOP I, but KREF bears its pro rata share of RECOP I's expenses. KREF reported its share of the net asset value of RECOP I in its Condensed Consolidated Balance Sheets, presented as “Equity method investments” and its share of net income, presented as “Income from equity method investments” in the Condensed Consolidated Statements of Income. As of June 30, 2021, the non-voting limited liability company interests issued by the Manager, a VIE, and held by a Taxable REIT Subsidiary ("TRS") of KREF for the benefit of the holder of the SNVPS represented 4.7% of the Manager’s outstanding limited liability company interests (Note 10). KREF reported its interest in the Manager on its Condensed Consolidated Balance Sheets, presented as “Equity method investments” and its share of net income, presented as “Income from equity method investments” in the Condensed Consolidated Statements of Income.

Equity

Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Equity	Equity Authorized Capital — On October 2, 2014, KREF's board of directors authorized KREF to issue up to 350,000,000 shares of stock, at $0.01 par value per share, consisting of 300,000,000 shares of common stock and 50,000,000 shares of preferred stock, subject to certain restrictions on transfer and ownership of shares. Restrictions placed on the transfer and ownership of shares relate to KREF's REIT qualification requirements. Common Stock — As further described below, since December 2015, KREF issued the following shares of common stock: Pricing Date Shares Issued Net Proceeds As of December 31, 2015 13,636,416 $ 272,728 February 2016 2,000,000 40,000 May 2016 3,000,138 57,130 June 2016 (A) 21,838 — August 2016 5,500,000 109,875 As of December 31, 2016 24,158,392 $ 479,733 February 2017 7,386,208 147,662 April 2017 10,379,738 207,595 May 2017 - Initial Public Offering 11,787,500 219,356 As of December 31, 2017 53,711,838 $ 1,054,346 August 2018 5,000,000 98,326 November 2018 500,000 9,351 As of December 31, 2018 59,211,838 $ 1,162,023 (A) KREF did not receive any proceeds with respect to 21,838 shares of common stock issued to certain current and former employees of, and non-employee consultants to, KKR and third-party investors in the private placement completed in March 2016, in accordance with KREF's Stockholders Agreement dated as of March 29, 2016. KREF did not issue additional common stock between January 1, 2019 and June 30, 2021 other than related to the vesting of restricted stock units discussed below. In May 2021, KKR sold 5,750,000 shares of KREF common stock through a secondary offering, including the exercise of the underwriters' option to purchase additional common shares, and received all of the net proceeds from the offering. KKR and affiliates beneficially owned 14,250,000 and 21,234,528 shares, or 25.6% and 38.2% of KREF's outstanding common stock as of June 30, 2021 and December 31, 2020, respectively. During the six months ended June 30, 2021 and 2020, 18,052 and 42,459 common stock was issued related to the vesting of restricted stock units. Upon any payment of shares as a result of restricted stock unit vesting, the related tax withholding obligation will generally be satisfied by KREF, reducing the number of shares to be delivered by a number of shares necessary to satisfy the related applicable tax withholding obligation. Refer to Note 11 for further detail. Of t he 59,537,806 comm on shares KREF issued, there were 55,637,480 common shares outstanding as of June 30, 2021, which includ es 325,968 net sh ares of common stock issued in connection with vested restricted stock units and is net of 3,900,326 common shares repurchased. Share Repurchase Program — Under the Company’s current share repurchase program, which has no expiration date, the Company may repurchase up to $100.0 million of its common stock beginning July 1, 2020, of which up to $50.0 million may be repurchased under a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act, and provide for repurchases of common stock when the market price per share is below book value per share (calculated in accordance with GAAP as of the end of the most recent quarterly period for which financial statements are available), and the remaining $50.0 million may be used for repurchases in the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act, in privately negotiated transactions or otherwise. The timing, manner, price and amount of any common stock repurchases will be determined by the Company in its discretion and will depend on a variety of factors, including legal requirements, price and economic and market conditions. The program does not require the Company to repurchase any specific number of shares of common stock, and the program may be suspended, extended, modified or discontinued at any time. KREF did not repurchase any of its common stocks during the three and six months ended June 30, 2021. During the three months ended June 30, 2020, KREF repurchased 389,086 shares of common stock under the repurchase program at an average price per share of $14.92, for a total of $5.8 million. During the six months ended June 30, 2020, KREF repurchased 2,037,637 shares of common stock under the repurchase program at an average price per share of $12.27 for a total of $25.0 million. As of June 30, 2021, KREF had $100.0 million of remaining capacity to repurchase shares under the program. At the Market Stock Offering Program — On February 22, 2019, KREF entered into an equity distribution agreement with certain sales agents, pursuant to which KREF may sell, from time to time, up to an aggregate sales price of $100.0 million of its common stock pursuant to a continuous offering program (the “ATM”). Sales of KREF’s common stock made pursuant to the ATM may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. The timing and amount of actual sales will depend on a variety of factors including market conditions, the trading price of KREF’s common stock, KREF’s capital needs, and KREF’s determination of the appropriate sources of funding to meet such needs. KREF has not sold any shares of its common stock under the ATM to date. Special Voting Preferred Stock — In March 2016, KREF issued one share of special voting preferred stock to KKR Fund Holdings L.P. ("KKR Fund Holdings") for $20.00 per share, which KKR Fund Holdings transferred to its subsidiary, KKR REFT Asset Holdings LLC. The holder of the special voting preferred stock has special voting rights related to the election of members to KREF's board of directors until KKR and its affiliates cease to own at least 25.0% of KREF's issued and outstanding common stock. Special Non-Voting Preferred Stock — In connection with KREF's existing investors’ subscription for shares of KREF's common stock in the private placements prior to the initial public offering of KREF's equity on May 5, 2017, those investors were also allocated a class of non-voting limited liability company interest in the Manager ("Non-Voting Manager Units"). In February 2017, KREF issued an investor one share of SNVPS, at $0.01 per share, in lieu of that investor receiving Non-Voting Manager Units to facilitate compliance by the investor with regulatory requirements applicable to it. The corresponding Non-Voting Manager Units are held by a wholly-owned TRS of KREF ("KREF TRS"). All distributions received by KREF TRS from these Non-Voting Manager Units are passed through to the investor as preferred distributions on its SNVPS, less applicable taxes and withholdings. Except for the Non-Voting Manager Units, an indirect subsidiary of KKR ("KKR Member"), owns and controls the limited liability company interests of the Manager. Dividends on the SNVPS are payable quarterly, and will accrue whether or not KREF has earnings, there are assets legally available for the payment of those dividends or those dividends have been declared. Any dividend payment made on the SNVPS shall first be credited against the earliest accumulated but unpaid dividend due with respect to the SNVPS. Upon redemption of the SNVPS or liquidation of KREF, the holder of the SNVPS is entitled to payment of $0.01 per share, together with any accumulated but unpaid preferred distributions, including respective call or put amounts, before any holder of junior security interests, which includes KREF's common stock. As KREF does not control the circumstances under which the holder of the SNVPS may redeem its interests, management considers the SNVPS as temporary equity (Note 2). KREF will redeem the SNVPS at the option of the holder. Upon redemption, KREF will pay a price in cash equal to $0.01 per share of the SNVPS, together with any accumulated but unpaid preferred distributions, including respective call or put amounts, and the SNVPS will be canceled automatically and cease to be outstanding. Concurrently, upon redemption of the SNVPS, KKR Member will acquire from KREF TRS its respective Non-Voting Manager Units, resulting in a one-time gain, thus substantially eliminating the historical cumulative impact of the SNVPS redemption value adjustments recorded in KREF's permanent equity. 6.50% Series A Cumulative Redeemable Preferred Stock — In April 2021, KREF issued 6,900,000 shares of 6.50% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), which included the exercise of the underwriters' option to purchase additional shares of Series A Preferred Stock, and received net proceeds after underwriting discount and commission of $167.1 million. The perpetual Series A Preferred Stock is redeemable, at KREF's option, at a liquidation price of $25.00 per share plus accrued and unpaid dividends commencing in April 2026. Dividends on the Series A Preferred Stock are payable quarterly at a rate of 6.50% per annum of the $25.00 liquidation preference, which is equivalent to $1.625 per annum per share. With respect to dividend rights and liquidation, the Series A Preferred Stock ranks senior to KREF's common stock, SNVPS and special voting preferred stock. Dividends — During the six months ended June 30, 2021 and 2020, KREF's board of directors declared the following dividends on shares of its common stock and special voting preferred stock: Amount Declaration Date Record Date Payment Date Per Share Total 2021 March 15, 2021 March 31, 2021 April 15, 2021 $ 0.43 $ 23,916 June 15, 2021 June 30, 2021 July 15, 2021 0.43 23,924 $ 47,840 2020 March 16, 2020 March 31, 2020 April 15, 2020 $ 0.43 $ 24,010 June 15, 2020 June 30, 2020 July 15, 2020 0.43 23,861 $ 47,871 During the six months ended June 30, 2021, KREF's board of directors declared the following dividends on shares of its Series A Preferred Stock: Amount Declaration Date Record Date Payment Date Per Share Total 2021 April 23, 2021 May 31, 2021 June 15, 2021 $ 0.27 $ 1,838 $ 1,838 Earnings (Loss) per Share — The following table illustrates the computation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator Net income (loss) attributable to common stockholders $ 29,264 $ 28,590 $ 58,448 $ (6,574) Denominator Basic weighted average common shares outstanding 55,632,322 55,491,937 55,625,911 56,419,332 Dilutive restricted stock units 274,764 12,140 193,199 — Diluted weighted average common shares outstanding 55,907,086 55,504,077 55,819,110 56,419,332 Net income (loss) attributable to common stockholders, per: Basic common share $ 0.53 $ 0.52 $ 1.05 $ (0.12) Diluted common share $ 0.52 $ 0.52 $ 1.05 $ (0.12)

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation KREF is externally managed by the Manager and does not currently have any employees. However, as of June 30, 2021, certain individuals employed by the Manager and affiliates of the Manager, and certain members of KREF's board of directors were compensated, in part, through the issuance of stock-based awards. As of June 30, 2021, KREF had restricted stock unit (“RSU”) awards outstanding under the KKR Real Estate Finance Trust Inc. 2016 Omnibus Incentive Plan that was adopted on February 12, 2016 and amended and restated on November 17, 2016 (the "Incentive Plan") to certain members of KREF’s board of directors and employees of the Manager or its affiliates, none of whom are KREF employees. RSUs awarded to employees of the Manager or its affiliates, generally vest over three consecutive one-year periods and awards to certain members of KREF's board of directors generally vest over a one-year period, pursuant to the terms of the respective award agreements and the terms of the Incentive Plan. RSU awards are not entitled to dividends until KREF issues shares of its common stock, which are issuable on a one-to-one basis upon the RSU award vesting. The following table summarizes the activity in KREF’s outstanding RSUs and the weighted-average grant date fair value per RSU: Restricted Stock Units Weighted Average Grant Date Fair Value Per RSU (A) Unvested as of December 31, 2020 787,942 $ 18.78 Granted 15,520 19.65 Vested (18,886) 14.60 Forfeited / cancelled (8,226) 18.13 Unvested as of June 30, 2021 776,350 $ 18.91 (A) The grant-date fair value is based upon the last sale price of KREF’s common stock at the date of grant. KREF expects the unvested RSUs outstanding to vest during the following years: Year Restricted Stock Units 2021 368,020 2022 269,174 2023 139,156 Total 776,350 KREF recognizes the compensation cost of RSUs awarded to employees of the Manager, or one or more of its affiliates, on a straight-line basis over the awards’ term at their grant date fair value, consistent with the RSUs awarded to certain members of KREF's board of directors. During the three and six months ended June 30, 2021, KREF recognized $2.0 million a nd $4.0 million , respectively, of stock-based compensation expense included in “General and administrative” expense in the Consolidated Statements of Income. During the three and six months ended June 30, 2020, KREF recognized $1.4 million a nd $3.0 million , respectively, of stock-based compensation expense. As of June 30, 2021, there was $9.6 million of total unrecognized stock-based compensation expense related to unvested share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 1.0 years. Upon any payment of shares as a result of restricted stock unit vesting, the related tax withholding obligation will generally be satisfied by KREF, reducing the number of shares to be delivered by a number of shares necessary to satisfy the related applicable tax withholding obligation. The amount results in a cash payment related to this tax liability and a corresponding adjustment to additional paid-in capital in the Condensed Consolidated Statement of Changes in Stockholders' Equity. During the six months ended June 30, 2021, KREF paid $1.7 million of withholding tax in connection with employee RSUs vested in the fourth quarter of 2020. Refer to Note 13 for additional information regarding the Incentive Plan.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2021, KREF was subject to the following commitments and contingencies: Litigation — From time to time, KREF may be involved in various claims and legal actions arising in the ordinary course of business. KREF establishes an accrued liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. As of June 30, 2021, KREF was not involved in any material legal proceedings regarding claims or legal actions against KREF. Indemnifications — In the normal course of business, KREF enters into contracts that contain a variety of representations and warranties that provide general indemnifications and other indemnities relating to contractual performance. In addition, certain of KREF’s subsidiaries have provided certain indemnities relating to environmental and other matters and has provided nonrecourse carve-out guarantees for fraud, willful misconduct and other customary wrongful acts, each in connection with the financing of certain real estate investments that KREF has made. KREF’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against KREF that have not yet occurred. However, KREF expects the risk of material loss to be low. Capital Commitments — As of June 30, 2021, KREF had future funding requirements of $847.7 million related to its investments in commercial real estate loans. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum credit metrics or executions of new leases before advances are made to the borrower. In January 2017, KREF committed $40.0 million to invest in an aggregator vehicle alongside RECOP I. The two-year investment period for RECOP I ended in April 2019. As of June 30, 2021, KREF had a remaining commitment of $4.3 million to RECOP I. Impact of the COVID-19 Pandemic — Although the global economy has, with certain setbacks, begun reopening and wider distribution of vaccines will likely encourage greater economic activity, KREF is unable to predict how widely utilized the vaccines will be, whether they will be effective in preventing the spread of COVID-19 (including its variant strains), and when or if normal economic activity and business operations will resume. Accordingly, the full extent of the impact of COVID-19 on the global economy generally, and on KREF’s business and on the businesses of KREF’s borrowers, in particular, is uncertain. However, to the extent COVID-19 continues to cause dislocations in the global economy, our financial condition, results of operations and cash flows may be adversely impacted. Refer to “Note 2 — Summary of Significant Accounting Policies” for further discussion regarding COVID-19.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Agreement — The Management Agreement between KREF and the Manager is a three-year agreement that provides for automatic one-year renewal periods starting October 8, 2017, subject to certain termination and nonrenewal rights, which in the case of KREF are exercisable by a two-thirds vote by the independent directors of KREF's board of directors. If the independent directors of KREF's board of directors decline to renew the Management Agreement other than for cause, KREF is required to pay the Manager a termination fee equal to three times the total 24-month trailing average annual management fee and incentive compensation earned by the Manager through the most recently completed calendar quarter. For administrative efficiency purposes, the Management Agreement was amended in August 2019 to change the expiration date of each automatic renewal period from October 7th to December 31st. Pursuant to the Management Agreement, the Manager, as agent to KREF and under the supervision of KREF's board of directors, manages the investments, subject to investment guidelines approved by KREF's board of directors; financing activities; and day-to-day business and affairs of KREF and its subsidiaries. For its services to KREF, the Manager is entitled to a quarterly management fee equal to the greater of $62,500 or 0.375% of a weighted average adjusted equity and quarterly incentive compensation equal to 20.0% of the excess of (a) the trailing 12-month distributable earnings (before incentive compensation payable to the Manager) over (b) 7.0% of the trailing 12-month weighted average adjusted equity (“Hurdle Rate”), less incentive compensation KREF already paid to the Manager with respect to the first three calendar quarters of such trailing 12-month period. The quarterly incentive compensation is calculated and paid in arrears with a one-quarter lag. Adjusted equity generally represents the proceeds received by KREF and its subsidiaries from equity issuances, without duplication and net of offering costs, and distributable earnings, reduced by distributions, equity repurchases, and incentive compensation paid. Distributable earnings generally represent the net income, or loss, attributable to equity interests in KREF and its subsidiaries, without duplication, as well as realized losses not otherwise included in such net income, or loss, excluding non-cash equity compensation expense, incentive compensation, depreciation and amortization and unrealized gains or losses, from and after the effective date to the end of the most recently completed calendar quarter. KREF's board of directors, after majority approval by independent directors, may also exclude one-time events pursuant to changes in GAAP and certain material non-cash income or expense items from distributable earnings. For purposes of calculating incentive compensation, adjusted equity excludes: (i) the effects of equity issued by KREF and its subsidiaries that provides for fixed distributions or other debt characteristics and (ii) unrealized provision for (reversal of) credit losses. KREF is also required to reimburse the Manager or its affiliates for documented costs and expenses incurred by it and its affiliates on behalf of KREF except those specifically required to be borne by the Manager under the Management Agreement. The Manager is responsible for, and KREF does not reimburse the Manager or its affiliates for, the expenses related to investment personnel of the Manager and its affiliates who provide services to KREF. However, KREF does reimburse the Manager for KREF's allocable share of compensation paid to certain of the Manager’s non-investment personnel, based on the percentage of time devoted by such personnel to KREF's affairs. Incentive Plan — KREF's compensation committee or board of directors may administer the Incentive Plan, which provides for awards of stock options; stock appreciation rights; restricted stock; RSUs; limited partnership interests of KKR Real Estate Finance Holdings L.P. (the "Operating Partnership"), a wholly owned subsidiary of KREF, that are directly or indirectly convertible into or exchangeable or redeemable for shares of KREF's common stock pursuant to the limited partnership agreement of the Operating Partnership (“OP Interests”); awards payable by (i) delivery of KREF's common stock or other equity interests, or (ii) reference to the value of KREF's common stock or other equity interests, including OP Interests; cash-based awards; or performance compensation awards. No more than 7.5% of the issued and outstanding shares of common stock on a fully diluted basis, assuming the exercise of all outstanding stock options granted under the Incentive Plan and the conversion of all warrants and convertible securities into shares of common stock, or a total of 4,028,387 shares of common stock, will be available for awards under the Incentive Plan. In addition, (i) the maximum number of shares of common stock subject to awards granted during a single fiscal year to any non-employee director (as defined in the Incentive Plan), taken together with any cash fees paid to such non-employee director during the fiscal year, may not exceed $1.0 million and (ii) the maximum amount that can be paid to any participant for a single fiscal year during a performance period (or with respect to each single fiscal year if a performance period extends beyond a single fiscal year) pursuant to a performance compensation award denominated in cash may not exceed $10.0 million. No awards may be granted under the Incentive Plan on and after February 12, 2026. The Incentive Plan will continue to apply to awards granted prior to such date. During the three and six months ended June 30, 2021, KREF granted 15,520 RSUs to KREF's directors. During the three and six months ended June 30, 2020, KREF granted 18,052 RSUs to KREF's directors. During the year ended December 31, 2020, KREF granted 443,052 RSUs to KREF's directors and employees of the Manager. As of June 30, 2021, 2,925,235 shar es of common stock remained available for awards under the Incentive Plan. Due to Affiliates — The following table contains the amounts presented in KREF's Condensed Consolidated Balance Sheets that it owes to affiliates: June 30, 2021 December 31, 2020 Management fees $ 4,835 $ 4,252 Expense reimbursements and other 282 1,991 $ 5,117 $ 6,243 Affiliates Expenses — The following table contains the amounts included in KREF's Condensed Consolidated Statements of Income that arose from transactions with the Manager: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Management fees $ 4,835 $ 4,218 $ 9,125 $ 8,517 Incentive compensation 2,403 1,249 4,595 2,855 Expense reimbursements and other (A) 447 386 799 685 $ 7,685 $ 5,853 $ 14,519 $ 12,057 (A) KREF presents these amounts in "Operating Expenses — General and administrative" in its Condensed Consolidated Statements of Income. Affiliate expense reimbursements presented in the table above exclude the out-of-pocket amounts paid by the Manager to parties unaffiliated with the Manager on behalf of KREF , and for which KREF reimburses the Manager in cash. For the three and six months ended June 30, 2021 , these cash reimbursements totaled $0.3 million and $2.4 million, respectively; and for the three and six months ended June 30, 2020, these cash reimbursements totaled $0.7 million and $2.2 million, respectively. In connection with the CLO issuance, and in consideration for its services as the co-placement agent, KREF incurred and paid KCM a $0.9 million placement agent fee equal to 0.105% of the CLO proceeds in the fourth quarter of 2018. The fee was capitalized as deferred financing cost and amortized to interest expense over the estimated life of the CLO. In connection with the ATM, KCM, in its capacity as one of the sales agents, will receive commissions for the shares of KREF’s common stock it sells. This amount is not to exceed, but may be less than, 2.0% of the gross sales price per share. KREF did not sell any shares under the ATM during the six months ended June 30, 2021. In connection with the BMO Facility, and in consideration for structuring and sourcing this arrangement, KREF is obligated to pay KCM a $0.2 million structuring fee equal to 0.35% of the respective committed loan advances under the agreement in the first quarter of 2019. Such fees are capitalized as deferred financing cost and amortized to interest expense over the estimated life of the facility. In connection with the Term Loan Facility (Note 4), KREF paid KKR Capital Markets or KCM, an affiliate of the Manager, a $1.5 million structuring fee equal to 0.75% of the respective committed loan advances, as defined, in the second quarter of 2019. Such fees are capitalized as deferred financing cost and amortized to interest expense over the life of the facility. In connection with the Revolver, and in consideration for structuring and sourcing this arrangement, KREF paid KCM a structuring fee equal to 0.75% of the aggregate amount of commitments first made available. The structuring fees are capitalized as deferred financing cost included within "Other Assets" in the Condensed Consolidated Balance Sheet and amortized to interest expense over the life of the Revolver. During the six months ended June 30, 2021 and 2020, KREF incurred $0.0 million and $0.6 million, respectively, in structuring fees in connection with the Revolver. In connection with the HSBC Facility entered into in March 2020, and in consideration for structuring and sourcing this arrangement, KREF is obligated to pay KCM a structuring fee equal to 0.25% of the respective committed loan advances under the agreement. Such fees are capitalized as deferred financing cost and amortized to interest expense over the lesser of the initial term of the loan or the facility. During the six months ended June 30, 2021and 2020, KREF incurred and paid KCM $0.0 million and $0.1 million in structuring fees in connection with the facility. In connection with the secured term loan, and in consideration for structuring and arranging the loan, KREF paid KCM a $1.1 million arrangement and structuring fee equal to 0.37% of the principal amount of the secured term loan in the third quarter of 2020. Such fee was capitalized as deferred financing cost and amortized to interest expense over the life of the secured term loan. In connection with the syndication of a senior mortgage loan in October 2020, and in consideration for its services as the placement agent, KREF paid KCM a $0.4 million placement agent fee equal to 0.30% of KREF's proportion share of the senior loan commitment. Such fee was capitalized as a direct loan origination cost and amortized to interest income over the life of the loan. In connection with the syndication of a senior mortgage loan in February 2021, and in consideration for its services as the placement agent, KREF paid KCM a $0.4 million placement agent fee equal to 0.25% of KREF’s proportionate share of the senior loan commitment. Such fee was capitalized as a direct loan origination cost and amortized to interest income over the life of the loan. In connection with the Series A Preferred Stock issuance in April 2021, and in consideration for its services as joint bookrunner, KREF incurred and paid KCM a $1.6 million underwriting discount and commission. The underwriting discount and commission was settled net of the preferred stock issuance proceeds and recorded as a reduction to additional paid-in-capital in KREF's condensed consolidated financial statements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values and fair values of KREF’s financial assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments not carried at fair value, as of June 30, 2021 were as follows: Fair Value Principal Balance (A) Amortized Cost (B) Carrying Value (C) Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 119,172 $ 119,172 $ 119,172 $ 119,172 $ — $ — $ 119,172 Commercial real estate loans, held-for-investment, net (D) 5,337,799 5,308,500 5,250,489 — — 5,250,674 5,250,674 Equity method investments 33,773 33,773 33,773 — — 33,773 33,773 $ 5,490,744 $ 5,461,445 $ 5,403,434 $ 119,172 $ — $ 5,284,447 $ 5,403,619 Liabilities Secured financing agreements, net $ 3,000,369 $ 2,996,564 $ 2,996,564 $ — $ — $ 2,996,564 $ 2,996,564 Collateralized loan obligation, net 767,000 767,000 767,000 — — 767,124 767,124 Secured term loan, net 298,500 287,418 287,418 — 301,858 — 301,858 Convertible notes, net 143,750 141,152 141,152 — 154,267 — 154,267 Loan participations sold, net 66,248 66,242 66,242 — — 66,242 66,242 $ 4,275,867 $ 4,258,376 $ 4,258,376 $ — $ 456,125 $ 3,829,930 $ 4,286,055 (A) The principal balance of commercial real estate loans excludes premiums and unamortized discounts. (B) The amortized cost of commercial real estate loans is net of $4.7 million write-off on a mezzanine loan and $25.2 million unamortized origination discounts and deferred nonrefundable fees. The amortized cost of secured financing agreements is net of $3.8 million unamortized debt issuance costs. (C) The carrying value of commercial mortgage loans is net of $58.0 million allowance for credit losses. (D) Includes $897.7 million of CLO loan participations as of June 30, 2021. Includes senior loans for which KREF syndicated a vertical loan participation that did not qualify for sale accounting under GAAP, with a carrying value and a fair value of $66.2 million as of June 30, 2021. The carrying values and fair values of KREF’s financial assets recorded at fair value on a recurring basis, as well as other financial instruments for which fair value is disclosed, as of December 31, 2020 were as follows: Fair Value Principal Balance (A) Amortized Cost (B) Carrying Value (C) Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 110,832 $ 110,832 $ 110,832 $ 110,832 $ — $ — $ 110,832 Commercial real estate loans, held-for-investment, net (D) 4,869,696 4,844,534 4,784,733 — — 4,757,203 4,757,203 Equity method investments 33,651 33,651 33,651 — — 33,651 33,651 $ 5,014,179 $ 4,989,017 $ 4,929,216 $ 110,832 $ — $ 4,790,854 $ 4,901,686 Liabilities Secured financing agreements, net $ 2,581,324 $ 2,574,747 $ 2,574,747 $ — $ — $ 2,581,324 $ 2,581,324 Collateralized loan obligation, net 810,000 810,000 810,000 — — 803,766 803,766 Secured term loan, net 300,000 288,028 288,028 — 303,000 — 303,000 Convertible notes, net 143,750 140,465 140,465 — 145,817 — 145,817 Loan participations sold, net 66,248 66,232 66,232 — — 66,232 66,232 $ 3,901,322 $ 3,879,472 $ 3,879,472 $ — $ 448,817 $ 3,451,322 $ 3,900,139 (A) The principal balance of commercial real estate loans excludes premiums and unamortized discounts. (B) The amortized cost of commercial real estate loans is net of $4.7 million write-off on a mezzanine loan and $20.5 million unamortized origination discounts and deferred nonrefundable fees. The amortized cost of secured financing agreements is net of $6.6 million unamortized debt issuance costs. (C) The carrying value of commercial mortgage loans is net of $59.8 million allowance for credit losses. (D) Includes $1.0 billion of CLO loan participations as of December 31, 2020. Includes senior loans for which KREF syndicated a vertical loan participation that did not qualify for sale accounting under GAAP, with a carrying value and a fair value of $66.2 million as of December 31, 2020. The following table contains the Level 3 inputs used to value assets and liabilities on a recurring and nonrecurring basis or where KREF discloses fair value as of June 30, 2021: Fair Value Valuation Methodologies Unobservable Inputs (A) Weighted Average (B) Range Assets and Liabilities (C)(D) Commercial real estate loans, held-for-investment (E) $ 5,250,674 Discounted cash flow Discount rate 4.4% 1.9% - 19.1% $ 5,250,674 (A) An increase (decrease) in the valuation input results in a decrease (increase) in value. (B) Represents the average of the input value, weighted by the unpaid principal balance of the financial instrument. (C) KREF carries a $33.5 million investment in an aggregator vehicle alongside RECOP I (Note 9) at its pro rata share of the aggregator's net asset value, which management believes approximates fair value. (D) Does not include $66.2 million of vertical loan syndication which was syndicated at par value and included in “Loan participation sold, net” on the Condensed Consolidated Balance Sheet. (E) Commercial real estate loans are generally valued using a discounted cash flow model using discount rate derived from relevant market indices and/or estimates of the underlying property's value. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets not measured at fair value on an ongoing basis but subject to fair value adjustments only in certain circumstances, such as when there is evidence of impairment, are measured at fair value on a nonrecurring basis. For commercial real estate loans held-for-sale, KREF applies the lower of cost or fair value accounting and may be required, from time to time, to record a nonrecurring fair value adjustment. For commercial real estate loans held-for-investment and preferred interest in joint venture held-to-maturity, KREF applies the amortized cost method of accounting, but may be required, from time to time, to record a nonrecurring fair value adjustment in the form of a valuation provision or impairment. KREF did not report any significant financial assets or liabilities at fair value on a nonrecurring basis as of June 30, 2021 and December 31, 2020. Assets and Liabilities for Which Fair Value is Only Disclosed

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes KREF has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ended December 31, 2014. A REIT is generally not subject to U.S. federal and state income tax on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains. A REIT will also be subject to a nondeductible excise tax to the extent certain percentages of its taxable income are not distributed within specified dates. While KREF expects to distribute at least 90% of its net taxable income for the foreseeable future, KREF will continue to evaluate its capital and liquidity needs in light of the significant uncertainties created by the COVID-19 pandemic, including the potential for a continued and prolonged adverse impact on economic and market conditions. KREF consolidates subsidiaries that incur U.S. federal, state and local income taxes, based on the tax jurisdiction in which each subsidiary operates. During the six months ended June 30, 2021 and 2020, KREF recorded a current income tax provision (benefit) of $0.2 million and $0.2 million, respectively, related to operations of its taxable REIT subsidiaries and various other state and local taxes. There were no deferred tax assets or liabilities as of June 30, 2021 and December 31, 2020. As of June 30, 2021, tax years 2017 through 2020 remain subject to examination by taxing authorities.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following events occurred subsequent to June 30, 2021: Investing Activities KREF originated the following loans: Description/ Location Property Type Month Originated Committed Principal Amount Initial Principal Funded Interest Rate (A) Maturity Date (B) LTV Senior Loan, Mountain View, CA (C) Office July 2021 $ 250,000 $ 181,571 L + 3.3% August 2026 73% Senior Loan, Brisbane, CA Life Science July 2021 95,000 84,875 L + 3.0 August 2026 71 Total/ Weighted Average $ 345,000 $ 266,446 L + 3.2% 72% (A) Floating rate based on one-month USD LIBOR. (B) Maturity date assumes all extension options are exercised, if applicable. (C) The total whole loan is $362.8 million, co-originated and co-funded by the Company and a KKR affiliate. The Company's interest is 69% of the loan. Financing Activities In July 2021, KREF priced a $1.30 billion managed CLO expected to close on or around August 16, 2021, subject to customary closing conditions (“KREF 2021-FL2”). KREF 2021-FL2 will provide KREF with match-term financing on a non-mark-to-market and non-recourse basis, and features a two-year reinvestment period with an 84.25% advance rate at a weighted average running cost of capital of LIBOR plus 1.30%, before transaction costs. KREF borrowed $288.5 million under its secured financing agreements. In addition, KREF paid down $59.3 million of financing under the CLO. Corporate Activities Dividends In July 2021, KREF paid $23.9 million in dividends on its common stock, or $0.43 per share, with respect to the second quarter of 2021, to stockholders of record on June 30, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying unaudited condensed consolidated financial statements and related notes of KREF are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and instructions to Form 10-Q. The condensed consolidated financial statements, including the accompanying notes, are unaudited and exclude some of the disclosures required in annual financial statements. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements have been condensed or omitted. The condensed consolidated financial statements include the accounts of KREF and its consolidated subsidiaries, and all intercompany transactions and balances have been eliminated. In the opinion of management, all adjustments considered necessary for a fair presentation of KREF’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with KREF's Annual Report on Form 10-K.
Risks and Uncertainties	Risks and Uncertainties — The outbreak of the coronavirus pandemic ("COVID-19") around the globe continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. During 2020, the COVID-19 pandemic created disruption in global supply chains, increased rates of unemployment and adversely impacted many industries, including industries related to the collateral underlying certain of our loans. The impact of the outbreak has been rapidly evolving around the globe, with several countries taking drastic measures to limit the spread of the virus by instituting quarantines or lockdowns, imposing travel restrictions and limiting operations of non-essential offices and retail centers. In 2021, the global economy has, with certain setbacks, begun reopening, and wider distribution of vaccines will likely encourage greater economic activity. Nevertheless, KREF is unable to predict how widely utilized the vaccines will be, whether they will be effective in preventing the spread of COVID-19 (including its variant strains), and when or if normal economic activity and business operations will resume.
Use of Estimates	Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management makes subjective estimates to project cash flows KREF expects to receive on its investments in loans and securities as well as the related market discount rates, which significantly impacts the interest income, impairments, allowance for loan loss and fair values recorded or disclosed. The effects of COVID-19 may negatively and materially impact significant estimates and assumptions used by the Company including, but not limited to estimates of expected credit losses, valuation of our equity method investments and the fair value estimates of the Company’s assets and liabilities . Actual results could materially differ from those estimates.
Consolidation	Consolidation — KREF consolidates those entities for which (i) it controls through either majority ownership or voting rights or (ii) management determines that KREF is the primary beneficiary of entities deemed to be variable interest entities ("VIEs"). Variable Interest Entities — VIEs are entities (i) in which equity investors do not have an interest with the characteristics of a controlling financial interest, (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or (iii) established with non-substantive voting rights. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party that has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and that has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could be potentially significant to the VIE (Note 9). To assess whether KREF has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, KREF considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power to direct those activities. To assess whether KREF has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE, KREF considers all of its economic interests and applies judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Collateralized Loan Obligation — KREF consolidates a collateralized loan obligation that closed in November 2018 (“KREF 2018-FL1” or “CLO”) (Note 5). Management determined that KREF 2018-FL1 Ltd. and KREF 2018-FL1 LLC (the "CLO Issuers"), wholly-owned subsidiaries of KREF, were VIEs and that KREF was the primary beneficiary. KREF is the primary beneficiary of the VIEs since it has the ability to control the most significant activities of the CLO Issuers through ownership of non-investment grade rated subordinated controlling tranches, has the obligation to absorb losses, and the right to receive benefits, that could potentially be significant to these entities. As a result, KREF consolidates the CLO Issuers. The collateral assets of the CLO, comprised of a pool of loan participations are included in “Commercial real estate loans, held-for-investment, net” on the Condensed Consolidated Balance Sheets. The liabilities of KREF's consolidated CLO Issuers consist solely of obligations to the senior CLO noteholders, excluding subordinated CLO tranches held by KREF as such interests are eliminated in consolidation, are presented in “Collateralized loan obligation, net” on the Condensed Consolidated Balance Sheets. The collateral assets of the CLO can only be used to settle the obligations of the consolidated CLO. The interest income from the CLO collateral assets and the interest expense on the CLO liabilities are presented on a gross basis in “Interest income” and “Interest expense”, respectively, in KREF's Condensed Consolidated Statements of Income.
Temporary Equity	Temporary Equity — KREF's Special Non-Voting Preferred Stock (“SNVPS”) became redeemable in the second quarter of 2018. As a result, starting with the second quarter of 2018, KREF adjusts the carrying value of the SN VPS to its redemption value quarterly. Accordingly, KREF adjusted the carrying value of the SNVPS to its redemption value of $2.3 million as of June 30, 2021, and recorded a ($0.2) million and $0.5 million non-cash redemption value adjustment to the SNVPS (“SNVPS Redemption Value Adjustment”) during the three and six months ended June 30, 2021, respectively. The SNVPS Redemption Value Adjustment is treated similar to a dividend on preferred st ock for GAAP purposes and therefore is deducted from (or added back to) “Net Income (Loss)” to arrive at “Net Income (Loss) Attributable to Common Stockholders” on KREF's Condensed Consolidated Statements of Income.
Equity method investments	Equity method investments — Investments are accounted for under the equity method when KREF has significant influence over the operations of an investee but does not consolidate that investment. Equity method investments, for which management has not elected a fair value option, are initially recorded at cost and subsequently adjusted for KREF's share of net income or loss and cash contributions and distributions each period. Management determined that KREF's investment in the Manager is an interest in a VIE, however KREF is not the primary beneficiary. KREF does not have substantive participating or kick-out rights nor the power to direct activities and the obligation to absorb losses of the Manager that could be significant to the Manager. KREF accounts for its investment in the Manager using the equity method (Note 9). Management determined that KREF's investment in an aggregator vehicle alongside KKR Real Estate Credit Opportunity Partners L.P. ("RECOP I ") is an interest in a VIE, however KREF is not the primary beneficiary and does not have substantive participating or kick-out rights. KREF records its share of net asset value in RECOP I in “Equity method investments” on its Condensed Consolidated Balance Sheets and its share of unrealized gains or losses in “Income from equity method investments” in its Condensed Consolidated Statements of Income. Management elected the fair value option for KREF's investment in RECOP I. KREF classifies distributions received from equity method investees using the cumulative earnings approach. Distributions received up to the cumulative earnings from each equity method investee are considered returns on investment and presented within “Cash Flows from Operating Activities” in the Condensed Consolidated Statements of Cash Flows; excess distributions received are considered returns of investment and presented within “Cash Flows from Investing Activities” in the Condensed Consolidated Statements of Cash Flows.
Fair Value	Fair Value — GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 - Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. KREF follows this hierarchy for its financial instruments. The classifications are based on the lowest level of input that is significant to the fair value measurement. Valuation Process — The Manager reviews the valuation of Level 3 financial instruments as part of KKR's quarterly process. As of June 30, 2021, KKR’s valuation process for Level 3 measurements, as described below, subjected valuations to the review and oversight of various committees. KKR has a global valuation committee assisted by the asset class-specific valuation committees, including a real estate valuation committee that reviews and approves all preliminary Level 3 valuations for real estate assets, including the financial instruments held by KREF. The global valuation committee is responsible for coordinating and implementing KKR’s valuation process to ensure consistency in the application of valuation principles across portfolio investments and between periods. All Level 3 valuations are also subject to approval by the global valuation committee. Valuation of Commercial Real Estate Loans and Participation Sold — Management generally considers KREF's commercial real estate loans Level 3 assets in the fair value hierarchy as such assets are illiquid, structured investments that are specific to the sponsor, underlying property and its operating performance (Note 14). On a quarterly basis, management engages an independent valuation firm to estimate the fair value of each loan categorized as a Level 3 asset. Management reviews the quarterly loan valuation estimates provided by the independent valuation firm. These loans are generally valued using a discounted cash flow model using discount rates derived from observable market data applied to the capital structure of the respective sponsor and/or estimated property value. In the event that management's estimate of fair value differs from the fair value estimate provided by the independent valuation firm, KREF ultimately relies solely upon the valuation prepared by the investment personnel of the Manager. Valuation of CLO Consolidated VIEs — Management estimates the fair value of the CLO liabilities using prices obtained from an independent valuation firm. If prices received from the independent valuation firm are inconsistent with values determined in connection with management’s independent review, management makes inquiries to the independent valuation firm about the prices received and related methods. In the event management determines the price obtained from an independent valuation firm to be unreliable or inaccurate representation of the fair value of the CLO liabilities (based on considerations given to observable market data), management then compiles evidence independently and presents the independent valuation firm with such evidence supporting a different value. As a result, the independent valuation firm may revise their price after evaluating any additional evidence. However, if management continues to disagree with the price from the independent valuation firm, in light of evidence that management compiled independently and believes to be compelling, valuations are then prepared using inputs based on non-binding broker quotes obtained from independent, well-known, major financial brokers that are CLO market makers. In validating any non-binding broker quote used in this circumstance, management compares the non-binding quote to the observable market data points in addition to understanding the valuation methodologies used by the market makers. These market participants may utilize a similar methodology as the independent valuation firm to value the CLO liabilities, with the key input of expected yield determined independently based on both observable and unobservable factors. To avoid reliance on any single broker-dealer, management receives a minimum of two non-binding quotes, of which the average is used. Other Valuation Matters — For Level 3 financial assets originated, or otherwise acquired, and financial liabilities assumed during the current calendar quarter that were conducted in an orderly transaction with an unrelated party, management generally believes that the transaction price provides the most observable indication of fair value given the illiquid nature of these financial instruments, unless management is aware of any circumstances that may cause a material change in the fair value through the remainder of the quarterly reporting period. For instance, significant changes to the underlying property or its planned operations may cause material changes in the fair value of commercial real estate loans acquired, or originated, by KREF. KREF’s determination of fair value is based upon the best information available for a given circumstance and may incorporate assumptions that are management’s best estimates after consideration of a variety of internal and external factors. When an independent valuation firm expresses an opinion on the fair value of a financial instrument in the form of a range, management selects a value within the range provided by the independent valuation firm, generally the midpoint, to assess the reasonableness of management’s estimated fair value for that financial instrument.
Sales of Financial Assets and Financing Agreements	Sales of Financial Assets and Financing Agreements — KREF will, from time to time, transfer loans, securities and other assets as well as finance assets in the form of secured borrowings. In each case, management evaluates whether the transaction constitutes a sale through legal isolation of the transferred financial asset from KREF, the ability of the transferee to pledge or exchange the transferred asset without constraint and the transfer of control of the transferred asset. For transfers that constitute sales, KREF (i) recognizes the financial assets it retains and liabilities it has incurred, if any, (ii) derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished and (iii) recognizes a realized gain, or loss, based upon the excess, or deficient, proceeds received over the carrying value of the transferred asset. KREF does not recognize a gain, or loss, on interests retained, if any, where management elected the fair value option prior to sale.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash — KREF considers cash equivalents as highly liquid short-term investments with maturities of 90 days or less when purchased. Substantially all amounts on deposit with major financial institutions exceed insured limits.
Commercial Real Estate Loans Held-For-Investment and Allowance for Credit Losses	Commercial Real Estate Loans Held-For-Investment and Allowance for Credit Losses — KREF recognizes its investments in commercial real estate loans based on management's intent, and KREF's ability, to hold those investments through their contractual maturity. Management classifies those loans that management does not intend to sell in the foreseeable future, and KREF is able to hold until maturity, as held-for-investment. Loans that are held-for-investment are carried at their aggregate outstanding principal, net of applicable (i) unamortized origination or acquisition premiums and discounts, (ii) unamortized deferred nonrefundable fees and other direct loan origination costs, and (iii) allowance for credit losses, net of write-offs of impaired loans . If a loan is determined to be impaired, management writes off the loan through a charge to the "Allowance for credit losses" and respective loan balance. On January 1, 2020, KREF adopted ASU No. 2016-13, Financial Instruments-Credit Losses , and subsequent amendments (“ASU 2016-13”), which replaced the incurred loss methodology with an expected loss model known as the Current Expected Credit Loss ("CECL") model. CECL amended the previous credit loss model to reflect a reporting entity's current estimate of all expected credit losses, not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, and off-balance sheet credit exposures such as unfunded loan commitments. The allowance for credit losses required under ASU 2016-13 is deducted from the respective loans’ amortized cost basis on KREF's Condensed Consolidated Balance Sheets. The allowance for credit losses attributed to unfunded loan commitments is included in “Accounts payable, accrued expenses and other liabilities” on the Condensed Consolidated Balance Sheets. The guidance also required a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. In connection with KREF’s adoption of ASU 2016-13, KREF implemented new processes including the utilization of loan loss forecasting models, updates to KREF's reserve policy documentation, changes to internal reporting processes and related internal controls. KREF has implemented loan loss forecasting models for estimating expected life-time credit losses, at the individual loan level, for its commercial real estate loan portfolio. The CECL forecasting methods used by KREF include (i) a probability of default and loss given default method using underlying third-party CMBS/CRE loan database with historical loan losses from 1998 to 2021 and (ii) probability weighted expected cash flow method, depending on the type of loan and the availability of relevant historical market loan loss data. KREF might use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. KREF estimates the CECL allowance for its loan portfolio, including unfunded loan commitments, at the individual loan level. Significant inputs to KREF’s forecasting methods include (i) key loan-specific inputs such as loan-to-value ("LTV"), vintage year, loan-term, underlying property type, geographic location, and expected timing and amount of future loan fundings, (ii) performance against the underwritten business plan and KREF's internal loan risk rating and (iii) a macro-economic forecast. These estimates may change in future periods based on available future macro-economic data and might result in a material change in the KREF’s future estimates of expected credit losses for its loan portfolio. KREF considers the individual loan internal risk rating as the primary credit quality indicator underlying the CECL assessment. In certain instances, KREF considers relevant loan-specific qualitative factors to certain loans to estimate its CECL allowance. KREF considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that KREF determines that foreclosure of the collateral is probable, KREF measures the expected losses based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that KREF determines foreclosure is not probable, KREF applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and t he amortized cost basis of the loan.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally may be elected over time through December 31, 2022. KREF has not adopted any of the optional expedients or exceptions through June 30, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.
Commercial Real Estate Loans Held-For-Sale	Commercial Real Estate Loans Held-For-Sale — Loans that KREF originates or acquires, which KREF is unable to hold, or management intends to sell or otherwise dispose of, in the foreseeable future are classified as held-for-sale and are carried at the lower of amortized cost or fair value. Commercial Real Estate Loans, Held-For-Sale — For commercial real estate loans held-for-sale, KREF applies the lower of cost or fair value accounting and may be required, from time to time, to record a nonrecurring fair value adjustment.
Secured Financing Agreements, Secured Term Loan, Net and Convertible Notes, Net	Secured Financing Agreements — KREF's secured financing agreements, including uncommitted repurchase facilities, term lending agreement, warehouse facility, asset specific financings and term loan financings, are treated as floating-rate collateralized financing arrangements carried at their contractual amounts, net of unamortized debt issuance costs (Note 4). Included within KREF's secured financing agreements is KREF's corporate revolving credit facility ("Revolver"), which is full recourse to certain guarantor wholly-owned subsidiaries of KREF. Secured Term Loan, Net — KREF records its secured term loan at its contractual amount, net of unamortized original issuance discount and deferred financing costs (Note 6) on its Condensed Consolidated Balance Sheets. Any original issuance discount or deferred financing costs are amortized through the maturity date of the secured term loan as additional non-cash interest expense. Convertible Notes, Net
Loan Participations Sold, Net	Loan Participations Sold, Net — In connection with its investments in CRE loans, KREF finances certain investments through the syndication of non-recourse, or limited-recourse, loan participation to unaffiliated third parties. KREF’s presentation of the senior loan and related financing involved in the syndication depends upon whether the transaction is recognized as a sale under GAAP, though such differences in presentation do not generally impact KREF’s net stockholders’ equity or net income aside from timing differences in the recognition of certain transaction costs. To the extent that a sale is recognized under GAAP from the syndication, KREF derecognizes the participation in the senior/whole loan that KREF sold and continues to carry the retained portion of the loan as an investment. While KREF does not generally expect to recognize a material gain or loss on these sales, KREF would realize a gain or loss in an amount equal to the difference between the net proceeds received from the third party purchaser and its carrying value of the loan participation that KREF sold at time of sale. Furthermore, KREF recognizes interest income only on the portion of the loan that it retains as a result of the sale.
Dividends Payable	Dividends Payable — K REF records dividends payable on its common stock and preferred stock upon declaration of such d
Special Non-Voting Preferred Stock	Special Non-Voting Preferred Stock — Equity instruments that are redeemable for cash or other assets are classified as temporary equity if the instrument is redeemable, at the option of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely within the control of the issuer. Redeemable equity instruments are initially carried at the fair value of the equity instrument at the issuance date, which is subsequently adjusted at each balance sheet date if the instrument is currently redeemable or probable of becoming redeemable. KREF accounted for the SNVPS as redeemable preferred stock since a third party holds a redemption option, exercisable after May 5, 2018, and such redemption is not solely within KREF's control. As a result, starting with the second quarter of 2018, KREF adjusts the carrying value of the SNVPS to its redemption value quarterly.
Repurchased Stock	Repurchased Stock — KREF accounts for repurchases of its common stock based on the settlement date and presents repurchased stock in “Repurchased stock” on its Condensed Consolidated Balance Sheets (Note 10). Payments for stock repurchases that are not yet settled as of the reporting date are presented within “Other assets” on the Condensed Consolidated Balance Sheets.
Income Recognition	Income Recognition Interest Income — Loans where management expects to collect all contractually required principal and interest payments are considered performing loans. KREF accrues interest income on performing loans based on the outstanding principal amount and contractual terms of the loan. Interest income also includes origination fees, direct loan origination costs and related exit fees for loans that KREF originates, but where management did not elect the fair value option, as a yield adjustment using the interest method over the loan term, or on a straight line basis when it approximates the interest method. KREF expenses origination fees and direct loan origination costs for loans acquired, but not originated, by KREF as well as loans for which management elected the fair value option, as incurred. Other Income — KREF recognizes interest income earned on its cash balances and miscellaneous fee income in “Other income” on its Condensed Consolidated Statements of Income. Realized Gain (Loss) on Sale of Investments — KREF recognizes the excess, or deficiency, of net proceeds received, less the net carrying value of such investments, as realized gains or losses, respectively. KREF reverses cumulative, unrealized gains or losses previously reported in its Condensed Consolidated Statements of Income with respect to the investment sold at the time of sale.
Commercial Real Estate Loans, Held-For-Investment	80%), and the loan covenants are unlikely to fully mitigate some risks. Interest payments may come from an interest reserve or sponsor equity. 5—Impaired/Loss Likely—A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. The underlying property performance is significantly behind underwritten expectations, the sponsor has failed to execute its business plan and/or the sponsor has missed interest payments. The market fundamentals have deteriorated, or property performance has unexpectedly declined or valuations for comparable properties have declined meaningfully since loan origination. Current cash flow does not support debt service payments. With the current capital structure, the sponsor might not be incentivized to protect its equity without a restructuring of the loan. The loan exhibits a very high loan-to-value ratio (>90%), and default may be imminent." id="sjs-B22">Commercial Real Estate Loans, Held-For-Investment — For each loan in KREF's portfolio, management performs a quarterly evaluation of credit quality indicators of loans classified as held - for-investment using applicable loan, property, market and sponsor information obtained from borrowers, loan servicers and local market participants. Such indicators may include the net present value of the underlying collateral, property operating cash flows, the sponsor’s financial wherewithal and competency in managing the property, macroeconomic trends, and property submarket—specific economic factors. The evaluation of thesecredit quality indicators requires significant judgment by management to determine whether failure to collect contractual amounts is probable. If management deems that it is probable that KREF will be unable to collect all amounts owed according to the contractual terms of a loan, deterioration in credit quality of that loan is indicated. Management evaluates all available facts and circumstances that might impact KREF’s ability to collect outstanding loan balances when determining loan write-offs. These facts and circumstances may vary and may include, but are not limited to, (i) significant deterioration in the underlying collateral performance and/or value, if repayment is solely based on the collateral, (ii) correspondence from the borrower indicating that it does not intend to pay the contractual principal and interest, (iii) violation of multiple debt covenants without indication the borrower has the ability to remediate such violations, (iv) occurrence of one or more events of default by the borrower, or (v) KREF has sufficient information to determine that the borrower is insolvent, or the borrower has filed for bankruptcy, and the value of the underlying collateral is below the loan basis. If management considers a loan to be impaired, management writes-off the loan through a charge to "Allowance for credit losses" based on the present value of expected future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if repayment is expected solely from the collateral. Significant judgment is required in determining impairment and in estimating the resulting credit loss allowance, and actual losses, if any, could materially differ from those estimates. Management considers loans to be past due when a monthly payment is due and unpaid for 60 days or more. Loans are placed on nonaccrual status and considered non-performing when full repayment of principal and interest is in doubt, which generally occurs when principal or interest is 120 days or more past due unless the loan is both well secured and in the process of collection. Interest received on loans placed on nonaccrual status are accounted for under the cost-recovery method, until qualifying for return to accrual. Management may return a loan to accrual status when repayment of principal and interest is reasonably assured under the terms of the restructured loan. As of June 30, 2021, one senior loan and one mezzanine loan with a total outstanding principal balance of $115.1 million were on nonaccrual status (Note 3). In certain circumstances, KREF may also modify the original terms of a loan agreement by granting a concession to a borrower experiencing financial difficulty. Such modifications are considered troubled debt restructurings (“TDR”) under GAAP and typically include interest rate reductions, payment extension and modification of loan covena nts. Refer to Note 3 for additional discussion of loan modifications. In conjunction with reviewing commercial real estate loans held-for-investment for impairment, the Manager evaluates KREF's commercial real estate loans on a quarterly basis, assesses the risk factors of each loan, and assigns a risk rating based on a variety of factors, including, without limitation, underlying real estate performance and asset value, values of comparable properties, durability and quality of property cash flows, sponsor experience and financial wherewithal, and the existence of a risk-mitigating loan structure. Additional key considerations include loan-to-value ratios, debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a five-point scale, KREF's loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows: 1—Very Low Risk—The underlying property performance has surpassed underwritten expectations, and the sponsor’s business plan is generally complete. The property demonstrates stabilized occupancy and/or rental rates resulting in strong current cash flow and/or a very low loan-to-value ratio (<65%). At the level of performance, it is very likely that the underlying loan can be refinanced easily in the period’s prevailing capital market conditions. 2—Low Risk—The underlying property performance has matched or exceeded underwritten expectations, and the sponsor’s business plan may be ahead of schedule or has achieved some or many of the major milestones from a risk mitigation perspective. The property has achieved improving occupancy at market rents, resulting in sufficient current cash flow and/or a low loan-to-value ratio (65%-70%). Operating trends are favorable, and the underlying loan can be refinanced in today’s prevailing capital market conditions. The sponsor/manager is well capitalized or has demonstrated a history of success in owning or operating similar real estate. 3—Average Risk—The underlying property performance is in-line with underwritten expectations, or the sponsor may be in the early stages of executing its business plan. Current cash flow supports debt service payments, or there is an ample interest reserve or loan structure in place to provide the sponsor time to execute the value-improvement plan. The property exhibits a moderate loan-to-value ratio (<75%). Loan structure appropriately mitigates additional risks. The sponsor/manager has a stable credit history and experience owning or operating similar real estate. 4—High Risk/Potential for Loss—A loan that has a risk of realizing a principal loss. The underlying property performance is behind underwritten expectations, or the sponsor is behind schedule in executing its business plan. The underlying market fundamentals may have deteriorated, comparable property valuations may be declining or property occupancy has been volatile, resulting in current cash flow that may not support debt service payments. The loan exhibits a high loan-to-value ratio (>80%), and the loan covenants are unlikely to fully mitigate some risks. Interest payments may come from an interest reserve or sponsor equity. 5—Impaired/Loss Likely—A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. The underlying property performance is significantly behind underwritten expectations, the sponsor has failed to execute its business plan and/or the sponsor has missed interest payments. The market fundamentals have deteriorated, or property performance has unexpectedly declined or valuations for comparable properties have declined meaningfully since loan origination. Current cash flow does not support debt service payments. With the current capital structure, the sponsor might not be incentivized to protect its equity without a restructuring of the loan. The loan exhibits a very high loan-to-value ratio (>90%), and default may be imminent.
Accrued Interest Receivables	Accrued Interest Receivables — KREF elected not to measure an allowance for credit losses for accrued interest receivables. KREF generally writes off accrued interest receivable balance when interest is 120 days or more past due unless the loan is both well secured and in the process of collection. Write-offs of accr ued interest receivable are recognized as “Provision for (reversal of) credit losses, net” in the Condensed Consolidated Statements of Income.
Interest Expense	Interest Expense
Deferred Debt Issuance Costs	Deferred Debt Issuance Costs — KREF capitalizes and amortizes deferred financing costs incurred in connection with financing arrangements over their respective expected term using the interest method, or on a straight line basis when it approximates the interest method. KREF presents such expensed amounts, as well as deferred amounts written off, as additional interest expense in its Condensed Consolidated Statements of Income.
General and Administrative Expenses	General and Administrative Expenses — KREF expenses general and administrative costs, including legal, diligence and audit fees; information technology costs; insurance premiums; and other costs as incurred.
Management and Incentive Compensation to Affiliate	Management and Incentive Compensation to Affiliate
Income Taxes	Income Taxes — Certain activities of KREF are conducted through joint ventures that are formed as limited liability companies, taxed as partnerships, and consolidated by KREF. Some of these joint ventures are subject to state and local income taxes, based on the tax jurisdictions in which they operate. In addition, certain activities of KREF are conducted through taxable REIT subsidiaries consolidated by KREF. Taxable REIT subsidiaries are subject to federal, state and local income taxes (Note 15). As of June 30, 2021 and December 31, 2020, KREF did not have any material deferred tax assets or liabilities arising from future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities in accordance with GAAP and their respective tax bases. KREF recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in KREF's Condensed Consolidated Statements of Income. As of June 30, 2021, KREF did not have any material uncertain tax positions.
Stock-Based Compensation	Stock-Based CompensationKREF's stock-based compensation consists of awards issued to employees of the Manager or its affiliates that vest over the life of the awards, as well as restricted stock units issued to certain members of KREF's board of directors. KREF recognizes the compensation cost of stock-based awards to its directors and employees of the Manager or its affiliates on a straight-line basis over the awards’ term at their grant date fair value. KREF accounts for forfeitures as they occur.
Earnings per Share	Earnings per Share KREF presents basic and diluted earnings per share ("EPS"). Basic EPS, or Net Income (Loss) Per Share of Common Stock, Basic, is calculated by dividing Net Income (Loss) Attributable to Common Stockholders by the Basic Weighted Average Number of Shares of Common Stock Outstanding, for the period.

Commercial Real Estate Loans (T

Commercial Real Estate Loans (Tables)	6 Months Ended
	Jun. 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Summary and Activity of Loans Held-for-investment and Held-for-sale	The following table summarizes KREF's investments in commercial real estate loans as of June 30, 2021 and December 31, 2020: Weighted Average Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % (C) Coupon (C) Life (Years) (D) June 30, 2021 Loans held-for-investment Senior loans (E) $ 5,224,467 $ 5,200,619 $ 5,143,599 44 100.0 % 4.6 % 3.1 Mezzanine and other loans (F) 113,332 107,881 106,890 5 95.1 11.1 4.3 $ 5,337,799 $ 5,308,500 $ 5,250,489 49 99.9 % 4.7 % 3.1 December 31, 2020 Loans held-for-investment Senior loans (E) $ 4,779,367 $ 4,759,624 $ 4,701,268 38 100.0 % 4.7 % 3.3 Mezzanine and other loans (F) 90,329 84,910 83,465 4 93.9 12.6 4.6 $ 4,869,696 $ 4,844,534 $ 4,784,733 42 99.9 % 4.9 % 3.3 (A) Amortized cost represents the outstanding principal of loan, net of applicable unamortized discounts, loan origination fees and write-off on uncollectable loan balances. (B) Carrying value represents the amortized cost of loan, net of applicable allowance for credit losses. (C) Average weighted by outstanding principal of loan. Weighted average coupon assumes the greater of applicable one-month LIBOR rates of 0.10% and 0.14% as of June 30, 2021 and December 31, 2020, respectively, or the applicable contractual LIBOR floor. (D) The weighted average life of each loan is based on the expected timing of the receipt of contractual principal repayments assuming all extension options are exercised by the borrower. (E) Senior loans may include accommodation mezzanine loans in connection with the senior mortgage financing. Also, includes vertical loan participations sold with a princi pal and a carrying value of $66.2 million as of June 30, 2021 and December 31, 2020. Includes CLO loan participations of $897.7 million and $1.0 billion a s of June 30, 2021 and December 31, 2020, respectively. (F) Includes one real estate corporate loan to a multifamily operator with a principal and a carrying value of $38.1 million and $36.6 million , respectively, as of June 30, 2021, and $50.0 million and $48.0 million, respectively, as of December 31, 2020. Amortized Cost Allowance for Carrying Value Balance at December 31, 2020 $ 4,844,534 $ (59,801) $ 4,784,733 Originations and future fundings, net (A) 1,119,158 — 1,119,158 Proceeds from sales and loan repayments (B) (665,696) — (665,696) Accretion of loan discount and other amortization, net (C) 9,201 — 9,201 PIK interest 1,303 — 1,303 Reversal of credit losses, net — 1,790 1,790 Loan write-off — — — Balance at June 30, 2021 $ 5,308,500 $ (58,011) $ 5,250,489 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes $150.0 million in net proceeds from non-recourse sale of senior interests during the six months ended June 30, 2021. (C) Includes accretion of applicable discounts, certain fees and deferred loan origination costs. The following tables summarize the net book value of the loan portfolio based on KREF's internal risk ratings: June 30, 2021 December 31, 2020 Risk Rating Number of Loans Net Book Value Total Loan Exposure (A) Total Loan Exposure % Risk Rating Number of Loans Net Book Value Total Loan Exposure (A) Total Loan Exposure % 1 — $ — $ — — % 1 — $ — $ — — % 2 1 194,064 194,400 3.5 2 2 321,686 323,026 6.5 3 42 4,580,309 4,854,305 87.0 3 32 3,715,132 3,836,983 77.3 4 4 405,995 418,532 7.5 4 6 675,727 687,040 13.9 5 2 70,121 115,071 2.0 5 2 72,188 115,071 2.3 49 $ 5,250,489 $ 5,582,308 100.0 % 42 $ 4,784,733 $ 4,962,120 100.0 % (A) In certain instances, KREF finances its loans through the non-recourse sale of a senior interest that is not included in the consolidated financial statements. Total loan exposure includes the entire loan KREF originated and financed, including $310.8 million and $158.7 million of such non-consolidated interests and excludes $66.2 million and $66.2 million vertical loan participation as of June 30, 2021 and December 31, 2020, respectively.
Amortized Cost of Loan Portfolio	The following tables present the amortized cost of the loan portfolio by KREF's internal risk rating and year of origination. The risk ratings are updated as of June 30, 2021 and December 31, 2020 in the corresponding table. June 30, 2021 Amortized Cost by Year of Origination Risk Rating Number of Loans Outstanding Principal 2021 2020 2019 2018 2017 Prior Total Carrying Amount Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2 1 194,400 — — — — 194,193 — 194,193 194,064 3 42 4,609,796 859,210 586,035 1,832,013 1,308,716 — — 4,585,974 4,580,309 4 4 418,532 — — 77,088 202,409 138,414 — 417,911 405,995 5 2 115,071 — — — — — 110,422 110,422 70,121 49 $ 5,337,799 $ 859,210 $ 586,035 $ 1,909,101 $ 1,511,125 $ 332,607 $ 110,422 $ 5,308,500 $ 5,250,489 December 31, 2020 Amortized Cost by Year of Origination Risk Rating Number of Loans Outstanding Principal 2020 2019 2018 2017 2016 2015 Total Carrying Amount Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2 2 323,026 — 128,514 — 193,633 — — 322,147 321,686 3 32 3,744,559 461,406 2,105,972 1,159,818 — — — 3,727,196 3,715,132 4 6 687,040 101,586 76,670 340,745 165,751 — — 684,752 675,727 5 2 115,071 — — — — — 110,439 110,439 72,188 42 $ 4,869,696 $ 562,992 $ 2,311,156 $ 1,500,563 $ 359,384 $ — $ 110,439 $ 4,844,534 $ 4,784,733
Allowance for Credit Losses	The following tables present the changes to the allowance for credit losses for the six months ended June 30, 2021 and 2020, respectively: Commercial Unfunded Loan Commitments Total Balance at December 31, 2020 $ 59,801 $ 902 $ 60,703 Provision for (reversal of) credit losses, net (1,790) (356) (2,146) Write-off charged — — — Recoveries — — — Balance as June 30, 2021 $ 58,011 $ 546 $ 58,557 Commercial Unfunded Loan Commitments Total Balance at December 31, 2019 $ — $ — $ — Cumulative-effect adjustment upon adoption of ASU 2016-13 13,909 1,100 15,009 Provision for (reversal of) credit losses, net 53,140 768 53,908 Write-off charged (4,650) — (4,650) Recoveries — — — Balance as June 30, 2020 $ 62,399 $ 1,868 $ 64,267
Concentration of Risk, by Risk Factor	The following tables present the geographies and property types of collateral underlying KREF's commercial real estate loans as a percentage of the loans' principal amounts: June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Geography (A) Collateral Property Type New York 12.6 % 14.5 % Multifamily 51.7 % 51.0 % Pennsylvania 11.1 9.7 Office 29.8 30.2 Illinois 10.8 11.8 Condo (Residential) 5.1 6.1 Texas 9.8 6.6 Hospitality 3.9 4.5 Massachusetts 9.5 8.4 Student Housing 3.6 1.4 Virginia 7.7 10.1 Industrial 3.5 1.8 California 7.7 7.7 Retail 2.2 5.0 Colorado 6.6 4.7 Single Family Rental 0.2 — Washington 6.5 7.2 Total 100.0 % 100.0 % Florida 5.0 5.7 Minnesota 3.7 4.0 Washington D.C. 3.1 2.9 Oregon 2.1 2.3 Georgia 1.6 1.8 Alabama 1.3 1.4 Other U.S. 0.9 1.2 Total 100.0 % 100.0 % (A) Excludes one real estate corporate loan to a multifamily operator with an outstanding principal amount of $38.1 million and $50.0 million, representing 0.7% and 1.0% of KREF’s commercial real estate loans, as of June 30, 2021 and December 31, 2020, respectively.

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt Instruments	The following table summarizes KREF's secured master repurchase agreements and other financing arrangements in place as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Facility Collateral Facility Month Issued Maximum Facility Size Outstanding Principal Carrying Value (A) Final Stated Maturity Weighted Average Funding Cost (B) Weighted Average Life (Years) (B) Outstanding Principal Amortized Cost Basis Carrying Value Weighted Average Life (Years) (C) Carrying Value (A) Master Repurchase Agreements (D) Wells Fargo (E) Oct 2015 $ 1,000,000 $ 498,276 $ 496,651 Nov 2023 1.7 % 1.8 $ 917,770 $ 911,971 $ 870,816 3.6 $ 443,745 Morgan Stanley (F) Dec 2016 600,000 448,562 447,918 Dec 2022 2.2 1.3 615,210 612,068 603,261 3.8 148,772 Goldman Sachs (G) Sep 2016 240,000 100,754 100,358 Oct 2023 3.2 1.9 182,716 181,006 180,444 2.6 76,163 Term Lending Agreement KREF Lending V (H) Jun 2019 900,000 900,000 899,110 Jun 2026 2.1 1.1 1,132,905 1,129,179 1,127,297 2.9 899,363 Warehouse Facility HSBC Facility (I) Mar 2020 500,000 — (213) Mar 2023 — 1.7 — — — n.a (353) Asset Specific Financing BMO Facility (J) Aug 2018 300,000 60,000 59,963 n.a 1.8 0.7 76,000 75,862 73,324 2.6 59,795 Revolving Credit Agreement Revolver (K) Dec 2018 335,000 — — Dec 2023 — 2.4 n.a n.a n.a n.a — Total / Weighted Average $ 3,875,000 $ 2,007,592 $ 2,003,787 2.1 % 1.4 $ 1,627,485 (A) Net of $3.8 million and $5.6 million unamortized debt issuance costs as of June 30, 2021 and December 31, 2020, respectively. (B) Average weighte d by the outstanding principal of borrowings. Funding cost includes deferred financing costs. (C) Average based on the fully extended loan maturity, weighted by the outstanding principal of the collateral. (D) Borrowings under these repurchase agreements are collateralized by senior loans, held-for-investment, and bear interest equal to the sum of (i) a floating rate index, equal to one-month LIBOR, or an index approximating LIBOR, and (ii) a margin, based on the collateral. As of June 30, 2021 and December 31, 2020, the percentage of the outstanding principal of the collateral sold and not borrowed under these repurchase agreements, or average "haircut" weighted by outstanding principal of collateral, wa s 38.9% and 36.7%, respectively (or 30.8% and 34.8%, respectively, if KREF had borrowed the maximum amount approved by its repurchase agreement counterparties as of such dates). (E) The current stated maturity da te is November 2021, which does not reflect two, twelve-month facility term extensions available to KREF, which is contingent upon certain covenants and thresholds. As of June 30, 2021, the collateral-based margin was betwee n 1.25% and 2.15%. (F) In November 2020, the current stated maturity was extended to December 2021, with one-year extension option upon KREF giving written notice and another two one-year extension periods subject to approval by Morgan Stanley. In addition, KREF has the option to increase the facility amount to $750.0 million. As of June 30, 2021, the collateral-based margin was be tween 1.75% and 2.35%. (G) In May 2020, the facility was amended to extend the current stated maturity date to October 30, 2021. In addition, KREF has the option to extend the maturity date to October 31, 2023 by (i) electing to permanently reduce the maximum advance rate for each pledged loan to the lesser of 65% or the advance rate in effect for such loan at October 30, 2021, and (ii) payment of the applicable contractual fee, subject to the satisfaction of certain conditions. As of June 30, 2021, the collateral-base margin was betwe en 1.90% and 3.20%. (H) In June 2019, KREF entered into a Master Repurchase and Securities Contract Agreement (the "Term Lending Agreement") with Morgan Stanley Mortgage Capital Holdings LLC ("Administrative Agent"), as administrative agent on behalf of Morgan Stanley Bank, N.A. ("Initial Buyer"), which provides for current and future financings of up to $900.0 million on a non-mark-to-market basis. The Initial Buyer subsequently syndicated a portion of the facility to multiple financial institutions. As of June 30, 2021, the Initial Buyer held 22.2% of the total commitment under the facility. Borrowings under the Term Lending Agreement are collateralized by certain loans, held for investment, and bear interest equal to one-month LIBOR, plus a 1.90% margin. In March 2021, the current stated maturity was extended to June 2022, subject to four additional one-year extension options, which may be exercised by KREF upon the satisfaction of certain customary conditions and thresholds. (I) In March 2020, KREF entered into a $500.0 million Loan and Security Agreement with HSBC Bank USA, National Association (“HSBC Facility”). The facility, which matures in March 2023, provides warehouse financing on a non-mark-to-market basis with partial recourse to KREF. (J) In August 2018, KREF entered into a $200.0 million loan financing facility with BMO Harris Bank ("BMO Facility"). The facility provides asset-based financing on a non-mark to market basis with matched-term up to five years with partial recourse to KREF. During May 2019, KREF increased the borrowing capacity to $300.0 million. As of June 30, 2021, the collateral-based margin was 1.70%. (K) In December 2018, KREF entered into a $100.0 million corporate revolving credit facility (“Revolver”) administered by Morgan Stanley Senior Funding, Inc. Additional lenders were added in 2019 and 2020, further increasing the borrowing capacity under the Revolver to $335.0 million as of June 30, 2021. The current stated maturity of the facility is D ecember 2023. Borrowings under the facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under this facility are full recourse to certain guarantor wholly-owned subsidiaries of KREF. As of June 30, 2021, the carrying value excluded $2.1 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. The following tables summarize our borrowings under the Term Loan Facility: June 30, 2021 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 13 $ 1,195,821 $ 1,192,567 $ 1,191,508 L + 3.2% n.a. May 2024 Financing provided n.a. 992,777 992,777 992,777 L + 1.6% n.a. May 2024 December 31, 2020 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 13 $ 1,155,378 $ 1,151,144 $ 1,147,517 L + 3.0% n.a. January 2024 Financing provided n.a. 948,204 947,262 947,262 L + 1.9% n.a. January 2024 (A) Floating rate loans and related liabilities are indexed to one-month LIBOR. KREF's net interest rate exposure is in direct proportion to its interest in the net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination/financing costs. (B) Financing under the Term Loan Facility is non-recourse to KREF. (C) The weighted-average term is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower. Secured Financing Agreements, Net Balance as of December 31, 2020 $ 2,574,747 Principal borrowings 1,014,306 Principal repayments/sales (595,262) Deferred debt issuance costs (1,761) Amortization of deferred debt issuance costs 4,534 Balance as of June 30, 2021 $ 2,996,564
Schedule of Repurchase Agreements	The following table summarizes certain characteristics of KREF's repurchase agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity as of June 30, 2021 and December 31, 2020: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) June 30, 2021 Wells Fargo $ 498,276 $ 374,332 30.6 % 1.8 Morgan Stanley 448,562 159,148 13.0 1.3 Term Lending Agreement (B) 900,000 230,507 18.8 1.1 Total / Weighted Average $ 1,846,838 $ 763,987 62.4 % 1.3 December 31, 2020 Wells Fargo $ 446,208 $ 196,715 18.9 % 2.0 Term Lending Agreement (B) 900,000 214,135 20.5 1.5 Total / Weighted Average $ 1,346,208 $ 410,850 39.4 % 1.7 (A) Average weighted by the outstanding principal of borrowings under the secured financing agreement. (B) There were multiple counterparties to the Term Lending Agreement. Morgan Stanley Bank, N.A. represented 4.2% and 4.6% of the net counterparty exposure as a percent of stockholders' equity as of June 30, 2021 and December 31, 2020, respectively.
Schedule of Maturities of Debt Obligations	KREF’s secured financing agreements, term loan financing and other consolidated debt obligations in place as of June 30, 2021 had contractual maturities as follows: Year Nonrecourse Recourse (A) Total 2021 669,522 89,907 759,429 2022 1,111,683 292,714 1,404,397 2023 471,145 78,847 549,992 2024 151,396 40,429 191,825 Thereafter 94,725 — 94,725 $ 2,498,471 $ 501,897 $ 3,000,368 (A) Except for the Revolver, which is full recourse, amounts borrowed subject to a maximum 25.0% recourse limit. The Revolver expires in December 2023.

Collateralized Loan Obligation

Collateralized Loan Obligation (Tables)	6 Months Ended
	Jun. 30, 2021
Transfers and Servicing [Abstract]
Schedule of Collateral Assets and Respective Borrowings	The following tables outline KREF 2018-FL1 collateral assets and respective borrowing as of June 30, 2021 and December 31, 2020: June 30, 2021 Collateralized Loan Obligation Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost Wtd. Avg. Term (B) Collateral assets (A) 19 $ 957,000 $ 957,000 $ 956,276 L + 3.1% March 2024 Financing provided 1 767,000 767,000 767,000 L + 1.4% June 2036 December 31, 2020 Collateralized Loan Obligation Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost Wtd. Avg. Term (B) Collateral assets (A) 21 $ 1,000,000 $ 1,000,000 $ 997,336 L + 2.9% March 2024 Financing provided 1 810,000 810,000 810,000 L + 1.4% June 2036 (A) Collateral loan assets repres ent 16.8% and 20.5% of the principal of KREF's commercial real estate loans as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021 and December 31, 2020, 100% of KREF loans financed through the CLO are floating rate loans. (B) Loan term represents weighted-average final maturity, assuming extension options are exercised by the borrower. Repayments of CLO notes are dependent on timing of related collateral loan asset repayments post reinvestment period. The term of the CLO notes represents the rated final distribution date.
Schedule of Assets and Liabilities Included in Consolidated Balance Sheet	The following table presents the KREF 2018-FL1 Assets and Liabilities included in KREF’s Condensed Consolidated Balance Sheets: Assets June 30, 2021 December 31, 2020 Commercial real estate loans, held-for-investment $ 897,678 $ 1,000,483 Less: Allowance for credit losses (724) (2,669) Commercial real estate loans, held-for-investment, net 896,954 997,814 Accrued interest receivable 2,659 3,075 Other assets (A) 59,559 5 Total $ 959,172 $ 1,000,894 Liabilities Collateralized loan obligation, net $ 767,000 $ 810,000 Accrued interest payable 578 668 Accounts payable, accrued expenses and other liabilities — 72 Total $ 767,578 $ 810,740 (A) Includes $59.3 million of loan repayment proceeds held with the servicer and receivable by the CLO as of June 30, 2021.
Schedule of Net Interest Income Included in Consolidated Statement of Income	The following table presents the components of net interest income of KREF 2018-FL1 included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net Interest Income Interest income $ 10,832 $ 11,429 $ 21,953 $ 23,265 Interest expense (A) 3,922 6,386 7,954 15,154 Net interest income $ 6,910 $ 5,043 $ 13,999 $ 8,111 (A) Includes $1.7 million and $3.3 million of deferred financing costs amortization for the three and six months ended June 30, 2020. Deferred financing costs incurred in connection with the CLO were fully amortized as of December 31, 2020.

Secured Term Loan, Net (Tables)

Secured Term Loan, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Secured Term Loan, Net [Abstract]
Summary of Secured Term Loan	The following table summarizes KREF’s secured term loan at June 30, 2021: June 30, 2021 Principal amount $ 298,500 Unamortized discount (6,614) Deferred financing costs (4,468) Carrying amount $ 287,418

Convertible Notes, Net (Tables)

Convertible Notes, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Interest Expense, Debt	The following table details the interest expense related to the Convertible Notes: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cash coupon $ 2,201 $ 2,201 $ 4,402 $ 4,402 Discount and issuance cost amortization 345 346 687 692 Total interest expense $ 2,546 $ 2,547 $ 5,089 $ 5,094
Net Book Value	The following table details the net book value of the Convertible Notes on KREF's Condensed Consolidated Balance Sheets: June 30, 2021 December 31, 2020 Principal $ 143,750 $ 143,750 Deferred financing costs (1,923) (2,431) Unamortized discount (675) (854) Net book value $ 141,152 $ 140,465

Loan Participations Sold (Table

Loan Participations Sold (Tables)	6 Months Ended
	Jun. 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Participating Mortgage Loans	The following tables summarize the loan participation sold liabilities that KREF recognized since the corresponding syndications of the respective loan participations were not treated as "sales" as of June 30, 2021 and December 31, 2020: June 30, 2021 Loan Participations Sold Count Outstanding Principal Amortized Cost Carrying Value Yield/Cost (A) Guarantee Term Total loan 1 $ 337,327 $ 336,656 $ 336,251 L + 2.6% n.a. July 2024 Vertical loan participation (B) 1 66,248 66,242 66,242 L + 2.6% n.a. July 2024 December 31, 2020 Loan Participations Sold Count Outstanding Principal Amortized Cost Carrying Value Yield/Cost (A) Guarantee Term Total loan 1 $ 337,327 $ 336,329 $ 335,507 L + 2.6% n.a. July 2024 Vertical loan participation (B) 1 66,248 66,232 66,232 L + 2.6% n.a. July 2024 (A) Floating rate loans and related liabilities are indexed to one-month LIBOR. KREF's net interest rate exposure is in direct proportion to its interest in the net assets of the senior loan. (B) During the three months ended June 30, 2021 and 2020, KREF recorded $0.7 million and $0.7 million of interest income, respectively, and $0.7 million and $0.7 million of interest expense, respectively, related to the vertical loan participation sold; and during the six months ended June 30, 2021 and 2020, KREF recorded $1.5 million and $1.4 million of interest income, respectively, and $1.5 million and $1.4 million of interest expense, respectively, related to the vertical loan participation sold.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Common Stock Issued	As further described below, since December 2015, KREF issued the following shares of common stock: Pricing Date Shares Issued Net Proceeds As of December 31, 2015 13,636,416 $ 272,728 February 2016 2,000,000 40,000 May 2016 3,000,138 57,130 June 2016 (A) 21,838 — August 2016 5,500,000 109,875 As of December 31, 2016 24,158,392 $ 479,733 February 2017 7,386,208 147,662 April 2017 10,379,738 207,595 May 2017 - Initial Public Offering 11,787,500 219,356 As of December 31, 2017 53,711,838 $ 1,054,346 August 2018 5,000,000 98,326 November 2018 500,000 9,351 As of December 31, 2018 59,211,838 $ 1,162,023 (A) KREF did not receive any proceeds with respect to 21,838 shares of common stock issued to certain current and former employees of, and non-employee consultants to, KKR and third-party investors in the private placement completed in March 2016, in accordance with KREF's Stockholders Agreement dated as of March 29, 2016.
Dividends Declared	During the six months ended June 30, 2021 and 2020, KREF's board of directors declared the following dividends on shares of its common stock and special voting preferred stock: Amount Declaration Date Record Date Payment Date Per Share Total 2021 March 15, 2021 March 31, 2021 April 15, 2021 $ 0.43 $ 23,916 June 15, 2021 June 30, 2021 July 15, 2021 0.43 23,924 $ 47,840 2020 March 16, 2020 March 31, 2020 April 15, 2020 $ 0.43 $ 24,010 June 15, 2020 June 30, 2020 July 15, 2020 0.43 23,861 $ 47,871 During the six months ended June 30, 2021, KREF's board of directors declared the following dividends on shares of its Series A Preferred Stock: Amount Declaration Date Record Date Payment Date Per Share Total 2021 April 23, 2021 May 31, 2021 June 15, 2021 $ 0.27 $ 1,838 $ 1,838
Schedule of Earnings Per Share, Basic and Diluted	The following table illustrates the computation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator Net income (loss) attributable to common stockholders $ 29,264 $ 28,590 $ 58,448 $ (6,574) Denominator Basic weighted average common shares outstanding 55,632,322 55,491,937 55,625,911 56,419,332 Dilutive restricted stock units 274,764 12,140 193,199 — Diluted weighted average common shares outstanding 55,907,086 55,504,077 55,819,110 56,419,332 Net income (loss) attributable to common stockholders, per: Basic common share $ 0.53 $ 0.52 $ 1.05 $ (0.12) Diluted common share $ 0.52 $ 0.52 $ 1.05 $ (0.12)

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Unit Activity	The following table summarizes the activity in KREF’s outstanding RSUs and the weighted-average grant date fair value per RSU: Restricted Stock Units Weighted Average Grant Date Fair Value Per RSU (A) Unvested as of December 31, 2020 787,942 $ 18.78 Granted 15,520 19.65 Vested (18,886) 14.60 Forfeited / cancelled (8,226) 18.13 Unvested as of June 30, 2021 776,350 $ 18.91 (A) The grant-date fair value is based upon the last sale price of KREF’s common stock at the date of grant.
Schedule of RSUs Outstanding to Vest	KREF expects the unvested RSUs outstanding to vest during the following years: Year Restricted Stock Units 2021 368,020 2022 269,174 2023 139,156 Total 776,350

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Amounts Due to Affiliates	The following table contains the amounts presented in KREF's Condensed Consolidated Balance Sheets that it owes to affiliates: June 30, 2021 December 31, 2020 Management fees $ 4,835 $ 4,252 Expense reimbursements and other 282 1,991 $ 5,117 $ 6,243 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Management fees $ 4,835 $ 4,218 $ 9,125 $ 8,517 Incentive compensation 2,403 1,249 4,595 2,855 Expense reimbursements and other (A) 447 386 799 685 $ 7,685 $ 5,853 $ 14,519 $ 12,057 (A) KREF presents these amounts in "Operating Expenses — General and administrative" in its Condensed Consolidated Statements of Income. Affiliate expense reimbursements presented in the table above exclude the out-of-pocket amounts paid by the Manager to parties unaffiliated with the Manager on behalf of KREF , and for which KREF reimburses the Manager in cash. For the three and six months ended June 30, 2021 , these cash reimbursements totaled $0.3 million and $2.4 million, respectively; and for the three and six months ended June 30, 2020, these cash reimbursements totaled $0.7 million and $2.2 million, respectively.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities Recorded at Fair Value on Recurring Basis	The carrying values and fair values of KREF’s financial assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments not carried at fair value, as of June 30, 2021 were as follows: Fair Value Principal Balance (A) Amortized Cost (B) Carrying Value (C) Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 119,172 $ 119,172 $ 119,172 $ 119,172 $ — $ — $ 119,172 Commercial real estate loans, held-for-investment, net (D) 5,337,799 5,308,500 5,250,489 — — 5,250,674 5,250,674 Equity method investments 33,773 33,773 33,773 — — 33,773 33,773 $ 5,490,744 $ 5,461,445 $ 5,403,434 $ 119,172 $ — $ 5,284,447 $ 5,403,619 Liabilities Secured financing agreements, net $ 3,000,369 $ 2,996,564 $ 2,996,564 $ — $ — $ 2,996,564 $ 2,996,564 Collateralized loan obligation, net 767,000 767,000 767,000 — — 767,124 767,124 Secured term loan, net 298,500 287,418 287,418 — 301,858 — 301,858 Convertible notes, net 143,750 141,152 141,152 — 154,267 — 154,267 Loan participations sold, net 66,248 66,242 66,242 — — 66,242 66,242 $ 4,275,867 $ 4,258,376 $ 4,258,376 $ — $ 456,125 $ 3,829,930 $ 4,286,055 (A) The principal balance of commercial real estate loans excludes premiums and unamortized discounts. (B) The amortized cost of commercial real estate loans is net of $4.7 million write-off on a mezzanine loan and $25.2 million unamortized origination discounts and deferred nonrefundable fees. The amortized cost of secured financing agreements is net of $3.8 million unamortized debt issuance costs. (C) The carrying value of commercial mortgage loans is net of $58.0 million allowance for credit losses. (D) Includes $897.7 million of CLO loan participations as of June 30, 2021. Includes senior loans for which KREF syndicated a vertical loan participation that did not qualify for sale accounting under GAAP, with a carrying value and a fair value of $66.2 million as of June 30, 2021. The carrying values and fair values of KREF’s financial assets recorded at fair value on a recurring basis, as well as other financial instruments for which fair value is disclosed, as of December 31, 2020 were as follows: Fair Value Principal Balance (A) Amortized Cost (B) Carrying Value (C) Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 110,832 $ 110,832 $ 110,832 $ 110,832 $ — $ — $ 110,832 Commercial real estate loans, held-for-investment, net (D) 4,869,696 4,844,534 4,784,733 — — 4,757,203 4,757,203 Equity method investments 33,651 33,651 33,651 — — 33,651 33,651 $ 5,014,179 $ 4,989,017 $ 4,929,216 $ 110,832 $ — $ 4,790,854 $ 4,901,686 Liabilities Secured financing agreements, net $ 2,581,324 $ 2,574,747 $ 2,574,747 $ — $ — $ 2,581,324 $ 2,581,324 Collateralized loan obligation, net 810,000 810,000 810,000 — — 803,766 803,766 Secured term loan, net 300,000 288,028 288,028 — 303,000 — 303,000 Convertible notes, net 143,750 140,465 140,465 — 145,817 — 145,817 Loan participations sold, net 66,248 66,232 66,232 — — 66,232 66,232 $ 3,901,322 $ 3,879,472 $ 3,879,472 $ — $ 448,817 $ 3,451,322 $ 3,900,139 (A) The principal balance of commercial real estate loans excludes premiums and unamortized discounts. (B) The amortized cost of commercial real estate loans is net of $4.7 million write-off on a mezzanine loan and $20.5 million unamortized origination discounts and deferred nonrefundable fees. The amortized cost of secured financing agreements is net of $6.6 million unamortized debt issuance costs. (C) The carrying value of commercial mortgage loans is net of $59.8 million allowance for credit losses. (D) Includes $1.0 billion of CLO loan participations as of December 31, 2020. Includes senior loans for which KREF syndicated a vertical loan participation that did not qualify for sale accounting under GAAP, with a carrying value and a fair value of $66.2 million as of December 31, 2020.
Fair Value Level 3 Inputs, Liabilities	The following table contains the Level 3 inputs used to value assets and liabilities on a recurring and nonrecurring basis or where KREF discloses fair value as of June 30, 2021: Fair Value Valuation Methodologies Unobservable Inputs (A) Weighted Average (B) Range Assets and Liabilities (C)(D) Commercial real estate loans, held-for-investment (E) $ 5,250,674 Discounted cash flow Discount rate 4.4% 1.9% - 19.1% $ 5,250,674 (A) An increase (decrease) in the valuation input results in a decrease (increase) in value. (B) Represents the average of the input value, weighted by the unpaid principal balance of the financial instrument. (C) KREF carries a $33.5 million investment in an aggregator vehicle alongside RECOP I (Note 9) at its pro rata share of the aggregator's net asset value, which management believes approximates fair value. (D) Does not include $66.2 million of vertical loan syndication which was syndicated at par value and included in “Loan participation sold, net” on the Condensed Consolidated Balance Sheet. (E) Commercial real estate loans are generally valued using a discounted cash flow model using discount rate derived from relevant market indices and/or estimates of the underlying property's value.

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Schedule of Senior Notes	KREF originated the following loans: Description/ Location Property Type Month Originated Committed Principal Amount Initial Principal Funded Interest Rate (A) Maturity Date (B) LTV Senior Loan, Mountain View, CA (C) Office July 2021 $ 250,000 $ 181,571 L + 3.3% August 2026 73% Senior Loan, Brisbane, CA Life Science July 2021 95,000 84,875 L + 3.0 August 2026 71 Total/ Weighted Average $ 345,000 $ 266,446 L + 3.2% 72% (A) Floating rate based on one-month USD LIBOR. (B) Maturity date assumes all extension options are exercised, if applicable. (C) The total whole loan is $362.8 million, co-originated and co-funded by the Company and a KKR affiliate. The Company's interest is 69% of the loan.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	Jun. 15, 2021$ / shares	Apr. 23, 2021$ / shares	Mar. 15, 2021$ / shares	Jun. 15, 2020$ / shares	Mar. 16, 2020$ / shares	Jun. 30, 2021USD ($)$ / shares	Apr. 30, 2021$ / shares	Apr. 26, 2021	Jun. 30, 2021USD ($)$ / shares	Mar. 31, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)$ / shares	Mar. 31, 2020USD ($)$ / shares	Jun. 30, 2021USD ($)loan$ / shares	Jun. 30, 2020USD ($)$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	May 31, 2018
Related Party Transaction [Line Items]
Redeemable preferred stock						$ 2,316			$ 2,316				$ 2,316		$ 1,852
Unrestricted cash and cash equivalents balance to satisfy liquidity covenants						47,200			47,200				47,200		42,600
Loan repayment proceeds						99,800			99,800				99,800		15,900
Prepaids						800			800				800		500
Accrued expenses						1,800			1,800				1,800		3,100
Expected loss reserve for unfunded loan commitments						500			500				500		900
Good faith deposits						$ 1,000			$ 1,000				$ 1,000		800
Dividends declared per share of common stock (usd per share) | $ / shares	$ 0.43		$ 0.43	$ 0.43	$ 0.43	$ 0.43			$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.86	$ 0.86
Dividends declared per share of preferred stock (usd per share) | $ / shares									$ 0.27
Outstanding loan balance						$ 115,100			$ 115,100				$ 115,100
6.5% Series A Cumulative Redeemable Preferred Stock
Related Party Transaction [Line Items]
Dividends declared per share of preferred stock (usd per share) | $ / shares		$ 0.27					$ 0.27
Preferred stock, dividend rate								6.50%
Redeemable Preferred Stock
Related Party Transaction [Line Items]
Redeemable preferred stock						$ 2,316			2,316	$ 2,562	$ 2,275	$ 2,108	2,316	$ 2,275	1,852	$ 1,694
Adjustment of redeemable preferred stock to redemption value									$ (200)				$ 500
Convertible Notes Payable | Notes Due in 2023
Related Party Transaction [Line Items]
Debt instrument, interest rate, stated percentage						6.125%			6.125%				6.125%				6.125%
Facility | Revolving Credit Facility | Morgan Stanley
Related Party Transaction [Line Items]
Deferred financing/debt issuance costs						$ 2,100			$ 2,100				$ 2,100		$ 2,500
Senior loan
Related Party Transaction [Line Items]
Number of mezzanine loans written off (in loans) | loan													1
Mezzanine loan
Related Party Transaction [Line Items]
Number of mezzanine loans written off (in loans) | loan													1

Commercial Real Estate Loans -

Commercial Real Estate Loans - Loans Held-for-investment and Loans Held-for-sale (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Investment Holdings [Line Items]
Amortized Cost	$ 5,308,500	$ 4,844,534
Carrying value	5,250,489	4,784,733
Loans held-for-investment
Investment Holdings [Line Items]
Outstanding Principal	5,337,799	4,869,696
Amortized Cost	5,308,500	4,844,534
Carrying value	$ 5,250,489	$ 4,784,733
Loan Count (in loans) | loan	49	42
Floating Rate Loan %	99.90%	99.90%
Coupon	4.70%	4.90%
Life (Years)	3 years 1 month 6 days	3 years 3 months 18 days
Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Outstanding Principal	$ 5,224,467	$ 4,779,367
Amortized Cost	5,200,619	4,759,624
Carrying value	$ 5,143,599	$ 4,701,268
Loan Count (in loans) | loan	44	38
Floating Rate Loan %	100.00%	100.00%
Coupon	4.60%	4.70%
Life (Years)	3 years 1 month 6 days	3 years 3 months 18 days
Loans held-for-investment | Mezzanine and other loans
Investment Holdings [Line Items]
Outstanding Principal	$ 113,332	$ 90,329
Amortized Cost	107,881	84,910
Carrying value	$ 106,890	$ 83,465
Loan Count (in loans) | loan	5	4
Floating Rate Loan %	95.10%	93.90%
Coupon	11.10%	12.60%
Life (Years)	4 years 3 months 18 days	4 years 7 months 6 days
Loans held-for-investment | Mezzanine and other loans | Multifamily
Investment Holdings [Line Items]
Outstanding Principal	$ 38,100	$ 50,000
Loan Count (in loans) | loan	1
Amortized cost	$ 36,600	48,000
Vertical loan participation | Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Outstanding Principal	66,200	66,200
Amortized cost	66,200	66,200
Collateralized Loan Obligations | Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Outstanding Principal	$ 897,700	$ 1,000,000
LIBOR
Investment Holdings [Line Items]
Interest rate	0.10%	0.14%

Commercial Real Estate Loans _2

Commercial Real Estate Loans - Activities Related to Carrying Value of Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance			$ 4,844,534
Beginning balance			(59,801)
Beginning balance			4,784,733
Reversal of credit losses, net	$ 559	$ 1,366	2,147	$ (53,908)
Ending balance	5,308,500		5,308,500
Ending balance	(58,011)		(58,011)
Ending balance	5,250,489		5,250,489
Senior Participation Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance			(59,800)
Ending balance	(58,000)		(58,000)
Proceeds from sale of finance receivables			150,000
CRE Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance			4,844,534
Beginning balance			(59,801)
Beginning balance			4,784,733
Purchases and originations, net			1,119,158
Proceeds from sales and principal payments			(665,696)
Accretion of loan discount and other amortization, net			9,201
PIK interest			1,303
Reversal of credit losses, net			1,790
Loan write-off			0
Ending balance	5,308,500		5,308,500
Ending balance	(58,011)		(58,011)
Ending balance	$ 5,250,489		$ 5,250,489

Commercial Real Estate Loans _3

Commercial Real Estate Loans - Narrative (Details)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)loan	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)loan
Investment Holdings [Line Items]
Net accelerated fees	$ 1,100,000			$ 100,000	$ 2,100,000	$ 300,000
Accrued interest receivable	15,752,000		$ 15,412,000		15,752,000		$ 15,412,000
Commercial real estate loans, held-for-investment	$ 5,308,500,000		4,844,534,000		$ 5,308,500,000		$ 4,844,534,000
Weighted average loan risk rating	3.1				3.1
Hotel | Senior Loan 17, Fort Lauderdale, FL
Investment Holdings [Line Items]
Collections of principal		$ 10,000,000
Senior loans
Investment Holdings [Line Items]
Remaining unfunded commitment	$ 0				$ 0
Senior loans | Hotel | Senior Loan 17, Fort Lauderdale, FL
Investment Holdings [Line Items]
Outstanding Principal	130,000,000				130,000,000
Initial Principal Funded	129,900,000				$ 129,900,000
PIK Interest | Hotel | Senior Loan 17, Fort Lauderdale, FL
Investment Holdings [Line Items]
Collections of principal		$ 1,600,000
Loans held-for-investment
Investment Holdings [Line Items]
Number of Loans (in loans) | loan					49		42
Outstanding Principal	5,337,799,000		4,869,696,000		$ 5,337,799,000		$ 4,869,696,000
Commercial real estate loans, held-for-investment	5,308,500,000		4,844,534,000		$ 5,308,500,000		$ 4,844,534,000
Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Number of Loans (in loans) | loan					44		38
Outstanding Principal	5,224,467,000		4,779,367,000		$ 5,224,467,000		$ 4,779,367,000
Commercial real estate loans, held-for-investment	5,200,619,000		$ 4,759,624,000		5,200,619,000		4,759,624,000
Loans held-for-investment | Senior loans | Retail
Investment Holdings [Line Items]
Number of Loans (in loans) | loan			1
Loans held-for-investment | Senior loans | Hotel
Investment Holdings [Line Items]
Number of Loans (in loans) | loan		1
Loans held-for-investment | Impaired/Loss Likely | Senior loans
Investment Holdings [Line Items]
Outstanding Principal			$ 109,600,000				109,600,000
Commercial real estate loans, held-for-investment			109,600,000				109,600,000
Loan Modificaiton with PIK term
Investment Holdings [Line Items]
Accrued interest receivable	2,800,000				2,800,000
Total
Investment Holdings [Line Items]
Increase (decrease) in allowance for credit losses					(2,146,000)	$ 53,908,000
Loans held-for-investment
Investment Holdings [Line Items]
Unamortized origination discounts and deferred nonrefundable fees	$ 25,200,000		$ 20,500,000		$ 25,200,000		$ 20,500,000

Commercial Real Estate Loans _4

Commercial Real Estate Loans - Loan Risk Ratings (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net Book Value	$ 5,250,489	$ 4,784,733
Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	49	42
Net Book Value	$ 5,250,489	$ 4,784,733
Total Loan Exposure	$ 5,582,308	$ 4,962,120
Total Loan Exposure %	100.00%	100.00%
Non-consolidated senior interest
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loan Exposure	$ 310,800	$ 158,700
Vertical loan participation
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total loan exposure, excluding vertical loan participation	$ 66,200	$ 66,200
Very Low Risk | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	0	0
Net Book Value	$ 0	$ 0
Total Loan Exposure	$ 0	$ 0
Total Loan Exposure %	0.00%	0.00%
Low Risk | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	1	2
Net Book Value	$ 194,064	$ 321,686
Total Loan Exposure	$ 194,400	$ 323,026
Total Loan Exposure %	3.50%	6.50%
Average Risk | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	42	32
Net Book Value	$ 4,580,309	$ 3,715,132
Total Loan Exposure	$ 4,854,305	$ 3,836,983
Total Loan Exposure %	87.00%	77.30%
High Risk/Potential for Loss | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	4	6
Net Book Value	$ 405,995	$ 675,727
Total Loan Exposure	$ 418,532	$ 687,040
Total Loan Exposure %	7.50%	13.90%
Impaired/Loss Likely | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	2	2
Net Book Value	$ 70,121	$ 72,188
Total Loan Exposure	$ 115,071	$ 115,071
Total Loan Exposure %	2.00%	2.30%

Commercial Real Estate Loans _5

Commercial Real Estate Loans - Amortized Cost of Loan Portfolio (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total	$ 5,308,500	$ 4,844,534
Carrying Amount	$ 5,250,489	$ 4,784,733
Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	49	42
Outstanding Principal	$ 5,337,799	$ 4,869,696
Current year	859,210	562,992
Year one	586,035	2,311,156
Year two	1,909,101	1,500,563
Year three	1,511,125	359,384
Year four	332,607	0
Prior	110,422	110,439
Total	5,308,500	4,844,534
Carrying Amount	$ 5,250,489	$ 4,784,733
Very Low Risk | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	0	0
Outstanding Principal	$ 0	$ 0
Current year	0	0
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Prior	0	0
Total	0	0
Carrying Amount	$ 0	$ 0
Low Risk | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	1	2
Outstanding Principal	$ 194,400	$ 323,026
Current year	0	0
Year one	0	128,514
Year two	0	0
Year three	0	193,633
Year four	194,193	0
Prior	0	0
Total	194,193	322,147
Carrying Amount	$ 194,064	$ 321,686
Average Risk | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	42	32
Outstanding Principal	$ 4,609,796	$ 3,744,559
Current year	859,210	461,406
Year one	586,035	2,105,972
Year two	1,832,013	1,159,818
Year three	1,308,716	0
Year four	0	0
Prior	0	0
Total	4,585,974	3,727,196
Carrying Amount	$ 4,580,309	$ 3,715,132
High Risk/Potential for Loss | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	4	6
Outstanding Principal	$ 418,532	$ 687,040
Current year	0	101,586
Year one	0	76,670
Year two	77,088	340,745
Year three	202,409	165,751
Year four	138,414	0
Prior	0	0
Total	417,911	684,752
Carrying Amount	$ 405,995	$ 675,727
Impaired/Loss Likely | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	2	2
Outstanding Principal	$ 115,071	$ 115,071
Current year	0	0
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Prior	110,422	110,439
Total	110,422	110,439
Carrying Amount	$ 70,121	$ 72,188

Commercial Real Estate Loans _6

Commercial Real Estate Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ 59,801
Accounting Standards Update [Extensible Enumeration]					us-gaap:AccountingStandardsUpdate201613Member
Ending balance		58,011		$ 59,801
Commercial Real Estate Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0	59,801	$ 0	0
Provision for (reversal of) credit losses, net		(1,790)	53,140
Write-off charged		0	(4,650)
Recoveries		0	0
Ending balance		58,011	62,399	59,801	$ 0
Commercial Real Estate Loans | Cumulative effect adjustment upon adoption of ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for (reversal of) credit losses, net	13,909
Unfunded Loan Commitments
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	902	0	0
Provision for (reversal of) credit losses, net		(356)	768
Write-off charged		0	0
Recoveries		0	0
Ending balance		546	1,868	902	0
Unfunded Loan Commitments | Cumulative effect adjustment upon adoption of ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for (reversal of) credit losses, net	1,100
Total
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	60,703	0	0
Provision for (reversal of) credit losses, net		(2,146)	53,908
Write-off charged		0	(4,650)
Recoveries		0	0
Ending balance		$ 58,557	$ 64,267	$ 60,703	$ 0
Total | Cumulative effect adjustment upon adoption of ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for (reversal of) credit losses, net	$ 15,009

Commercial Real Estate Loans _7

Commercial Real Estate Loans - Concentration of Credit Risk (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Loans held-for-investment
Concentration Risk [Line Items]
Loan Count (in loans) | loan	49	42
Outstanding Principal | $	$ 5,337,799	$ 4,869,696
Loans held-for-investment | Mezzanine loans
Concentration Risk [Line Items]
Loan Count (in loans) | loan	5	4
Outstanding Principal | $	$ 113,332	$ 90,329
Multifamily | Loans held-for-investment | Mezzanine loans
Concentration Risk [Line Items]
Loan Count (in loans) | loan	1
Outstanding Principal | $	$ 38,100	$ 50,000
Loans held-for-investment | Geographic concentration risk
Concentration Risk [Line Items]
Concentration of credit risk	100.00%	100.00%
Loans held-for-investment | Geographic concentration risk | New York
Concentration Risk [Line Items]
Concentration of credit risk	12.60%	14.50%
Loans held-for-investment | Geographic concentration risk | Pennsylvania
Concentration Risk [Line Items]
Concentration of credit risk	11.10%	9.70%
Loans held-for-investment | Geographic concentration risk | Illinois
Concentration Risk [Line Items]
Concentration of credit risk	10.80%	11.80%
Loans held-for-investment | Geographic concentration risk | Texas
Concentration Risk [Line Items]
Concentration of credit risk	9.80%	6.60%
Loans held-for-investment | Geographic concentration risk | Massachusetts
Concentration Risk [Line Items]
Concentration of credit risk	9.50%	8.40%
Loans held-for-investment | Geographic concentration risk | Virginia
Concentration Risk [Line Items]
Concentration of credit risk	7.70%	10.10%
Loans held-for-investment | Geographic concentration risk | California
Concentration Risk [Line Items]
Concentration of credit risk	7.70%	7.70%
Loans held-for-investment | Geographic concentration risk | Colorado
Concentration Risk [Line Items]
Concentration of credit risk	6.60%	4.70%
Loans held-for-investment | Geographic concentration risk | Washington
Concentration Risk [Line Items]
Concentration of credit risk	6.50%	7.20%
Loans held-for-investment | Geographic concentration risk | Florida
Concentration Risk [Line Items]
Concentration of credit risk	5.00%	5.70%
Loans held-for-investment | Geographic concentration risk | Minnesota
Concentration Risk [Line Items]
Concentration of credit risk	3.70%	4.00%
Loans held-for-investment | Geographic concentration risk | Washington D.C.
Concentration Risk [Line Items]
Concentration of credit risk	3.10%	2.90%
Loans held-for-investment | Geographic concentration risk | Oregon
Concentration Risk [Line Items]
Concentration of credit risk	2.10%	2.30%
Loans held-for-investment | Geographic concentration risk | Georgia
Concentration Risk [Line Items]
Concentration of credit risk	1.60%	1.80%
Loans held-for-investment | Geographic concentration risk | Alabama
Concentration Risk [Line Items]
Concentration of credit risk	1.30%	1.40%
Loans held-for-investment | Geographic concentration risk | Other U.S.
Concentration Risk [Line Items]
Concentration of credit risk	0.90%	1.20%
Loans held-for-investment | Product concentration risk
Concentration Risk [Line Items]
Concentration of credit risk	100.00%	100.00%
Loans held-for-investment | Product concentration risk | Multifamily
Concentration Risk [Line Items]
Concentration of credit risk	51.70%	51.00%
Loans held-for-investment | Product concentration risk | Office
Concentration Risk [Line Items]
Concentration of credit risk	29.80%	30.20%
Loans held-for-investment | Product concentration risk | Condo (Residential)
Concentration Risk [Line Items]
Concentration of credit risk	5.10%	6.10%
Loans held-for-investment | Product concentration risk | Hospitality
Concentration Risk [Line Items]
Concentration of credit risk	3.90%	4.50%
Loans held-for-investment | Product concentration risk | Student Housing
Concentration Risk [Line Items]
Concentration of credit risk	3.60%	1.40%
Loans held-for-investment | Product concentration risk | Industrial
Concentration Risk [Line Items]
Concentration of credit risk	3.50%	1.80%
Loans held-for-investment | Product concentration risk | Retail
Concentration Risk [Line Items]
Concentration of credit risk	2.20%	5.00%
Loans held-for-investment | Product concentration risk | Single Family Rental
Concentration Risk [Line Items]
Concentration of credit risk	0.20%	0.00%
Loans held-for-investment, excluded | Product concentration risk | Multifamily
Concentration Risk [Line Items]
Concentration of credit risk	0.70%	1.00%

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt (Details)	1 Months Ended			6 Months Ended	12 Months Ended
	Mar. 31, 2021extension	Nov. 30, 2020extension	Aug. 31, 2018USD ($)	Jun. 30, 2021USD ($)extension	Dec. 31, 2020USD ($)	Oct. 30, 2021	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	May 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Outstanding Principal				$ 3,000,368,000
Unamortized debt issuance costs					$ 5,600,000
Average haircut weighted by outstanding face amount of collateral				38.90%	36.70%
Average haircut weighted by outstanding face amount of collateral if maximum amount is borrowed				30.80%	34.80%
Morgan Stanley | Facility
Debt Instrument [Line Items]
Maximum Facility Size				$ 750,000,000
Number of extensions (in extensions) | extension		2
Extension term		1 year
BMO
Debt Instrument [Line Items]
Collateral based margin				1.70%
Secured Financing Agreements | Facility
Debt Instrument [Line Items]
Carrying Value				$ 2,996,564,000	$ 2,574,747,000
Secured Financing Agreements | Wells Fargo | Facility
Debt Instrument [Line Items]
Maximum Facility Size				1,000,000,000
Outstanding Principal				498,276,000
Carrying Value				$ 496,651,000	443,745,000
Weighted Average Funding Cost				1.70%
Weighted Average Life (Years)				1 year 9 months 18 days
Outstanding Principal				$ 917,770,000
Amortized Cost Basis				911,971,000
Carrying Value				$ 870,816,000
Weighted Average Life (Years)				3 years 7 months 6 days
Number of extensions (in extensions) | extension				2
Extension term				12 months
Secured Financing Agreements | Wells Fargo | Facility | Minimum
Debt Instrument [Line Items]
Collateral based margin				1.25%
Secured Financing Agreements | Wells Fargo | Facility | Maximum
Debt Instrument [Line Items]
Collateral based margin				2.15%
Secured Financing Agreements | Morgan Stanley | Facility
Debt Instrument [Line Items]
Maximum Facility Size				$ 600,000,000
Outstanding Principal				448,562,000
Carrying Value				$ 447,918,000	148,772,000
Weighted Average Funding Cost				2.20%
Weighted Average Life (Years)				1 year 3 months 18 days
Outstanding Principal				$ 615,210,000
Amortized Cost Basis				612,068,000
Carrying Value				$ 603,261,000
Weighted Average Life (Years)				3 years 9 months 18 days
Secured Financing Agreements | Morgan Stanley | Facility | Minimum
Debt Instrument [Line Items]
Collateral based margin				1.75%
Secured Financing Agreements | Morgan Stanley | Facility | Maximum
Debt Instrument [Line Items]
Collateral based margin				2.35%
Secured Financing Agreements | Goldman Sachs | Facility
Debt Instrument [Line Items]
Maximum Facility Size				$ 240,000,000
Outstanding Principal				100,754,000
Carrying Value				$ 100,358,000	76,163,000
Weighted Average Funding Cost				3.20%
Weighted Average Life (Years)				1 year 10 months 24 days
Outstanding Principal				$ 182,716,000
Amortized Cost Basis				181,006,000
Carrying Value				$ 180,444,000
Weighted Average Life (Years)				2 years 7 months 6 days
Secured Financing Agreements | Goldman Sachs | Facility | Forecast
Debt Instrument [Line Items]
Maximum advance rate						65.00%
Secured Financing Agreements | Goldman Sachs | Facility | Minimum
Debt Instrument [Line Items]
Collateral based margin				1.90%
Secured Financing Agreements | Goldman Sachs | Facility | Maximum
Debt Instrument [Line Items]
Collateral based margin				3.20%
Secured Financing Agreements | HSBC | Facility
Debt Instrument [Line Items]
Weighted Average Funding Cost				0.00%
Weighted Average Life (Years)				1 year 8 months 12 days
Outstanding Principal				$ 0
Amortized Cost Basis				0
Carrying Value				0
Secured Financing Agreements | BMO | Facility
Debt Instrument [Line Items]
Maximum Facility Size				300,000,000
Outstanding Principal				60,000,000
Carrying Value				$ 59,963,000	59,795,000
Weighted Average Funding Cost				1.80%
Weighted Average Life (Years)				8 months 12 days
Outstanding Principal				$ 76,000,000
Amortized Cost Basis				75,862,000
Carrying Value				$ 73,324,000
Weighted Average Life (Years)				2 years 7 months 6 days
Loan Facility | HSBC | Facility
Debt Instrument [Line Items]
Maximum Facility Size							$ 500,000,000
Loan Facility | BMO | Facility
Debt Instrument [Line Items]
Maximum Facility Size			$ 200,000,000						$ 300,000,000
Weighted Average Life (Years)			5 years
Revolving Credit Facility | Facility
Debt Instrument [Line Items]
Maximum Facility Size				$ 335,000,000
Outstanding Principal				0
Carrying Value				$ 0	0
Weighted Average Funding Cost				0.00%
Weighted Average Life (Years)				2 years 4 months 24 days
Revolving Credit Facility | Morgan Stanley | Facility
Debt Instrument [Line Items]
Maximum Facility Size				$ 335,000,000						$ 100,000,000
Deferred financing/debt issuance costs				2,100,000	2,500,000
Total Debt
Debt Instrument [Line Items]
Maximum Facility Size				3,875,000,000
Outstanding Principal				2,007,592,000
Carrying Value				$ 2,003,787,000	1,627,485,000
Weighted Average Funding Cost				2.10%
Weighted Average Life (Years)				1 year 4 months 24 days
KREF Lending V LLC | Term Lending
Debt Instrument [Line Items]
Outstanding Principal				$ 900,000,000	900,000,000
KREF Lending V LLC | Secured Financing Agreements | Facility
Debt Instrument [Line Items]
Maximum Facility Size				900,000,000				$ 900,000,000
Outstanding Principal				900,000,000
Carrying Value				$ 899,110,000	899,363,000
Weighted Average Funding Cost				2.10%
Weighted Average Life (Years)				1 year 1 month 6 days
Outstanding Principal				$ 1,132,905,000
Amortized Cost Basis				1,129,179,000
Carrying Value				$ 1,127,297,000
Weighted Average Life (Years)				2 years 10 months 24 days
Number of extensions (in extensions) | extension	4
Extension term	1 year
KREF Lending V LLC | Secured Financing Agreements | Initial Buyer | Facility
Debt Instrument [Line Items]
Percentage of total commitment				22.20%
HSBC | Secured Financing Agreements | Facility
Debt Instrument [Line Items]
Maximum Facility Size				$ 500,000,000
Outstanding Principal				0
Carrying Value				$ (213,000)	$ (353,000)
LIBOR
Debt Instrument [Line Items]
Interest rate				0.10%	0.14%
Term Lending | LIBOR | KREF Lending V LLC | Secured Financing Agreements | Facility
Debt Instrument [Line Items]
Interest rate				1.90%

Debt Obligations - Repurchase A

Debt Obligations - Repurchase Agreement (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 3,000,368
Wells Fargo
Repurchase Agreement Counterparty [Line Items]
Weighted Average Life (Years)	1 year 9 months 18 days	2 years
Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Weighted Average Life (Years)	1 year 3 months 18 days
Wells Fargo
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 498,276	$ 446,208
Net Counterparty Exposure	$ 374,332	$ 196,715
Percent of Stockholders' Equity	30.60%	18.90%
Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 448,562
Net Counterparty Exposure	$ 159,148
Percent of Stockholders' Equity	13.00%
Total
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 1,846,838
Net Counterparty Exposure	$ 763,987
Percent of Stockholders' Equity	62.40%
Weighted Average Life (Years)	1 year 3 months 18 days
Total
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		$ 1,346,208
Net Counterparty Exposure		$ 410,850
Percent of Stockholders' Equity		39.40%
Weighted Average Life (Years)		1 year 8 months 12 days
KREF Lending V LLC | Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Percent of Stockholders' Equity	4.20%	4.60%
KREF Lending V LLC | Term Lending Agreement
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 900,000	$ 900,000
Net Counterparty Exposure	$ 230,507	$ 214,135
Percent of Stockholders' Equity	18.80%	20.50%
Weighted Average Life (Years)	1 year 1 month 6 days	1 year 6 months

Debt Obligations - Term Loan Fa

Debt Obligations - Term Loan Facility (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Oct. 31, 2018USD ($)	Apr. 30, 2018USD ($)
Debt Instrument [Line Items]
Carrying value	$ 2,996,564,000	$ 2,574,747,000
Facility | Term Loan Facility
Debt Instrument [Line Items]
Borrowing capacity			$ 1,000,000,000	$ 200,000,000
Term (in years)	5 years
Collateral based margin	1.60%	1.60%
Number of collateralized loans (in loans) | loan	13	13
Outstanding face amount	$ 1,195,821,000	$ 1,155,378,000
Amortized Cost	1,192,567,000	1,151,144,000
Carrying Value	1,191,508,000	1,147,517,000
Principal	992,777,000	948,204,000
Carrying value	$ 992,777,000	$ 947,262,000
Interest rate	1.60%	1.90%
Collateralized Assets | Facility | Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate	3.20%	3.00%

Debt Obligations - Debt Activit

Debt Obligations - Debt Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Deferred debt issuance costs	$ (1,806)	$ (3,774)
Facility | Secured Financing Agreements
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Beginning balance	2,574,747
Principal borrowings	1,014,306
Principal repayments/sales	(595,262)
Deferred debt issuance costs	(1,761)
Amortization of deferred debt issuance costs	4,534
Ending balance	$ 2,996,564

Debt Obligations - Maturities (

Debt Obligations - Maturities (Details) $ in Thousands	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
2021	$ 759,429
2022	1,404,397
2023	549,992
2024	191,825
Thereafter	94,725
Total	3,000,368
Nonrecourse
Debt Instrument [Line Items]
2021	669,522
2022	1,111,683
2023	471,145
2024	151,396
Thereafter	94,725
Total	2,498,471
Recourse
Debt Instrument [Line Items]
2021	89,907
2022	292,714
2023	78,847
2024	40,429
Thereafter	0
Total	$ 501,897
Maximum
Debt Instrument [Line Items]
Recourse limit	25.00%

Debt Obligations - Covenants (D

Debt Obligations - Covenants (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Debt Disclosure [Abstract]
Interest income to interest expense ratio	1.5
Percent of aggregate cash proceeds and any capital contributions	75.00%
Amount of aggregate cash proceeds and any capital contributions	$ 1,005,000,000
Cash liquidity covenant amount (greater of)	$ 10,000,000
Cash liquidity covenant, percent of recourse indebtedness (greater of)	5.00%
Total indebtedness covenant, percent of total assets, net of VIE liabilities	83.30%

Collateralized Loan Obligatio_2

Collateralized Loan Obligation - Schedule of Collateral Assets and Respective Borrowings (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Nov. 30, 2018	Jun. 30, 2021USD ($)collateralAssetborrowing	Jun. 30, 2021USD ($)collateralAssetborrowing	Dec. 31, 2020USD ($)borrowingcollateralAsset
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Term of reinvestment feature	2 years
Percentage of commercial mortgage loans		16.80%	16.80%	20.50%
Percentage of collateralized loan obligations under floating rate loans		100.00%	100.00%	100.00%
Collateralized loan obligation, net | Primary Beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Repayments of long-term debt		$ 40,000,000	$ 43,000,000
Financing provided, count (in borrowings) | borrowing		1	1	1
Principal amount		$ 767,000,000	$ 767,000,000	$ 810,000,000
Carrying value, financing provided		$ 767,000,000	$ 767,000,000	$ 810,000,000
Weighted average yield, financing provided		1.40%	1.40%	1.40%
Collateralized Loan Obligations | Primary Beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Collateral assets, count (in collateral assets) | collateralAsset		19	19	21
Face amount, Collateral assets		$ 957,000,000	$ 957,000,000	$ 1,000,000,000
Weighted average yield, collateral assets		3.10%	3.10%	2.90%
Commercial Mortgage Loans, Held-For-Investment and Cash | Collateralized Loan Obligations | Primary Beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Amortized cost, collateral assets		$ 957,000,000	$ 957,000,000	$ 1,000,000,000
Carrying value, collateral assets		$ 956,276,000	$ 956,276,000	$ 997,336,000

Collateralized Loan Obligatio_3

Collateralized Loan Obligation - Schedule of Assets and Liabilities Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment		$ 5,308,500	$ 4,844,534
Less: Allowance for credit losses		(58,011)	(59,801)
Commercial real estate loans, held-for-investment, net		5,250,489	4,784,733
Accrued interest receivable		15,752	15,412
Other assets	[1]	104,153	20,984
Total Assets		5,523,339	4,965,612
Collateralized loan obligation, net		767,000	810,000
Accrued interest payable		5,432	5,381
Accounts payable, accrued expenses and other liabilities	[2]	3,255	4,823
Total Liabilities		4,296,528	3,920,206
Loan repayment proceeds		99,800	15,900
Primary Beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Loan repayment proceeds		59,300
Collateralized Loan Obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment, net		897,700	1,000,000
Collateralized Loan Obligations | Primary Beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment		897,678	1,000,483
Less: Allowance for credit losses		(724)	(2,669)
Commercial real estate loans, held-for-investment, net		896,954	997,814
Accrued interest receivable		2,659	3,075
Other assets		59,559	5
Total Assets		959,172	1,000,894
Collateralized loan obligation, net		767,000	810,000
Accrued interest payable		578	668
Accounts payable, accrued expenses and other liabilities		0	72
Total Liabilities		$ 767,578	$ 810,740
[1]	Includes $99.8 million of loan repayment proceeds held by the servicer, including $59.3 million receivable by the CLO and $40.5 million receivable by KREF, as of June 30, 2021. Includes $15.9 million of loan repayment proceeds held by the servicer and receivable by KREF as of December 31, 2020.
[2]	Includes $0.5 million and $0.9 million of expected loss reserve for unfunded loan commitments as of June 30, 2021 and December 31, 2020, respectively.

Collateralized Loan Obligatio_4

Collateralized Loan Obligation - Schedule of Net Interest Income Included in Consolidated Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Variable Interest Entity [Line Items]
Interest income	$ 67,149	$ 67,219	$ 131,915	$ 138,298
Interest expense	26,958	30,563	54,341	69,645
Total net interest income	40,191	36,656	77,574	68,653
Collateralized Loan Obligations | Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income	10,832	11,429	21,953	23,265
Interest expense	3,922	6,386	7,954	15,154
Total net interest income	$ 6,910	5,043	$ 13,999	8,111
Deferred financing costs amortization		$ 1,700		$ 3,300

Secured Term Loan, Net - Narrat

Secured Term Loan, Net - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Sep. 30, 2020	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Sep. 01, 2020
Debt Instrument [Line Items]
Affiliate expenses		$ 7,685,000		$ 5,853,000	$ 14,519,000	$ 12,057,000
Total indebtedness covenant, percent of total assets					83.30%
LIBOR
Debt Instrument [Line Items]
Interest rate					0.10%		0.14%
Secured term loan | Structuring fees | Affiliated Entity | KKR Credit & Markets
Debt Instrument [Line Items]
Affiliate expenses	$ 1,100,000		$ 1,100,000
Secured term loan | Secured debt
Debt Instrument [Line Items]
Principal amount	$ 300,000,000		$ 300,000,000
Issuance price	97.50%
Variable rate floor	1.00%
Amortization rate	1.00%
Unamortized discount		6,614,000			$ 6,614,000			$ 7,500,000
Deferred financing costs								$ 5,100,000
Minimum net worth required for compliance		$ 650,000,000			$ 650,000,000
Total indebtedness covenant, percent of total assets	83.30%
Secured term loan | Secured debt | LIBOR
Debt Instrument [Line Items]
Interest rate	4.75%
Effective basis spread on variable rate	5.30%

Secured Term Loan, Net - Summar

Secured Term Loan, Net - Summary of Secured Term Loan (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Sep. 01, 2020
Debt Instrument [Line Items]
Principal amount	$ 3,000,368
Deferred financing costs		$ (5,600)
Secured term loan | Secured debt
Debt Instrument [Line Items]
Principal amount	298,500
Unamortized discount	(6,614)		$ (7,500)
Deferred financing costs	(4,468)
Carrying Value	$ 287,418

Convertible Notes, Net - Narrat

Convertible Notes, Net - Narrative (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2018USD ($)$ / shares	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	May 15, 2018$ / shares
Debt Instrument [Line Items]
Affiliate expenses		$ 7,685,000	$ 5,853,000	$ 14,519,000	$ 12,057,000
Accrued interest payable		$ 5,432,000		$ 5,432,000		$ 5,381,000
Notes Due in 2023
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage		6.92%		6.92%
Convertible Notes Payable
Debt Instrument [Line Items]
Principal		$ 143,750,000		$ 143,750,000		143,750,000
Deferred financing costs		$ 1,923,000		$ 1,923,000		2,431,000
Convertible Notes Payable | Notes Due in 2023
Debt Instrument [Line Items]
Principal	$ 143,750,000
Debt instrument, interest rate, stated percentage	6.125%	6.125%		6.125%
Deferred financing costs	$ 5,100,000
Debt instrument, conversion ratio	0.0439386
Debt Instrument, convertible, conversion price (usd per share) | $ / shares	$ 22.76
Debt instrument, convertible, conversion premium	10.00%
Debt instrument, convertible, conversion price less premium (usd per share) | $ / shares							$ 20.69
Amortization of debt discount	$ 1,800,000
Debt instrument, interest rate, effective percentage	6.50%
Accrued interest payable		$ 1,100,000		$ 1,100,000		$ 1,100,000
KKR Credit & Markets | Convertible debt
Debt Instrument [Line Items]
Affiliate expenses	$ 800,000

Convertible Notes, Net - Intere

Convertible Notes, Net - Interest Expense, Debt (Details) - Convertible Notes Payable - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Cash coupon	$ 2,201	$ 2,201	$ 4,402	$ 4,402
Discount and issuance cost amortization	345	346	687	692
Total interest expense	$ 2,546	$ 2,547	$ 5,089	$ 5,094

Convertible Notes, Net - Net Bo

Convertible Notes, Net - Net Book Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Net book value	$ 141,152	$ 140,465
Convertible Notes Payable
Debt Instrument [Line Items]
Principal	143,750	143,750
Deferred financing costs	(1,923)	(2,431)
Unamortized discount	(675)	(854)
Net book value	$ 141,152	$ 140,465

Loan Participations Sold - Narr

Loan Participations Sold - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Oct. 31, 2019
Participating Mortgage Loans [Line Items]
Carrying Value		$ 66,242	$ 66,232
Vertical loan participation
Participating Mortgage Loans [Line Items]
Carrying Value		66,242	66,232	$ 65,000
Principal balance		66,248	66,248
Increase in carrying value	$ 1,200
Total loan
Participating Mortgage Loans [Line Items]
Carrying Value		336,251	335,507
Principal balance		$ 337,327	$ 337,327	$ 328,500
Increase in principal balance	$ 6,500

Loan Participations Sold - Summ

Loan Participations Sold - Summary (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)loan	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)loan	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)loan	Oct. 31, 2019USD ($)
Participating Mortgage Loans [Line Items]
Carrying Value	$ 66,242		$ 66,242		$ 66,232
Interest income	$ 40,191	$ 36,656	$ 77,574	$ 68,653
Total loan
Participating Mortgage Loans [Line Items]
Number of loans sold (in loans) | loan	1		1		1
Outstanding Principal	$ 337,327		$ 337,327		$ 337,327	$ 328,500
Amortized Cost	336,656		336,656		336,329
Carrying Value	$ 336,251		$ 336,251		$ 335,507
Basis spread on variable rate	260.00%		260.00%		260.00%
Vertical loan participation
Participating Mortgage Loans [Line Items]
Number of loans sold (in loans) | loan	1		1		1
Outstanding Principal	$ 66,248		$ 66,248		$ 66,248
Amortized Cost	66,242		66,242		66,232
Carrying Value	$ 66,242		$ 66,242		$ 66,232	$ 65,000
Yield/cost	260.00%		260.00%		260.00%
Interest income	$ 700	700	$ 1,500	1,400
Interest expense	$ 700	$ 700	$ 1,500	$ 1,400

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)investment	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Number of equity method investments (in investments) | investment	2
Equity method investments	$ 33,773	$ 33,651
Variable Interest Entity, Not Primary Beneficiary | RECOP I | Level 3 | Discounted Cash Flow
Variable Interest Entity [Line Items]
Equity method investments	$ 33,500
Variable Interest Entity, Not Primary Beneficiary | RECOP
Variable Interest Entity [Line Items]
Ownership percentage in VIE	3.50%
Variable Interest Entity, Not Primary Beneficiary | KKR Manager
Variable Interest Entity [Line Items]
Ownership percentage in VIE	4.70%

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	1 Months Ended				3 Months Ended			6 Months Ended
	May 31, 2021	Apr. 26, 2021	Feb. 28, 2017	Mar. 31, 2016	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jul. 01, 2020	Jun. 15, 2020	Feb. 22, 2019	Oct. 02, 2014
Subsidiary, Sale of Stock [Line Items]
Common stock and preferred stock, shares authorized (shares)														350,000,000
Common stock par value (usd per share)					$ 0.01			$ 0.01		$ 0.01				$ 0.01
Common stock authorized (shares)					300,000,000			300,000,000		300,000,000				300,000,000
Preferred stock authorized (shares)														50,000,000
Common stock issued (shares)					59,537,806			59,537,806		59,519,754
Common stock outstanding (shares)					55,637,480			55,637,480		55,619,428
Treasury stock, held (shares)					3,900,326			3,900,326		3,900,326
Repurchase of common stock (shares)					0	389,086		0	2,037,637
Treasury stock acquired, average cost per share (dollars per share)						$ 14.92			$ 12.27
Repurchase of common stock						$ 5,800,000			$ 25,000,000
Stock repurchase program, remaining amount					$ 100,000,000			$ 100,000,000
Proceeds from issuance of redeemable preferred stock								$ 167,066,000	$ 0
ATM
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, authorized amount (up to)											$ 100,000,000
Repurchased under pre-set trading plan
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, authorized amount (up to)												$ 50,000,000
Voting Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock authorized (shares)					50,000,000			50,000,000		50,000,000
Issuance of stock (shares)				1
Preferred stock share price (usd per share)				$ 20
Ownership percentage to retain voting rights				25.00%
Redeemable Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (shares)			1
Preferred stock share price (usd per share)			$ 0.01
Liquidation preference (usd per share)					$ 0.01			$ 0.01
Redemption price (usd per share)					0.01			0.01
6.5% Series A Cumulative Redeemable Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (shares)		6,900,000
Preferred stock, dividend rate		6.50%
Annual dividend rate (usd per share)		$ 1.625						1.625
Proceeds from issuance of redeemable preferred stock		$ 167,100,000
Preferred stock, redemption price (USD per share)		$ 25
Preferred stock liquidation preference (usd per share)		$ 25			$ 25			$ 25
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock issued (shares)					59,537,806			59,537,806
Common stock outstanding (shares)					55,637,480			55,637,480
Common stock issued related to vesting RSUs (shares)								325,968
Repurchase of common stock (shares)						389,086	1,648,551
Repurchase of common stock						$ 20,000
Common Stock | Restricted Stock Units
Subsidiary, Sale of Stock [Line Items]
Restricted stock issued during the period (in shares)								18,052	42,459
KREF | KKR | Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock (shares)					14,250,000			14,250,000		21,234,528
Issued and outstanding common stock owned, percentage					25.60%			25.60%		38.20%
Private Placement
Subsidiary, Sale of Stock [Line Items]
Common stock issued (shares)				21,838
Secondary Equity Offering | KKR | Common Stock
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (shares)	5,750,000
ATM
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, authorized amount (up to)													$ 100,000,000

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock Issued (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2021	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Stock Issuance [Roll Forward]
Ending balance (shares)		59,537,806
Ending balance		$ 1,224,495
Common stock, net
Common Stock Issuance [Roll Forward]
Beginning balance (shares)			53,711,838	24,158,392	13,636,416
Ending balance (shares)			59,211,838	53,711,838	24,158,392
Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Beginning balance			$ 1,054,346	$ 479,733	$ 272,728
Ending balance			$ 1,162,023	$ 1,054,346	$ 479,733
Private Placement
Common Stock Issuance [Roll Forward]
Ending balance (shares)	21,838
February 2016 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)					2,000,000
February 2016 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock					$ 40,000
May 2016 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)					3,000,138
May 2016 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock					$ 57,130
June 2016 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)					21,838
June 2016 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock					$ 0
August 2016 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)					5,500,000
August 2016 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock					$ 109,875
February 2017 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)				7,386,208
February 2017 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock				$ 147,662
April 2017 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)				10,379,738
April 2017 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock				$ 207,595
May 2017 - Initial Public Offering | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)				11,787,500
May 2017 - Initial Public Offering | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock				$ 219,356
August 2018 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)			5,000,000
August 2018 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock			$ 98,326
November 2018 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)			500,000
November 2018 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock			$ 9,351

Equity - Schedule of Dividends

Equity - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 15, 2021	Apr. 23, 2021	Mar. 15, 2021	Jun. 15, 2020	Mar. 16, 2020	Jun. 30, 2021	Apr. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Dividends declared per share of common stock (usd per share)	$ 0.43		$ 0.43	$ 0.43	$ 0.43	$ 0.43		$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.86	$ 0.86
Dividends paid	$ 23,924		$ 23,916	$ 23,861	$ 24,010							$ 47,840	$ 47,871
Dividends declared per share of preferred stock (usd per share)								$ 0.27
6.5% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (usd per share)		$ 0.27					$ 0.27
Preferred stock dividends declared		$ 1,838										$ 1,838

Equity - Earnings Per Share (De

Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net income (loss) attributable to common stockholders	$ 29,264	$ 28,590	$ 58,448	$ (6,574)
Net income (loss) attributable to common stockholders	$ 29,264	$ 28,590	$ 58,448	$ (6,574)
Denominator
Basic weighted average common shares outstanding (shares)	55,632,322	55,491,937	55,625,911	56,419,332
Dilutive restricted stock units (shares)	274,764	12,140	193,199	0
Diluted weighted average common shares outstanding (shares)	55,907,086	55,504,077	55,819,110	56,419,332
Net income (loss) attributable to common stockholders, per:
Basic common share (usd per share)	$ 0.53	$ 0.52	$ 1.05	$ (0.12)
Diluted common share (usd per share)	$ 0.52	$ 0.52	$ 1.05	$ (0.12)

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)period	Jun. 30, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance ratio	1		1
Weighted average period			1 year
Tax withholding on stock-based compensation			$ 1,720	$ 1,296
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of consecutive vesting periods (in periods) | period			3
Vesting period			1 year
Tax withholding on stock-based compensation			$ 1,700
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense	$ 9,600		9,600
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2,000	$ 1,400	$ 4,000	$ 3,000
Director | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Unit Activity (Details) - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Units granted (in shares)	15,520	18,052	15,520	18,052	443,052
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested, beginning balance (in shares)			787,942
Units granted (in shares)			15,520
Units vested (in shares)			(18,886)
Units Forfeited/ cancelled (in shares)			(8,226)
Unvested, ending balance (in shares)	776,350		776,350		787,942
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested, beginning balance, weighted average grant date fair value (usd per share)			$ 18.78
Units granted, weighted average grant date fair value (usd per share)			19.65
Units vested, weighted average grant date fair value (usd per share)			14.60
Units forfeited/ cancelled, weighted average grant date fair value (usd per share)			18.13
Unvested. ending balance, weighted average grant date fair value (usd per share)	$ 18.91		$ 18.91		$ 18.78

Stock-based Compensation - RSU

Stock-based Compensation - RSU Vesting (Details) - Restricted Stock Units - shares	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2021 (in shares)	368,020
2022 (in shares)	269,174
2023 (in shares)	139,156
Total (in shares)	776,350	787,942

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jan. 31, 2017	Jun. 30, 2021
Future funding commitment related to commercial mortgage loan investments
Long-term Purchase Commitment [Line Items]
Capital commitment		$ 847.7
Nonconsolidated | RECOP I | Commitment to invest in aggregator vehicle
Long-term Purchase Commitment [Line Items]
Capital commitment	$ 40	$ 4.3
Long-term purchase commitment period	2 years

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Apr. 30, 2021USD ($)

Feb. 28, 2021USD ($)

Oct. 31, 2020USD ($)

Sep. 30, 2020USD ($)

Mar. 31, 2020

May 31, 2018USD ($)

Jun. 30, 2021USD ($)shares

Sep. 30, 2020USD ($)

Jun. 30, 2020USD ($)shares

Jun. 30, 2019USD ($)

Mar. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Jun. 30, 2021USD ($)calendarQuartershares

Jun. 30, 2020USD ($)shares

Dec. 31, 2020shares

Related Party Transaction [Line Items]

Affiliate fee

$ 7,685,000

$ 5,853,000

$ 14,519,000

$ 12,057,000

Units granted (in shares) | shares

15,520

18,052

15,520

18,052

443,052

Payments for equity offering discounts and commissions

$ 1,600,000

Management Incentive Plan

Related Party Transaction [Line Items]

Percent of issued and outstanding shares of common stock available for awards (no more than)

7.50%

Number of shares available for awards (shares) | shares

4,028,387

4,028,387

Non-Employee Director | Management Incentive Plan

Related Party Transaction [Line Items]

Maximum number of shares subject to award grants together with cash fees paid

$ 1,000,000

Maximum amount that can be paid to any participant pursuant to a performance compensation award

$ 10,000,000

Management Agreement

Related Party Transaction [Line Items]

Management agreement term

3 years

Period of automatic renewal under management agreement

1 year

Minimum voting percentage for renewal of agreement term

66.67%

Termination fee

3

Trailing average period applied to termination fee multiple under management agreement

24 months

Quarterly Management Fee | KREF Manager

Related Party Transaction [Line Items]

Affiliate fee

$ 62,500

Management fee as a percent of weighted average adjusted equity (greater of)

0.375%

Quarterly Incentive Compensation | KREF Manager

Related Party Transaction [Line Items]

Incentive compensation fee percent

20.00%

Period of adjusted earnings

12 months

Percent of trailing 12 month weighted average adjusted equity

7.00%

Period of weighted average adjusted equity

12 months

Number of quarters worth of compensation already paid (calendar quarters) | calendarQuarter

3

KKR Credit & Markets | Structuring fees

Related Party Transaction [Line Items]

Structuring fee, percent

0.75%

KKR Credit & Markets | Structuring fees | Revolving Credit Facility

Related Party Transaction [Line Items]

Affiliate fee

$ 0

$ 600,000

Term Loan Facility | Structuring fees

Related Party Transaction [Line Items]

Structuring fee

$ 1,500,000

Term Loan Facility | KKR Credit & Markets

Related Party Transaction [Line Items]

Structuring fee, percent

0.75%

HSBC Facility | KKR Credit & Markets

Related Party Transaction [Line Items]

Structuring fee, percent

0.25%

HSBC Facility | KKR Credit & Markets | Structuring fees

Related Party Transaction [Line Items]

Affiliate fee

$ 0

$ 100,000

Secured term loan | Affiliated Entity | Structuring fees | KKR Credit & Markets

Related Party Transaction [Line Items]

Affiliate fee

$ 1,100,000

$ 1,100,000

Structuring fee, percent

0.37%

Senior mortgage loan | Affiliated Entity | Placement agent loan | KKR Credit & Markets

Related Party Transaction [Line Items]

Affiliate fee

$ 400,000

$ 400,000

Related party transaction, rate

0.25%

0.30%

Convertible Debt | KKR Credit & Markets

Related Party Transaction [Line Items]

Affiliate fee

$ 800,000

Maximum commissions to be paid to sales agent as a percentage of gross sales price

2.00%

Collateralized Loan Obligations

Related Party Transaction [Line Items]

Placement agent fee

$ 900,000

Placement agent fee, percent

0.105%

BMO

Related Party Transaction [Line Items]

Structuring fee, percent

0.35%

BMO | Structuring fees

Related Party Transaction [Line Items]

Affiliate fee

$ 200,000

Common Stock | Management Incentive Plan

Related Party Transaction [Line Items]

Number of shares available for awards (shares) | shares

2,925,235

2,925,235

Related Party Transactions - Ex

Related Party Transactions - Expenses Incurred and Amounts Owed to Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to affiliate	$ 5,117		$ 5,117		$ 6,243
Affiliate expenses	7,685	$ 5,853	14,519	$ 12,057
Management fees
Related Party Transaction [Line Items]
Due to affiliate	4,835		4,835		4,252
Affiliate expenses	4,835	4,218	9,125	8,517
Incentive compensation
Related Party Transaction [Line Items]
Affiliate expenses	2,403	1,249	4,595	2,855
Expense reimbursements and other
Related Party Transaction [Line Items]
Due to affiliate	282		282		$ 1,991
Affiliate expenses	447	386	799	685
Out-of-pocket costs reimbursed
Related Party Transaction [Line Items]
Affiliate expenses	$ 300	$ 700	$ 2,400	$ 2,200

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Oct. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 119,172	$ 110,832
Commercial real estate loans, held-for-investment	5,308,500	4,844,534
Carrying value	5,250,489	4,784,733
Equity method investments, fair value	33,773	33,651
Total Assets	5,523,339	4,965,612
Outstanding Principal	3,000,368
Loan participations sold, net, carrying value	66,242	66,232
Total Liabilities	4,296,528	3,920,206
Mezzanine loan write-off		20,500
Unamortized debt issuance costs		5,600
Carrying amount	58,011	59,801
Mezzanine Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Write off	4,700	4,700
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	119,172	110,832
Cash and cash equivalents, fair value	119,172	110,832
Outstanding Principal	5,337,799	4,869,696
Commercial real estate loans, held-for-investment	5,308,500	4,844,534
Carrying value	5,250,489	4,784,733
Commercial mortgage loans, held-for-investment, net, fair value	5,250,674	4,757,203
Equity method investments	33,773	33,651
Equity method investments, fair value	33,773	33,651
Assets, principal balance	5,490,744	5,014,179
Net Assets	5,461,445	4,989,017
Total Assets	5,403,434	4,929,216
Assets, fair value	5,403,619	4,901,686
Loan participations sold, net, principal balance	66,248	66,248
Loan participations sold, net, carrying value	66,242	66,232
Loan participations sold, net, fair value	66,242	66,232
Liabilities, principal balance	4,275,867	3,901,322
Total Liabilities	4,258,376	3,879,472
Liabilities, fair value	4,286,055	3,900,139
Fair Value, Measurements, Recurring | Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	3,000,369	2,581,324
Carrying value, financing provided	2,996,564	2,574,747
Secured financing agreements, net, fair value	2,996,564	2,581,324
Fair Value, Measurements, Recurring | Collateralized loan obligation, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	767,000	810,000
Carrying value, financing provided	767,000	810,000
Secured financing agreements, net, fair value	767,124	803,766
Fair Value, Measurements, Recurring | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	298,500	300,000
Carrying value, financing provided	287,418	288,028
Secured financing agreements, net, fair value	301,858	303,000
Fair Value, Measurements, Recurring | Convertible debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	143,750	143,750
Carrying value, financing provided	141,152	140,465
Secured financing agreements, net, fair value	154,267	145,817
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	119,172	110,832
Commercial mortgage loans, held-for-investment, net, fair value	0	0
Equity method investments, fair value	0	0
Assets, fair value	119,172	110,832
Loan participations sold, net, fair value	0	0
Liabilities, fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Collateralized loan obligation, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Convertible debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Commercial mortgage loans, held-for-investment, net, fair value	0	0
Equity method investments, fair value	0	0
Assets, fair value	0	0
Loan participations sold, net, fair value	0	0
Liabilities, fair value	456,125	448,817
Fair Value, Measurements, Recurring | Level 2 | Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Fair Value, Measurements, Recurring | Level 2 | Collateralized loan obligation, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Fair Value, Measurements, Recurring | Level 2 | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	301,858	303,000
Fair Value, Measurements, Recurring | Level 2 | Convertible debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	154,267	145,817
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Commercial mortgage loans, held-for-investment, net, fair value	5,250,674	4,757,203
Equity method investments, fair value	33,773	33,651
Assets, fair value	5,284,447	4,790,854
Loan participations sold, net, fair value	66,242	66,232
Liabilities, fair value	3,829,930	3,451,322
Fair Value, Measurements, Recurring | Level 3 | Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	2,996,564	2,581,324
Fair Value, Measurements, Recurring | Level 3 | Collateralized loan obligation, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	767,124	803,766
Fair Value, Measurements, Recurring | Level 3 | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Fair Value, Measurements, Recurring | Level 3 | Convertible debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Commercial Real Estate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized debt issuance costs	3,800	6,600
Collateralized Loan Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	897,700	1,000,000
Vertical loan participation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	66,200	66,200
Commercial mortgage loans, held-for-investment, net, fair value	66,200	66,200
Senior Participation Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount	58,000	59,800
Vertical loan participation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan participations sold, net, carrying value	$ 66,242	$ 66,232	$ 65,000

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Unobservable Inputs (Details) $ in Thousands	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity method investments	$ 33,773	$ 33,651
Carrying Value	66,242	$ 66,232
CMBS
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Assets, fair value	$ 5,250,674
CMBS | Discount Rate | Level 3 | Minimum | Discounted Cash Flow | Loans held-for-investment
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Weighted average, measurement	0.019
CMBS | Discount Rate | Level 3 | Maximum | Discounted Cash Flow | Loans held-for-investment
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Weighted average, measurement	0.191
CMBS | Discount Rate | Level 3 | Weighted Average | Discounted Cash Flow | Loans held-for-investment
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Weighted average, measurement	0.044
Vertical Loan Syndication
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Carrying Value	$ 66,200

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 103,000	$ 77,000	$ 151,000	$ 159,000
Deferred tax assets, net	$ 0		$ 0		$ 0

Subsequent Events - Schedule of

Subsequent Events - Schedule of Senior Notes (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Jul. 26, 2021	Jun. 30, 2021	Dec. 31, 2020	Jul. 01, 2021
LIBOR
Subsequent Event [Line Items]
Interest rate		0.10%	0.14%
Senior loans | Subsequent Event
Subsequent Event [Line Items]
Committed Principal Amount				$ 345,000
Initial Principal Funded				266,446
LTV	72.00%
Senior loans | Subsequent Event | LIBOR
Subsequent Event [Line Items]
Interest rate	3.20%
Senior Loan, Mountain View, California | Senior loans | Subsequent Event
Subsequent Event [Line Items]
Committed Principal Amount				250,000
Initial Principal Funded				181,571
LTV	73.00%
Total Loan Exposure %	69.00%
Senior Loan, Mountain View, California | Senior loans | Subsequent Event | KREF and KKR
Subsequent Event [Line Items]
Committed Principal Amount	$ 362,800
Senior Loan, Mountain View, California | Senior loans | Subsequent Event | LIBOR
Subsequent Event [Line Items]
Interest rate	3.30%
Senior Loan, Brisbane, CA | Senior loans | Subsequent Event
Subsequent Event [Line Items]
Committed Principal Amount				95,000
Initial Principal Funded				$ 84,875
LTV	71000.00%
Senior Loan, Brisbane, CA | Senior loans | Subsequent Event | LIBOR
Subsequent Event [Line Items]
Interest rate	3.00%

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)	Jul. 23, 2021USD ($)	Jun. 15, 2021USD ($)	Mar. 15, 2021USD ($)	Jun. 15, 2020USD ($)	Mar. 16, 2020USD ($)	Jul. 26, 2021USD ($)$ / shares	Nov. 30, 2018	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Term of reinvestment feature							2 years
Dividends paid		$ 23,924,000	$ 23,916,000	$ 23,861,000	$ 24,010,000				$ 47,840,000	$ 47,871,000
Collateralized loan obligation, net | Primary Beneficiary
Subsequent Event [Line Items]
Principal amount								$ 767,000,000	767,000,000		$ 810,000,000
Repayments of long-term debt								$ 40,000,000	$ 43,000,000
LIBOR
Subsequent Event [Line Items]
Interest rate									0.10%		0.14%
Subsequent Event
Subsequent Event [Line Items]
Proceeds from financing agreements						$ 288,500,000
Repayments of long-term debt						59,300,000
Dividends paid						$ 23,900,000
Dividend paid (usd per share) | $ / shares						$ 0.43
Subsequent Event | Collateralized loan obligation, net | Match term financing loan obligation | Primary Beneficiary
Subsequent Event [Line Items]
Principal amount	$ 1,300,000,000
Term of reinvestment feature	2 years
Advance rate	0.8425
Subsequent Event | LIBOR | Collateralized loan obligation, net | Match term financing loan obligation | Primary Beneficiary
Subsequent Event [Line Items]
Interest rate	1.30%
Subsequent Event | Senior loans | LIBOR
Subsequent Event [Line Items]
Interest rate						3.20%