KKR Real Estate Finance Trust (KREF) 10-K 8 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Feb. 03, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 880
Entity Common Stock, Shares Outstanding		61,370,732
Documents Incorporated by Reference	Portions of the definitive proxy statement to be filed with the Securities and Exchange Commission (“SEC”) pursuant to Regulation 14A relating to the registrant’s 2022 Annual Meeting of Stockholders will be incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III. The definitive proxy statement will be filed with the SEC no later than 120 days after the registrant’s fiscal year end.
Entity Central Index Key	0001631596
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
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,
Trading Symbol	KREF PRA
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, NY
Auditor Firm ID	34

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	[1]	$ 271,487	$ 110,832
Commercial real estate loans, held-for-investment		6,316,733	4,844,534
Less: Allowance for credit losses		(22,244)	(59,801)
Commercial real estate loans, held-for-investment, net		6,294,489	4,784,733
Real estate owned, net		78,569	0
Equity method investments		35,537	33,651
Accrued interest receivable		15,241	15,412
Other assets	[2]	7,916	20,984
Total Assets		6,703,239	4,965,612
Liabilities
Secured financing agreements, net		3,726,593	2,574,747
Collateralized loan obligations, net		1,087,976	810,000
Secured term loan, net		338,549	288,028
Convertible notes, net		141,851	140,465
Loan participations sold, net		0	66,232
Dividends payable		26,589	24,287
Accrued interest payable		6,627	5,381
Accounts payable, accrued expenses and other liabilities	[3]	7,521	4,823
Due to affiliates		5,952	6,243
Total Liabilities		5,341,658	3,920,206
Commitments and Contingencies (Note 14)		0	0
Temporary Equity
Redeemable preferred stock		0	1,852
Permanent Equity
Common stock, $0.01 par value, 300,000,000 authorized (65,271,058 and 59,519,754 shares issued; 61,370,732 and 55,619,428 shares outstanding as of December 31, 2021 and 2020, respectively)		613	556
Additional paid-in capital		1,459,959	1,169,695
Accumulated deficit		(38,208)	(65,698)
Repurchased stock (3,900,326 shares repurchased as of December 31, 2021 and 2020)		(60,999)	(60,999)
Total KKR Real Estate Finance Trust Inc. stockholders’ equity		1,361,434	1,043,554
Noncontrolling interests in equity of consolidated joint venture		147	0
Total Permanent Equity		1,361,581	1,043,554
Total Liabilities and Equity		6,703,239	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 $54.0 million and $0.0 million held in collateralized loan obligation as of December 31, 2021 and 2020, respectively.
[2]	Includes $0.0 million and $15.9 million of loan repayment proceeds held by servicer and receivable by KREF, and $2.3 million and $0.0 million of restricted cash as of December 31, 2021 and 2020, respectively.
[3]	Includes $1.5 million and $0.9 million of expected loss reserve for unfunded loan commitments as of December 31, 2021 and 2020, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Preferred stock authorized (shares)	50,000,000	50,000,000
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)	65,271,058	59,519,754
Common stock outstanding (shares)	61,370,732	55,619,428
Treasury stock, held (shares)	3,900,326	3,900,326
Loan repayment proceeds	$ 0	$ 15,900
Restricted cash	2,283	0
Expected loss reserve for unfunded loan commitments	1,500	900
Primary Beneficiary | Collateralized Loan Obligations
Cash	$ 54,000	$ 0
Voting Preferred Stock
Preferred stock par value (usd per share)	$ 0.01	$ 0.01
Preferred stock issued (shares)	0	1
Preferred stock outstanding (shares)	0	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

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Interest Income
Interest income	$ 279,950	$ 269,188	$ 274,335
Interest expense	114,439	127,312	158,860
Total net interest income	165,511	141,876	115,475
Other Income
Income (loss) from equity method investments	6,371	537	4,568
Gain (loss) on sale of investments	5,126	0	(2,688)
Change in net assets related to CMBS consolidated variable interest entities	0	0	1,665
Other income	686	744	2,453
Total other income (loss)	12,183	1,281	5,998
Operating Expenses
General and administrative	14,235	14,238	10,522
Provision for credit losses, net	(4,059)	50,344	0
Management fees to affiliate	19,378	16,992	17,135
Incentive compensation to affiliate	10,273	6,774	3,272
Total operating expenses	39,827	88,348	30,929
Income (Loss) Before Income Taxes, Preferred Dividends, Redemption Value Adjustment and Participating Securities' Share in Earnings	137,867	54,809	90,544
Income tax expense	684	412	579
Net Income (Loss)	137,183	54,397	89,965
Preferred stock dividends and redemption value adjustment	11,369	844	(527)
Participating securities' share in earnings	179	0	0
Net Income (Loss) Attributable to Common Stockholders	125,635	53,553	90,492
Net Income (Loss) Attributable to Common Stockholders	$ 125,635	$ 53,553	$ 90,492
Net Income (Loss) Per Share of Common Stock
Basic (usd per share)	$ 2.22	$ 0.96	$ 1.58
Diluted (usd per share)	$ 2.21	$ 0.96	$ 1.57
Weighted Average Number of Shares of Common Stock Outstanding
Basic (shares)	56,571,200	55,985,014	57,426,912
Diluted (shares)	56,783,388	56,057,237	57,532,490
Dividends declared per share of common stock (usd per share)	$ 1.72	$ 1.72	$ 1.72

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	6.5% Series A Cumulative Redeemable Preferred Stock	Cumulative effect adjustment upon adoption of ASU 2016-13	Redeemable Preferred Stock	Total KKR Real Estate Finance Trust Inc. Stockholders' Equity	Total KKR Real Estate Finance Trust Inc. Stockholders' EquityCommon Stock	Total KKR Real Estate Finance Trust Inc. Stockholders' Equity6.5% Series A Cumulative Redeemable Preferred Stock	Total KKR Real Estate Finance Trust Inc. Stockholders' EquityCumulative effect adjustment upon adoption of ASU 2016-13	Preferred Stock	Preferred Stock6.5% Series A Cumulative Redeemable Preferred Stock	Common Stock	Common StockCommon Stock	Additional Paid-In Capital	Additional Paid-In CapitalCommon Stock	Additional Paid-In Capital6.5% Series A Cumulative Redeemable Preferred Stock	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit)6.5% Series A Cumulative Redeemable Preferred Stock	Retained Earnings (Accumulated Deficit)Cumulative effect adjustment upon adoption of ASU 2016-13	Repurchased Stock	Noncontrolling Interests in Equity of Consolidated Joint Venture
Ending balance (shares) at Dec. 31, 2018										1		57,596,217
Ending balance at Dec. 31, 2018	$ 1,132,342					$ 1,132,342				$ 0		$ 576		$ 1,163,845			$ (225)			$ (31,854)
Ending balance at Dec. 31, 2018					$ 2,846
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (shares)												(212,809)
Repurchase of common stock	(4,106)					(4,106)						$ (2)								(4,104)
Offering costs	(518)					(518)								(518)
Common dividends declared	(98,860)					(98,860)											(98,860)
Stock-based compensation (in shares)												103,175
Stock-based compensation	2,669					2,669						$ 1		2,668
Adjustment of redeemable preferred stock to redemption value	1,152				(1,152)	1,152											1,152
Net income (loss)	$ 89,339					89,339											89,339
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Ending balance (shares) at Dec. 31, 2019										1		57,486,583
Ending balance at Dec. 31, 2019	$ 1,122,018			$ (15,009)		1,122,018			$ (15,009)	$ 0		$ 575		1,165,995			(8,594)		$ (15,009)	(35,958)
Increase (Decrease) in Temporary Equity [Roll Forward]
Special non-voting preferred dividends declared					(624)
Adjustment of redeemable preferred stock to redemption value	$ 1,152				(1,152)	1,152											1,152
Net income (loss)					624
Ending balance at Dec. 31, 2019					1,694
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (shares)	(2,037,637)											(2,037,637)
Repurchase of common stock	$ (25,061)					(25,061)						$ (20)								(25,041)
Common dividends declared	(95,648)					(95,648)											(95,648)
Stock-based compensation (in shares)												170,482
Stock-based compensation	3,701					3,701						$ 1		3,700
Adjustment of redeemable preferred stock to redemption value	(158)				158	(158)											(158)
Net income (loss)	53,711					53,711											53,711
Ending balance (shares) at Dec. 31, 2020										1	0	55,619,428
Ending balance at Dec. 31, 2020	1,043,554					1,043,554				$ 0	$ 0	$ 556		1,169,695			(65,698)			(60,999)	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Special non-voting preferred dividends declared					(686)
Adjustment of redeemable preferred stock to redemption value	(158)				158	(158)											(158)
Net income (loss)					686
Ending balance at Dec. 31, 2020	$ 1,852				1,852
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)											6,900,000		5,547,361
Issuance of stock		$ 120,710	$ 167,066				$ 120,710	$ 167,066			$ 69		$ 55		$ 120,655	$ 166,997
Repurchase of common stock (shares)	0
Offering costs	$ (953)					(953)								(953)
Common dividends declared	(98,153)					(98,153)											(98,153)
Stock-based compensation (in shares)												203,942
Stock-based compensation	3,567					3,567						$ 2		3,565
Adjustment of redeemable preferred stock to redemption value	(3,274)				3,274	(3,274)											(3,274)
Net income (loss)	136,533					136,533											136,533
Conversion of special voting preferred stock (in shares)										(1)		1
Contribution by noncontrolling interests	147																				147
Series A preferred dividends declared			$ (7,444)					$ (7,444)										$ (7,444)
Participating security dividends declared	(172)					(172)											(172)
Ending balance (shares) at Dec. 31, 2021										0	6,900,000	61,370,732
Ending balance at Dec. 31, 2021	1,361,581					1,361,434				$ 0	$ 69	$ 613		$ 1,459,959			(38,208)			$ (60,999)	$ 147
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of special non-voting preferred stock					5,126
Special non-voting preferred dividends declared					(650)
Adjustment of redeemable preferred stock to redemption value	(3,274)				3,274	$ (3,274)											$ (3,274)
Net income (loss)					650
Ending balance at Dec. 31, 2021	$ 0				$ 0

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	Dec. 14, 2021	Oct. 19, 2021	Sep. 15, 2021	Sep. 08, 2021	Jun. 15, 2021	Apr. 23, 2021	Mar. 15, 2021	Dec. 15, 2020	Sep. 15, 2020	Jun. 15, 2020	Mar. 16, 2020	Dec. 31, 2021	Oct. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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		$ 1.72	$ 1.72	$ 1.72
Participating security dividends declared per share (usd per share)														0.43
6.5% Series A Cumulative Redeemable Preferred Stock
Preferred stock liquidation preference (usd per share)												$ 25		25
Dividends declared per share of preferred stock (usd per share)		$ 0.35		$ 0.46		$ 0.27							$ 0.35	$ 1.08

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)		Dec. 31, 2020USD ($)		Dec. 31, 2019USD ($)
Cash Flows From Operating Activities
Net income (loss)	$ 137,183		$ 54,397		$ 89,965
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs and discounts	15,731		22,327		16,765
Accretion of net deferred loan fees and discounts	(22,851)		(17,222)		(20,217)
Payment-in-kind interest	(2,094)		(4,232)		0
Gain (loss) on sale of investments	(5,126)		0		2,688
(Income) Loss from equity method investments	(3,150)		2,840		(1,420)
Provision for credit losses, net	(4,059)		50,344		0
Stock-based compensation expense	7,427		5,676		4,091
Changes in operating assets and liabilities:
Accrued interest receivable, net	171		893		61
Other assets	(1,112)		(337)		321
Accrued interest payable	1,246		(1,303)		(830)
Accounts payable, accrued expenses and other liabilities	621		2,029		122
Due to affiliates	806		(350)		167
Net cash provided by (used in) operating activities	124,793		115,062		91,713
Cash Flows From Investing Activities
Proceeds from sales of commercial mortgage-backed securities	0		0		9,784
Proceeds from principal repayments and sale/syndication of commercial real estate loans, held-for-investment	2,362,442		1,054,891		1,934,893
Origination of commercial real estate loans, held-for-investment	(3,904,580)		(966,182)		(2,864,810)
Net cash assumed from investment in real estate owned and related joint venture	1,302		0		0
Investment in commercial mortgage-backed securities, equity method investee	0		0		(6,245)
Purchase of available-for-sale debt securities	0		0		(94,007)
Sales of available-for-sale debt securities	0		0		94,071
Net cash provided by (used in) investing activities	(1,540,836)		88,709		(926,314)
Cash Flows From Financing Activities
Proceeds from borrowings under secured financing agreements	3,641,991		1,015,430		3,217,859
Proceeds from issuance of collateralized loan obligations	1,095,250		0		0
Net proceeds from issuance of secured term loan	52,250		292,500		0
Net proceeds from issuances of common stock	120,711		0		0
Net proceeds from issuances of preferred stock	167,066		0		0
Payments of common stock dividends	(95,680)		(96,451)		(98,954)
Payments of preferred stock dividends	(8,266)		(634)		(592)
Principal repayments on borrowings under secured financing agreements	(2,487,673)		(1,332,822)		(2,284,819)
Principal repayments on collateralized loan obligations	(810,000)		0		0
Payments of debt and collateralized debt obligation issuance costs	(24,192)		(12,066)		(12,060)
Principal repayments on loan participations	(66,248)		0		0
Payments of stock issuance costs	(647)		(157)		(1,254)
Payments to reacquire common stock	0		(25,061)		(4,106)
Tax withholding on stock-based compensation	(5,581)		(1,297)		(385)
Net cash provided by (used in) financing activities	1,578,981		(160,558)		815,689
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	162,938		43,213		(18,912)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	110,832		67,619		86,531
Cash, Cash Equivalents and Restricted Cash at End of Period	273,770		110,832		67,619
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	271,487	[1]	110,832	[1]	67,619
Restricted cash	2,283		0		0
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	273,770		110,832		67,619
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	95,256		103,405		146,156
Cash paid during the period for income taxes	409		124		398
Supplemental Schedule of Non-Cash Investing and Financing Activities
Loan principal payments held by servicer	0		15,850		0
Dividend declared, not yet paid	26,561		24,287		25,036
Net real estate owned acquired	77,516		0		0
Payoff of loan participations sold and commercial real estate loan, held-for-investment	0		0		150,880
Deconsolidation of variable interest entities (assets and liabilities)	$ 0		$ 0		$ 1,047,346
[1]	Includes $54.0 million and $0.0 million held in collateralized loan obligation as of December 31, 2021 and 2020, respectively.

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 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" or "KREF") 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 17 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 15). As of December 31, 2021, KKR beneficially owned 14,250,001 shares, or 23.2% 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	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation — The accompanying consolidated financial statements and related notes of KREF are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of KREF and its consolidated subsidiaries, and all intercompany transactions and balances have been eliminated. Risks and Uncertainties — The coronavirus pandemic ("COVID-19") has adversely impacted 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. However, wide disparities in vaccination rates and continued vaccine hesitancy, combined with the emergence of COVID-19 variants and surges in COVID-19 cases, could trigger the reinstatement of restrictions, including mandatory business shut-downs, travel restrictions, reduced business operations and social distancing requirements, which could dampen or delay any economic recovery and could materially and adversely affect KREF’s results and financial condition. In addition, the COVID-19 pandemic continues to disrupt global supply chains, has caused labor shortages and has added broad inflationary pressures, which has a potential negative impact on KREF's borrowers’ ability to execute on their business plans and potentially their ability to perform under the terms of their loan obligations. Although KREF has observed signs of economic recovery and is generally encouraged by the response of its borrowers, KREF cannot predict the time required for a widespread sustainable economic recovery to take hold. Use of Estimates — The preparation of 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 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 10). 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 Obligations — KREF consolidates collateralized loan obligations (“CLO”) when it determines that the CLO issuers, wholly-owned subsidiaries of KREF, are VIEs and that KREF is the primary beneficiary of such VIEs. The collateral assets of KREF's CLO, comprised of a pool of loan participations, are included in “Commercial real estate loans, held-for-investment, net” on the Consolidated Balance Sheets. The liabilities of KREF's consolidated CLO 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 obligations, net” on the Consolidated Balance Sheets. The collateral assets of a CLO can only be used to settle the obligations of the consolidated CLO. The interest income from the CLO’s collateral assets and the interest expense on the CLO’s liabilities are presented on a gross basis in “Interest income” and “Interest expense”, respectively, in KREF's Consolidated Statements of Income. Real Estate Owned Joint Venture — KREF consolidated a joint venture that held the majority of KREF’s sole investment in real estate owned (“REO”) property that was acquired in the fourth quarter of 2021, in which a third party owned a 10% noncontrolling interest (Note 11). Management determined the joint venture to be a VIE as the joint venture had insufficient equity-at-risk. KREF owns 90% of the equity interest in the joint venture and participates in the profits and losses. Management concluded KREF to be the primary beneficiary of the joint venture as KREF held decision-making power over the activities that most significantly impact the economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the joint venture that could be potentially significant to the joint venture. Noncontrolling Interests — Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than KREF. These noncontrolling interests do not include redemption features and are presented as "Noncontrolling interests in equity of consolidated joint venture" on the Consolidated Balance Sheet. Temporary Equity — KREF's Special Non-Voting Preferred Stock (“SNVPS”) became redeemable by the SNVPS holder in the second quarter of 2018. As a result, starting with the second quarter of 2018, KREF adjusts the carrying value of the SNVPS to its redemption value quarterly. The SNVPS Redemption Value Adjustment is treated similar to a dividend on preferred stock 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 Consolidated Statements of Income. KREF recorded a $3.3 million non-cash redemption value adjustment to the SNVPS (“SNVPS Redemption Value Adjustment”) during the year ended December 31, 2021, which increased the carrying value of the SNVPS to its redemption value of $5.1 million prior to redemption of the SNVPS by KREF on October 1, 2021 for a cash redemption value of $5.1 million (Note 10). 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. On October 1, 2021, KREF TRS redeemed its interest in the Manager for a cash call amount of $5.1 million when the KKR Member exercised its Call Option to redeem the Non-Voting Manager Units, including the Non-Voting Manager Units held by KREF TRS (Note 10). 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 Consolidated Balance Sheets and its share of unrealized gains or losses in “Income from equity method investments” in its 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 Consolidated Statements of Cash Flows; excess distributions received are considered returns of investment and presented within “Cash Flows from Investing Activities” in the 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 December 31, 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 16). 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 16 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 December 31, 2021 and 2020, KREF was required to maintain unrestricted cash and cash equivalents of at least $65.6 million and $42.6 million, respectively, to satisfy its liquidity covenants (Note 5). As of December 31, 2021, KREF had $2.3 million of restricted cash held in lender-controlled bank accounts. Such amount is presented within "Other Assets" in the Consolidated Balance Sheet. 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 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 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. Real Estate Owned — To maximize recovery from a defaulted loan, KREF may assume legal title or physical possession of the underlying collateral through foreclosure or the execution of a deed in lieu of foreclosure. Foreclosed properties are generally recognized at fair value in accordance with ASC 805 on KREF's consolidated balance sheets as Real Estate Owned (“REO”) when KREF assume either legal title or physical possession. KREF’s cost basis in REO equals the estimated fair value on the acquisition date plus related acquisition costs. Any difference between the estimated fair value of the REO from the net carrying value of the related loan is recorded in “Provision for credit losses, net” in the Consolidated Statements of Income. REO assets are evaluated for impairment on a quarterly basis. An impairment charge is recorded when the carrying value of the REO exceeds its fair value. Secured Financing Agreements — KREF's secured financing agreements, including uncommitted repurchase facilities, term lending agreements, 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 5). 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 7) on its 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 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 8). 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 9). Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities — As of December 31, 2021, other assets included $2.3 million of restricted cash, $1.7 million of deferred financing costs related to KREF's Revolver (Note 5), $1.4 million of interest collections held by the servicer and $1.4 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 December 31, 2021, accounts payable, accrued expenses and other liabilities included $3.9 million of accrued expenses, $3.3 million of assumed REO liabilities, $1.5 million of allowance for credit losses related to KREF's unfunded loan commitments and $0.6 million of prepaid stub interests. As of December 31, 2020, accounts payable, accrued expenses and other liabilities included $3.1 million of accrued expenses, $0.9 million of allowance 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 December 2021, KREF's board of directors declared a dividend of $0.43 per share of common stock to shareholders of record as of December 31, 2021, which was accrued in “Dividends payable” on KREF’s Consolidated Balance Sheet as of December 31, 2021 and was subsequently paid on January 14, 2022. In October 2021, KREF's board of directors declared a dividend of $0.35 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 December 15, 2021 to KREF’s preferred stockholders of record as of November 30, 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. KREF recorded a $3.3 million SNVPS Redemption Value Adjustment during the year ended December 31, 2021, which increased the carrying value of the SNVPS to its redemption value of $5.1 millio

Commercial Real Estate Loans

Commercial Real Estate Loans	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020: Weighted Average Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % (C) Coupon (C) Life (Years) (D) December 31, 2021 Loans held-for-investment Senior loans (E) $ 6,263,370 $ 6,222,058 $ 6,200,078 59 100.0 % 3.9 % 3.6 Mezzanine and other loans (F) 100,735 94,675 94,411 4 94.5 11.2 4.0 $ 6,364,105 $ 6,316,733 $ 6,294,489 63 99.9 % 4.1 % 3.6 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 December 31, 2021 and 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 December 31, 2020. Includes CLO loan participations of $1,246.0 million and $1,000.0 million a s of December 31, 2021 and 2020, respectively. (F) Includes one real estate corporate loan to a multifamily operator with a principal and a carrying value of $41.1 million and $40.3 million , respectively, as of December 31, 2021, and $50.0 million and $48.0 million, respectively, as of December 31, 2020. Activity — For the years ended December 31, 2021 and 2020, the loan portfolio activity was as follows: Amortized Cost Allowance for Carrying Value Balance at December 31, 2019 $ 4,931,042 $ — $ 4,931,042 Originations and future fundings, net (A) 966,182 — 966,182 Proceeds from sales and loan repayments (B) (1,069,494) — (1,069,494) Accretion of loan discount and other amortization, net (C) 17,222 — 17,222 Payment-in-kind interest 4,232 — 4,232 Cumulative-effect adjustment upon adoption of ASU 2016-13 — (13,909) (13,909) Provision for credit losses — (50,542) (50,542) Write-off charged (4,650) 4,650 — Balance at December 31, 2020 $ 4,844,534 $ (59,801) $ 4,784,733 Originations and future fundings, net (A) 3,904,267 — 3,904,267 Proceeds from sales and loan repayments (B) (2,346,593) — (2,346,593) Accretion of loan discount and other amortization, net (C) 22,852 — 22,852 Payment-in-kind interest 2,094 — 2,094 Transfer to real estate owned (77,516) — (77,516) Reversal of credit losses, net — 4,652 4,652 Write-off charged (32,905) 32,905 — Balance at December 31, 2021 $ 6,316,733 $ (22,244) $ 6,294,489 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes $150.0 million and $27.9 million in proceeds from non-recourse sale of senior interests during the years ended December 31, 2021 and 2020, respectively. (C) Includes accretion of applicable discounts, certain fees and deferred loan origination costs. As of December 31, 2021 and 2020, there was $41.9 million and $20.5 million , respectively, of unamortized origination discounts and deferred fees included in "Commercial Real Estate Loans, Held-for-investment, Net" in the Consolidated Balance Sheets. KREF recognized prepayment fee incom e of $6.7 million and $0.0 million, respectively, during the years ended December 31, 2021 and 2020 . KREF recognized net accelerated fee income of $5.3 million and $1.8 million, respectively, during the years ended December 31, 2021 and 2020, respectively. 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 December 31, 2021, total PIK Interest outstanding relating to loan modifications was $0.2 million . During the fourth quarter of 2021, KREF took title to one defaulted senior retail loan with an outstanding principal balance and net carrying value of $109.6 million and $69.3 million, respectively, as of September 30, 2021. KREF recognized the property on the Consolidated Balance Sheet as REO with a carrying value of $78.6 million, which included the estimated fair value of the property and capitalized transaction costs. In addition, KREF assumed $2.0 million in other net assets of the REO. Accordingly, in the fourth quarter KREF wrote off $32.1 million of loan balance against the allowance for credit losses and recognized an $8.2 million GAAP gain from the reversal of the allowance for credit losses. In addition, in the fourth quarter of 2021, KREF wrote off $0.9 million remaining outstanding balance of an impaired mezzanine loan and recognized the write off in GAAP earnings. 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: December 31, 2021 December 31, 2020 Risk Rating Number of Loans (B) 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 $ 243,544 $ 243,552 3.6 % 1 — $ — $ — — % 2 3 409,812 411,424 6.2 2 2 321,686 323,026 6.5 3 54 5,256,052 5,627,927 84.3 3 32 3,715,132 3,836,983 77.3 4 4 385,081 394,336 5.9 4 6 675,727 687,040 13.9 5 1 — — — 5 2 72,188 115,071 2.3 63 $ 6,294,489 $ 6,677,239 100.0 % 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 $318.6 million and $158.7 million of such non-consolidated interests and excludes $0.0 million and $66.2 million vertical loan participation as of December 31, 2021 and 2020, respectively. (B) Includes one impaired 5-rated mezzanine retail loan that was fully written off as of December 31, 2021. As of December 31, 2021, the average risk rating of KREF's portfolio was 2.9 (Av erage Risk), weig hted by total loan exposure, as compared to 3.1 (Av erage Risk) as of 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 December 31, 2021 and 2020 in the corresponding table. December 31, 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 1 $ 243,552 $ — $ — $ — $ 243,549 $ — $ — $ 243,549 $ 243,544 2 3 411,424 — 130,400 — 85,943 193,950 — 410,293 409,812 3 54 5,309,293 3,523,611 203,961 1,017,080 523,938 — — 5,268,590 5,256,052 4 4 394,336 — — 76,221 210,701 107,379 — 394,301 385,081 5 1 5,500 — — — — — — — — 63 $ 6,364,105 $ 3,523,611 $ 334,361 $ 1,093,301 $ 1,064,131 $ 301,329 $ — $ 6,316,733 $ 6,294,489 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 years ended December 31, 2021 and 2020, respectively: 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 50,542 (198) 50,344 Write-off charged (4,650) — (4,650) Recoveries — — — Balance as December 31, 2020 $ 59,801 $ 902 $ 60,703 Provision for (reversal of) credit losses, net (4,652) 593 (4,059) Write-off charged (32,905) — (32,905) Recoveries — — — Balance as December 31, 2021 $ 22,244 $ 1,495 $ 23,739 The $4.1 million net benefit during the year ended December 31, 2021 was primarily due to the reversal of $32.1 million in allowance for credit losses for one senior retail loan where we took title of the underlying collateral and a more stable macro-economic outlook based on improved observed economic data, partially offset by an increase to the allowance related to newly originated loans and an impaired mezzanine loan that was deemed uncollectable. The $50.3 million in provision for credit loss during the year ended December 31, 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: December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Geography (A) Collateral Property Type Texas 15.0 % 6.6 % Multifamily 46.7 % 51.0 % New York 11.5 14.5 Office 25.4 30.2 California 10.8 7.7 Life Science 9.3 — Florida 10.5 5.7 Hospitality 6.9 4.5 Massachusetts 10.3 8.4 Industrial 4.4 1.8 Pennsylvania 8.2 9.7 Condo (Residential) 3.9 6.1 Virginia 6.7 10.1 Student Housing 3.1 1.4 Washington D.C. 4.7 2.9 Single Family Rental 0.2 — Illinois 3.8 11.8 Retail 0.1 5.0 Washington 3.6 7.2 Total 100.0 % 100.0 % Minnesota 3.1 4.0 Colorado 2.7 4.7 Georgia 2.2 1.8 North Carolina 2.0 — Nevada 1.6 — Arizona 1.2 — Alabama 1.1 1.4 Oregon — 2.3 Other U.S. 1.0 1.2 Total 100.0 % 100.0 % (A) Excludes one real estate corporate loan to a multifamily operator with an outstanding principal amount of $41.1 million and $50.0 million, representing 0.6% and 1.0% of KREF’s commercial real estate loans, as of December 31, 2021 and 2020, respectively. Description/Location Prior Liens (A) Face Amount Carrying Amount Interest Rate (B) Payment Terms (C) Maturity Date (D) Senior Loans (E) Senior Loan 1, Arlington, VA N/A 352.9 350.3 L + 3.2% I/O 10/7/2026 Senior Loan 2, Los Angeles, CA N/A 249.7 247.3 L + 3.6% I/O 3/7/2026 Senior Loan 3, Boston, MA N/A 243.6 243.5 L + 3.2% I/O 1/7/2024 Senior Loan 4, Various N/A 215.3 214.3 L + 3.1% I/O 6/7/2024 Senior Loan 5, New York, NY N/A 210.7 209.8 L + 3.6% I/O 1/7/2024 Senior Loan 6, Minneapolis, MN N/A 194.4 193.7 L + 3.8% I/O 12/5/2022 Senior Loan 7, Mountain View, CA N/A 184.1 181.9 L + 3.3% I/O 8/7/2026 Senior Loan 8, West Palm Beach, FL N/A 169.2 167.1 L + 2.7% I/O 1/7/2027 Senior Loan 9, The Woodlands, TX N/A 168.3 165.8 L + 4.2% I/O 10/7/2026 Senior Loan 10, Philadelphia, PA N/A 165.0 165.6 L + 2.5% I/O 7/7/2023 Senior Loan 11, Philadelphia, PA N/A 156.9 155.7 L + 2.6% I/O 5/7/2024 Senior Loan 12, New York, NY N/A 148.0 147.7 L + 2.6% I/O 12/7/2023 Senior Loan 13, Boston, MA N/A 137.0 137.5 L + 2.7% I/O 4/7/2024 Senior Loan 14, Chicago, IL N/A 136.6 135.9 L + 3.3% I/O 8/7/2024 Senior Loan 15, Dallas, TX N/A 135.8 134.1 L + 3.6% I/O 12/7/2026 Senior Loan 16, Plano, TX N/A 131.0 130.2 L + 2.7% I/O 2/7/2025 Senior Loan 17, Fort Lauderdale, FL N/A 130.0 129.4 L + 3.4% I/O 12/7/2023 Senior Loan 18, Boston, MA N/A 123.1 121.6 L + 3.6% I/O 5/9/2026 Senior Loan 19, Washington D.C. N/A 119.7 118.3 L + 3.4% I/O 1/7/2025 Senior Loan 20, Pittsburgh, PA N/A 112.5 111.4 L + 2.9% I/O 6/7/2026 Senior Loan 21, Washington D.C. N/A 111.9 110.0 L + 3.3% I/O 12/7/2026 Senior Loan 22, Irving, TX N/A 108.9 107.9 L + 3.3% I/O 5/7/2026 Senior Loan 23, Doral, FL N/A 106.0 104.8 L + 2.8% I/O 12/7/2026 Senior Loan 24, San Diego, CA N/A 103.5 102.5 L + 2.8% I/O 11/7/2026 Senior Loan 25, Las Vegas, NV N/A 102.0 101.0 L + 2.7% I/O 1/7/2027 Senior Loan 26, Chicago, IL N/A 100.7 100.4 L + 4.7% I/O 6/7/2024 Senior Loan 27, Bronx, NY N/A 97.5 95.7 L + 4.1% I/O 9/7/2026 Senior Loan 28, Miami, FL N/A 89.5 88.6 L + 2.8% I/O 11/7/2026 Senior Loan 29, Orlando, FL N/A 88.9 87.6 L + 3.0% I/O 1/7/2027 Senior Loan 30, Denver, CO N/A 88.5 87.6 L + 3.0% I/O 7/7/2026 Senior Loan 31, Seattle, WA N/A 87.3 86.2 L + 3.1% I/O 10/7/2026 Senior Loan 32, Dallas, TX N/A 87.0 86.2 L + 3.3% I/O 2/7/2026 Senior Loan 33, New York, NY N/A 86.0 85.9 L + 4.0% I/O 4/7/2023 Senior Loan 34, State College, PA N/A 85.3 85.0 L + 2.7% I/O 11/7/2024 Senior Loan 35, Brisbane, CA N/A 85.0 84.0 L + 3.0% I/O 8/7/2026 Senior Loan 36, Hollywood, FL N/A 81.0 79.9 L + 3.0% I/O 1/7/2027 Senior Loan 37, Seattle, WA N/A 80.7 80.6 L + 4.1% I/O 4/7/2023 Senior Loan 38, Dallas, TX N/A 77.5 76.8 L + 2.8% I/O 1/7/2027 Senior Loan 39, Brooklyn, NY N/A 76.2 76.1 L + 2.9% I/O 2/7/2024 Senior Loan 40, Charlotte, NC N/A 76.0 74.9 L + 3.0% I/O 1/7/2027 Senior Loan 41, Arlington, VA N/A 70.9 70.2 L + 3.8% I/O 10/7/2025 Senior Loan 42, Denver, CO N/A 69.3 68.5 L + 2.7% I/O 10/7/2026 Senior Loan 43, Dallas, TX N/A 68.2 67.5 L + 3.8% I/O 9/7/2026 Senior Loan 44, Queens, NY N/A 67.5 59.5 L + 3.0% I/O 8/7/2022 Senior Loan 45, Austin, TX N/A 67.5 67.3 L + 2.5% I/O 9/7/2024 Senior Loan 46, Washington D.C. N/A 66.3 65.8 L + 3.5% I/O 12/7/2025 Senior Loan 47, Nashiville, TN N/A 64.3 63.0 L + 3.6% I/O 1/7/2027 Senior Loan 48, Bellevue, WA N/A 61.0 58.6 L + 3.6% I/O 4/7/2027 Senior Loan 49, Mesa, AZ N/A 57.0 56.3 L + 3.2% I/O 5/7/2026 Senior Loan 50, Sharon, MA N/A 56.9 56.4 L + 2.8% I/O 12/7/2026 Senior Loan 51, Atlanta, GA N/A 55.4 54.7 L + 2.9% I/O 1/7/2027 Senior Loan 52, Cambridge, MA N/A 50.6 49.4 L + 3.9% I/O 1/7/2027 Senior Loan 53, Durham, NC N/A 50.0 49.3 L + 2.9% I/O 1/7/2027 Senior Loan 54, Fontana, CA N/A 43.2 42.3 L + 4.6% I/O 6/7/2026 Description/Location Prior Liens (A) Face Amount Carrying Amount Interest Rate (B) Payment Terms (C) Maturity Date (D) Senior Loan 55, Geogetown, TX N/A 41.8 41.3 L + 3.3% I/O 1/7/2027 Senior Loan 56, New York, NY N/A 39.9 39.8 L + 4.2% I/O 4/5/2022 Senior Loan 57, Phoenix, AZ N/A 15.7 15.1 L + 4.8% I/O 5/7/2026 Senior Loan 58, Denver, CO N/A 10.7 10.3 L + 3.8% I/O 1/7/2026 Senior Loan 59, Various N/A 3.7 1.9 L + 5.4% I/O 7/7/2026 Mezzanine Loans Mezzanine Loan 1, Boston, MA N/A 37.5 37.3 L + 7.9% I/O 2/7/2026 Mezzanine Loan 2, Oakland, CA N/A 16.7 16.8 L + 12.9% I/O 11/7/2025 Mezzanine Loan 3, Various N/A 5.5 — 11.0 I/O 7/6/2025 (A) Represents third-party priority liens. Third-party portions of pari-passu participations are not considered priority liens. Additionally, excludes the outstanding debt on third-party joint ventures of underlying borrowers. (B) L = one-month LIBOR rate. (C) I/O = interest only until final maturity unless otherwise noted (D) Maturity date assumes all extension options are exercised, if applicable. (E) Includes senior loans and pari passu participations in senior loans. May include accommodation mezzanine loans in connection with the senior mortgage financing (F) Excludes one real estate corporate loan to a multifamily operator with an outstanding principal and a carrying amount of $41.1 million and $40.3 million , respectively. For the activity within KREF's loan portfolio during the year ended December 31, 2021, refer to Note 3 of the consolidated financial statements.

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Owned	Real Estate Owned In 2015, KREF originated a $177.0 million senior loan secured by a retail property in Portland, Oregon. The loan had a risk rating of 5 and placed on non-accrual status in October 2020, with an amortized cost and carrying value of $109.6 million and $69.3 million, respectively, as of September 30, 2021. On December 17, 2021, KREF took title to the retail property. Such acquisition was accounted for as an asset acquisition under ASC 805. Accordingly, KREF recognized the property on the Consolidated Balance Sheets as REO with a carrying value of $78.6 million, which included the estimated fair value of the property and capitalized transaction costs. In addition, KREF assumed $2.0 million in other net assets of the REO. As a result KREF recognized an $8.2 million benefit from the reversal of credit losses, representing the difference between the carrying value of the foreclosed loan and the fair value of the REO’s net assets. The following table details the fair value of the components of the REO on acquisition date: December 17, 2021 Assets Cash $ 3,377 Real estate owned, net 78,569 In place lease intangibles (A) 335 Other assets (A) 1,119 Total $ 83,400 Liability Below market lease intangibles (B) $ (1,825) Accounts payable (B) (1,742) Total $ (3,567) (A) Included in “Other Assets” in the Consolidated Balance Sheets. (B) Included in “Accounts payable, accrued expenses and other liabilities" in the Consolidated Balance Sheets. The REO operations and related income (loss) were immaterial between the acquisition date and December 31, 2021.

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020: December 31, 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 $ 980,593 $ 978,615 Sep 2026 1.6 % 3.4 $ 1,395,703 $ 1,378,878 $ 1,375,919 4.7 $ 443,745 Morgan Stanley (F) Dec 2016 600,000 383,592 382,081 Dec 2023 2.5 0.8 552,313 547,940 538,676 3.6 148,772 Goldman Sachs (G) Sep 2016 240,000 190,623 189,456 Oct 2023 2.8 1.7 282,026 277,300 276,838 4.2 76,163 Term Lending Agreements KREF Lending V (H) Jun 2019 671,625 617,627 617,185 Jun 2026 2.1 0.5 755,701 754,546 752,443 2.0 899,363 KREF Lending IX (I) Jul 2021 500,000 500,000 493,853 n.a 2.3 3.2 621,573 616,248 614,983 4.8 — Warehouse Facility HSBC Facility (J) Mar 2020 500,000 — (55) Mar 2023 — 1.2 — — — n.a (353) Asset Specific Financing BMO Facility (K) Aug 2018 300,000 60,000 60,000 n.a 1.8 0.2 76,000 75,977 75,855 2.1 59,795 Revolving Credit Agreement Revolver (L) Dec 2018 335,000 135,000 135,000 Dec 2023 2.3 1.9 n.a n.a n.a n.a — Total / Weighted Average $ 4,146,625 $ 2,867,435 $ 2,856,135 2.1 % 2.1 $ 1,627,485 (A) Net of $11.3 million and $5.6 million unamortized debt issuance costs as of December 31, 2021 and 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 December 31, 2021 and 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 30.3% and 36.7%, respectively (or 25.9% and 34.8%, respectively, if KREF had borrowed the maximum amount approved by its repurchase agreement counterparties as of such dates). (E) In September 2021, the current stated maturity date was amended to September 2024, which does not reflect two, twelve-month facility term extensions available to KREF, which is contingent upon certain covenants and thresholds. As of December 31, 2021, the collateral-based margin was betwe en 1.25% and 1.55%. (F) In December 2021, the current stated maturity was extended to December 2022, 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 December 31, 2021, the collateral-based margin was be tween 1.65% and 2.35%. (G) In October 2021 , the current stated maturity date was amended to October 2022. In addition, KREF has the option to extend the maturity date to October 31, 2023, subject to the satisfaction of certain conditions. As of December 31, 2021, the collateral-base margin was betwe en 1.75% and 3.20%. (H) In June 2019, KREF, through its wholly–owned subsidiary KREF Lending V LLC, entered into a Master Repurchase and Securities Contract Agreement ("KREF Lending V Facility") with Morgan Stanley Mortgage Capital Holdings LLC ("Administrative Agent"), as administrative agent on behalf of Morgan Stanley Bank, N.A. ("Initial Buyer"), which provides non-mark-to-market financing. The Initial Buyer subsequently syndicated a portion of the facility to multiple financial institutions. As of December 31, 2021, the Initial Buyer held 24.4% of the total commitment under the facility. Borrowings under the facility 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 July 2021, KREF, through its wholly–owned subsidiary KREF Lending IX LLC, entered into a $500.0 million Master Repurchase and Securities Contract Agreement with a financial institution ("KREF Lending IX Facility"). The facility, which provides financing on a non-mark-to-market basis with partial recourse to KREF, has a three-year draw period and matched term to the underlying loans. As of December 31, 2021, the collateral-based margin was betwe en 1.65% and 1.75%. (J) 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. (K) 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 December 31, 2021, the collateral-based margin was 1.70%. (L) 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 December 31, 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 December 31, 2021, the carrying value excluded $1.7 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Consolidated B alance Sheets. As of December 31, 2021 and 2020, KREF had outstanding repurchase agreements and term lending agreements 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 December 31, 2021 and 2020: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) December 31, 2021 Wells Fargo $ 980,593 $ 409,489 30.1 % 3.4 Morgan Stanley 383,592 166,426 12.2 0.8 KREF Lending V (B) 617,627 139,149 10.2 0.5 Total / Weighted Average $ 1,981,812 $ 715,064 52.5 % 2.0 December 31, 2020 Wells Fargo $ 446,208 $ 196,715 18.9 % 2.0 KREF Lending V (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 KREF Lending V Facility. Morgan Stanley Bank, N.A. represented 2.5% and 4.6% of the net counterparty exposure as a percent of stockholders' equity as of December 31, 2021 and 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 December 31, 2021 and 2020. The following tables summarize our borrowings under the Term Loan Facility: December 31, 2021 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 12 $ 1,078,795 $ 1,076,241 $ 1,074,116 L + 3.4% n.a. August 2024 Financing provided n.a. 870,458 870,458 870,458 L + 1.6% n.a. August 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 years ended December 31, 2021 and 2020, 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, 2019 $ 2,884,887 Principal borrowings 1,015,430 Principal repayments/sales (1,332,822) Deferred debt issuance costs (5,505) Amortization of deferred debt issuance costs 12,757 Balance as of December 31, 2020 $ 2,574,747 Principal borrowings 3,641,992 Principal repayments/sales (2,485,423) Deferred debt issuance costs (13,929) Amortization of deferred debt issuance costs 9,206 Balance as of December 31, 2021 $ 3,726,593 Maturities — KREF’s secured financing agreements, term loan financing and other consolidated debt obligations in place as of December 31, 2021 had contractual maturities as follows: Year Nonrecourse Recourse (A) Total 2022 1,337,992 270,181 1,608,173 2023 319,047 192,140 511,187 2024 567,275 135,893 703,168 2025 427,209 142,403 569,612 Thereafter 268,261 77,492 345,753 $ 2,919,784 $ 818,109 $ 3,737,893 (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 $1,095.4 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 in the applicable financing agreements). As of December 31, 2021 and 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. 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 KCM. In November 2021, KREF completed the repricing of $297.8 million then existing secured term loan and a $52.2 million add-on, for an aggregate principal amount of $350.0 million due September 2027, which was issued at par. The upsize of the secured term loan was accounted for as partial debt extinguishment under GAAP, accordingly, KREF recognized an accelerated deferred loan financing cost of $0.7 million during the year ended December 31, 2021. The new secured term loan bears interest at LIBOR plus 3.5% and is subject to a LIBOR floor of 0.5%. KREF recorded $2.0 million in issuance costs, inclusive of $0.8 million in arrangement and structuring fees paid to KCM. Inclusive of the amortization of the discount and issuance costs, KREF’s total cost of the secured term loan is LIBOR plus 4.1% per annum, subject to the applicable LIBOR floor, as of December 31, 2021. The following table summarizes KREF’s secured term loan at December 31, 2021: December 31, 2021 Principal amount $ 350,000 Unamortized discount (5,652) Deferred financing costs (5,799) Carrying amount $ 338,549 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 in the secured term loan agreements, of 83.3% (the “Leverage Covenant”). KREF was in compliance with such covenants as of December 31, 2021 and 2020.

Collateralized Loan Obligations

Collateralized Loan Obligations	12 Months Ended
	Dec. 31, 2021
Transfers and Servicing [Abstract]
Collateralized Loan Obligations	Collateralized Loan Obligations In November 2018, KREF financed a pool of loan participations from its existing loan portfolio through a managed CLO ("KREF 2018-FL1"). KREF 2018-FL1 provided KREF with match-term financing on a non-mark-to-market and non-recourse basis. In August 2021, KREF fully repaid its outstanding CLO notes under KREF 2018-FL1. In August 2021, KREF financed a pool of loan participations from its existing loan portfolio through a managed CLO ("KREF 2021-FL2"). KREF 2021-FL2 provides KREF with match-term financing on a non-mark-to-market and non-recourse basis. KREF 2021-FL2 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. Upon the execution of the KREF 2021-FL2, KREF recorded $8.9 million in issuance costs, inclusive of $0.9 million in structuring and placement agent fees paid to KKR Capital Markets ("KCM"), an affiliate of KREF . The issuance costs are netted against the outstanding principal balance of the CLO notes in "Collateralized loan obligations, net" in the condensed consolidated balance sheets. The following tables outline CLO collateral assets and respective borrowing as of December 31, 2021 and 2020: December 31, 2021 KREF 2021-FL2 Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost Wtd. Avg. Term (B) Collateral assets (A) 20 $ 1,300,000 $ 1,300,000 $ 1,296,745 L + 3.4% June 2025 Financing provided 1 1,095,250 1,087,976 1,087,976 L + 1.7% February 2039 December 31, 2020 KREF 2018-FL1 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) Including $54.0 million cash held in CLO as of December 31, 2021. Collateral loan assets repres ent 19.6% and 20.5% of the principal of KREF's commercial real estate loans as of December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, 100% of KREF loans financed through the CLOs 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 CLO Assets and Liabilities included in KREF’s Consolidated Balance Sheets: KREF 2021-FL2 KREF 2018-FL1 Assets December 31, 2021 December 31, 2020 Cash $ 54,000 $ — Commercial real estate loans, held-for-investment 1,246,000 1,000,483 Less: Allowance for credit losses (3,255) (2,669) Commercial real estate loans, held-for-investment, net 1,242,745 997,814 Accrued interest receivable 3,091 3,075 Other assets 766 5 Total $ 1,300,602 $ 1,000,894 Liabilities Collateralized loan obligations, net (A) $ 1,087,976 $ 810,000 Accrued interest payable 852 668 Accounts payable, accrued expenses and other liabilities — 72 Total $ 1,088,828 $ 810,740 (A) Unamortized deferred financing costs related to KREF 2021-FL2 were $7.3 million as of December 31, 2021. Deferred financing costs related to KREF 2018-FL1 were fully amortized as of December 31, 2020. The following table presents the components of net interest income of CLOs included in KREF’s Consolidated Statements of Income: For the Year Ended December 31, 2021 2020 Net Interest Income Interest income $ 48,296 $ 45,617 Interest expense (A) 14,876 22,723 Net interest income $ 33,420 $ 22,894 (A) Net of interest expenses on internally held CLO notes. Includ es $1.7 million and $6.8 million of deferred financing costs amortization for the years ended December 31, 2021 and 2020, respectively.

Secured Term Loan, Net

Secured Term Loan, Net	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020: December 31, 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 $ 980,593 $ 978,615 Sep 2026 1.6 % 3.4 $ 1,395,703 $ 1,378,878 $ 1,375,919 4.7 $ 443,745 Morgan Stanley (F) Dec 2016 600,000 383,592 382,081 Dec 2023 2.5 0.8 552,313 547,940 538,676 3.6 148,772 Goldman Sachs (G) Sep 2016 240,000 190,623 189,456 Oct 2023 2.8 1.7 282,026 277,300 276,838 4.2 76,163 Term Lending Agreements KREF Lending V (H) Jun 2019 671,625 617,627 617,185 Jun 2026 2.1 0.5 755,701 754,546 752,443 2.0 899,363 KREF Lending IX (I) Jul 2021 500,000 500,000 493,853 n.a 2.3 3.2 621,573 616,248 614,983 4.8 — Warehouse Facility HSBC Facility (J) Mar 2020 500,000 — (55) Mar 2023 — 1.2 — — — n.a (353) Asset Specific Financing BMO Facility (K) Aug 2018 300,000 60,000 60,000 n.a 1.8 0.2 76,000 75,977 75,855 2.1 59,795 Revolving Credit Agreement Revolver (L) Dec 2018 335,000 135,000 135,000 Dec 2023 2.3 1.9 n.a n.a n.a n.a — Total / Weighted Average $ 4,146,625 $ 2,867,435 $ 2,856,135 2.1 % 2.1 $ 1,627,485 (A) Net of $11.3 million and $5.6 million unamortized debt issuance costs as of December 31, 2021 and 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 December 31, 2021 and 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 30.3% and 36.7%, respectively (or 25.9% and 34.8%, respectively, if KREF had borrowed the maximum amount approved by its repurchase agreement counterparties as of such dates). (E) In September 2021, the current stated maturity date was amended to September 2024, which does not reflect two, twelve-month facility term extensions available to KREF, which is contingent upon certain covenants and thresholds. As of December 31, 2021, the collateral-based margin was betwe en 1.25% and 1.55%. (F) In December 2021, the current stated maturity was extended to December 2022, 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 December 31, 2021, the collateral-based margin was be tween 1.65% and 2.35%. (G) In October 2021 , the current stated maturity date was amended to October 2022. In addition, KREF has the option to extend the maturity date to October 31, 2023, subject to the satisfaction of certain conditions. As of December 31, 2021, the collateral-base margin was betwe en 1.75% and 3.20%. (H) In June 2019, KREF, through its wholly–owned subsidiary KREF Lending V LLC, entered into a Master Repurchase and Securities Contract Agreement ("KREF Lending V Facility") with Morgan Stanley Mortgage Capital Holdings LLC ("Administrative Agent"), as administrative agent on behalf of Morgan Stanley Bank, N.A. ("Initial Buyer"), which provides non-mark-to-market financing. The Initial Buyer subsequently syndicated a portion of the facility to multiple financial institutions. As of December 31, 2021, the Initial Buyer held 24.4% of the total commitment under the facility. Borrowings under the facility 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 July 2021, KREF, through its wholly–owned subsidiary KREF Lending IX LLC, entered into a $500.0 million Master Repurchase and Securities Contract Agreement with a financial institution ("KREF Lending IX Facility"). The facility, which provides financing on a non-mark-to-market basis with partial recourse to KREF, has a three-year draw period and matched term to the underlying loans. As of December 31, 2021, the collateral-based margin was betwe en 1.65% and 1.75%. (J) 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. (K) 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 December 31, 2021, the collateral-based margin was 1.70%. (L) 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 December 31, 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 December 31, 2021, the carrying value excluded $1.7 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Consolidated B alance Sheets. As of December 31, 2021 and 2020, KREF had outstanding repurchase agreements and term lending agreements 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 December 31, 2021 and 2020: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) December 31, 2021 Wells Fargo $ 980,593 $ 409,489 30.1 % 3.4 Morgan Stanley 383,592 166,426 12.2 0.8 KREF Lending V (B) 617,627 139,149 10.2 0.5 Total / Weighted Average $ 1,981,812 $ 715,064 52.5 % 2.0 December 31, 2020 Wells Fargo $ 446,208 $ 196,715 18.9 % 2.0 KREF Lending V (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 KREF Lending V Facility. Morgan Stanley Bank, N.A. represented 2.5% and 4.6% of the net counterparty exposure as a percent of stockholders' equity as of December 31, 2021 and 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 December 31, 2021 and 2020. The following tables summarize our borrowings under the Term Loan Facility: December 31, 2021 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 12 $ 1,078,795 $ 1,076,241 $ 1,074,116 L + 3.4% n.a. August 2024 Financing provided n.a. 870,458 870,458 870,458 L + 1.6% n.a. August 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 years ended December 31, 2021 and 2020, 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, 2019 $ 2,884,887 Principal borrowings 1,015,430 Principal repayments/sales (1,332,822) Deferred debt issuance costs (5,505) Amortization of deferred debt issuance costs 12,757 Balance as of December 31, 2020 $ 2,574,747 Principal borrowings 3,641,992 Principal repayments/sales (2,485,423) Deferred debt issuance costs (13,929) Amortization of deferred debt issuance costs 9,206 Balance as of December 31, 2021 $ 3,726,593 Maturities — KREF’s secured financing agreements, term loan financing and other consolidated debt obligations in place as of December 31, 2021 had contractual maturities as follows: Year Nonrecourse Recourse (A) Total 2022 1,337,992 270,181 1,608,173 2023 319,047 192,140 511,187 2024 567,275 135,893 703,168 2025 427,209 142,403 569,612 Thereafter 268,261 77,492 345,753 $ 2,919,784 $ 818,109 $ 3,737,893 (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 $1,095.4 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 in the applicable financing agreements). As of December 31, 2021 and 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. 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 KCM. In November 2021, KREF completed the repricing of $297.8 million then existing secured term loan and a $52.2 million add-on, for an aggregate principal amount of $350.0 million due September 2027, which was issued at par. The upsize of the secured term loan was accounted for as partial debt extinguishment under GAAP, accordingly, KREF recognized an accelerated deferred loan financing cost of $0.7 million during the year ended December 31, 2021. The new secured term loan bears interest at LIBOR plus 3.5% and is subject to a LIBOR floor of 0.5%. KREF recorded $2.0 million in issuance costs, inclusive of $0.8 million in arrangement and structuring fees paid to KCM. Inclusive of the amortization of the discount and issuance costs, KREF’s total cost of the secured term loan is LIBOR plus 4.1% per annum, subject to the applicable LIBOR floor, as of December 31, 2021. The following table summarizes KREF’s secured term loan at December 31, 2021: December 31, 2021 Principal amount $ 350,000 Unamortized discount (5,652) Deferred financing costs (5,799) Carrying amount $ 338,549 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 in the secured term loan agreements, of 83.3% (the “Leverage Covenant”). KREF was in compliance with such covenants as of December 31, 2021 and 2020.

Convertible Notes, Net

Convertible Notes, Net	12 Months Ended
	Dec. 31, 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 the 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: For the Year Ended December 31, 2021 2020 Cash coupon $ 8,805 $ 8,805 Discount and issuance cost amortization 1,386 1,390 Total interest expense $ 10,191 $ 10,195 The following table details the net book value of the Convertible Notes on KREF's Consolidated Balance Sheets: December 31, 2021 December 31, 2020 Principal $ 143,750 $ 143,750 Deferred financing costs (1,405) (2,431) Unamortized discount (494) (854) Net book value $ 141,851 $ 140,465 Accrued interest payable for the Convertible Notes was $1.1 million as of December 31, 2021 and 2020, respectively. Refer to Note 2 for additional discussion of accounting policies for the Convertible Notes.

Loan Participations Sold

Loan Participations Sold	12 Months Ended
	Dec. 31, 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 were consolidated in KREF's consolidated financial statements as of December 31, 2020. In September 2021, KREF fully repaid the $66.2 million vertical loan participation in connection with the payoff of the underlying loan.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Collateralized Loan Obligations — KREF is the primary beneficiary of its consolidated CLOs (Note 6). 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. Real Estate Owned Joint Venture — Concurrently with taking title of KREF’s sole REO asset, KREF contributed the REO to a joint venture with a third party local developer operator (“JV Partner”), whereby KREF has a 90% interest in the joint venture and the JV Partner has a 10% interest. Management determined the joint venture to be a VIE as the joint venture has insufficient equity-at-risk and concluded that KREF is the primary beneficiary of the joint venture as KREF holds decision-making power over the activities that most significantly impact the economic performance of the joint venture and has the obligation to absorb losses of, or the right to receive benefits from, the joint venture that could be potentially significant to the joint venture. As of December 31, 2021, the joint venture held REO assets with a net carrying value of $68.9 million, of which $0.1 million represented non-controlling interests. The JV Partner’s non-controlling interests of $0.1 million as of December represents the JV Partner’s share of acquisition costs of the REO. KREF has priority of distributions up to the acquisition date net fair value of the REO before the JV Partner can participate in the economics of the joint venture. Equity method investments As of December 31, 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 $35.5 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 Consolidated Balance Sheets, presented as “Equity method investments” and its share of net income, presented as “Income from equity method investments” in the Consolidated Statements of Income. KREF, through a Taxable REIT Subsidiary ("TRS"), held non-voting limited liability company interests issued by the Manager ("Non-Voting Manager Units"), a VIE, for the benefit of the holder of the SNVPS (Note 11). KREF reported its share of net income, presented as “Income from equity method investments” in the Consolidated Statements of Income. On October 1, 2021, KREF TRS redeemed its interest in the Manager for a cash call amount of $5.1 million when the KKR Member exercised its Call Option to redeem the Non-Voting Manager Units, including the Non-Voting Manager Units held by KREF TRS.

Equity

Equity	12 Months Ended
	Dec. 31, 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 November 2021 5,000,000 108,800 November 2021 (B) 1 — November 2021 547,361 11,911 As of December 31, 2021 64,759,200 $ 1,282,734 (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. (B) KREF did not receive any proceeds with respect to 1 share of common stock issued to KKR in connection with the conversion of the special voting preferred stock, in accordance with KREF’s Articles of Restatement dated as of May 10, 2017. 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 $100.4 million net proceeds from the offering. On November 1, 2021, KKR converted its special voting preferred stock into one share of KREF common stock when KREF issued 5,000,000 shares of common stock, resulting in KKR’s ownership to decrease below 25.0% of KREF’s outstanding common stock. KKR and affiliates beneficially owned 14,250,001 and 21,234,528 shares, or 23.2% and 38.2% of KREF's outstanding common stock as of December 31, 2021 and 2020, respectively. During the years ended December 31, 2021 and 2020, 203,942 and 170,482 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 12 for further detail. Of t he 65,271,058 comm on shares KREF issued, there were 61,370,732 common shares outstanding as of December 31, 2021, which includ es 511,858 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 year ended December 31, 2021. During the year ended December 31, 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 December 31, 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. On November 1, 2021, KREF issued 5,000,000 shares of common stock, which resulted in KKR’s ownership to decrease below 25.0% of KREF’s outstanding common stock. Accordingly, KKR converted its special voting preferred share into one share of KREF common stock and ceased to possess its special voting rights related to the election of members to KREF's board of directors. Special Non-Voting Preferred Stock — In connection with KREF's initial 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 is required to redeem the SNVPS at the option of the holder at any time or upon the redemption by the KKR Member of the Non-Voting Manager Units (the "Call Option"). 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, the 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. On October 1, 2021, the KKR Member exercised its Call Option to redeem the Non-Voting Manager Units, including the Non-Voting Manager Units held by KREF TRS. Accordingly, KREF TRS received a cash call amount of $5.1 million and KREF concurrently redeemed the SNVPS, which resulted in book value accretion in the fourth quarter of $2.6 million, or $0.05 per common share, thus eliminating the cumulative negative impact of the SNPVS on book value. 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. Noncontrolling Interests — Noncontrolling interests represent a third party’s 10.0% interest in a joint venture, a consolidated VIE, that holds portion of KREF’s sole REO investment. KREF and the noncontrolling interest holder contribute to the joint venture’s ongoing operating shortfalls and capital expenditures on a pari passu basis. Distributions from the joint venture are allocated between KREF and the noncontrolling interest holder based on contractual terms and waterfalls as outlined in the joint venture agreement. Dividends — During the years ended December 31, 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 September 15, 2021 September 30, 2021 October 15, 2021 0.43 23,924 December 14, 2021 December 31, 2021 January 14, 2022 0.43 26,389 $ 98,153 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 September 15, 2020 September 30, 2020 October 15, 2020 0.43 23,861 December 15, 2020 December 31, 2020 January 15, 2021 0.43 23,916 $ 95,648 During the years ended December 31, 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 September 8, 2021 September 17, 2021 September 27, 2021 0.46 3,177 October 19, 2021 November 30, 2021 December 15, 2021 0.35 2,429 $ 7,444

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 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. In December 2021, KREF's board of directors granted 400,000 shares of RSU awards that are entitled to nonforfeitable dividends, at the same rate as those declared on the common stocks, during the vesting period. RSU awards granted prior to December 2021 were not entitled to dividends until KREF issues shares of its common stock. 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 415,520 20.25 Vested (386,906) 18.87 Forfeited / cancelled (8,226) 18.13 Unvested as of December 31, 2021 808,330 $ 19.50 (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 2022 402,494 2023 272,489 2024 133,347 Total 808,330 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 years ended December 31, 2021, 2020 and 2019, KREF recognized $7.4 million, $5.7 million and $4.0 million , respectively, of stock-based compensation expense included in “General and administrative” expense in the Consolidated Statements of Income. As of December 31, 2021, there was $14.2 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 1.2 years. During the years ended December 31, 2021, 2020 and 2019, KREF declared $0.2 million, $0.0 million and $0.0 million , respectively, of nonforfeitable dividends on employee RSUs during the vesting period. Such nonforfeitable dividends were deducted from “Retained earnings (Accumulated deficit)” in the Consolidated Statement of Changes in Stockholders' Equity. 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 reduction to additional paid-in capital in the Consolidated Statement of Changes in Stockholders' Equity. KREF delivered 203,942 shares of common stock for 386,906 vested RSUs during the year ended December 31, 2021. During the year ended December 31, 2021, KREF paid $3.9 million and $1.7 million of withholding tax in connection with employee RSUs vested in the fourth quarter of 2021 and 2020, respectively. Refer to Note 15 for additional information regarding the Incentive Plan.

Earnings (Loss) per Share

Earnings (Loss) per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Earnings (Loss) per Share Earnings (Loss) per Share — KREF calculates its basic EPS using the two-class method, which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. Under the two-class method earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights. Basic EPS, is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common stock outstanding for the period. KREF presents diluted EPS under the more dilutive of the treasury stock method or the two-class method . Under the treasury stock method, the denominator includes weighted average common stock outstanding plus the incremental shares issuable from restricted stock units. The numerator includes any changes in income (loss) that would result from the assumed conversion of these potential shares of common stock. KREF has the intent and ability to settle its Convertible Notes in cash upon maturity and, as a result, the Convertible Notes were excluded from the diluted EPS calculations for the years ended December 31, 2021, 2020 and 2019. The following table illustrates the computation of basic and diluted earnings (loss) per share for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, 2021 2020 2019 Basic and Diluted Earnings Net Income (Loss) $ 137,183 $ 54,397 $ 89,965 Less: Preferred stock dividends and redemption value adjustment (11,369) (844) 527 Less: Participating securities' share in earnings (179) — — Net income (loss) attributable to common stockholders $ 125,635 $ 53,553 $ 90,492 Denominator Basic weighted average common shares outstanding 56,571,200 55,985,014 57,426,912 Dilutive restricted stock units 212,188 72,223 105,578 Diluted weighted average common shares outstanding 56,783,388 56,057,237 57,532,490 Net income (loss) attributable to common stockholders, per: Basic common share $ 2.22 $ 0.96 $ 1.58 Diluted common share $ 2.21 $ 0.96 $ 1.57

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 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 December 31, 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 December 31, 2021, KREF had future funding commitments of $1,367.9 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 December 31, 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 the time required for a widespread sustainable economic recovery to take hold. 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	12 Months Ended
	Dec. 31, 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 year ended December 31, 2021, KREF granted 415,520 RSUs to KREF's directors and employees of the Manager. During the year ended December 31, 2020, KREF granted 443,052 RSUs to KREF's directors and employees of the Manager. As of December 31, 2021, 2,708,199 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 Consolidated Balance Sheets that it owes to affiliates: December 31, 2021 December 31, 2020 Management fees $ 5,289 $ 4,252 Expense reimbursements and other 663 1,991 $ 5,952 $ 6,243 Affiliates Expenses — The following table contains the amounts included in KREF's Consolidated Statements of Income that arose from transactions with the Manager: For the Year Ended December 31, 2021 2020 2019 Management fees $ 19,378 $ 16,992 $ 17,135 Incentive compensation 10,273 6,774 3,272 Expense reimbursements and other (A) 1,551 1,668 1,469 $ 31,202 $ 25,434 $ 21,876 (A) KREF presents these amounts in "Operating Expenses — General and administrative" in its 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 years ended December 31, 2021 , 2020 and 2019, these cash reimbursements totaled $1.4 million, $3.8 million and $1.8 million, respectively. 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 years ended December 31, 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 5), KREF paid KCM 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 Consolidated Balance Sheet and amortized to interest expense over the life of the Revolver. During the years ended December 31, 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 years ended December 31, 2021 and 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. In addition, KREF paid KCM a $0.8 million arrangement and structuring fee in connection with the secured term loan repricing and upsize in the fourth quarter of 2021. Such fees were 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 consolidated financial statements. In connection with the KREF Lending IX Facility entered into in July 2021, and in consideration for structuring and sourcing this arrangement, KREF is obligated to pay KCM a structuring fee equal to 0.75% of the respective committed loan advances under the agreement. Such fees are capitalized as deferred financing cost and amortized to interest expense over the draw period of the facility. During the year ended December 31, 2021, KREF incurred and paid KCM $3.1 million, and accrued for an additional $0.6 million, in structuring fees in connection with the facility. In connection with the KREF 2021-FL2 CLO issuance in August 2021, and in consideration for its services as the co-lead manager and joint bookrunner, KREF paid KCM $0.9 million in structuring and placement agent fees in the third quarter of 2021. The fee was capitalized as deferred financing cost and amortized to interest expense over the estimated life of the CLO.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 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 December 31, 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 $ 271,487 $ 271,487 $ 271,487 $ 271,487 $ — $ — $ 271,487 Commercial real estate loans, held-for-investment, net (D) 6,364,105 6,316,733 6,294,489 — — 6,340,837 6,340,837 Equity method investments 35,537 35,537 35,537 — — 35,537 35,537 $ 6,671,129 $ 6,623,757 $ 6,601,513 $ 271,487 $ — $ 6,376,374 $ 6,647,861 Liabilities Secured financing agreements, net $ 3,737,893 $ 3,726,593 $ 3,726,593 $ — $ — $ 3,726,593 $ 3,726,593 Collateralized loan obligations, net 1,095,250 1,087,976 1,087,976 — — 1,094,834 1,094,834 Secured term loan, net 350,000 338,549 338,549 — 352,625 — 352,625 Convertible notes, net 143,750 141,851 141,851 — 152,203 — 152,203 $ 5,326,893 $ 5,294,969 $ 5,294,969 $ — $ 504,828 $ 4,821,427 $ 5,326,255 (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 $5.5 million write-off on a mezzanine loan and $41.9 million unamortized origination discounts and deferred fees. The amortized cost of secured financing agreements is net of $11.3 million unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $7.3 million unamortized debt issuance costs. (C) The carrying value of commercial mortgage loans is net of $22.2 million allowance for credit losses. (D) Includes $1,246.0 million of CLO loan participations as of December 31, 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 obligations, 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 $1,000.0 million 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. During the year ended December 31, 2021, KREF received distributions of $3.2 million and recogni zed income of $5.4 million related to its investment in RECOP I. During the year ended December 31, 2020, KREF received distributions of $3.4 million and recorded a loss of $0.5 million related to its investment in RECOP I. 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 December 31, 2021: Fair Value Valuation Methodologies Unobservable Inputs (A) Weighted Average (B) Range Assets and Liabilities (C) Commercial real estate loans, held-for-investment (D) $ 6,340,837 Discounted cash flow Discount rate 4.1% 1.8% - 19.1% $ 6,340,837 (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 $35.5 million investment in an aggregator vehicle alongside RECOP I (Note 10) at its pro rata share of the aggregator's net asset value, which management believes approximates fair value. (D) 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. REO, including related assets and liabilities, are recorded at their respective estimated fair values and periodically evaluated for impairment. KREF did not report any significant financial assets or liabilities at fair value on a nonrecurring basis as of December 31, 2021 and 2020. Assets and Liabilities for Which Fair Value is Only Disclosed KREF does not carry its secured financing agreements at fair value as management did not elect the fair value option for these liabilities. As of December 31, 2021, the fair value of KREF's financing facilities approximated their respective carrying value.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 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 years ended December 31, 2021, 2020 and 2019, KREF recorded a current income tax provision of $0.7 million , $0.4 million and $0.6 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 December 31, 2021 and 2020. As of December 31, 2021, tax y ears 2017 through 2021 r emain subject to examination by taxing authorities. Common stock distributions treated as dividends for tax purposes were taxable as follows: Year Ordinary Qualified Long Term Return of 2021 99.1 % 1.2 % 0.9 % — % 2020 100.0 0.8 — — 2019 99.1 1.6 0.9 —

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following events occurred subsequent to December 31, 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, Brandon, FL Multifamily January 2022 $ 90,300 $ 61,920 SOFR + 3.1% February 2027 75% Senior Loan, Washington, D.C. (C) Office January 2022 100,000 57,060 L + 3.2% February 2028 55 Senior Loan, Phoenix, AZ (D) Industrial January 2022 100,000 2,244 SOFR + 4.0% February 2027 57 Senior Loan, Arlington, VA Multifamily January 2022 135,300 130,890 SOFR + 2.9% February 2027 65 Senior Loan, West Hollywood, CA Multifamily January 2022 102,000 102,000 L + 3.0% February 2027 65 Senior Loan, San Carlos, CA (E) Life Science February 2022 125,000 79,809 SOFR + 3.6% February 2027 68 Total/ Weighted Average $ 652,600 $ 433,923 L/SOFR + 3.3% 64% (A) Floating rate based on one-month USD LIBOR or one-month Term SOFR, as applicable. (B) Maturity date assumes all extension options are exercised, if applicable. (C) The total whole loan is $228.5 million , co-originated by KREF and a KKR affiliate. KREF's interest is 43.8% of the loan. (D) The total whole loan is $195.3 million , co-originated by KREF and a KKR affiliate. KREF's interest is 51.2% of the loan. (E) The total whole loan is $195.9 million , co-originated by KREF and a KKR affiliate. KREF's interest is 63.8% of the loan. Loan Repayments In January 2022, KREF received approximately $139.8 million in loan repayments, including a full repayment of $76.2 million on one 4-rated senior hospitality loan. Financing Activities In February 2022, KREF priced a $1.0 billion managed multifamily CLO (“KREF 2022-FL3”) expected to close on or around February 10, 2022, subject to customary closing conditions. KREF 2022-FL3 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 84.75% advance rate at a weighted average running cost of capital of Term SOFR plus 1.71%, before transaction costs. Corporate Activities Preferred Stock Issuance In January 2022, KREF issued additional 6,210,000 shares of 6.5% 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 (inclusive of $1.5 million paid to KKR Capital Markets, a KKR affiliate, for its services as joint bookrunner) of $151.2 million. Dividends In January 2022, KREF paid $26.4 million in dividends on its common stock, or $0.43 per share, with respect to the fourth quarter of 2021, to stockholders of record on December 31, 2021.

Summary Quarterly Consolidated

Summary Quarterly Consolidated Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Summary Quarterly Consolidated Financial Information (Unaudited)	Summary Quarterly Consolidated Financial Information (Unaudited) The following tables summarize KREF's quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of KREF's results of operations for the years ended December 31, 2021 and 2020: 2021 Quarter Ended Year Ended March 31 June 30 September 30 December 31 December 31, 2021 Net Interest Income Interest income $ 64,766 $ 67,149 $ 75,320 $ 72,715 $ 279,950 Interest expense 27,383 26,958 29,832 30,266 114,439 Total net interest income 37,383 40,191 45,488 42,449 165,511 Other Income (Loss) 1,156 1,356 2,292 7,379 12,183 Operating Expenses 8,399 10,367 12,003 9,058 39,827 Income (Loss) Before Income Taxes, Preferred Dividends, Redemption Value Adjustment and Participating Securities' Share in Earnings 30,140 31,180 35,777 40,770 137,867 Income tax expense 48 103 106 427 684 Net Income (Loss) $ 30,092 $ 31,077 $ 35,671 $ 40,343 $ 137,183 Preferred stock dividends and redemption value adjustment 908 1,813 3,682 4,966 11,369 Participating securities' share in earnings — — — 179 179 Net Income (Loss) Attributable to Common Stockholders $ 29,184 $ 29,264 $ 31,989 $ 35,198 $ 125,635 Net Income (Loss) Per Share of Common Stock Basic $ 0.52 $ 0.53 $ 0.57 $ 0.59 $ 2.22 Diluted $ 0.52 $ 0.52 $ 0.57 $ 0.59 $ 2.21 Weighted Average Number of Shares of Common Stock Outstanding Basic 55,619,428 55,632,322 55,637,480 59,364,672 56,571,200 Diluted 55,731,061 55,907,086 56,011,243 59,453,264 56,783,388 2020 Quarter Ended Year Ended March 31 June 30 September 30 December 31 December 31, 2020 Net Interest Income Interest income $ 71,079 $ 67,219 $ 67,689 $ 63,201 $ 269,188 Interest expense 39,082 30,563 28,832 28,835 127,312 Total net interest income 31,997 36,656 38,857 34,366 141,876 Other Income (Loss) (1,541) 493 1,075 1,254 1,281 Operating Expenses 64,946 8,147 8,650 6,605 88,348 Income (Loss) Before Income Taxes, Preferred Dividends and Redemption Value Adjustment (34,490) 29,002 31,282 29,015 54,809 Income tax expense 82 77 96 157 412 Net Income (Loss) $ (34,572) $ 28,925 $ 31,186 $ 28,858 $ 54,397 Preferred stock dividends and redemption value adjustment 592 335 (165) 82 844 Net Income (Loss) Attributable to Common Stockholders $ (35,164) $ 28,590 $ 31,351 $ 28,776 $ 53,553 Net Income (Loss) Per Share of Common Stock Basic $ (0.61) $ 0.52 $ 0.56 $ 0.52 $ 0.96 Diluted $ (0.61) $ 0.52 $ 0.56 $ 0.52 $ 0.96 Weighted Average Number of Shares of Common Stock Outstanding Basic 57,346,726 55,491,937 55,491,405 55,619,428 55,985,014 Diluted 57,346,726 55,504,077 55,632,170 55,669,230 56,057,237

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Commercial Real Estate Loans The following table summarizes KREF's investments in commercial real estate loans as of December 31, 2021 and 2020: Weighted Average Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % (C) Coupon (C) Life (Years) (D) December 31, 2021 Loans held-for-investment Senior loans (E) $ 6,263,370 $ 6,222,058 $ 6,200,078 59 100.0 % 3.9 % 3.6 Mezzanine and other loans (F) 100,735 94,675 94,411 4 94.5 11.2 4.0 $ 6,364,105 $ 6,316,733 $ 6,294,489 63 99.9 % 4.1 % 3.6 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 December 31, 2021 and 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 December 31, 2020. Includes CLO loan participations of $1,246.0 million and $1,000.0 million a s of December 31, 2021 and 2020, respectively. (F) Includes one real estate corporate loan to a multifamily operator with a principal and a carrying value of $41.1 million and $40.3 million , respectively, as of December 31, 2021, and $50.0 million and $48.0 million, respectively, as of December 31, 2020. Activity — For the years ended December 31, 2021 and 2020, the loan portfolio activity was as follows: Amortized Cost Allowance for Carrying Value Balance at December 31, 2019 $ 4,931,042 $ — $ 4,931,042 Originations and future fundings, net (A) 966,182 — 966,182 Proceeds from sales and loan repayments (B) (1,069,494) — (1,069,494) Accretion of loan discount and other amortization, net (C) 17,222 — 17,222 Payment-in-kind interest 4,232 — 4,232 Cumulative-effect adjustment upon adoption of ASU 2016-13 — (13,909) (13,909) Provision for credit losses — (50,542) (50,542) Write-off charged (4,650) 4,650 — Balance at December 31, 2020 $ 4,844,534 $ (59,801) $ 4,784,733 Originations and future fundings, net (A) 3,904,267 — 3,904,267 Proceeds from sales and loan repayments (B) (2,346,593) — (2,346,593) Accretion of loan discount and other amortization, net (C) 22,852 — 22,852 Payment-in-kind interest 2,094 — 2,094 Transfer to real estate owned (77,516) — (77,516) Reversal of credit losses, net — 4,652 4,652 Write-off charged (32,905) 32,905 — Balance at December 31, 2021 $ 6,316,733 $ (22,244) $ 6,294,489 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes $150.0 million and $27.9 million in proceeds from non-recourse sale of senior interests during the years ended December 31, 2021 and 2020, respectively. (C) Includes accretion of applicable discounts, certain fees and deferred loan origination costs. As of December 31, 2021 and 2020, there was $41.9 million and $20.5 million , respectively, of unamortized origination discounts and deferred fees included in "Commercial Real Estate Loans, Held-for-investment, Net" in the Consolidated Balance Sheets. KREF recognized prepayment fee incom e of $6.7 million and $0.0 million, respectively, during the years ended December 31, 2021 and 2020 . KREF recognized net accelerated fee income of $5.3 million and $1.8 million, respectively, during the years ended December 31, 2021 and 2020, respectively. 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 December 31, 2021, total PIK Interest outstanding relating to loan modifications was $0.2 million . During the fourth quarter of 2021, KREF took title to one defaulted senior retail loan with an outstanding principal balance and net carrying value of $109.6 million and $69.3 million, respectively, as of September 30, 2021. KREF recognized the property on the Consolidated Balance Sheet as REO with a carrying value of $78.6 million, which included the estimated fair value of the property and capitalized transaction costs. In addition, KREF assumed $2.0 million in other net assets of the REO. Accordingly, in the fourth quarter KREF wrote off $32.1 million of loan balance against the allowance for credit losses and recognized an $8.2 million GAAP gain from the reversal of the allowance for credit losses. In addition, in the fourth quarter of 2021, KREF wrote off $0.9 million remaining outstanding balance of an impaired mezzanine loan and recognized the write off in GAAP earnings. 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: December 31, 2021 December 31, 2020 Risk Rating Number of Loans (B) 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 $ 243,544 $ 243,552 3.6 % 1 — $ — $ — — % 2 3 409,812 411,424 6.2 2 2 321,686 323,026 6.5 3 54 5,256,052 5,627,927 84.3 3 32 3,715,132 3,836,983 77.3 4 4 385,081 394,336 5.9 4 6 675,727 687,040 13.9 5 1 — — — 5 2 72,188 115,071 2.3 63 $ 6,294,489 $ 6,677,239 100.0 % 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 $318.6 million and $158.7 million of such non-consolidated interests and excludes $0.0 million and $66.2 million vertical loan participation as of December 31, 2021 and 2020, respectively. (B) Includes one impaired 5-rated mezzanine retail loan that was fully written off as of December 31, 2021. As of December 31, 2021, the average risk rating of KREF's portfolio was 2.9 (Av erage Risk), weig hted by total loan exposure, as compared to 3.1 (Av erage Risk) as of 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 December 31, 2021 and 2020 in the corresponding table. December 31, 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 1 $ 243,552 $ — $ — $ — $ 243,549 $ — $ — $ 243,549 $ 243,544 2 3 411,424 — 130,400 — 85,943 193,950 — 410,293 409,812 3 54 5,309,293 3,523,611 203,961 1,017,080 523,938 — — 5,268,590 5,256,052 4 4 394,336 — — 76,221 210,701 107,379 — 394,301 385,081 5 1 5,500 — — — — — — — — 63 $ 6,364,105 $ 3,523,611 $ 334,361 $ 1,093,301 $ 1,064,131 $ 301,329 $ — $ 6,316,733 $ 6,294,489 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 years ended December 31, 2021 and 2020, respectively: 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 50,542 (198) 50,344 Write-off charged (4,650) — (4,650) Recoveries — — — Balance as December 31, 2020 $ 59,801 $ 902 $ 60,703 Provision for (reversal of) credit losses, net (4,652) 593 (4,059) Write-off charged (32,905) — (32,905) Recoveries — — — Balance as December 31, 2021 $ 22,244 $ 1,495 $ 23,739 The $4.1 million net benefit during the year ended December 31, 2021 was primarily due to the reversal of $32.1 million in allowance for credit losses for one senior retail loan where we took title of the underlying collateral and a more stable macro-economic outlook based on improved observed economic data, partially offset by an increase to the allowance related to newly originated loans and an impaired mezzanine loan that was deemed uncollectable. The $50.3 million in provision for credit loss during the year ended December 31, 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: December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Geography (A) Collateral Property Type Texas 15.0 % 6.6 % Multifamily 46.7 % 51.0 % New York 11.5 14.5 Office 25.4 30.2 California 10.8 7.7 Life Science 9.3 — Florida 10.5 5.7 Hospitality 6.9 4.5 Massachusetts 10.3 8.4 Industrial 4.4 1.8 Pennsylvania 8.2 9.7 Condo (Residential) 3.9 6.1 Virginia 6.7 10.1 Student Housing 3.1 1.4 Washington D.C. 4.7 2.9 Single Family Rental 0.2 — Illinois 3.8 11.8 Retail 0.1 5.0 Washington 3.6 7.2 Total 100.0 % 100.0 % Minnesota 3.1 4.0 Colorado 2.7 4.7 Georgia 2.2 1.8 North Carolina 2.0 — Nevada 1.6 — Arizona 1.2 — Alabama 1.1 1.4 Oregon — 2.3 Other U.S. 1.0 1.2 Total 100.0 % 100.0 % (A) Excludes one real estate corporate loan to a multifamily operator with an outstanding principal amount of $41.1 million and $50.0 million, representing 0.6% and 1.0% of KREF’s commercial real estate loans, as of December 31, 2021 and 2020, respectively. Description/Location Prior Liens (A) Face Amount Carrying Amount Interest Rate (B) Payment Terms (C) Maturity Date (D) Senior Loans (E) Senior Loan 1, Arlington, VA N/A 352.9 350.3 L + 3.2% I/O 10/7/2026 Senior Loan 2, Los Angeles, CA N/A 249.7 247.3 L + 3.6% I/O 3/7/2026 Senior Loan 3, Boston, MA N/A 243.6 243.5 L + 3.2% I/O 1/7/2024 Senior Loan 4, Various N/A 215.3 214.3 L + 3.1% I/O 6/7/2024 Senior Loan 5, New York, NY N/A 210.7 209.8 L + 3.6% I/O 1/7/2024 Senior Loan 6, Minneapolis, MN N/A 194.4 193.7 L + 3.8% I/O 12/5/2022 Senior Loan 7, Mountain View, CA N/A 184.1 181.9 L + 3.3% I/O 8/7/2026 Senior Loan 8, West Palm Beach, FL N/A 169.2 167.1 L + 2.7% I/O 1/7/2027 Senior Loan 9, The Woodlands, TX N/A 168.3 165.8 L + 4.2% I/O 10/7/2026 Senior Loan 10, Philadelphia, PA N/A 165.0 165.6 L + 2.5% I/O 7/7/2023 Senior Loan 11, Philadelphia, PA N/A 156.9 155.7 L + 2.6% I/O 5/7/2024 Senior Loan 12, New York, NY N/A 148.0 147.7 L + 2.6% I/O 12/7/2023 Senior Loan 13, Boston, MA N/A 137.0 137.5 L + 2.7% I/O 4/7/2024 Senior Loan 14, Chicago, IL N/A 136.6 135.9 L + 3.3% I/O 8/7/2024 Senior Loan 15, Dallas, TX N/A 135.8 134.1 L + 3.6% I/O 12/7/2026 Senior Loan 16, Plano, TX N/A 131.0 130.2 L + 2.7% I/O 2/7/2025 Senior Loan 17, Fort Lauderdale, FL N/A 130.0 129.4 L + 3.4% I/O 12/7/2023 Senior Loan 18, Boston, MA N/A 123.1 121.6 L + 3.6% I/O 5/9/2026 Senior Loan 19, Washington D.C. N/A 119.7 118.3 L + 3.4% I/O 1/7/2025 Senior Loan 20, Pittsburgh, PA N/A 112.5 111.4 L + 2.9% I/O 6/7/2026 Senior Loan 21, Washington D.C. N/A 111.9 110.0 L + 3.3% I/O 12/7/2026 Senior Loan 22, Irving, TX N/A 108.9 107.9 L + 3.3% I/O 5/7/2026 Senior Loan 23, Doral, FL N/A 106.0 104.8 L + 2.8% I/O 12/7/2026 Senior Loan 24, San Diego, CA N/A 103.5 102.5 L + 2.8% I/O 11/7/2026 Senior Loan 25, Las Vegas, NV N/A 102.0 101.0 L + 2.7% I/O 1/7/2027 Senior Loan 26, Chicago, IL N/A 100.7 100.4 L + 4.7% I/O 6/7/2024 Senior Loan 27, Bronx, NY N/A 97.5 95.7 L + 4.1% I/O 9/7/2026 Senior Loan 28, Miami, FL N/A 89.5 88.6 L + 2.8% I/O 11/7/2026 Senior Loan 29, Orlando, FL N/A 88.9 87.6 L + 3.0% I/O 1/7/2027 Senior Loan 30, Denver, CO N/A 88.5 87.6 L + 3.0% I/O 7/7/2026 Senior Loan 31, Seattle, WA N/A 87.3 86.2 L + 3.1% I/O 10/7/2026 Senior Loan 32, Dallas, TX N/A 87.0 86.2 L + 3.3% I/O 2/7/2026 Senior Loan 33, New York, NY N/A 86.0 85.9 L + 4.0% I/O 4/7/2023 Senior Loan 34, State College, PA N/A 85.3 85.0 L + 2.7% I/O 11/7/2024 Senior Loan 35, Brisbane, CA N/A 85.0 84.0 L + 3.0% I/O 8/7/2026 Senior Loan 36, Hollywood, FL N/A 81.0 79.9 L + 3.0% I/O 1/7/2027 Senior Loan 37, Seattle, WA N/A 80.7 80.6 L + 4.1% I/O 4/7/2023 Senior Loan 38, Dallas, TX N/A 77.5 76.8 L + 2.8% I/O 1/7/2027 Senior Loan 39, Brooklyn, NY N/A 76.2 76.1 L + 2.9% I/O 2/7/2024 Senior Loan 40, Charlotte, NC N/A 76.0 74.9 L + 3.0% I/O 1/7/2027 Senior Loan 41, Arlington, VA N/A 70.9 70.2 L + 3.8% I/O 10/7/2025 Senior Loan 42, Denver, CO N/A 69.3 68.5 L + 2.7% I/O 10/7/2026 Senior Loan 43, Dallas, TX N/A 68.2 67.5 L + 3.8% I/O 9/7/2026 Senior Loan 44, Queens, NY N/A 67.5 59.5 L + 3.0% I/O 8/7/2022 Senior Loan 45, Austin, TX N/A 67.5 67.3 L + 2.5% I/O 9/7/2024 Senior Loan 46, Washington D.C. N/A 66.3 65.8 L + 3.5% I/O 12/7/2025 Senior Loan 47, Nashiville, TN N/A 64.3 63.0 L + 3.6% I/O 1/7/2027 Senior Loan 48, Bellevue, WA N/A 61.0 58.6 L + 3.6% I/O 4/7/2027 Senior Loan 49, Mesa, AZ N/A 57.0 56.3 L + 3.2% I/O 5/7/2026 Senior Loan 50, Sharon, MA N/A 56.9 56.4 L + 2.8% I/O 12/7/2026 Senior Loan 51, Atlanta, GA N/A 55.4 54.7 L + 2.9% I/O 1/7/2027 Senior Loan 52, Cambridge, MA N/A 50.6 49.4 L + 3.9% I/O 1/7/2027 Senior Loan 53, Durham, NC N/A 50.0 49.3 L + 2.9% I/O 1/7/2027 Senior Loan 54, Fontana, CA N/A 43.2 42.3 L + 4.6% I/O 6/7/2026 Description/Location Prior Liens (A) Face Amount Carrying Amount Interest Rate (B) Payment Terms (C) Maturity Date (D) Senior Loan 55, Geogetown, TX N/A 41.8 41.3 L + 3.3% I/O 1/7/2027 Senior Loan 56, New York, NY N/A 39.9 39.8 L + 4.2% I/O 4/5/2022 Senior Loan 57, Phoenix, AZ N/A 15.7 15.1 L + 4.8% I/O 5/7/2026 Senior Loan 58, Denver, CO N/A 10.7 10.3 L + 3.8% I/O 1/7/2026 Senior Loan 59, Various N/A 3.7 1.9 L + 5.4% I/O 7/7/2026 Mezzanine Loans Mezzanine Loan 1, Boston, MA N/A 37.5 37.3 L + 7.9% I/O 2/7/2026 Mezzanine Loan 2, Oakland, CA N/A 16.7 16.8 L + 12.9% I/O 11/7/2025 Mezzanine Loan 3, Various N/A 5.5 — 11.0 I/O 7/6/2025 (A) Represents third-party priority liens. Third-party portions of pari-passu participations are not considered priority liens. Additionally, excludes the outstanding debt on third-party joint ventures of underlying borrowers. (B) L = one-month LIBOR rate. (C) I/O = interest only until final maturity unless otherwise noted (D) Maturity date assumes all extension options are exercised, if applicable. (E) Includes senior loans and pari passu participations in senior loans. May include accommodation mezzanine loans in connection with the senior mortgage financing (F) Excludes one real estate corporate loan to a multifamily operator with an outstanding principal and a carrying amount of $41.1 million and $40.3 million , respectively. For the activity within KREF's loan portfolio during the year ended December 31, 2021, refer to Note 3 of the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying consolidated financial statements and related notes of KREF are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of KREF and its consolidated subsidiaries, and all intercompany transactions and balances have been eliminated.
Risks and Uncertainties	Risks and Uncertainties — The coronavirus pandemic ("COVID-19") has adversely impacted 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. However, wide disparities in vaccination rates and continued vaccine hesitancy, combined with the emergence of COVID-19 variants and surges in COVID-19 cases, could trigger the reinstatement of restrictions, including mandatory business shut-downs, travel restrictions, reduced business operations and social distancing requirements, which could dampen or delay any economic recovery and could materially and adversely affect KREF’s results and financial condition. In addition, the COVID-19 pandemic continues to disrupt global supply chains, has caused labor shortages and has added broad inflationary pressures, which has a potential negative impact on KREF's borrowers’ ability to execute on their business plans and potentially their ability to perform under the terms of their loan obligations. Although KREF has observed signs of economic recovery and is generally encouraged by the response of its borrowers, KREF cannot predict the time required for a widespread sustainable economic recovery to take hold.
Use of Estimates	Use of Estimates — The preparation of 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 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 10). 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 Obligations — KREF consolidates collateralized loan obligations (“CLO”) when it determines that the CLO issuers, wholly-owned subsidiaries of KREF, are VIEs and that KREF is the primary beneficiary of such VIEs. The collateral assets of KREF's CLO, comprised of a pool of loan participations, are included in “Commercial real estate loans, held-for-investment, net” on the Consolidated Balance Sheets. The liabilities of KREF's consolidated CLO 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 obligations, net” on the Consolidated Balance Sheets. The collateral assets of a CLO can only be used to settle the obligations of the consolidated CLO. The interest income from the CLO’s collateral assets and the interest expense on the CLO’s liabilities are presented on a gross basis in “Interest income” and “Interest expense”, respectively, in KREF's Consolidated Statements of Income. Real Estate Owned Joint Venture — KREF consolidated a joint venture that held the majority of KREF’s sole investment in real estate owned (“REO”) property that was acquired in the fourth quarter of 2021, in which a third party owned a 10% noncontrolling interest (Note 11). Management determined the joint venture to be a VIE as the joint venture had insufficient equity-at-risk. KREF owns 90% of the equity interest in the joint venture and participates in the profits and losses. Management concluded KREF to be the primary beneficiary of the joint venture as KREF held decision-making power over the activities that most significantly impact the economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the joint venture that could be potentially significant to the joint venture. Noncontrolling Interests — Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than KREF. These noncontrolling interests do not include redemption features and are presented as "Noncontrolling interests in equity of consolidated joint venture" on the Consolidated Balance Sheet.
Temporary Equity	Temporary Equity
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. On October 1, 2021, KREF TRS redeemed its interest in the Manager for a cash call amount of $5.1 million when the KKR Member exercised its Call Option to redeem the Non-Voting Manager Units, including the Non-Voting Manager Units held by KREF TRS (Note 10). 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 Consolidated Balance Sheets and its share of unrealized gains or losses in “Income from equity method investments” in its 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 Consolidated Statements of Cash Flows; excess distributions received are considered returns of investment and presented within “Cash Flows from Investing Activities” in the 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 December 31, 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 16). 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 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 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.
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.
Real Estate Owned	Real Estate Owned — To maximize recovery from a defaulted loan, KREF may assume legal title or physical possession of the underlying collateral through foreclosure or the execution of a deed in lieu of foreclosure. Foreclosed properties are generally recognized at fair value in accordance with ASC 805 on KREF's consolidated balance sheets as Real Estate Owned (“REO”) when KREF assume either legal title or physical possession. KREF’s cost basis in REO equals the estimated fair value on the acquisition date plus related acquisition costs. Any difference between the estimated fair value of the REO from the net carrying value of the related loan is recorded in “Provision for credit losses, net” in the Consolidated Statements of Income.
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 agreements, 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 5). 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 7) on its 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
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 Consolidated Balance Sheets (Note 11). Payments for stock repurchases that are not yet settled as of the reporting date are presented within “Other assets” on the 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 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 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 " id="sjs-B22" xml:space="preserve">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 these credit 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 December 31, 2021, one mezzanine loan with an outstanding principal balance of $5.5 million was on nonaccrual status (Note 3). The remaining net carrying value of such loan of $0.9 million was written off in the fourth quarter of 2021. 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 covenants. None of KREF’s loan modifications in 2021 was considered a TDR. 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
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 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 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 17). As of December 31, 2021 and 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 Consolidated Statements of Income. As of December 31, 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. Certain stock-based awards are entitled to nonforfeitable dividends, at the same rate as those declared on the common stocks, during the vesting period. Such nonforteitable dividends are deducted from "Retained earnings (Accumulated deficit)" in the consolidated financial statements. KREF accounts for forfeitures as they occur.
Earnings per Share	Earnings per Share KREF calculates basic earnings per share ("EPS") using the two-class method, which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights. Basic EPS, is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding for the period.
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 December 31, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies an issuer’s accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity. The guidance also addresses how convertible instruments are accounted for in the diluted EPS calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. The guidance is effective for KREF in the first quarter of 2022. The guidance allows the use of a modified or full retrospective transition method. KREF expects the inclusion of its convertible notes to be dilutive to the EPS calculations starting the first quarter of 2022.

Commercial Real Estate Loans (T

Commercial Real Estate Loans (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020: Weighted Average Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % (C) Coupon (C) Life (Years) (D) December 31, 2021 Loans held-for-investment Senior loans (E) $ 6,263,370 $ 6,222,058 $ 6,200,078 59 100.0 % 3.9 % 3.6 Mezzanine and other loans (F) 100,735 94,675 94,411 4 94.5 11.2 4.0 $ 6,364,105 $ 6,316,733 $ 6,294,489 63 99.9 % 4.1 % 3.6 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 December 31, 2021 and 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 December 31, 2020. Includes CLO loan participations of $1,246.0 million and $1,000.0 million a s of December 31, 2021 and 2020, respectively. (F) Includes one real estate corporate loan to a multifamily operator with a principal and a carrying value of $41.1 million and $40.3 million , respectively, as of December 31, 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, 2019 $ 4,931,042 $ — $ 4,931,042 Originations and future fundings, net (A) 966,182 — 966,182 Proceeds from sales and loan repayments (B) (1,069,494) — (1,069,494) Accretion of loan discount and other amortization, net (C) 17,222 — 17,222 Payment-in-kind interest 4,232 — 4,232 Cumulative-effect adjustment upon adoption of ASU 2016-13 — (13,909) (13,909) Provision for credit losses — (50,542) (50,542) Write-off charged (4,650) 4,650 — Balance at December 31, 2020 $ 4,844,534 $ (59,801) $ 4,784,733 Originations and future fundings, net (A) 3,904,267 — 3,904,267 Proceeds from sales and loan repayments (B) (2,346,593) — (2,346,593) Accretion of loan discount and other amortization, net (C) 22,852 — 22,852 Payment-in-kind interest 2,094 — 2,094 Transfer to real estate owned (77,516) — (77,516) Reversal of credit losses, net — 4,652 4,652 Write-off charged (32,905) 32,905 — Balance at December 31, 2021 $ 6,316,733 $ (22,244) $ 6,294,489 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes $150.0 million and $27.9 million in proceeds from non-recourse sale of senior interests during the years ended December 31, 2021 and 2020, respectively. (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: December 31, 2021 December 31, 2020 Risk Rating Number of Loans (B) 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 $ 243,544 $ 243,552 3.6 % 1 — $ — $ — — % 2 3 409,812 411,424 6.2 2 2 321,686 323,026 6.5 3 54 5,256,052 5,627,927 84.3 3 32 3,715,132 3,836,983 77.3 4 4 385,081 394,336 5.9 4 6 675,727 687,040 13.9 5 1 — — — 5 2 72,188 115,071 2.3 63 $ 6,294,489 $ 6,677,239 100.0 % 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 $318.6 million and $158.7 million of such non-consolidated interests and excludes $0.0 million and $66.2 million vertical loan participation as of December 31, 2021 and 2020, respectively. (B) Includes one impaired 5-rated mezzanine retail loan that was fully written off as of December 31, 2021.
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 December 31, 2021 and 2020 in the corresponding table. December 31, 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 1 $ 243,552 $ — $ — $ — $ 243,549 $ — $ — $ 243,549 $ 243,544 2 3 411,424 — 130,400 — 85,943 193,950 — 410,293 409,812 3 54 5,309,293 3,523,611 203,961 1,017,080 523,938 — — 5,268,590 5,256,052 4 4 394,336 — — 76,221 210,701 107,379 — 394,301 385,081 5 1 5,500 — — — — — — — — 63 $ 6,364,105 $ 3,523,611 $ 334,361 $ 1,093,301 $ 1,064,131 $ 301,329 $ — $ 6,316,733 $ 6,294,489 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 years ended December 31, 2021 and 2020, respectively: 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 50,542 (198) 50,344 Write-off charged (4,650) — (4,650) Recoveries — — — Balance as December 31, 2020 $ 59,801 $ 902 $ 60,703 Provision for (reversal of) credit losses, net (4,652) 593 (4,059) Write-off charged (32,905) — (32,905) Recoveries — — — Balance as December 31, 2021 $ 22,244 $ 1,495 $ 23,739
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: December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Geography (A) Collateral Property Type Texas 15.0 % 6.6 % Multifamily 46.7 % 51.0 % New York 11.5 14.5 Office 25.4 30.2 California 10.8 7.7 Life Science 9.3 — Florida 10.5 5.7 Hospitality 6.9 4.5 Massachusetts 10.3 8.4 Industrial 4.4 1.8 Pennsylvania 8.2 9.7 Condo (Residential) 3.9 6.1 Virginia 6.7 10.1 Student Housing 3.1 1.4 Washington D.C. 4.7 2.9 Single Family Rental 0.2 — Illinois 3.8 11.8 Retail 0.1 5.0 Washington 3.6 7.2 Total 100.0 % 100.0 % Minnesota 3.1 4.0 Colorado 2.7 4.7 Georgia 2.2 1.8 North Carolina 2.0 — Nevada 1.6 — Arizona 1.2 — Alabama 1.1 1.4 Oregon — 2.3 Other U.S. 1.0 1.2 Total 100.0 % 100.0 % (A) Excludes one real estate corporate loan to a multifamily operator with an outstanding principal amount of $41.1 million and $50.0 million, representing 0.6% and 1.0% of KREF’s commercial real estate loans, as of December 31, 2021 and 2020, respectively.

Real Estate Owned (Tables)

Real Estate Owned (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Asset Acquisition	The following table details the fair value of the components of the REO on acquisition date: December 17, 2021 Assets Cash $ 3,377 Real estate owned, net 78,569 In place lease intangibles (A) 335 Other assets (A) 1,119 Total $ 83,400 Liability Below market lease intangibles (B) $ (1,825) Accounts payable (B) (1,742) Total $ (3,567) (A) Included in “Other Assets” in the Consolidated Balance Sheets. (B) Included in “Accounts payable, accrued expenses and other liabilities" in the Consolidated Balance Sheets.

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020: December 31, 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 $ 980,593 $ 978,615 Sep 2026 1.6 % 3.4 $ 1,395,703 $ 1,378,878 $ 1,375,919 4.7 $ 443,745 Morgan Stanley (F) Dec 2016 600,000 383,592 382,081 Dec 2023 2.5 0.8 552,313 547,940 538,676 3.6 148,772 Goldman Sachs (G) Sep 2016 240,000 190,623 189,456 Oct 2023 2.8 1.7 282,026 277,300 276,838 4.2 76,163 Term Lending Agreements KREF Lending V (H) Jun 2019 671,625 617,627 617,185 Jun 2026 2.1 0.5 755,701 754,546 752,443 2.0 899,363 KREF Lending IX (I) Jul 2021 500,000 500,000 493,853 n.a 2.3 3.2 621,573 616,248 614,983 4.8 — Warehouse Facility HSBC Facility (J) Mar 2020 500,000 — (55) Mar 2023 — 1.2 — — — n.a (353) Asset Specific Financing BMO Facility (K) Aug 2018 300,000 60,000 60,000 n.a 1.8 0.2 76,000 75,977 75,855 2.1 59,795 Revolving Credit Agreement Revolver (L) Dec 2018 335,000 135,000 135,000 Dec 2023 2.3 1.9 n.a n.a n.a n.a — Total / Weighted Average $ 4,146,625 $ 2,867,435 $ 2,856,135 2.1 % 2.1 $ 1,627,485 (A) Net of $11.3 million and $5.6 million unamortized debt issuance costs as of December 31, 2021 and 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 December 31, 2021 and 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 30.3% and 36.7%, respectively (or 25.9% and 34.8%, respectively, if KREF had borrowed the maximum amount approved by its repurchase agreement counterparties as of such dates). (E) In September 2021, the current stated maturity date was amended to September 2024, which does not reflect two, twelve-month facility term extensions available to KREF, which is contingent upon certain covenants and thresholds. As of December 31, 2021, the collateral-based margin was betwe en 1.25% and 1.55%. (F) In December 2021, the current stated maturity was extended to December 2022, 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 December 31, 2021, the collateral-based margin was be tween 1.65% and 2.35%. (G) In October 2021 , the current stated maturity date was amended to October 2022. In addition, KREF has the option to extend the maturity date to October 31, 2023, subject to the satisfaction of certain conditions. As of December 31, 2021, the collateral-base margin was betwe en 1.75% and 3.20%. (H) In June 2019, KREF, through its wholly–owned subsidiary KREF Lending V LLC, entered into a Master Repurchase and Securities Contract Agreement ("KREF Lending V Facility") with Morgan Stanley Mortgage Capital Holdings LLC ("Administrative Agent"), as administrative agent on behalf of Morgan Stanley Bank, N.A. ("Initial Buyer"), which provides non-mark-to-market financing. The Initial Buyer subsequently syndicated a portion of the facility to multiple financial institutions. As of December 31, 2021, the Initial Buyer held 24.4% of the total commitment under the facility. Borrowings under the facility 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 July 2021, KREF, through its wholly–owned subsidiary KREF Lending IX LLC, entered into a $500.0 million Master Repurchase and Securities Contract Agreement with a financial institution ("KREF Lending IX Facility"). The facility, which provides financing on a non-mark-to-market basis with partial recourse to KREF, has a three-year draw period and matched term to the underlying loans. As of December 31, 2021, the collateral-based margin was betwe en 1.65% and 1.75%. (J) 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. (K) 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 December 31, 2021, the collateral-based margin was 1.70%. (L) 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 December 31, 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 December 31, 2021, the carrying value excluded $1.7 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Consolidated B alance Sheets. The following tables summarize our borrowings under the Term Loan Facility: December 31, 2021 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 12 $ 1,078,795 $ 1,076,241 $ 1,074,116 L + 3.4% n.a. August 2024 Financing provided n.a. 870,458 870,458 870,458 L + 1.6% n.a. August 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, 2019 $ 2,884,887 Principal borrowings 1,015,430 Principal repayments/sales (1,332,822) Deferred debt issuance costs (5,505) Amortization of deferred debt issuance costs 12,757 Balance as of December 31, 2020 $ 2,574,747 Principal borrowings 3,641,992 Principal repayments/sales (2,485,423) Deferred debt issuance costs (13,929) Amortization of deferred debt issuance costs 9,206 Balance as of December 31, 2021 $ 3,726,593
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 December 31, 2021 and 2020: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) December 31, 2021 Wells Fargo $ 980,593 $ 409,489 30.1 % 3.4 Morgan Stanley 383,592 166,426 12.2 0.8 KREF Lending V (B) 617,627 139,149 10.2 0.5 Total / Weighted Average $ 1,981,812 $ 715,064 52.5 % 2.0 December 31, 2020 Wells Fargo $ 446,208 $ 196,715 18.9 % 2.0 KREF Lending V (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 KREF Lending V Facility. Morgan Stanley Bank, N.A. represented 2.5% and 4.6% of the net counterparty exposure as a percent of stockholders' equity as of December 31, 2021 and 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 December 31, 2021 had contractual maturities as follows: Year Nonrecourse Recourse (A) Total 2022 1,337,992 270,181 1,608,173 2023 319,047 192,140 511,187 2024 567,275 135,893 703,168 2025 427,209 142,403 569,612 Thereafter 268,261 77,492 345,753 $ 2,919,784 $ 818,109 $ 3,737,893 (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 Obligatio_2

Collateralized Loan Obligations (Tables)	12 Months Ended
	Dec. 31, 2021
Transfers and Servicing [Abstract]
Schedule of Collateral Assets and Respective Borrowings	The following tables outline CLO collateral assets and respective borrowing as of December 31, 2021 and 2020: December 31, 2021 KREF 2021-FL2 Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost Wtd. Avg. Term (B) Collateral assets (A) 20 $ 1,300,000 $ 1,300,000 $ 1,296,745 L + 3.4% June 2025 Financing provided 1 1,095,250 1,087,976 1,087,976 L + 1.7% February 2039 December 31, 2020 KREF 2018-FL1 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) Including $54.0 million cash held in CLO as of December 31, 2021. Collateral loan assets repres ent 19.6% and 20.5% of the principal of KREF's commercial real estate loans as of December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, 100% of KREF loans financed through the CLOs 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 CLO Assets and Liabilities included in KREF’s Consolidated Balance Sheets: KREF 2021-FL2 KREF 2018-FL1 Assets December 31, 2021 December 31, 2020 Cash $ 54,000 $ — Commercial real estate loans, held-for-investment 1,246,000 1,000,483 Less: Allowance for credit losses (3,255) (2,669) Commercial real estate loans, held-for-investment, net 1,242,745 997,814 Accrued interest receivable 3,091 3,075 Other assets 766 5 Total $ 1,300,602 $ 1,000,894 Liabilities Collateralized loan obligations, net (A) $ 1,087,976 $ 810,000 Accrued interest payable 852 668 Accounts payable, accrued expenses and other liabilities — 72 Total $ 1,088,828 $ 810,740 (A) Unamortized deferred financing costs related to KREF 2021-FL2 were $7.3 million as of December 31, 2021. Deferred financing costs related to KREF 2018-FL1 were fully amortized as of December 31, 2020.
Schedule of Net Interest Income Included in Consolidated Statement of Income	The following table presents the components of net interest income of CLOs included in KREF’s Consolidated Statements of Income: For the Year Ended December 31, 2021 2020 Net Interest Income Interest income $ 48,296 $ 45,617 Interest expense (A) 14,876 22,723 Net interest income $ 33,420 $ 22,894 (A) Net of interest expenses on internally held CLO notes. Includ es $1.7 million and $6.8 million of deferred financing costs amortization for the years ended December 31, 2021 and 2020, respectively.

Secured Term Loan, Net (Tables)

Secured Term Loan, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Secured Term Loan, Net [Abstract]
Summary of Secured Term Loan	The following table summarizes KREF’s secured term loan at December 31, 2021: December 31, 2021 Principal amount $ 350,000 Unamortized discount (5,652) Deferred financing costs (5,799) Carrying amount $ 338,549

Convertible Notes, Net (Tables)

Convertible Notes, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest Expense, Debt	The following table details the interest expense related to the Convertible Notes: For the Year Ended December 31, 2021 2020 Cash coupon $ 8,805 $ 8,805 Discount and issuance cost amortization 1,386 1,390 Total interest expense $ 10,191 $ 10,195
Net Book Value	The following table details the net book value of the Convertible Notes on KREF's Consolidated Balance Sheets: December 31, 2021 December 31, 2020 Principal $ 143,750 $ 143,750 Deferred financing costs (1,405) (2,431) Unamortized discount (494) (854) Net book value $ 141,851 $ 140,465

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 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 November 2021 5,000,000 108,800 November 2021 (B) 1 — November 2021 547,361 11,911 As of December 31, 2021 64,759,200 $ 1,282,734 (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. (B) KREF did not receive any proceeds with respect to 1 share of common stock issued to KKR in connection with the conversion of the special voting preferred stock, in accordance with KREF’s Articles of Restatement dated as of May 10, 2017.
Dividends Declared	During the years ended December 31, 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 September 15, 2021 September 30, 2021 October 15, 2021 0.43 23,924 December 14, 2021 December 31, 2021 January 14, 2022 0.43 26,389 $ 98,153 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 September 15, 2020 September 30, 2020 October 15, 2020 0.43 23,861 December 15, 2020 December 31, 2020 January 15, 2021 0.43 23,916 $ 95,648 During the years ended December 31, 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 September 8, 2021 September 17, 2021 September 27, 2021 0.46 3,177 October 19, 2021 November 30, 2021 December 15, 2021 0.35 2,429 $ 7,444

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 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 415,520 20.25 Vested (386,906) 18.87 Forfeited / cancelled (8,226) 18.13 Unvested as of December 31, 2021 808,330 $ 19.50 (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 2022 402,494 2023 272,489 2024 133,347 Total 808,330

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The following table illustrates the computation of basic and diluted earnings (loss) per share for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, 2021 2020 2019 Basic and Diluted Earnings Net Income (Loss) $ 137,183 $ 54,397 $ 89,965 Less: Preferred stock dividends and redemption value adjustment (11,369) (844) 527 Less: Participating securities' share in earnings (179) — — Net income (loss) attributable to common stockholders $ 125,635 $ 53,553 $ 90,492 Denominator Basic weighted average common shares outstanding 56,571,200 55,985,014 57,426,912 Dilutive restricted stock units 212,188 72,223 105,578 Diluted weighted average common shares outstanding 56,783,388 56,057,237 57,532,490 Net income (loss) attributable to common stockholders, per: Basic common share $ 2.22 $ 0.96 $ 1.58 Diluted common share $ 2.21 $ 0.96 $ 1.57

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Amounts Due to Affiliates	The following table contains the amounts presented in KREF's Consolidated Balance Sheets that it owes to affiliates: December 31, 2021 December 31, 2020 Management fees $ 5,289 $ 4,252 Expense reimbursements and other 663 1,991 $ 5,952 $ 6,243 For the Year Ended December 31, 2021 2020 2019 Management fees $ 19,378 $ 16,992 $ 17,135 Incentive compensation 10,273 6,774 3,272 Expense reimbursements and other (A) 1,551 1,668 1,469 $ 31,202 $ 25,434 $ 21,876 (A) KREF presents these amounts in "Operating Expenses — General and administrative" in its 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 years ended December 31, 2021 , 2020 and 2019, these cash reimbursements totaled $1.4 million, $3.8 million and $1.8 million, respectively.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 $ 271,487 $ 271,487 $ 271,487 $ 271,487 $ — $ — $ 271,487 Commercial real estate loans, held-for-investment, net (D) 6,364,105 6,316,733 6,294,489 — — 6,340,837 6,340,837 Equity method investments 35,537 35,537 35,537 — — 35,537 35,537 $ 6,671,129 $ 6,623,757 $ 6,601,513 $ 271,487 $ — $ 6,376,374 $ 6,647,861 Liabilities Secured financing agreements, net $ 3,737,893 $ 3,726,593 $ 3,726,593 $ — $ — $ 3,726,593 $ 3,726,593 Collateralized loan obligations, net 1,095,250 1,087,976 1,087,976 — — 1,094,834 1,094,834 Secured term loan, net 350,000 338,549 338,549 — 352,625 — 352,625 Convertible notes, net 143,750 141,851 141,851 — 152,203 — 152,203 $ 5,326,893 $ 5,294,969 $ 5,294,969 $ — $ 504,828 $ 4,821,427 $ 5,326,255 (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 $5.5 million write-off on a mezzanine loan and $41.9 million unamortized origination discounts and deferred fees. The amortized cost of secured financing agreements is net of $11.3 million unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $7.3 million unamortized debt issuance costs. (C) The carrying value of commercial mortgage loans is net of $22.2 million allowance for credit losses. (D) Includes $1,246.0 million of CLO loan participations as of December 31, 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 obligations, 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 $1,000.0 million 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 December 31, 2021: Fair Value Valuation Methodologies Unobservable Inputs (A) Weighted Average (B) Range Assets and Liabilities (C) Commercial real estate loans, held-for-investment (D) $ 6,340,837 Discounted cash flow Discount rate 4.1% 1.8% - 19.1% $ 6,340,837 (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 $35.5 million investment in an aggregator vehicle alongside RECOP I (Note 10) at its pro rata share of the aggregator's net asset value, which management believes approximates fair value. (D) 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.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Common Stock Distributions	Common stock distributions treated as dividends for tax purposes were taxable as follows: Year Ordinary Qualified Long Term Return of 2021 99.1 % 1.2 % 0.9 % — % 2020 100.0 0.8 — — 2019 99.1 1.6 0.9 —

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 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, Brandon, FL Multifamily January 2022 $ 90,300 $ 61,920 SOFR + 3.1% February 2027 75% Senior Loan, Washington, D.C. (C) Office January 2022 100,000 57,060 L + 3.2% February 2028 55 Senior Loan, Phoenix, AZ (D) Industrial January 2022 100,000 2,244 SOFR + 4.0% February 2027 57 Senior Loan, Arlington, VA Multifamily January 2022 135,300 130,890 SOFR + 2.9% February 2027 65 Senior Loan, West Hollywood, CA Multifamily January 2022 102,000 102,000 L + 3.0% February 2027 65 Senior Loan, San Carlos, CA (E) Life Science February 2022 125,000 79,809 SOFR + 3.6% February 2027 68 Total/ Weighted Average $ 652,600 $ 433,923 L/SOFR + 3.3% 64% (A) Floating rate based on one-month USD LIBOR or one-month Term SOFR, as applicable. (B) Maturity date assumes all extension options are exercised, if applicable. (C) The total whole loan is $228.5 million , co-originated by KREF and a KKR affiliate. KREF's interest is 43.8% of the loan. (D) The total whole loan is $195.3 million , co-originated by KREF and a KKR affiliate. KREF's interest is 51.2% of the loan. (E) The total whole loan is $195.9 million , co-originated by KREF and a KKR affiliate. KREF's interest is 63.8% of the loan.

Summary Quarterly Consolidate_2

Summary Quarterly Consolidated Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following tables summarize KREF's quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of KREF's results of operations for the years ended December 31, 2021 and 2020: 2021 Quarter Ended Year Ended March 31 June 30 September 30 December 31 December 31, 2021 Net Interest Income Interest income $ 64,766 $ 67,149 $ 75,320 $ 72,715 $ 279,950 Interest expense 27,383 26,958 29,832 30,266 114,439 Total net interest income 37,383 40,191 45,488 42,449 165,511 Other Income (Loss) 1,156 1,356 2,292 7,379 12,183 Operating Expenses 8,399 10,367 12,003 9,058 39,827 Income (Loss) Before Income Taxes, Preferred Dividends, Redemption Value Adjustment and Participating Securities' Share in Earnings 30,140 31,180 35,777 40,770 137,867 Income tax expense 48 103 106 427 684 Net Income (Loss) $ 30,092 $ 31,077 $ 35,671 $ 40,343 $ 137,183 Preferred stock dividends and redemption value adjustment 908 1,813 3,682 4,966 11,369 Participating securities' share in earnings — — — 179 179 Net Income (Loss) Attributable to Common Stockholders $ 29,184 $ 29,264 $ 31,989 $ 35,198 $ 125,635 Net Income (Loss) Per Share of Common Stock Basic $ 0.52 $ 0.53 $ 0.57 $ 0.59 $ 2.22 Diluted $ 0.52 $ 0.52 $ 0.57 $ 0.59 $ 2.21 Weighted Average Number of Shares of Common Stock Outstanding Basic 55,619,428 55,632,322 55,637,480 59,364,672 56,571,200 Diluted 55,731,061 55,907,086 56,011,243 59,453,264 56,783,388 2020 Quarter Ended Year Ended March 31 June 30 September 30 December 31 December 31, 2020 Net Interest Income Interest income $ 71,079 $ 67,219 $ 67,689 $ 63,201 $ 269,188 Interest expense 39,082 30,563 28,832 28,835 127,312 Total net interest income 31,997 36,656 38,857 34,366 141,876 Other Income (Loss) (1,541) 493 1,075 1,254 1,281 Operating Expenses 64,946 8,147 8,650 6,605 88,348 Income (Loss) Before Income Taxes, Preferred Dividends and Redemption Value Adjustment (34,490) 29,002 31,282 29,015 54,809 Income tax expense 82 77 96 157 412 Net Income (Loss) $ (34,572) $ 28,925 $ 31,186 $ 28,858 $ 54,397 Preferred stock dividends and redemption value adjustment 592 335 (165) 82 844 Net Income (Loss) Attributable to Common Stockholders $ (35,164) $ 28,590 $ 31,351 $ 28,776 $ 53,553 Net Income (Loss) Per Share of Common Stock Basic $ (0.61) $ 0.52 $ 0.56 $ 0.52 $ 0.96 Diluted $ (0.61) $ 0.52 $ 0.56 $ 0.52 $ 0.96 Weighted Average Number of Shares of Common Stock Outstanding Basic 57,346,726 55,491,937 55,491,405 55,619,428 55,985,014 Diluted 57,346,726 55,504,077 55,632,170 55,669,230 56,057,237

Business and Organization (Deta

Business and Organization (Details) - KREF - KKR - Common Stock - shares	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Common stock (shares)	14,250,001	21,234,528
Issued and outstanding common stock owned, percentage	23.20%	38.20%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	Dec. 14, 2021$ / shares	Oct. 19, 2021$ / shares	Oct. 01, 2021USD ($)	Sep. 15, 2021$ / shares	Sep. 08, 2021$ / shares	Jun. 15, 2021$ / shares	Apr. 23, 2021$ / shares	Mar. 15, 2021$ / shares	Dec. 15, 2020$ / shares	Sep. 15, 2020$ / shares	Jun. 15, 2020$ / shares	Mar. 16, 2020$ / shares	Apr. 30, 2022	Dec. 31, 2021USD ($)$ / shares	Oct. 31, 2021$ / shares	Apr. 30, 2021	Apr. 26, 2021	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)loan$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)	May 31, 2018
Related Party Transaction [Line Items]
Redeemable preferred stock														$ 0				$ 0	$ 0	$ 1,852
Unrestricted cash and cash equivalents balance to satisfy liquidity covenants														65,600				65,600	65,600	42,600
Restricted cash														2,300				2,300	2,300
Interest held at servicer														1,400				1,400	1,400
Loan repayment proceeds														0				0	0	15,900
Prepaids														1,400				1,400	1,400	500
Accrued expenses														3,900				3,900	3,900	3,100
REO liability														3,300				3,300	3,300
Expected loss reserve for unfunded loan commitments														1,500				1,500	1,500	900
Deferred income														600				600	600
Good faith deposits																				800
Allowance for credit loss														$ 22,244				22,244	$ 22,244	$ 59,801
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					$ 1.72	$ 1.72	$ 1.72
Outstanding loan balance														$ 5,500				5,500	$ 5,500
6.5% Series A Cumulative Redeemable Preferred Stock
Related Party Transaction [Line Items]
Dividends declared per share of preferred stock (usd per share) | $ / shares		$ 0.35			$ 0.46		$ 0.27								$ 0.35				$ 1.08
Preferred stock, dividend rate															6.50%	6.50%	6.50%
6.5% Series A Cumulative Redeemable Preferred Stock | Forecast
Related Party Transaction [Line Items]
Preferred stock, dividend rate													6.50%
Redeemable Preferred Stock
Related Party Transaction [Line Items]
Book value accretion																		2,600
Redeemable Preferred Stock | KREF TRS
Related Party Transaction [Line Items]
Book value accretion																			$ 3,300
Payments for repurchase			$ 5,100
Redeemable Preferred Stock
Related Party Transaction [Line Items]
Redeemable preferred stock														$ 0				$ 0	$ 0	$ 1,852	$ 1,694	$ 2,846
Primary Beneficiary | Real estate owned
Related Party Transaction [Line Items]
Ownership percentage in VIE																			90.00%
Primary Beneficiary | Real estate owned | JV Partner
Related Party Transaction [Line Items]
Ownership percentage of partner																			10.00%
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														$ 1,700				$ 1,700	$ 1,700	$ 2,500
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	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Investment Holdings [Line Items]
Amortized Cost	$ 6,316,733	$ 4,844,534
Carrying value	6,294,489	4,784,733
Loans held-for-investment
Investment Holdings [Line Items]
Outstanding Principal	6,364,105	4,869,696
Amortized Cost	6,316,733	4,844,534
Carrying value	$ 6,294,489	$ 4,784,733
Loan Count (in loans) | loan	63	42
Floating Rate Loan %	99.90%	99.90%
Coupon	4.10%	4.90%
Life (Years)	3 years 7 months 6 days	3 years 3 months 18 days
Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Outstanding Principal	$ 6,263,370	$ 4,779,367
Amortized Cost	6,222,058	4,759,624
Carrying value	$ 6,200,078	$ 4,701,268
Loan Count (in loans) | loan	59	38
Floating Rate Loan %	100.00%	100.00%
Coupon	3.90%	4.70%
Life (Years)	3 years 7 months 6 days	3 years 3 months 18 days
Loans held-for-investment | Mezzanine and other loans
Investment Holdings [Line Items]
Outstanding Principal	$ 100,735	$ 90,329
Amortized Cost	94,675	84,910
Carrying value	$ 94,411	$ 83,465
Loan Count (in loans) | loan	4	4
Floating Rate Loan %	94.50%	93.90%
Coupon	11.20%	12.60%
Life (Years)	4 years	4 years 7 months 6 days
Loans held-for-investment | Mezzanine and other loans | Multifamily
Investment Holdings [Line Items]
Outstanding Principal	$ 41,100	$ 50,000
Loan Count (in loans) | loan	1
Amortized cost	$ 40,300	48,000
Vertical loan participation | Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Outstanding Principal		66,200
Amortized cost		66,200
Collateralized Loan Obligations | Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Outstanding Principal	$ 1,246,000	$ 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	Jan. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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
Transfer to real estate owned		(77,516)	$ 0	$ 0
Provision for credit losses, net		4,059	(50,344)	0
Ending balance		6,316,733	4,844,534
Ending balance		(22,244)	(59,801)
Ending balance		6,294,489	4,784,733
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		(22,200)	(59,800)
Proceeds from sale of finance receivables		150,000	27,900
CRE Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 4,931,042	4,844,534	4,931,042
Beginning balance	0	(59,801)	0
Beginning balance	4,931,042	4,784,733	4,931,042
Purchases and originations, net		3,904,267	966,182
Proceeds from sales and principal payments		(2,346,593)	(1,069,494)
Accretion of loan discount and other amortization, net		22,852	17,222
Payment-in-kind interest		2,094	4,232
Transfer to real estate owned		(77,516)
Provision for credit losses, net		4,652	(50,542)
Write-off charged		32,905	4,650
Ending balance		6,316,733	4,844,534	4,931,042
Ending balance		(22,244)	(59,801)	0
Ending balance		$ 6,294,489	$ 4,784,733	$ 4,931,042
CRE Loans | Cumulative effect adjustment upon adoption of ASU 2016-13
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Provision for credit losses, net	$ (13,909)

Commercial Real Estate Loans _3

Commercial Real Estate Loans - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)	Sep. 30, 2021USD ($)
Investment Holdings [Line Items]
Prepayment penalties		$ 6,700	$ 0
Net accelerated fee income (expense)		5,300	1,800
Accrued interest receivable	$ 15,241	15,241	15,412
Commercial real estate loans, held-for-investment	6,316,733	6,316,733	4,844,534
Carrying value	6,294,489	6,294,489	4,784,733
Real estate owned, net	78,569	78,569	0
Other assets assumed	$ 2,000	2,000
Provision for credit losses, net		$ (4,059)	$ 50,344	$ 0
Weighted average loan risk rating	2.9	2.9	3.1
Loans held-for-investment
Investment Holdings [Line Items]
Number of Loans (in loans) | loan		63	42
Commercial real estate loans, held-for-investment	$ 6,316,733	$ 6,316,733	$ 4,844,534
Carrying value	6,294,489	$ 6,294,489	$ 4,784,733
Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Number of Loans (in loans) | loan		59	38
Commercial real estate loans, held-for-investment	6,222,058	$ 6,222,058	$ 4,759,624
Carrying value	6,200,078	$ 6,200,078	$ 4,701,268
Loans held-for-investment | Mezzanine loans
Investment Holdings [Line Items]
Number of Loans (in loans) | loan		4	4
Commercial real estate loans, held-for-investment	94,675	$ 94,675	$ 84,910
Carrying value	94,411	94,411	83,465
Write off	900
Loan Modificaiton with PIK term
Investment Holdings [Line Items]
Accrued interest receivable	200	200
Commercial mortgage loans and unfunded loan commitments
Investment Holdings [Line Items]
Write off		32,905	4,650
Increase (decrease) in allowance for credit losses		$ (4,059)	$ 50,344
Commercial mortgage loans and unfunded loan commitments | Senior loans | Retail
Investment Holdings [Line Items]
Number of Loans (in loans) | loan		1
Commercial Real Estate Loans
Investment Holdings [Line Items]
Number of Loans (in loans) | loan		63	42
Commercial real estate loans, held-for-investment	6,316,733	$ 6,316,733	$ 4,844,534
Carrying value	6,294,489	6,294,489	4,784,733
Write off		32,905	4,650
Increase (decrease) in allowance for credit losses		$ (4,652)	$ 50,542
Commercial Real Estate Loans | Impaired/Loss Likely
Investment Holdings [Line Items]
Number of Loans (in loans) | loan		1	2
Commercial real estate loans, held-for-investment	0	$ 0	$ 110,439
Carrying value	$ 0	0	72,188
Commercial Real Estate Loans | Impaired/Loss Likely | Senior loans | Portland, Oregon
Investment Holdings [Line Items]
Number of Loans (in loans) | loan	1
Commercial real estate loans, held-for-investment					$ 109,600
Carrying value					$ 69,300
Write off	$ 32,100
Provision for credit losses, net	(8,200)
Loans held-for-investment
Investment Holdings [Line Items]
Unamortized origination discounts and deferred nonrefundable fees	$ 41,900	$ 41,900	$ 20,500

Commercial Real Estate Loans _4

Commercial Real Estate Loans - Loan Risk Ratings (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 6,294,489	$ 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	63	42
Net Book Value	$ 6,294,489	$ 4,784,733
Total Loan Exposure	$ 6,677,239	$ 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	$ 318,600	$ 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	$ 0	$ 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	1	0
Net Book Value	$ 243,544	$ 0
Total Loan Exposure	$ 243,552	$ 0
Total Loan Exposure %	3.60%	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	3	2
Net Book Value	$ 409,812	$ 321,686
Total Loan Exposure	$ 411,424	$ 323,026
Total Loan Exposure %	6.20%	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	54	32
Net Book Value	$ 5,256,052	$ 3,715,132
Total Loan Exposure	$ 5,627,927	$ 3,836,983
Total Loan Exposure %	84.30%	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	$ 385,081	$ 675,727
Total Loan Exposure	$ 394,336	$ 687,040
Total Loan Exposure %	5.90%	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	1	2
Net Book Value	$ 0	$ 72,188
Total Loan Exposure	$ 0	$ 115,071
Total Loan Exposure %	0.00%	2.30%

Commercial Real Estate Loans _5

Commercial Real Estate Loans - Amortized Cost of Loan Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total	$ 6,316,733	$ 4,844,534
Carrying Amount	$ 6,294,489	$ 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	63	42
Outstanding Principal	$ 6,364,105	$ 4,869,696
Current year	3,523,611	562,992
Year one	334,361	2,311,156
Year two	1,093,301	1,500,563
Year three	1,064,131	359,384
Year four	301,329	0
Prior	0	110,439
Total	6,316,733	4,844,534
Carrying Amount	$ 6,294,489	$ 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	1	0
Outstanding Principal	$ 243,552	$ 0
Current year	0	0
Year one	0	0
Year two	0	0
Year three	243,549	0
Year four	0	0
Prior	0	0
Total	243,549	0
Carrying Amount	$ 243,544	$ 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	3	2
Outstanding Principal	$ 411,424	$ 323,026
Current year	0	0
Year one	130,400	128,514
Year two	0	0
Year three	85,943	193,633
Year four	193,950	0
Prior	0	0
Total	410,293	322,147
Carrying Amount	$ 409,812	$ 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	54	32
Outstanding Principal	$ 5,309,293	$ 3,744,559
Current year	3,523,611	461,406
Year one	203,961	2,105,972
Year two	1,017,080	1,159,818
Year three	523,938	0
Year four	0	0
Prior	0	0
Total	5,268,590	3,727,196
Carrying Amount	$ 5,256,052	$ 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	$ 394,336	$ 687,040
Current year	0	101,586
Year one	0	76,670
Year two	76,221	340,745
Year three	210,701	165,751
Year four	107,379	0
Prior	0	0
Total	394,301	684,752
Carrying Amount	$ 385,081	$ 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	1	2
Outstanding Principal	$ 5,500	$ 115,071
Current year	0	0
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Prior	0	110,439
Total	0	110,439
Carrying Amount	$ 0	$ 72,188

Commercial Real Estate Loans _6

Commercial Real Estate Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ 59,801
Accounting Standards Update [Extensible Enumeration]				Accounting Standards Update 2016-13 [Member]
Ending balance		22,244	$ 59,801
Commercial Real Estate Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0	59,801	0
Increase (decrease) in allowance for credit losses		(4,652)	50,542
Write-off charged		(32,905)	(4,650)
Recoveries		0	0
Ending balance		22,244	59,801	$ 0
Commercial Real Estate Loans | Cumulative effect adjustment upon adoption of ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in allowance for credit losses	13,909
Unfunded Loan Commitments
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	902	0
Increase (decrease) in allowance for credit losses		593	(198)
Write-off charged		0	0
Recoveries		0	0
Ending balance		1,495	902	0
Unfunded Loan Commitments | Cumulative effect adjustment upon adoption of ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in allowance for credit losses	1,100
Commercial mortgage loans and unfunded loan commitments
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	60,703	0
Increase (decrease) in allowance for credit losses		(4,059)	50,344
Write-off charged		(32,905)	(4,650)
Recoveries		0	0
Ending balance		$ 23,739	$ 60,703	$ 0
Commercial mortgage loans and unfunded loan commitments | Cumulative effect adjustment upon adoption of ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in allowance for credit losses	$ 15,009

Commercial Real Estate Loans _7

Commercial Real Estate Loans - Concentration of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Loans held-for-investment
Concentration Risk [Line Items]
Loan Count (in loans) | loan	63	42
Outstanding Principal | $	$ 6,364,105	$ 4,869,696
Loans held-for-investment | Mezzanine loans
Concentration Risk [Line Items]
Loan Count (in loans) | loan	4	4
Outstanding Principal | $	$ 100,735	$ 90,329
Multifamily | Loans held-for-investment | Mezzanine loans
Concentration Risk [Line Items]
Loan Count (in loans) | loan	1
Outstanding Principal | $	$ 41,100	$ 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 | Texas
Concentration Risk [Line Items]
Concentration of credit risk	15.00%	6.60%
Loans held-for-investment | Geographic concentration risk | New York
Concentration Risk [Line Items]
Concentration of credit risk	11.50%	14.50%
Loans held-for-investment | Geographic concentration risk | California
Concentration Risk [Line Items]
Concentration of credit risk	10.80%	7.70%
Loans held-for-investment | Geographic concentration risk | Florida
Concentration Risk [Line Items]
Concentration of credit risk	10.50%	5.70%
Loans held-for-investment | Geographic concentration risk | Massachusetts
Concentration Risk [Line Items]
Concentration of credit risk	10.30%	8.40%
Loans held-for-investment | Geographic concentration risk | Pennsylvania
Concentration Risk [Line Items]
Concentration of credit risk	8.20%	9.70%
Loans held-for-investment | Geographic concentration risk | Virginia
Concentration Risk [Line Items]
Concentration of credit risk	6.70%	10.10%
Loans held-for-investment | Geographic concentration risk | Washington D.C.
Concentration Risk [Line Items]
Concentration of credit risk	4.70%	2.90%
Loans held-for-investment | Geographic concentration risk | Illinois
Concentration Risk [Line Items]
Concentration of credit risk	3.80%	11.80%
Loans held-for-investment | Geographic concentration risk | Washington
Concentration Risk [Line Items]
Concentration of credit risk	3.60%	7.20%
Loans held-for-investment | Geographic concentration risk | Minnesota
Concentration Risk [Line Items]
Concentration of credit risk	3.10%	4.00%
Loans held-for-investment | Geographic concentration risk | Colorado
Concentration Risk [Line Items]
Concentration of credit risk	2.70%	4.70%
Loans held-for-investment | Geographic concentration risk | Georgia
Concentration Risk [Line Items]
Concentration of credit risk	2.20%	1.80%
Loans held-for-investment | Geographic concentration risk | North Carolina
Concentration Risk [Line Items]
Concentration of credit risk	2.00%	0.00%
Loans held-for-investment | Geographic concentration risk | Nevada
Concentration Risk [Line Items]
Concentration of credit risk	1.60%	0.00%
Loans held-for-investment | Geographic concentration risk | Arizona
Concentration Risk [Line Items]
Concentration of credit risk	1.20%	0.00%
Loans held-for-investment | Geographic concentration risk | Alabama
Concentration Risk [Line Items]
Concentration of credit risk	1.10%	1.40%
Loans held-for-investment | Geographic concentration risk | Oregon
Concentration Risk [Line Items]
Concentration of credit risk	0.00%	2.30%
Loans held-for-investment | Geographic concentration risk | Other U.S.
Concentration Risk [Line Items]
Concentration of credit risk	1.00%	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	46.70%	51.00%
Loans held-for-investment | Product concentration risk | Office
Concentration Risk [Line Items]
Concentration of credit risk	25.40%	30.20%
Loans held-for-investment | Product concentration risk | Life Science
Concentration Risk [Line Items]
Concentration of credit risk	9.30%	0.00%
Loans held-for-investment | Product concentration risk | Hospitality
Concentration Risk [Line Items]
Concentration of credit risk	6.90%	4.50%
Loans held-for-investment | Product concentration risk | Industrial
Concentration Risk [Line Items]
Concentration of credit risk	4.40%	1.80%
Loans held-for-investment | Product concentration risk | Condo (Residential)
Concentration Risk [Line Items]
Concentration of credit risk	3.90%	6.10%
Loans held-for-investment | Product concentration risk | Student Housing
Concentration Risk [Line Items]
Concentration of credit risk	3.10%	1.40%
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 | Product concentration risk | Retail
Concentration Risk [Line Items]
Concentration of credit risk	0.10%	5.00%
Loans held-for-investment, excluded | Product concentration risk | Multifamily
Concentration Risk [Line Items]
Concentration of credit risk	0.60%	1.00%

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021	Dec. 31, 2015
Real Estate [Line Items]
Commercial real estate loans, held-for-investment	$ 6,316,733	$ 6,316,733	$ 4,844,534
Carrying value	6,294,489	6,294,489	4,784,733
Real estate owned, net	78,569	78,569	0
Other assets assumed	2,000	2,000
Provision for credit losses, net		(4,059)	50,344	$ 0
Commercial mortgage loan
Real Estate [Line Items]
Outstanding Principal	6,364,105	6,364,105	4,869,696
Commercial real estate loans, held-for-investment	6,316,733	6,316,733	4,844,534
Carrying value	6,294,489	6,294,489	4,784,733
Commercial mortgage loan | Impaired/Loss Likely
Real Estate [Line Items]
Outstanding Principal	5,500	5,500	115,071
Commercial real estate loans, held-for-investment	0	0	110,439
Carrying value	0	$ 0	$ 72,188
Commercial mortgage loan | Senior loans | Portland, Oregon
Real Estate [Line Items]
Outstanding Principal						$ 177,000
Commercial mortgage loan | Senior loans | Portland, Oregon | Impaired/Loss Likely
Real Estate [Line Items]
Commercial real estate loans, held-for-investment					$ 109,600
Carrying value					$ 69,300
Provision for credit losses, net	$ (8,200)

Real Estate Owned - Assets and

Real Estate Owned - Assets and Liabilities (Details) - Portland real estate owned $ in Thousands	Dec. 17, 2021USD ($)
Assets
Cash	$ 3,377
Real estate owned, net	78,569
In place lease intangibles	335
Other assets	1,119
Total	83,400
Liability
Below market lease intangibles	(1,825)
Accounts payable	(1,742)
Total	$ (3,567)

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt (Details)	1 Months Ended					12 Months Ended
	Dec. 31, 2021USD ($)extension	Sep. 30, 2021extension	Jul. 31, 2021USD ($)	Mar. 31, 2021extension	Aug. 31, 2018USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	May 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Outstanding Principal	$ 3,737,893,000					$ 3,737,893,000
Average haircut weighted by outstanding face amount of collateral	30.30%					30.30%	36.70%
Average haircut weighted by outstanding face amount of collateral if maximum amount is borrowed	25.90%					25.90%	34.80%
Commercial Real Estate Loans
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 11,300,000					$ 11,300,000	$ 5,600,000
KREF Lending V LLC
Debt Instrument [Line Items]
Outstanding Principal	$ 617,627,000					$ 617,627,000	900,000,000
Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs							6,600,000
Morgan Stanley | Facility
Debt Instrument [Line Items]
Number of extensions (in extensions) | extension	2
Extension term	1 year
BMO
Debt Instrument [Line Items]
Collateral based margin	1.70%					1.70%
Secured Financing Agreements | Facility
Debt Instrument [Line Items]
Carrying Value	$ 3,726,593,000					$ 3,726,593,000	2,574,747,000		$ 2,884,887,000
Secured Financing Agreements | Wells Fargo | Facility
Debt Instrument [Line Items]
Maximum Facility Size	1,000,000,000					1,000,000,000
Outstanding Principal	980,593,000					980,593,000
Carrying Value	$ 978,615,000					$ 978,615,000	443,745,000
Weighted Average Funding Cost	1.60%					1.60%
Weighted Average Life (Years)						3 years 4 months 24 days
Outstanding Principal	$ 1,395,703,000					$ 1,395,703,000
Amortized Cost Basis	1,378,878,000					1,378,878,000
Carrying Value	$ 1,375,919,000					$ 1,375,919,000
Weighted Average Life (Years)						4 years 8 months 12 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%					1.25%
Secured Financing Agreements | Wells Fargo | Facility | Maximum
Debt Instrument [Line Items]
Collateral based margin	1.55%					1.55%
Secured Financing Agreements | Morgan Stanley | Facility
Debt Instrument [Line Items]
Maximum Facility Size	$ 600,000,000					$ 600,000,000
Outstanding Principal	383,592,000					383,592,000
Carrying Value	$ 382,081,000					$ 382,081,000	148,772,000
Weighted Average Funding Cost	2.50%					2.50%
Weighted Average Life (Years)						9 months 18 days
Outstanding Principal	$ 552,313,000					$ 552,313,000
Amortized Cost Basis	547,940,000					547,940,000
Carrying Value	538,676,000					$ 538,676,000
Weighted Average Life (Years)						3 years 7 months 6 days
Higher borrowing capacity option	$ 750,000,000					$ 750,000,000
Secured Financing Agreements | Morgan Stanley | Facility | Minimum
Debt Instrument [Line Items]
Collateral based margin	1.65%					1.65%
Secured Financing Agreements | Morgan Stanley | Facility | Maximum
Debt Instrument [Line Items]
Collateral based margin	2.35%					2.35%
Secured Financing Agreements | Goldman Sachs | Facility
Debt Instrument [Line Items]
Maximum Facility Size	$ 240,000,000					$ 240,000,000
Outstanding Principal	190,623,000					190,623,000
Carrying Value	$ 189,456,000					$ 189,456,000	76,163,000
Weighted Average Funding Cost	2.80%					2.80%
Weighted Average Life (Years)						1 year 8 months 12 days
Outstanding Principal	$ 282,026,000					$ 282,026,000
Amortized Cost Basis	277,300,000					277,300,000
Carrying Value	$ 276,838,000					$ 276,838,000
Weighted Average Life (Years)						4 years 2 months 12 days
Secured Financing Agreements | Goldman Sachs | Facility | Minimum
Debt Instrument [Line Items]
Collateral based margin	1.75%					1.75%
Secured Financing Agreements | Goldman Sachs | Facility | Maximum
Debt Instrument [Line Items]
Collateral based margin	3.20%					3.20%
Secured Financing Agreements | HSBC | Facility
Debt Instrument [Line Items]
Weighted Average Funding Cost	0.00%					0.00%
Weighted Average Life (Years)						1 year 2 months 12 days
Outstanding Principal	$ 0					$ 0
Amortized Cost Basis	0					0
Carrying Value	0					0
Secured Financing Agreements | BMO | Facility
Debt Instrument [Line Items]
Maximum Facility Size	300,000,000					300,000,000
Outstanding Principal	60,000,000					60,000,000
Carrying Value	$ 60,000,000					$ 60,000,000	59,795,000
Weighted Average Funding Cost	1.80%					1.80%
Weighted Average Life (Years)						2 months 12 days
Outstanding Principal	$ 76,000,000					$ 76,000,000
Amortized Cost Basis	75,977,000					75,977,000
Carrying Value	75,855,000					$ 75,855,000
Weighted Average Life (Years)						2 years 1 month 6 days
Revolving Credit Facility | Facility
Debt Instrument [Line Items]
Maximum Facility Size	335,000,000					$ 335,000,000
Outstanding Principal	135,000,000					135,000,000
Carrying Value	$ 135,000,000					$ 135,000,000	0
Weighted Average Funding Cost	2.30%					2.30%
Weighted Average Life (Years)						1 year 10 months 24 days
Revolving Credit Facility | Morgan Stanley | Facility
Debt Instrument [Line Items]
Maximum Facility Size	$ 335,000,000					$ 335,000,000					$ 100,000,000
Deferred financing/debt issuance costs	1,700,000					1,700,000	2,500,000
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
Total Debt
Debt Instrument [Line Items]
Maximum Facility Size	4,146,625,000					4,146,625,000
Outstanding Principal	2,867,435,000					2,867,435,000
Carrying Value	$ 2,856,135,000					$ 2,856,135,000	1,627,485,000
Weighted Average Funding Cost	2.10%					2.10%
Weighted Average Life (Years)						2 years 1 month 6 days
KREF Lending IX Facility | Secured Financing Agreements | Facility
Debt Instrument [Line Items]
Maximum Facility Size	$ 500,000,000		$ 500,000,000			$ 500,000,000
Outstanding Principal	500,000,000					500,000,000
Carrying Value	$ 493,853,000					$ 493,853,000	0
Weighted Average Funding Cost	2.30%					2.30%
Weighted Average Life (Years)			3 years			3 years 2 months 12 days
Outstanding Principal	$ 621,573,000					$ 621,573,000
Amortized Cost Basis	616,248,000					616,248,000
Carrying Value	$ 614,983,000					$ 614,983,000
Weighted Average Life (Years)						4 years 9 months 18 days
KREF Lending IX Facility | Secured Financing Agreements | Facility | Minimum
Debt Instrument [Line Items]
Collateral based margin	1.65%					1.65%
KREF Lending IX Facility | Secured Financing Agreements | Facility | Maximum
Debt Instrument [Line Items]
Collateral based margin	1.75%					1.75%
KREF Lending V LLC | Secured Financing Agreements | Facility
Debt Instrument [Line Items]
Maximum Facility Size	$ 671,625,000					$ 671,625,000
Outstanding Principal	617,627,000					617,627,000
Carrying Value	$ 617,185,000					$ 617,185,000	899,363,000
Weighted Average Funding Cost	2.10%					2.10%
Weighted Average Life (Years)						6 months
Outstanding Principal	$ 755,701,000					$ 755,701,000
Amortized Cost Basis	754,546,000					754,546,000
Carrying Value	$ 752,443,000					$ 752,443,000
Weighted Average Life (Years)						2 years
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	24.40%					24.40%
HSBC | Secured Financing Agreements | Facility
Debt Instrument [Line Items]
Maximum Facility Size	$ 500,000,000					$ 500,000,000
Outstanding Principal	0					0
Carrying Value	$ (55,000)					$ (55,000)	$ (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]
Collateral based margin	1.90%					1.90%

Debt Obligations - Repurchase A

Debt Obligations - Repurchase Agreement (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		$ 3,737,893
Wells Fargo
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		980,593	$ 446,208
Net Counterparty Exposure		$ 409,489	$ 196,715
Percent of Stockholders' Equity		30.10%	18.90%
Weighted Average Life (Years)	2 years	3 years 4 months 24 days
Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		$ 383,592
Net Counterparty Exposure		$ 166,426
Percent of Stockholders' Equity		12.20%
Weighted Average Life (Years)		9 months 18 days
KREF Lending V LLC
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		$ 617,627	$ 900,000
Net Counterparty Exposure		$ 139,149	$ 214,135
Percent of Stockholders' Equity		10.20%	20.50%
Weighted Average Life (Years)	1 year 6 months	6 months
Total
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		$ 1,981,812	$ 1,346,208
Net Counterparty Exposure		$ 715,064	$ 410,850
Percent of Stockholders' Equity		52.50%	39.40%
Weighted Average Life (Years)	1 year 8 months 12 days	2 years
KREF Lending V LLC | Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Percent of Stockholders' Equity		2.50%	4.60%

Debt Obligations - Term Loan Fa

Debt Obligations - Term Loan Facility (Details)	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Oct. 31, 2018USD ($)	Apr. 30, 2018USD ($)
Debt Instrument [Line Items]
Carrying value	$ 3,726,593,000	$ 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	12	13
Outstanding face amount	$ 1,078,795,000	$ 1,155,378,000
Amortized Cost	1,076,241,000	1,151,144,000
Carrying Value	1,074,116,000	1,147,517,000
Principal	870,458,000	948,204,000
Carrying value	$ 870,458,000	$ 947,262,000
Interest rate	1.60%	1.90%
Collateralized Assets | Facility | Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate	3.40%	3.00%

Debt Obligations - Debt Activit

Debt Obligations - Debt Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Deferred debt issuance costs	$ (24,192)	$ (12,066)	$ (12,060)
Facility | Secured Financing Agreements
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Beginning balance	2,574,747	2,884,887
Principal borrowings	3,641,992	1,015,430
Principal repayments/sales	(2,485,423)	(1,332,822)
Deferred debt issuance costs	(13,929)	(5,505)
Amortization of deferred debt issuance costs	9,206	12,757
Ending balance	$ 3,726,593	$ 2,574,747	$ 2,884,887

Debt Obligations - Maturities (

Debt Obligations - Maturities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
2022	$ 1,608,173
2023	511,187
2024	703,168
2025	569,612
Thereafter	345,753
Total	3,737,893
Nonrecourse
Debt Instrument [Line Items]
2022	1,337,992
2023	319,047
2024	567,275
2025	427,209
Thereafter	268,261
Total	2,919,784
Recourse
Debt Instrument [Line Items]
2022	270,181
2023	192,140
2024	135,893
2025	142,403
Thereafter	77,492
Total	$ 818,109
Maximum
Debt Instrument [Line Items]
Recourse limit	25.00%

Debt Obligations - Covenants (D

Debt Obligations - Covenants (Details)	12 Months Ended
	Dec. 31, 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	$ 1,095,400,000
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_3

Collateralized Loan Obligations - Schedule of Collateral Assets and Respective Borrowings (Details)	12 Months Ended
	Dec. 31, 2021USD ($)borrowingcollateralAsset	Dec. 31, 2020USD ($)borrowingcollateralAsset	Dec. 31, 2019USD ($)
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Payments of debt issuance costs	$ 24,192,000	$ 12,066,000	$ 12,060,000
Percentage of commercial mortgage loans	19.60%	20.50%
Percentage of collateralized loan obligations under floating rate loans	100.00%	100.00%
Collateralized loan obligations, net | Primary Beneficiary | KREF 2021-FL2
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Payments of debt issuance costs	$ 8,900,000
Financing provided, count (in borrowings) | borrowing	1
Principal amount	$ 1,095,250,000
Carrying value, financing provided	$ 1,087,976,000
Weighted average yield, financing provided	1.70%
Collateralized loan obligations, net | Primary Beneficiary | KREF 2018-FL1
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Financing provided, count (in borrowings) | borrowing		1
Principal amount		$ 810,000,000
Carrying value, financing provided		$ 810,000,000
Weighted average yield, financing provided		1.40%
Collateralized Loan Obligations | KREF 2021-FL2
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Term of reinvestment feature	2 years
Collateralized Loan Obligations | Primary Beneficiary | KREF 2021-FL2
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Collateral assets, count (in collateral assets) | collateralAsset	20
Face amount, Collateral assets	$ 1,300,000,000
Weighted average yield, collateral assets	3.40%
Collateralized Loan Obligations | Primary Beneficiary | KREF 2018-FL1
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Collateral assets, count (in collateral assets) | collateralAsset		21
Face amount, Collateral assets		$ 1,000,000,000
Weighted average yield, collateral assets		2.90%
Commercial Mortgage Loans, Held-For-Investment and Cash | Collateralized Loan Obligations | Primary Beneficiary | KREF 2021-FL2
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Amortized cost, collateral assets	$ 1,300,000,000
Carrying value, collateral assets	$ 1,296,745,000
Commercial Mortgage Loans, Held-For-Investment and Cash | Collateralized Loan Obligations | Primary Beneficiary | KREF 2018-FL1
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Amortized cost, collateral assets		$ 1,000,000,000
Carrying value, collateral assets		$ 997,336,000

Collateralized Loan Obligatio_4

Collateralized Loan Obligations - Schedule of Assets and Liabilities Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment		$ 6,316,733	$ 4,844,534
Less: Allowance for credit losses		(22,244)	(59,801)
Commercial real estate loans, held-for-investment, net		6,294,489	4,784,733
Accrued interest receivable		15,241	15,412
Other assets	[1]	7,916	20,984
Total Assets		6,703,239	4,965,612
Collateralized loan obligations, net		1,087,976	810,000
Accrued interest payable		6,627	5,381
Accounts payable, accrued expenses and other liabilities	[2]	7,521	4,823
Total Liabilities		5,341,658	3,920,206
Collateralized Loan Obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment, net		1,246,000	1,000,000
Collateralized Loan Obligations | Primary Beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Cash		54,000	0
Collateralized Loan Obligations | Primary Beneficiary | KREF 2021-FL2
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Cash		54,000
Commercial real estate loans, held-for-investment		1,246,000
Less: Allowance for credit losses		(3,255)
Commercial real estate loans, held-for-investment, net		1,242,745
Accrued interest receivable		3,091
Other assets		766
Total Assets		1,300,602
Collateralized loan obligations, net		1,087,976
Accrued interest payable		852
Accounts payable, accrued expenses and other liabilities		0
Total Liabilities		1,088,828
Unamortized debt issuance costs		$ 7,300
Collateralized Loan Obligations | Primary Beneficiary | KREF 2018-FL1
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Cash			0
Commercial real estate loans, held-for-investment			1,000,483
Less: Allowance for credit losses			(2,669)
Commercial real estate loans, held-for-investment, net			997,814
Accrued interest receivable			3,075
Other assets			5
Total Assets			1,000,894
Collateralized loan obligations, net			810,000
Accrued interest payable			668
Accounts payable, accrued expenses and other liabilities			72
Total Liabilities			$ 810,740
[1]	Includes $0.0 million and $15.9 million of loan repayment proceeds held by servicer and receivable by KREF, and $2.3 million and $0.0 million of restricted cash as of December 31, 2021 and 2020, respectively.
[2]	Includes $1.5 million and $0.9 million of expected loss reserve for unfunded loan commitments as of December 31, 2021 and 2020, respectively.

Collateralized Loan Obligatio_5

Collateralized Loan Obligations - Schedule of Net Interest Income Included in Consolidated Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Interest income	$ 72,715	$ 75,320	$ 67,149	$ 64,766	$ 63,201	$ 67,689	$ 67,219	$ 71,079	$ 279,950	$ 269,188	$ 274,335
Interest expense	30,266	29,832	26,958	27,383	28,835	28,832	30,563	39,082	114,439	127,312	158,860
Total net interest income	$ 42,449	$ 45,488	$ 40,191	$ 37,383	$ 34,366	$ 38,857	$ 36,656	$ 31,997	165,511	141,876	$ 115,475
Collateralized Loan Obligations | Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income									48,296	45,617
Interest expense									14,876	22,723
Total net interest income									33,420	22,894
Deferred financing costs amortization									$ 1,700	$ 6,800

Secured Term Loan, Net - Narrat

Secured Term Loan, Net - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	Nov. 30, 2021	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 01, 2020
Debt Instrument [Line Items]
Affiliate expenses				$ 31,202,000	$ 25,434,000	$ 21,876,000
Outstanding Principal				$ 3,737,893,000
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
Secured term loan | Secured debt
Debt Instrument [Line Items]
Principal amount	$ 350,000,000	$ 300,000,000	$ 300,000,000
Issuance price		97.50%
Variable rate floor		1.00%
Amortization rate		1.00%
Unamortized discount				$ 5,652,000			$ 7,500,000
Deferred financing costs	2,000,000						$ 5,100,000
Carrying value, financing provided	297,800,000			338,549,000
Principal borrowings	52,200,000
Outstanding Principal				350,000,000
Amortization of deferred debt issuance costs				700,000
Minimum net worth required for compliance				$ 650,000,000
Total indebtedness covenant, percent of total assets		83.30%
Secured term loan | Secured debt | Structuring fees | Affiliated Entity | KKR Credit & Markets
Debt Instrument [Line Items]
Affiliate expenses	$ 800,000	$ 1,100,000
Secured term loan | Secured debt | LIBOR
Debt Instrument [Line Items]
Interest rate	3.50%	4.75%
Variable rate floor	0.50%
Effective basis spread on variable rate				4.10%

Secured Term Loan, Net - Summar

Secured Term Loan, Net - Summary of Secured Term Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Nov. 30, 2021	Sep. 01, 2020
Debt Instrument [Line Items]
Principal amount	$ 3,737,893
Secured term loan | Secured debt
Debt Instrument [Line Items]
Principal amount	350,000
Unamortized discount	(5,652)		$ (7,500)
Deferred financing costs	(5,799)
Carrying Value	$ 338,549	$ 297,800

Convertible Notes, Net - Narrat

Convertible Notes, Net - Narrative (Details)	1 Months Ended	12 Months Ended
	May 31, 2018USD ($)$ / shares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	May 15, 2018$ / shares
Debt Instrument [Line Items]
Affiliate expenses		$ 31,202,000	$ 25,434,000	$ 21,876,000
Accrued interest payable		$ 6,627,000	5,381,000
Notes Due in 2023
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage		6.92%
Convertible Notes Payable
Debt Instrument [Line Items]
Principal		$ 143,750,000	143,750,000
Deferred financing costs		$ 1,405,000	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%
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
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Cash coupon	$ 8,805	$ 8,805
Discount and issuance cost amortization	1,386	1,390
Total interest expense	$ 10,191	$ 10,195

Convertible Notes, Net - Net Bo

Convertible Notes, Net - Net Book Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Net book value	$ 141,851	$ 140,465
Convertible Notes Payable
Debt Instrument [Line Items]
Principal	143,750	143,750
Deferred financing costs	(1,405)	(2,431)
Unamortized discount	(494)	(854)
Net book value	$ 141,851	$ 140,465

Loan Participations Sold - Narr

Loan Participations Sold - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended								12 Months Ended
	Sep. 30, 2021	Jun. 30, 2020	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2019
Participating Mortgage Loans [Line Items]
Loan participations sold, net			$ 0				$ 66,232				$ 0	$ 66,232
Principal repayments on loan participations											66,248	0	$ 0
Net interest earned			$ 42,449	$ 45,488	$ 40,191	$ 37,383	$ 34,366	$ 38,857	$ 36,656	$ 31,997	165,511	141,876	$ 115,475
Vertical loan participation
Participating Mortgage Loans [Line Items]
Loan participations sold, net														$ 65,000
Increase in carrying value		$ 1,200
Principal repayments on loan participations	$ 66,200
Net interest earned											3,000	2,900
Interest expense											$ 3,000	$ 2,900
Total loan
Participating Mortgage Loans [Line Items]
Principal balance														$ 328,500
Increase in principal balance		$ 6,500

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($)	Oct. 01, 2021	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Equity method investments		$ 35,537,000	$ 33,651,000
Redeemable Preferred Stock | KREF TRS
Variable Interest Entity [Line Items]
Sale of equity method investment	$ 5,100,000
Primary Beneficiary | Real estate owned
Variable Interest Entity [Line Items]
Ownership percentage in VIE		90.00%
Net Assets		$ 68,900,000
Primary Beneficiary | Real estate owned | JV Partner
Variable Interest Entity [Line Items]
Ownership percentage of partner		10.00%
Variable Interest Entity, Not Primary Beneficiary | Real estate owned
Variable Interest Entity [Line Items]
Noncontrolling interest in variable interest entity		$ 100,000
Variable Interest Entity, Not Primary Beneficiary | RECOP I | Level 3 | Discounted Cash Flow
Variable Interest Entity [Line Items]
Equity method investments		$ 35,500,000
Variable Interest Entity, Not Primary Beneficiary | RECOP
Variable Interest Entity [Line Items]
Ownership percentage in VIE		3.50%

Equity - Narrative (Details)

Equity - Narrative (Details)

1 Months Ended

12 Months Ended

Apr. 30, 2022$ / shares

Oct. 31, 2021

May 31, 2021USD ($)shares

Apr. 30, 2021USD ($)shares

Apr. 26, 2021

Feb. 28, 2017$ / sharesshares

Mar. 31, 2016$ / sharesshares

Dec. 31, 2021USD ($)$ / sharesshares

Dec. 31, 2020USD ($)$ / sharesshares

Dec. 31, 2019USD ($)shares

Nov. 01, 2021

Jul. 01, 2020USD ($)

Jun. 15, 2020USD ($)

Feb. 22, 2019USD ($)

Oct. 02, 2014$ / sharesshares

Subsidiary, Sale of Stock [Line Items]

Common stock and preferred stock, shares authorized (shares)

350,000,000

Common stock par value (usd per share) | $ / shares

$ 0.01

$ 0.01

$ 0.01

Common stock authorized (shares)

300,000,000

300,000,000

300,000,000

Preferred stock authorized (shares)

50,000,000

50,000,000

50,000,000

Common stock issued (shares)

65,271,058

59,519,754

Net proceeds from issuances of common stock | $

$ 120,711,000

$ 0

$ 0

Common stock outstanding (shares)

61,370,732

55,619,428

Treasury stock, held (shares)

3,900,326

3,900,326

Repurchase of common stock (shares)

0

2,037,637

Treasury stock acquired, average cost per share (dollars per share) | $ / shares

$ 12.27

Repurchase of common stock | $

$ 25,000,000

Stock repurchase program, remaining amount | $

$ 100,000,000

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

Common Stock

Subsidiary, Sale of Stock [Line Items]

Conversion ratio

1

Voting Preferred Stock

Subsidiary, Sale of Stock [Line Items]

Ownership percentage to retain voting rights

25.00%

Issuance of stock (shares)

1

Preferred stock share price (usd per share) | $ / shares

$ 20

Redeemable Preferred Stock

Subsidiary, Sale of Stock [Line Items]

Issuance of stock (shares)

1

Preferred stock share price (usd per share) | $ / shares

$ 0.01

Liquidation preference (usd per share) | $ / shares

$ 0.01

Redemption price (usd per share) | $ / shares

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%

6.50%

6.50%

Net proceeds from issuance of preferred stock | $

$ 167,100,000

Preferred stock liquidation preference (usd per share) | $ / shares

25

Annual dividend rate (usd per share) | $ / shares

$ 1.625

6.5% Series A Cumulative Redeemable Preferred Stock | Forecast

Subsidiary, Sale of Stock [Line Items]

Preferred stock, dividend rate

6.50%

Preferred stock, redemption price (USD per share) | $ / shares

$ 25

Preferred stock liquidation preference (usd per share) | $ / shares

25

Annual dividend rate (usd per share) | $ / shares

$ 1.625

Common Stock

Subsidiary, Sale of Stock [Line Items]

Common stock issued (shares)

65,271,058

Common stock outstanding (shares)

61,370,732

Common stock issued related to vesting RSUs (shares)

511,858

Repurchase of common stock (shares)

2,037,637

212,809

Common Stock | Restricted Stock Units

Subsidiary, Sale of Stock [Line Items]

Restricted stock issued during the period (in shares)

203,942

170,482

Common Stock | Common Stock

Subsidiary, Sale of Stock [Line Items]

Issuance of stock (shares)

5,547,361

KREF TRS | Redeemable Preferred Stock

Subsidiary, Sale of Stock [Line Items]

Redemption price (usd per share) | $ / shares

$ 0.05

KREF | KKR | Common Stock

Subsidiary, Sale of Stock [Line Items]

Common stock (shares)

14,250,001

21,234,528

Issued and outstanding common stock owned, percentage

23.20%

38.20%

Real Estate Owned, Consolidated Joint Venture

Subsidiary, Sale of Stock [Line Items]

Noncontrolling ownership percentage

10.00%

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

Net proceeds from issuances of common stock | $

$ 100,400,000

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	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2021	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Stock Issuance [Roll Forward]
Beginning balance (shares)		59,519,754
Ending balance (shares)		65,271,058
Beginning balance		$ 1,043,554
Ending balance		$ 1,361,581	$ 1,132,342
Common stock, net
Common Stock Issuance [Roll Forward]
Beginning balance (shares)			53,711,838	24,158,392	13,636,416
Ending balance (shares)		64,759,200	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		$ 1,282,734	$ 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
November 2021 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)		5,000,000
November 2021 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock		$ 108,800
November 2021 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)		1
November 2021 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock		$ 0
November 2021 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)		547,361
November 2021 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock		$ 11,911

Equity - Schedule of Dividends

Equity - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 14, 2021	Oct. 19, 2021	Sep. 15, 2021	Sep. 08, 2021	Jun. 15, 2021	Apr. 23, 2021	Mar. 15, 2021	Dec. 15, 2020	Sep. 15, 2020	Jun. 15, 2020	Mar. 16, 2020	Dec. 31, 2021	Oct. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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		$ 1.72	$ 1.72	$ 1.72
Dividends paid	$ 26,389		$ 23,924		$ 23,924		$ 23,916	$ 23,916	$ 23,861	$ 23,861	$ 24,010			$ 98,153	$ 95,648	$ 98,860
6.5% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (usd per share)		$ 0.35		$ 0.46		$ 0.27							$ 0.35	$ 1.08
Preferred stock dividends declared		$ 2,429		$ 3,177		$ 1,838								$ 7,444

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)periodshares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period	1 year 2 months 12 days
Tax withholding on stock-based compensation	$ 5,581	$ 1,297	$ 385
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares issued related to the vesting of restricted stock units (shares) | shares	203,942
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
Dividend, share-based payment arrangement	$ 200	0	0
Units vested (in shares) | shares	386,906
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense	$ 14,200
RSUs Vested Q4 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax withholding on stock-based compensation	3,900
RSUs Vested Q4 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax withholding on stock-based compensation	1,700
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 7,400	$ 5,700	$ 4,000
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	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	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)		415,520	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)	400,000	415,520
Units vested (in shares)		(386,906)
Units Forfeited/ cancelled (in shares)		(8,226)
Unvested, ending balance (in shares)	808,330	808,330	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)		20.25
Units vested, weighted average grant date fair value (usd per share)		18.87
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)	$ 19.50	$ 19.50	$ 18.78

Stock-based Compensation - RSU

Stock-based Compensation - RSU Vesting (Details) - Restricted Stock Units - shares	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2022 (in shares)	402,494
2023 (in shares)	272,489
2024 (in shares)	133,347
Total (in shares)	808,330	787,942

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic and Diluted Earnings
Net Income (Loss)	$ 40,343	$ 35,671	$ 31,077	$ 30,092	$ 28,858	$ 31,186	$ 28,925	$ (34,572)	$ 137,183	$ 54,397	$ 89,965
Preferred stock dividends and redemption value adjustment	(4,966)	(3,682)	(1,813)	(908)	(82)	165	(335)	(592)	(11,369)	(844)	527
Participating securities' share in earnings	(179)	0	0	0					(179)	0	0
Less: Participating securities' share in earnings									(179)	0	0
Net Income (Loss) Attributable to Common Stockholders	$ 35,198	$ 31,989	$ 29,264	$ 29,184	$ 28,776	$ 31,351	$ 28,590	$ (35,164)	125,635	53,553	90,492
Net Income (Loss) Attributable to Common Stockholders									$ 125,635	$ 53,553	$ 90,492
Denominator
Basic weighted average common shares outstanding (in shares)	59,364,672	55,637,480	55,632,322	55,619,428	55,619,428	55,491,405	55,491,937	57,346,726	56,571,200	55,985,014	57,426,912
Dilutive restricted stock units (in shares)									212,188	72,223	105,578
Diluted weighted average common shares outstanding (in shares)	59,453,264	56,011,243	55,907,086	55,731,061	55,669,230	55,632,170	55,504,077	57,346,726	56,783,388	56,057,237	57,532,490
Net income (loss) attributable to common stockholders, per:
Basic common share (usd per share)	$ 0.59	$ 0.57	$ 0.53	$ 0.52	$ 0.52	$ 0.56	$ 0.52	$ (0.61)	$ 2.22	$ 0.96	$ 1.58
Diluted common share (usd per share)	$ 0.59	$ 0.57	$ 0.52	$ 0.52	$ 0.52	$ 0.56	$ 0.52	$ (0.61)	$ 2.21	$ 0.96	$ 1.57

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2021
Future funding commitment related to commercial mortgage loan investments
Long-term Purchase Commitment [Line Items]
Capital commitment		$ 1,367.9
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

12 Months Ended

Aug. 31, 2021USD ($)

Jul. 31, 2021

Apr. 30, 2021USD ($)

Feb. 28, 2021USD ($)

Oct. 31, 2020USD ($)

Mar. 31, 2020

May 31, 2018USD ($)

Dec. 31, 2021USD ($)shares

Sep. 30, 2020USD ($)

Jun. 30, 2019USD ($)

Mar. 31, 2019USD ($)

Dec. 31, 2021USD ($)calendarQuartershares

Dec. 31, 2020USD ($)shares

Dec. 31, 2019USD ($)

Related Party Transaction [Line Items]

Affiliate fee

$ 31,202,000

$ 25,434,000

$ 21,876,000

Units granted (in shares) | shares

415,520

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

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%

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

Structuring fee, percent

0.37%

Structuring fee

$ 800,000

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%

KREF Lending IX Facility | Affiliated Entity | KKR Credit & Markets

Related Party Transaction [Line Items]

Structuring fee, percent

75.00%

Structuring fee

3,100,000

Accrued restructuring fee

$ 600,000

$ 600,000

BMO

Related Party Transaction [Line Items]

Structuring fee, percent

0.35%

BMO | Structuring fees

Related Party Transaction [Line Items]

Affiliate fee

$ 200,000

Collateralized Loan Obligations | Affiliated Entity | KKR Credit & Markets | KREF 2021-FL2

Related Party Transaction [Line Items]

Placement agent fee

$ 900,000

Common Stock | Management Incentive Plan

Related Party Transaction [Line Items]

Number of shares available for awards (shares) | shares

2,708,199

2,708,199

Related Party Transactions - Ex

Related Party Transactions - Expenses Incurred and Amounts Owed to Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to affiliate	$ 5,952	$ 6,243
Affiliate expenses	31,202	25,434	$ 21,876
Management fees
Related Party Transaction [Line Items]
Due to affiliate	5,289	4,252
Affiliate expenses	19,378	16,992	17,135
Expense reimbursements and other
Related Party Transaction [Line Items]
Due to affiliate	663	1,991
Affiliate expenses	1,551	1,668	1,469
Incentive compensation
Related Party Transaction [Line Items]
Affiliate expenses	10,273	6,774	3,272
Out-of-pocket costs reimbursed
Related Party Transaction [Line Items]
Affiliate expenses	$ 1,400	$ 3,800	$ 1,800

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	12 Months Ended
	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 271,487	[1]	$ 110,832	[1]	$ 67,619
Commercial real estate loans, held-for-investment	6,316,733		4,844,534
Carrying value	6,294,489		4,784,733
Equity method investments, fair value	35,537		33,651
Total Assets	6,703,239		4,965,612
Outstanding Principal	3,737,893
Participating Mortgage Loans, Participation Liabilities, Amount	0		66,232
Total Liabilities	5,341,658		3,920,206
Mezzanine loan write-off			20,500
Carrying amount	22,244		59,801
Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized debt issuance costs			6,600
Collateralized loan obligations, net | KREF 2021-FL2 | Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, financing provided	1,087,976
Mezzanine Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	5,500
Write off	5,500		4,700
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	271,487		110,832
Cash and cash equivalents, fair value	271,487		110,832
Outstanding Principal	6,364,105		4,869,696
Commercial real estate loans, held-for-investment	6,316,733		4,844,534
Carrying value	6,294,489		4,784,733
Commercial mortgage loans, held-for-investment, net, fair value	6,340,837		4,757,203
Equity method investments	35,537		33,651
Equity method investments, fair value	35,537		33,651
Assets, principal balance	6,671,129		5,014,179
Net Assets	6,623,757		4,989,017
Total Assets	6,601,513		4,929,216
Assets, fair value	6,647,861		4,901,686
Loan participations, gross			66,248
Participating Mortgage Loans, Participation Liabilities, Amount			66,232
Loan participations sold, net, fair value			66,232
Liabilities, principal balance	5,326,893		3,901,322
Total Liabilities	5,294,969		3,879,472
Liabilities, fair value	5,326,255		3,900,139
Fair Value, Measurements, Recurring | Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	3,737,893		2,581,324
Carrying value, financing provided	3,726,593		2,574,747
Secured financing agreements, net, fair value	3,726,593		2,581,324
Fair Value, Measurements, Recurring | Collateralized loan obligations, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal			810,000
Carrying value, financing provided			810,000
Secured financing agreements, net, fair value			803,766
Fair Value, Measurements, Recurring | Collateralized loan obligations, net | KREF 2021-FL2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	1,095,250
Carrying value, financing provided	1,087,976
Secured financing agreements, net, fair value	1,094,834
Fair Value, Measurements, Recurring | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	350,000		300,000
Carrying value, financing provided	338,549		288,028
Secured financing agreements, net, fair value	352,625		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	141,851		140,465
Secured financing agreements, net, fair value	152,203		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	271,487		110,832
Commercial mortgage loans, held-for-investment, net, fair value	0		0
Equity method investments, fair value	0		0
Assets, fair value	271,487		110,832
Loan participations sold, net, fair value			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 obligations, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value			0
Fair Value, Measurements, Recurring | Level 1 | Collateralized loan obligations, net | KREF 2021-FL2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	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
Liabilities, fair value	504,828		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 obligations, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value			0
Fair Value, Measurements, Recurring | Level 2 | Collateralized loan obligations, net | KREF 2021-FL2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	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	352,625		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	152,203		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	6,340,837		4,757,203
Equity method investments, fair value	35,537		33,651
Assets, fair value	6,376,374		4,790,854
Loan participations sold, net, fair value			66,232
Liabilities, fair value	4,821,427		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	3,726,593		2,581,324
Fair Value, Measurements, Recurring | Level 3 | Collateralized loan obligations, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value			803,766
Fair Value, Measurements, Recurring | Level 3 | Collateralized loan obligations, net | KREF 2021-FL2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	1,094,834
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	11,300		5,600
Collateralized Loan Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	1,246,000		1,000,000
Collateralized Loan Obligations | KREF 2021-FL2 | Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial real estate loans, held-for-investment	1,246,000
Carrying value	1,242,745
Total Assets	1,300,602
Total Liabilities	1,088,828
Unamortized debt issuance costs	7,300
Carrying amount	3,255
Vertical loan participation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value			66,200
Commercial mortgage loans, held-for-investment, net, fair value			66,200
Senior Participation Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount	$ 22,200		$ 59,800
[1]	Includes $54.0 million and $0.0 million held in collateralized loan obligation as of December 31, 2021 and 2020, respectively.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 6,371	$ 537	$ 4,568
RECOP I
Schedule of Equity Method Investments [Line Items]
Distribution from equity method investments	3,200	3,400
Income (loss) from equity method investments	$ 5,400	$ (500)

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Unobservable Inputs (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity method investments	$ 35,537	$ 33,651
CMBS
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Assets, fair value	$ 6,340,837
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)
Measurement input	0.018
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)
Measurement input	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)
Measurement input	0.041

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 427,000	$ 106,000	$ 103,000	$ 48,000	$ 157,000	$ 96,000	$ 77,000	$ 82,000	$ 684,000	$ 412,000	$ 579,000
Deferred tax assets, net	$ 0				$ 0				$ 0	$ 0

Income Taxes - Common Stock Dis

Income Taxes - Common Stock Distributions (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Ordinary Dividends	99.10%	100.00%	99.10%
Qualified Dividends	1.20%	0.80%	1.60%
Long Term Capital Gain	0.90%	0.00%	0.90%
Return of Capital	0.00%	0.00%	0.00%

Subsequent Events - Schedule of

Subsequent Events - Schedule of Senior Notes (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 08, 2022	Dec. 31, 2021	Dec. 31, 2020
LIBOR
Subsequent Event [Line Items]
Interest rate		0.10%	0.14%
Senior loans | Subsequent Event
Subsequent Event [Line Items]
Committed Principal Amount	$ 652,600
Initial Principal Funded	$ 433,923
LTV	64.00%
Senior loans | Subsequent Event | LIBOR and SOFR
Subsequent Event [Line Items]
Interest rate	3.30%
Senior Loan, Brandon, FL | Senior loans | Subsequent Event | Multifamily
Subsequent Event [Line Items]
Committed Principal Amount	$ 90,300
Initial Principal Funded	$ 61,920
LTV	75.00%
Senior Loan, Brandon, FL | Senior loans | Subsequent Event | SOFR | Multifamily
Subsequent Event [Line Items]
Interest rate	3.10%
Senior Loan, Washington, D.C. | Senior loans | Subsequent Event | Office
Subsequent Event [Line Items]
Committed Principal Amount	$ 100,000
Initial Principal Funded	$ 57,060
LTV	55000.00%
Total Loan Exposure %	43.80%
Senior Loan, Washington, D.C. | Senior loans | Subsequent Event | Office | KREF and KKR
Subsequent Event [Line Items]
Committed Principal Amount	$ 228,500
Senior Loan, Washington, D.C. | Senior loans | Subsequent Event | LIBOR | Office
Subsequent Event [Line Items]
Interest rate	3.20%
Senior Loan, Phoenix, AZ | Senior loans | Subsequent Event | Industrial
Subsequent Event [Line Items]
Committed Principal Amount	$ 100,000
Initial Principal Funded	$ 2,244
LTV	57000.00%
Total Loan Exposure %	51.20%
Senior Loan, Phoenix, AZ | Senior loans | Subsequent Event | Industrial | KREF and KKR
Subsequent Event [Line Items]
Committed Principal Amount	$ 195,300
Senior Loan, Phoenix, AZ | Senior loans | Subsequent Event | SOFR | Industrial
Subsequent Event [Line Items]
Interest rate	4.00%
Senior Loan, Arlington, VA | Senior loans | Subsequent Event | Multifamily
Subsequent Event [Line Items]
Committed Principal Amount	$ 135,300
Initial Principal Funded	$ 130,890
LTV	65000.00%
Senior Loan, Arlington, VA | Senior loans | Subsequent Event | SOFR | Multifamily
Subsequent Event [Line Items]
Interest rate	2.90%
Senior Loan, West Hollywood, CA | Senior loans | Subsequent Event | Multifamily
Subsequent Event [Line Items]
Committed Principal Amount	$ 102,000
Initial Principal Funded	$ 102,000
LTV	65.00%
Senior Loan, West Hollywood, CA | Senior loans | Subsequent Event | LIBOR | Multifamily
Subsequent Event [Line Items]
Interest rate	3.00%
Senior Loan, San Carlos, CA | Senior loans | Subsequent Event | Life Science
Subsequent Event [Line Items]
Committed Principal Amount	$ 125,000
Initial Principal Funded	$ 79,809
LTV	68000.00%
Total Loan Exposure %	63.80%
Senior Loan, San Carlos, CA | Senior loans | Subsequent Event | Life Science | KREF and KKR
Subsequent Event [Line Items]
Committed Principal Amount	$ 195,900
Senior Loan, San Carlos, CA | Senior loans | Subsequent Event | SOFR | Life Science
Subsequent Event [Line Items]
Interest rate	3.60%

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ / shares in Units, $ in Thousands	Feb. 08, 2022USD ($)	Dec. 14, 2021USD ($)	Sep. 15, 2021USD ($)	Jun. 15, 2021USD ($)	Mar. 15, 2021USD ($)	Dec. 15, 2020USD ($)	Sep. 15, 2020USD ($)	Jun. 15, 2020USD ($)	Mar. 16, 2020USD ($)	Feb. 08, 2022USD ($)	Jan. 31, 2022USD ($)$ / sharesshares	Oct. 31, 2021	Apr. 30, 2021	Apr. 26, 2021	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Subsequent Event [Line Items]
Proceeds from principal repayments and sale/syndication of commercial real estate loans, held-for-investment															$ 2,362,442	$ 1,054,891	$ 1,934,893
Affiliate expenses															31,202	25,434	21,876
Net proceeds from issuances of preferred stock															167,066	0	0
Dividends paid		$ 26,389	$ 23,924	$ 23,924	$ 23,916	$ 23,916	$ 23,861	$ 23,861	$ 24,010						$ 98,153	$ 95,648	$ 98,860
6.5% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate												6.50%	6.50%	6.50%
Subsequent Event
Subsequent Event [Line Items]
Proceeds from principal repayments and sale/syndication of commercial real estate loans, held-for-investment										$ 139,800
Dividends paid											$ 26,400
Dividend paid (usd per share) | $ / shares											$ 0.43
Subsequent Event | Hospitality
Subsequent Event [Line Items]
Proceeds from principal repayments and sale/syndication of commercial real estate loans, held-for-investment										76,200
Subsequent Event | Collateralized loan obligations, net | KREF 2022-FL3
Subsequent Event [Line Items]
Principal amount	$ 1,000,000									$ 1,000,000
Term of reinvestment feature	2 years
Advance rate	0.8475
Subsequent Event | Collateralized loan obligations, net | KREF 2022-FL3 | SOFR
Subsequent Event [Line Items]
Interest rate	1.71%
Subsequent Event | 6.5% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (shares) | shares											6,210,000
Preferred stock, dividend rate											6.50%
Net proceeds from issuances of preferred stock											$ 151,200
Subsequent Event | 6.5% Series A Cumulative Redeemable Preferred Stock | Affiliated Entity | KKR Credit & Markets
Subsequent Event [Line Items]
Affiliate expenses											$ 1,500

Summary Quarterly Consolidate_3

Summary Quarterly Consolidated Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Interest income	$ 72,715	$ 75,320	$ 67,149	$ 64,766	$ 63,201	$ 67,689	$ 67,219	$ 71,079	$ 279,950	$ 269,188	$ 274,335
Interest expense	30,266	29,832	26,958	27,383	28,835	28,832	30,563	39,082	114,439	127,312	158,860
Total net interest income	42,449	45,488	40,191	37,383	34,366	38,857	36,656	31,997	165,511	141,876	115,475
Other Income (Loss)	7,379	2,292	1,356	1,156	1,254	1,075	493	(1,541)	12,183	1,281	5,998
Operating Expenses	9,058	12,003	10,367	8,399	6,605	8,650	8,147	64,946	39,827	88,348	30,929
Income (Loss) Before Income Taxes, Preferred Dividends, Redemption Value Adjustment and Participating Securities' Share in Earnings	40,770	35,777	31,180	30,140	29,015	31,282	29,002	(34,490)	137,867	54,809	90,544
Income tax expense	427	106	103	48	157	96	77	82	684	412	579
Net Income (Loss)	40,343	35,671	31,077	30,092	28,858	31,186	28,925	(34,572)	137,183	54,397	89,965
Preferred stock dividends and redemption value adjustment	4,966	3,682	1,813	908	82	(165)	335	592	11,369	844	(527)
Participating securities' share in earnings	179	0	0	0					179	0	0
Net income (loss) attributable to common stockholders, basic	$ 35,198	$ 31,989	$ 29,264	$ 29,184	$ 28,776	$ 31,351	$ 28,590	$ (35,164)	$ 125,635	$ 53,553	$ 90,492
Basic (usd per share)	$ 0.59	$ 0.57	$ 0.53	$ 0.52	$ 0.52	$ 0.56	$ 0.52	$ (0.61)	$ 2.22	$ 0.96	$ 1.58
Diluted (usd per share)	$ 0.59	$ 0.57	$ 0.52	$ 0.52	$ 0.52	$ 0.56	$ 0.52	$ (0.61)	$ 2.21	$ 0.96	$ 1.57
Basic weighted average common shares outstanding (in shares)	59,364,672	55,637,480	55,632,322	55,619,428	55,619,428	55,491,405	55,491,937	57,346,726	56,571,200	55,985,014	57,426,912
Diluted weighted average common shares outstanding (in shares)	59,453,264	56,011,243	55,907,086	55,731,061	55,669,230	55,632,170	55,504,077	57,346,726	56,783,388	56,057,237	57,532,490

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Loans held-for-investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	$ 6,364,105	$ 4,869,696
Number of Loans (in loans) | loan	63	42
Senior loans | Loans held-for-investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	$ 6,263,370	$ 4,779,367
Number of Loans (in loans) | loan	59	38
Senior loans | Senior Loan 1, Arlington, VA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	$ 352,900
Amortized cost	350,300
Senior loans | Senior Loan 2, Los Angeles, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	249,700
Amortized cost	247,300
Senior loans | Senior Loan 3, Boston, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	243,600
Amortized cost	243,500
Senior loans | Senior Loan 4, Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	215,300
Amortized cost	214,300
Senior loans | Senior Loan 5, New York, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	210,700
Amortized cost	209,800
Senior loans | Senior Loan 6, Minneapolis, MN
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	194,400
Amortized cost	193,700
Senior loans | Senior Loan 7, Mountain View, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	184,100
Amortized cost	181,900
Senior loans | Senior Loan 8, West Palm Beach, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	169,200
Amortized cost	167,100
Senior loans | Senior Loan 9, The Woodlands, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	168,300
Amortized cost	165,800
Senior loans | Senior Loan 10, Philadelphia, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	165,000
Amortized cost	165,600
Senior loans | Senior Loan 11, Philadelphia, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	156,900
Amortized cost	155,700
Senior loans | Senior Loan 12, New York, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	148,000
Amortized cost	147,700
Senior loans | Senior Loan 13, Boston, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	137,000
Amortized cost	137,500
Senior loans | Senior Loan 14, Chicago, IL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	136,600
Amortized cost	135,900
Senior loans | Senior Loan 15, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	135,800
Amortized cost	134,100
Senior loans | Senior Loan 16, Plano, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	131,000
Amortized cost	130,200
Senior loans | Senior Loan 17, Fort Lauderdale, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	130,000
Amortized cost	129,400
Senior loans | Senior Loan 18, Boston, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	123,100
Amortized cost	121,600
Senior loans | Senior Loan 19, Washington D.C.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	119,700
Amortized cost	118,300
Senior loans | Senior Loan 20, Pittsburgh, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	112,500
Amortized cost	111,400
Senior loans | Senior Loan 21, Washington D.C.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	111,900
Amortized cost	110,000
Senior loans | Senior Loan 22, Irving, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	108,900
Amortized cost	107,900
Senior loans | Senior Loan 23, Doral, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	106,000
Amortized cost	104,800
Senior loans | Senior Loan 24, San Diego, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	103,500
Amortized cost	102,500
Senior loans | Senior Loan 25, Las Vegas, NV
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	102,000
Amortized cost	101,000
Senior loans | Senior Loan 26, Chicago, IL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	100,700
Amortized cost	100,400
Senior loans | Senior Loan 27, Bronx, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	97,500
Amortized cost	95,700
Senior loans | Senior Loan 28, Miami, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	89,500
Amortized cost	88,600
Senior loans | Senior Loan 29, Orlando, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	88,900
Amortized cost	87,600
Senior loans | Senior Loan 30, Denver, CO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	88,500
Amortized cost	87,600
Senior loans | Senior Loan 31, Seattle, WA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	87,300
Amortized cost	86,200
Senior loans | Senior Loan 32, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	87,000
Amortized cost	86,200
Senior loans | Senior Loan 33, New York, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	86,000
Amortized cost	85,900
Senior loans | Senior Loan 34, State College, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	85,300
Amortized cost	85,000
Senior loans | Senior Loan 35, Brisbane, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	85,000
Amortized cost	84,000
Senior loans | Senior Loan 36, Hollywood, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	81,000
Amortized cost	79,900
Senior loans | Senior Loan 37, Seattle, WA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	80,700
Amortized cost	80,600
Senior loans | Senior Loan 38, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	77,500
Amortized cost	76,800
Senior loans | Senior Loan 39, Brooklyn, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	76,200
Amortized cost	76,100
Senior loans | Senior Loan 40, Charlotte, NC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	76,000
Amortized cost	74,900
Senior loans | Senior Loan 41, Arlington, VA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	70,900
Amortized cost	70,200
Senior loans | Senior Loan 42, Denver, CO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	69,300
Amortized cost	68,500
Senior loans | Senior Loan 43, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	68,200
Amortized cost	67,500
Senior loans | Senior Loan 44, Queens, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	67,500
Amortized cost	59,500
Senior loans | Senior Loan 45, Austin, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	67,500
Amortized cost	67,300
Senior loans | Senior Loan 46, Washington D.C.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	66,300
Amortized cost	65,800
Senior loans | Senior Loan 47, Nashiville, TN
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	64,300
Amortized cost	63,000
Senior loans | Senior Loan 48, Bellevue, WA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	61,000
Amortized cost	58,600
Senior loans | Senior Loan 49, Mesa, AZ
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	57,000
Amortized cost	56,300
Senior loans | Senior Loan 50, Sharon, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	56,900
Amortized cost	56,400
Senior loans | Senior Loan 51, Atlanta, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	55,400
Amortized cost	54,700
Senior loans | Senior Loan 52, Cambridge, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	50,600
Amortized cost	49,400
Senior loans | Senior Loan 53, Durham, NC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	50,000
Amortized cost	49,300
Senior loans | Senior Loan 54, Fontana, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	43,200
Amortized cost	42,300
Senior loans | Senior Loan 55, Geogetown, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	41,800
Amortized cost	41,300
Senior loans | Senior Loan 56, New York, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	39,900
Amortized cost	39,800
Senior loans | Senior Loan 57, Phoenix, AZ
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	15,700
Amortized cost	15,100
Senior loans | Senior Loan 58, Denver, CO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	10,700
Amortized cost	10,300
Senior loans | Senior Loan 59, Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	3,700
Amortized cost	1,900
Mezzanine loans | Loans held-for-investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	$ 100,735	$ 90,329
Number of Loans (in loans) | loan	4	4
Mezzanine loans | Multifamily | Loans held-for-investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	$ 41,100	$ 50,000
Amortized cost	$ 40,300	$ 48,000
Number of Loans (in loans) | loan	1
Mezzanine loans | Mezzanine Loan 1, Boston, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	$ 37,500
Amortized cost	37,300
Mezzanine loans | Mezzanine Loan 2, Oakland, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	16,700
Amortized cost	16,800
Mezzanine loans | Mezzanine Loan 3, Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Amortized cost	$ 0
Interest rate	11.00%
LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	0.10%	0.14%
LIBOR | Senior loans | Senior Loan 1, Arlington, VA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.20%
LIBOR | Senior loans | Senior Loan 2, Los Angeles, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.60%
LIBOR | Senior loans | Senior Loan 3, Boston, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.20%
LIBOR | Senior loans | Senior Loan 4, Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.10%
LIBOR | Senior loans | Senior Loan 5, New York, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.60%
LIBOR | Senior loans | Senior Loan 6, Minneapolis, MN
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.80%
LIBOR | Senior loans | Senior Loan 7, Mountain View, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.30%
LIBOR | Senior loans | Senior Loan 8, West Palm Beach, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.70%
LIBOR | Senior loans | Senior Loan 9, The Woodlands, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	4.20%
LIBOR | Senior loans | Senior Loan 10, Philadelphia, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.50%
LIBOR | Senior loans | Senior Loan 11, Philadelphia, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.60%
LIBOR | Senior loans | Senior Loan 12, New York, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.60%
LIBOR | Senior loans | Senior Loan 13, Boston, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.70%
LIBOR | Senior loans | Senior Loan 14, Chicago, IL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.30%
LIBOR | Senior loans | Senior Loan 15, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.60%
LIBOR | Senior loans | Senior Loan 16, Plano, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.70%
LIBOR | Senior loans | Senior Loan 17, Fort Lauderdale, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.40%
LIBOR | Senior loans | Senior Loan 18, Boston, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.60%
LIBOR | Senior loans | Senior Loan 19, Washington D.C.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.40%
LIBOR | Senior loans | Senior Loan 20, Pittsburgh, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.90%
LIBOR | Senior loans | Senior Loan 21, Washington D.C.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.30%
LIBOR | Senior loans | Senior Loan 22, Irving, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.30%
LIBOR | Senior loans | Senior Loan 23, Doral, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.80%
LIBOR | Senior loans | Senior Loan 24, San Diego, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.80%
LIBOR | Senior loans | Senior Loan 25, Las Vegas, NV
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.70%
LIBOR | Senior loans | Senior Loan 26, Chicago, IL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	4.70%
LIBOR | Senior loans | Senior Loan 27, Bronx, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	4.10%
LIBOR | Senior loans | Senior Loan 28, Miami, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.80%
LIBOR | Senior loans | Senior Loan 29, Orlando, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.00%
LIBOR | Senior loans | Senior Loan 30, Denver, CO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.00%
LIBOR | Senior loans | Senior Loan 31, Seattle, WA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.10%
LIBOR | Senior loans | Senior Loan 32, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.30%
LIBOR | Senior loans | Senior Loan 33, New York, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	4.00%
LIBOR | Senior loans | Senior Loan 34, State College, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.70%
LIBOR | Senior loans | Senior Loan 35, Brisbane, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.00%
LIBOR | Senior loans | Senior Loan 36, Hollywood, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.00%
LIBOR | Senior loans | Senior Loan 37, Seattle, WA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	4.10%
LIBOR | Senior loans | Senior Loan 38, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.80%
LIBOR | Senior loans | Senior Loan 39, Brooklyn, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.90%
LIBOR | Senior loans | Senior Loan 40, Charlotte, NC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.00%
LIBOR | Senior loans | Senior Loan 41, Arlington, VA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.80%
LIBOR | Senior loans | Senior Loan 42, Denver, CO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.70%
LIBOR | Senior loans | Senior Loan 43, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.80%
LIBOR | Senior loans | Senior Loan 44, Queens, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.00%
LIBOR | Senior loans | Senior Loan 45, Austin, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.50%
LIBOR | Senior loans | Senior Loan 46, Washington D.C.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.50%
LIBOR | Senior loans | Senior Loan 47, Nashiville, TN
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.60%
LIBOR | Senior loans | Senior Loan 48, Bellevue, WA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.60%
LIBOR | Senior loans | Senior Loan 49, Mesa, AZ
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.20%
LIBOR | Senior loans | Senior Loan 50, Sharon, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.80%
LIBOR | Senior loans | Senior Loan 51, Atlanta, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.90%
LIBOR | Senior loans | Senior Loan 52, Cambridge, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.90%
LIBOR | Senior loans | Senior Loan 53, Durham, NC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.90%
LIBOR | Senior loans | Senior Loan 54, Fontana, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	4.60%
LIBOR | Senior loans | Senior Loan 55, Geogetown, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.30%
LIBOR | Senior loans | Senior Loan 56, New York, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	4.20%
LIBOR | Senior loans | Senior Loan 57, Phoenix, AZ
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	4.80%
LIBOR | Senior loans | Senior Loan 58, Denver, CO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	3.80%
LIBOR | Senior loans | Senior Loan 59, Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	5.40%
LIBOR | Mezzanine loans | Mezzanine Loan 1, Boston, MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	7.90%
LIBOR | Mezzanine loans | Mezzanine Loan 2, Oakland, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	12.90%