KKR Real Estate Finance Trust (KREF) 10-Q 24 Oct 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 19, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38082
Entity Registrant Name	KKR Real Estate Finance Trust Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-2009094
Entity Address, Address Line One	30 Hudson Yards,
Entity Address, Address Line Two	Suite 7500
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	750-8300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,095,011
Entity Central Index Key	0001631596
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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
Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	KREF PRA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	[1]	$ 183,341	$ 271,487
Commercial real estate loans, held-for-investment		7,306,565	6,316,733
Less: Allowance for credit losses		(110,798)	(22,244)
Commercial real estate loans, held-for-investment, net		7,195,767	6,294,489
Real estate owned - land		79,688	78,569
Equity method investments		36,856	35,537
Accrued interest receivable		30,574	15,241
Other assets	[2]	14,824	7,916
Total Assets		7,541,050	6,703,239
Liabilities
Secured financing agreements, net		3,469,126	3,726,593
Collateralized loan obligations, net		1,933,656	1,087,976
Secured term loan, net		337,181	338,549
Convertible notes, net		142,888	141,851
Dividends payable		29,767	26,589
Accrued interest payable		14,822	6,627
Due to affiliates		9,271	5,952
Accounts payable, accrued expenses and other liabilities	[3]	9,125	7,521
Total Liabilities		5,945,836	5,341,658
Commitments and Contingencies (Note 14)		0	0
Permanent Equity
Common stock, $0.01 par value, 300,000,000 authorized (74,871,191 and 65,271,058 shares issued; 69,338,283 and 61,370,732 shares outstanding as of September 30, 2022 and December 31, 2021, respectively)		694	613
Additional paid-in capital		1,810,149	1,459,959
Accumulated deficit		(126,394)	(38,208)
Repurchased stock (5,532,908 and 3,900,326 shares repurchased as of September 30, 2022 and December 31, 2021, respectively)		(89,323)	(60,999)
Total KKR Real Estate Finance Trust Inc. Stockholders’ Equity		1,595,257	1,361,434
Noncontrolling interests in equity of consolidated joint venture		(43)	147
Total Permanent Equity		1,595,214	1,361,581
Total Liabilities and Equity		7,541,050	6,703,239
Series A Preferred Stock
Permanent Equity
Series A cumulative redeemable preferred stock, $0.01 par value (13,110,000 and 6,900,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively; liquidation preference of $25.00 per share)		$ 131	$ 69
[1]Includes $79.0 million and $54.0 million held in collateralized loan obligation as of September 30, 2022 and December 31, 2021, respectively. $7.3 million and $2.3 million of restricted cash as of September 30, 2022 and December 31, 2021, respectively. $4.1 million and $1.5 million of expected loss reserve for unfunded loan commitments as of September 30, 2022 and December 31, 2021, respectively.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
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)	74,871,191	65,271,058
Common stock outstanding (shares)	69,338,283	61,370,732
Treasury stock, held (shares)	5,532,908	3,900,326
Restricted cash	$ 7,296	$ 2,300
Expected loss reserve for unfunded loan commitments	4,125	1,495
Primary Beneficiary | Collateralized Loan Obligations
Cash	$ 79,000	$ 54,000
Series A Preferred Stock
Preferred stock par value (usd per share)	$ 0.01	$ 0.01
Preferred stock issued (shares)	13,110,000	6,900,000
Preferred stock outstanding (shares)	13,110,000	6,900,000
Preferred stock liquidation preference (usd per share)	$ 25	$ 25

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Interest Income
Interest income	$ 114,627	$ 75,320	$ 278,460	$ 207,235
Interest expense	67,311	29,832	144,503	84,173
Total net interest income	47,316	45,488	133,957	123,062
Other Income
Revenue from real estate owned operations	2,092	0	6,554	0
Income (loss) from equity method investments	914	2,162	3,835	4,508
Other income	840	130	3,992	296
Total other income (loss)	3,846	2,292	14,381	4,804
Operating Expenses
General and administrative	4,286	3,659	13,040	10,852
Provision for (reversal of) credit losses, net	80,604	1,165	91,184	(982)
Management fee to affiliate	6,589	4,964	19,102	14,089
Incentive compensation to affiliate	0	2,215	0	6,810
Expenses from real estate owned operations	2,598	0	7,520	0
Total operating expenses	94,077	12,003	130,846	30,769
Income (Loss) Before Income Taxes, Preferred Dividends, Redemption Value Adjustment and Participating Securities' Share in Earnings	(42,915)	35,777	17,492	97,097
Income tax expense	0	106	0	257
Net Income (Loss)	(42,915)	35,671	17,492	96,840
Noncontrolling interests in (income) loss of consolidated joint venture	161	0	283	0
Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries	(42,754)	35,671	17,775	96,840
Preferred stock dividends and redemption value adjustment	5,326	3,682	15,978	6,403
Participating securities' share in earnings	341	0	1,028	0
Net Income (Loss) Attributable to Common Stockholders	$ (48,421)	$ 31,989	$ 769	$ 90,437
Net Income (Loss) Per Share of Common Stock
Basic (usd per share)	$ (0.70)	$ 0.57	$ 0.01	$ 1.63
Diluted (usd per share)	$ (0.70)	$ 0.57	$ 0.01	$ 1.62
Weighted Average Number of Shares of Common Stock Outstanding
Basic (shares)	69,382,730	55,637,480	67,029,140	55,629,810
Diluted (shares)	69,382,730	56,011,243	67,029,140	55,883,197
Dividends declared per share of common stock (usd per share)	$ 0.43	$ 0.43	$ 1.29	$ 1.29

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Series A Preferred Stock	Redeemable Preferred Stock	Total KKR Real Estate Finance Trust Inc. Stockholders' Equity	Total KKR Real Estate Finance Trust Inc. Stockholders' Equity Common Stock	Total KKR Real Estate Finance Trust Inc. Stockholders' Equity Series A Preferred Stock	Preferred Stock	Preferred Stock Series A Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Common Stock	Additional Paid-In Capital Series A Preferred Stock	Accumulated Deficit	Accumulated Deficit Series A Preferred Stock	Repurchased Stock	Noncontrolling Interests in Equity of Consolidated Joint Venture	Total Permanent Equity	Total Permanent Equity Common Stock	Total Permanent Equity Series A Preferred Stock
Ending balance (shares) at Dec. 31, 2021	61,370,732								61,370,732
Ending balance (shares) at Dec. 31, 2021		6,900,000					0	6,900,000
Ending balance at Dec. 31, 2021	$ 1,361,581			$ 1,361,434			$ 0	$ 69	$ 613		$ 1,459,959			$ (38,208)		$ (60,999)	$ 147	$ 1,361,581
Ending balance at Dec. 31, 2021			$ 0
Beginning balance (shares) at Dec. 31, 2020							1	0
Beginning balance (shares) at Dec. 31, 2020									55,619,428
Beginning balance at Dec. 31, 2020				1,043,554			$ 0	$ 0	$ 556		1,169,695			(65,698)		(60,999)	0	1,043,554
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared				(23,916)										(23,916)				(23,916)
Stock-based compensation				1,994							1,994							1,994
Adjustment of redeemable preferred stock to redemption value			710	(710)										(710)				(710)
Net income (loss)				29,894										29,894				29,894
Ending balance (shares) at Mar. 31, 2021									55,619,428
Ending balance (shares) at Mar. 31, 2021							1	0
Ending balance at Mar. 31, 2021				1,050,816			$ 0	$ 0	$ 556		1,171,689			(60,430)		(60,999)	0	1,050,816
Beginning balance at Dec. 31, 2020			1,852
Increase (Decrease) in Temporary Equity [Roll Forward]
Special non-voting preferred dividends declared			(198)
Adjustment of redeemable preferred stock to redemption value			710	(710)										(710)				(710)
Net income (loss)			198
Ending balance at Mar. 31, 2021			2,562
Beginning balance (shares) at Dec. 31, 2020							1	0
Beginning balance (shares) at Dec. 31, 2020									55,619,428
Beginning balance at Dec. 31, 2020				1,043,554			$ 0	$ 0	$ 556		1,169,695			(65,698)		(60,999)	0	1,043,554
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock dividends declared		$ (5,015)
Common dividends declared	$ (71,764)
Ending balance (shares) at Sep. 30, 2021									55,637,480
Ending balance (shares) at Sep. 30, 2021							1	6,900,000
Ending balance at Sep. 30, 2021				1,234,588			$ 0	$ 69	$ 556		1,341,986			(47,024)		(60,999)	0	1,234,588
Beginning balance at Dec. 31, 2020			1,852
Ending balance at Sep. 30, 2021			2,589
Beginning balance (shares) at Mar. 31, 2021							1	0
Beginning balance (shares) at Mar. 31, 2021									55,619,428
Beginning balance at Mar. 31, 2021				1,050,816			$ 0	$ 0	$ 556		1,171,689			(60,430)		(60,999)	0	1,050,816
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)								6,900,000
Issuance of stock						$ 167,066		$ 69					$ 166,997							$ 167,066
Offering costs				(720)							(720)							(720)
Preferred stock dividends declared						(1,838)									$ (1,838)
Common dividends declared				(23,924)										(23,924)				(23,924)
Stock-based compensation (in shares)									18,052
Stock-based compensation				1,993							1,993							1,993
Adjustment of redeemable preferred stock to redemption value			(246)	246										246				246
Net income (loss)				30,856										30,856				30,856
Ending balance (shares) at Jun. 30, 2021									55,637,480
Ending balance (shares) at Jun. 30, 2021							1	6,900,000
Ending balance at Jun. 30, 2021				1,224,495			$ 0	$ 69	$ 556		1,339,959			(55,090)		(60,999)	0	1,224,495
Beginning balance at Mar. 31, 2021			2,562
Increase (Decrease) in Temporary Equity [Roll Forward]
Special non-voting preferred dividends declared			(221)																	(1,838)
Adjustment of redeemable preferred stock to redemption value			(246)	246										246				246
Net income (loss)			221
Ending balance at Jun. 30, 2021			2,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock dividends declared						(3,177)									(3,177)
Common dividends declared				(23,924)										(23,924)				(23,924)
Stock-based compensation				2,027							2,027							2,027
Adjustment of redeemable preferred stock to redemption value			273	(273)										(273)				(273)
Net income (loss)				35,440										35,440				35,440
Ending balance (shares) at Sep. 30, 2021									55,637,480
Ending balance (shares) at Sep. 30, 2021							1	6,900,000
Ending balance at Sep. 30, 2021				1,234,588			$ 0	$ 69	$ 556		1,341,986			(47,024)		(60,999)	0	1,234,588
Increase (Decrease) in Temporary Equity [Roll Forward]
Special non-voting preferred dividends declared			(231)																	(3,177)
Adjustment of redeemable preferred stock to redemption value			273	(273)										(273)				(273)
Net income (loss)			231
Ending balance at Sep. 30, 2021			2,589
Beginning balance (shares) at Dec. 31, 2021		6,900,000					0	6,900,000
Beginning balance (shares) at Dec. 31, 2021	61,370,732								61,370,732
Beginning balance at Dec. 31, 2021	$ 1,361,581			1,361,434			$ 0	$ 69	$ 613		1,459,959			(38,208)		(60,999)	147	1,361,581
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)								6,210,000		6,562,972
Issuance of stock					$ 135,271	151,167		$ 62		$ 66		$ 135,205	$ 151,105						$ 135,271	151,167
Offering costs				(1,055)							(1,055)							(1,055)
Contribution by noncontrolling interests																	94	94
Preferred stock dividends declared						(5,326)									(5,326)					(5,326)
Common dividends declared				(29,211)										(29,211)				(29,211)
Stock-based compensation				2,126							2,126							2,126
Participating security dividends declared				(339)										(339)				(339)
Net income (loss)				35,468										35,468			(56)	35,412
Ending balance (shares) at Mar. 31, 2022									67,933,704
Ending balance (shares) at Mar. 31, 2022							0	13,110,000
Ending balance at Mar. 31, 2022				1,649,535			$ 0	$ 131	$ 679		1,747,340			(37,616)		(60,999)	185	1,649,720
Beginning balance at Dec. 31, 2021			0
Ending balance at Mar. 31, 2022			0
Beginning balance (shares) at Dec. 31, 2021		6,900,000					0	6,900,000
Beginning balance (shares) at Dec. 31, 2021	61,370,732								61,370,732
Beginning balance at Dec. 31, 2021	$ 1,361,581			1,361,434			$ 0	$ 69	$ 613		1,459,959			(38,208)		(60,999)	147	1,361,581
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock dividends declared		$ (15,978)
Common dividends declared	$ (88,977)
Ending balance (shares) at Sep. 30, 2022	69,338,283								69,338,283
Ending balance (shares) at Sep. 30, 2022		13,110,000					0	13,110,000
Ending balance at Sep. 30, 2022	$ 1,595,214			1,595,257			$ 0	$ 131	$ 694		1,810,149			(126,394)		(89,323)	(43)	1,595,214
Beginning balance at Dec. 31, 2021			0
Ending balance at Sep. 30, 2022			0
Beginning balance (shares) at Mar. 31, 2022							0	13,110,000
Beginning balance (shares) at Mar. 31, 2022									67,933,704
Beginning balance at Mar. 31, 2022				1,649,535			$ 0	$ 131	$ 679		1,747,340			(37,616)		(60,999)	185	1,649,720
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)										2,750,000
Issuance of stock					53,653					$ 28		53,625							53,653
Offering costs				(280)							(280)							(280)
Repurchase of common stock (in shares)									(1,044,692)
Repurchase of common stock				(18,081)					$ (10)							(18,071)		(18,081)
Preferred stock dividends declared						(5,326)									(5,326)					(5,326)
Common dividends declared				(29,951)										(29,951)				(29,951)
Stock-based compensation (in shares)									15,520
Stock-based compensation				2,040							2,040							2,040
Participating security dividends declared				(326)										(326)				(326)
Net income (loss)				25,061										25,061			(66)	24,995
Ending balance (shares) at Jun. 30, 2022									69,654,532
Ending balance (shares) at Jun. 30, 2022							0	13,110,000
Ending balance at Jun. 30, 2022				1,676,325			$ 0	$ 131	$ 697		1,802,725			(48,158)		(79,070)	119	1,676,444
Beginning balance at Mar. 31, 2022			0
Ending balance at Jun. 30, 2022			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)										271,641
Issuance of stock					$ 5,301					$ 3		$ 5,298							$ 5,301
Offering costs				(49)							(49)							(49)
Repurchase of common stock (in shares)									(587,890)
Repurchase of common stock				(10,259)					$ (6)							(10,253)		(10,259)
Preferred stock dividends declared						$ (5,326)									$ (5,326)					$ (5,326)
Common dividends declared				(29,815)										(29,815)				(29,815)
Stock-based compensation				2,175							2,175							2,175
Participating security dividends declared				(341)										(341)				(341)
Net income (loss)				(42,754)										(42,754)			(162)	(42,916)
Ending balance (shares) at Sep. 30, 2022	69,338,283								69,338,283
Ending balance (shares) at Sep. 30, 2022		13,110,000					0	13,110,000
Ending balance at Sep. 30, 2022	$ 1,595,214			$ 1,595,257			$ 0	$ 131	$ 694		$ 1,810,149			$ (126,394)		$ (89,323)	$ (43)	$ 1,595,214
Ending balance at Sep. 30, 2022			$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Dividends declared per share of common stock (usd per share)	$ 0.43	$ 0.43	$ 0.43
Participating security dividends declared per share (usd per share)	0.43	0.43	0.43
Series A Preferred Stock
Dividends declared per share of preferred stock (usd per share)	$ 0.41	$ 0.41	$ 0.41

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022		Sep. 30, 2021
Cash Flows From Operating Activities
Net income (loss)	$ 17,492		$ 96,840
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs and discounts	17,070		10,491
Accretion of deferred loan fees and discounts	(18,942)		(15,693)
Payment-in-kind interest	(1,413)		(1,676)
(Income) Loss from equity method investments	(1,319)		(2,085)
Provision for (reversal of) credit losses, net	91,184		(982)
Stock-based compensation expense	6,341		6,014
Changes in operating assets and liabilities:
Accrued interest receivable, net	(15,333)		1,488
Other assets	1,642		(355)
Accrued interest payable	8,195		2,112
Accounts payable, accrued expenses and other liabilities	(1,596)		41
Due to affiliates	632		663
Net cash provided by (used in) operating activities	103,953		96,858
Cash Flows From Investing Activities
Proceeds from principal repayments and sale/syndication of commercial real estate loans, held-for-investment	1,035,110		1,674,488
Origination of commercial real estate loans, held-for-investment	(2,004,587)		(2,247,673)
Investment in real estate owned	(1,119)		0
Net cash provided by (used in) investing activities	(970,596)		(573,185)
Cash Flows From Financing Activities
Proceeds from borrowings under secured financing agreements	1,901,607		2,080,383
Proceeds from issuance of collateralized loan obligations	847,500		1,095,250
Net proceeds from issuances of common stock	194,225		0
Net proceeds from issuances of preferred stock	151,167		167,066
Payments of common stock dividends	(85,551)		(71,756)
Payments of preferred stock dividends	(16,214)		(5,675)
Principal repayments on collateralized loan obligations	0		(810,000)
Principal repayments on loan participations	0		(66,248)
Payments of debt and collateralized debt obligation issuance costs	(26,004)		(17,504)
Principal repayments on borrowings under secured financing agreements	(2,153,944)		(1,694,571)
Payments of stock issuance costs	(936)		(414)
Payments to reacquire common stock	(28,340)		0
Tax withholding on stock-based compensation	0		(1,720)
Net cash provided by (used in) financing activities	783,510		674,811
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(83,133)		198,484
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	273,770		110,832
Cash, Cash Equivalents and Restricted Cash at End of Period	190,637		309,316
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	183,341	[1]	307,731
Restricted cash	7,296		1,585
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	190,637		309,316
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	119,240		69,492
Cash paid during the period for income taxes	0		409
Supplemental Schedule of Non-Cash Investing and Financing Activities
Loan principal payments held by servicer	0		8,205
Dividend declared, not yet paid	$ 29,815		$ 24,348
[1]Includes $79.0 million and $54.0 million held in collateralized loan obligation as of September 30, 2022 and December 31, 2021, respectively.

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022, KKR beneficially owned 10,000,001 shares, or 14.4% 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	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation — The accompanying unaudited condensed consolidated financial statements and related notes of KREF are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and instructions to Form 10-Q. The condensed consolidated financial statements, including the accompanying notes, are unaudited and exclude some of the disclosures required in annual financial statements. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements have been condensed or omitted. The condensed consolidated financial statements include the accounts of KREF and its consolidated subsidiaries, and all intercompany transactions and balances have been eliminated. In the opinion of management, all adjustments considered necessary for a fair presentation of KREF’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with KREF's Annual Report on Form 10-K. Risks and Uncertainties — The 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. In response to the pandemic, several countries took 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. While such restrictions have largely been lifted, governments and businesses may reinstitute restrictions if new strains of COVID-19 emerge, 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 2021 and 2022, the global economy has, with certain setbacks, begun reopening, and wider distribution of vaccines will likely encourage greater economic activity. While vaccine availability and uptake has increased, the longer-term macro-economic effects of the pandemic continue to impact many industries, including those of certain of KREF’s borrowers. Moreover, the increase in remote working arrangements in response to the pandemic may contribute to a decline in commercial real estate values and reduce demand for commercial real estate compared to pre-pandemic levels, which may adversely impact certain of KREF's borrowers and may persist even as the pandemic continues to subside. In addition, the COVID-19 pandemic continues to disrupt global supply chains, has caused labor shortages and has added broad inflationary pressures, each of 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. In response to such inflationary pressures, the Federal Reserve has begun raising interest rates in 2022 and has indicated that it foresees further interest rate increases throughout the year and into 2023 and 2024. Higher interest rates imposed by the Federal Reserve to address inflation may adversely impact real estate asset values and increase our interest expense, which expense may not be fully offset by any resulting increase in interest income, and may lead to decreased prepayments from KREF's borrowers and an increase in the number of KREF's borrowers who exercise extension options. Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management makes subjective estimates to project cash flows KREF expects to receive on its investments in loans and securities as well as the related market discount rates, which significantly impact 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 that (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) that 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 (“CLOs”) 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 CLOs, comprised of a pool of loan participations, are included in “Commercial real estate loans, held-for-investment, net” on the Condensed Consolidated Balance Sheets. The liabilities of KREF's consolidated CLOs consist solely of obligations to the senior CLO noteholders, excluding subordinated CLO tranches held by KREF as such interests are eliminated in consolidation, and are presented in “Collateralized loan obligations, net” on the Condensed Consolidated Balance Sheets. The collateral assets of the CLOs can only be used to settle the obligations of the consolidated CLOs. The interest income from the CLOs’ collateral assets and the interest expense on the CLOs’ liabilities are presented on a gross basis in “Interest income” and “Interest expense”, respectively, in KREF's Condensed 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 10). 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 Condensed 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 adjusted the carrying value of the SNVPS to its redemption value quarterly. The SNVPS Redemption Value Adjustment was treated similar to a dividend on preferred stock for GAAP purposes and therefore was deducted from (or added back to) “Net Income (Loss)” to arrive at “Net Income (Loss) Attributable to Common Stockholders” on KREF's Condensed Consolidated Statements of Income. 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 Condensed Consolidated Balance Sheets and its share of unrealized gains or losses in “Income (loss) from equity method investments” in its Condensed Consolidated Statements of Income. Management elected the fair value option for KREF's investment in RECOP I. KREF classifies distributions received from equity method investees using the cumulative earnings approach. Distributions received up to the cumulative earnings from each equity method investee are considered returns on investment and presented within “Cash Flows from Operating Activities” in the Condensed Consolidated Statements of Cash Flows; excess distributions received are considered returns of investment and presented within “Cash Flows From Investing Activities” in the Condensed Consolidated Statements of Cash Flows. Fair Value — GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 - Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. KREF follows this hierarchy for its financial instruments. The classifications are based on the lowest level of input that is significant to the fair value measurement. Valuation Process — The Manager reviews the valuation of Level 3 financial instruments as part of KKR's quarterly process. As of September 30, 2022, 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 an 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 September 30, 2022 and December 31, 2021, KREF was required to maintain unrestricted cash and cash equivalents of at least $51.9 million and $65.6 million, respectively, to satisfy its liquidity covenants (Note 5). As of September 30, 2022 and December 31, 2021, KREF had $7.3 million and $2.3 million of restricted cash held in lender-controlled bank accounts, respectively. Such amount is presented within "Other Assets" in the Condensed 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 Condensed Consolidated Balance Sheets. The allowance for credit losses attributed to unfunded loan commitments is included in “Accounts payable, accrued expenses and other liabilities” on the Condensed Consolidated Balance Sheets. 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 an underlying third-party CMBS/CRE loan database with historical loan losses from 1998 through 2022 and (ii) a 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 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. For collateral dependent loans that KREF determines 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 where 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 the amortized cost basis of the loan. A loan is determined to be collateral dependent if (i) a borrower or sponsor is experiencing financial difficulty, and (ii) the loan is expected to be substantially repaid through the operation or sale of the underlying collateral; such determination requires the use of significant judgment and can be based on several factors subject to uncertainty. 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 assumes 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 (reversal of) credit losses, net” in the Consolidated Statements of Income. REO assets, except for land, are depreciated using the straight-line method over estimated useful lives. Renovations and/or replacements that improve or extend the life of the REO asset are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. REO assets are evaluated for impairment on a quarterly basis. KREF considers the following factors when performing the impairment analysis: (1) significant underperformance relative to anticipated operating results; (2) significant negative industry and economic outlook or trends; (3) expected material costs necessary to extend the life or operate the REO asset; and (4) KREF’s ability to hold and dispose of the REO asset in the ordinary course of business. A REO asset is considered for impairment when the sum of estimated future undiscounted cash flows to be generated by the REO asset over the estimated remaining holding period is less than the carrying value of such REO asset. An impairment charge is recorded when the carrying value of the REO exceeds the fair value. When determining the fair value of a REO asset, KREF makes certain assumptions including, but not limited to, projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the REO asset. 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 Condensed Consolidated Balance Sheets. Any original issuance discount or deferred financing costs are amortized through the maturity date of the secured term loan as additional non-cash interest expense. Convertible Notes, Net — KREF accounts for its convertible debt with a cash conversion feature in accordance with ASC 470-20, Debt with Conversion and Other Options, which requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. KREF measured the estimated fair value of the debt component of the 6.125% convertible senior notes due May 15, 2023 (“Convertible Notes”) as of the issuance date based on KREF’s nonconvertible debt borrowing rate. The equity component of the Convertible Notes is reflected within "Additional paid-in capital" on the Condensed Consolidated Balance Sheets, and the resulting debt discount is amortized over the period during which such Convertible Notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense using the interest method, or on a straight line basis when it approximates the interest method. The additional non-cash interest expense attributable to such convertible notes will increase in subsequent periods through the maturity date as the notes accrete to their par value over the same period (Note 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 September 30, 2022, othe

Commercial Real Estate Loans

Commercial Real Estate Loans	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021: Weighted Average (C) Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % Coupon (D) Life (Years) (E) September 30, 2022 Loans held-for-investment Senior loans (F) $ 7,254,289 $ 7,209,207 $ 7,098,824 72 100.0 % 6.4 % 3.5 Mezzanine and other loans (G) 103,192 97,358 96,943 4 94.7 13.6 3.2 Total/Weighted Average $ 7,357,481 $ 7,306,565 $ 7,195,767 76 99.9 % 6.5 % 3.4 December 31, 2021 Loans held-for-investment Senior loans (F) $ 6,263,370 $ 6,222,058 $ 6,200,078 59 100.0 % 3.9 % 3.6 Mezzanine and other loans (G) 100,735 94,675 94,411 4 94.5 11.2 4.0 Total/Weighted Average $ 6,364,105 $ 6,316,733 $ 6,294,489 63 99.9 % 4.1 % 3.6 (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 loan principal. (D) Weighted average coupon assumes the greater of applicable index rate, including one-month LIBOR and Term SOFR, or the applicable contractual rate floor. (E) The weighted average life assumes all extension options are exercised by the borrowers. (F) Senior loans may include accommodation mezzanine loans in connection with the senior mortgage financing. Also, includes CLO loan participations of $2,221.0 million and $1,246.0 million a s of September 30, 2022 and December 31, 2021, respectively. (G) Includes one real estate corporate loan to a multifamily operator with a principal and a carrying value of $40.0 million and $39.5 million , respectively, as of September 30, 2022, and $41.1 million and $40.3 million, respectively, as of December 31, 2021. Activity — For the nine months ended September 30, 2022, the loan portfolio activity was as follows: Amortized Cost Allowance for Carrying Value Balance at December 31, 2021 $ 6,316,733 $ (22,244) $ 6,294,489 Originations and future fundings, net (A) 2,004,587 — 2,004,587 Proceeds from sales and loan repayments (1,035,110) — (1,035,110) Accretion of loan discount and other amortization, net (B) 18,942 — 18,942 Payment-in-kind interest 1,413 — 1,413 (Provision for) Reversal of credit losses — (88,554) (88,554) Balance at September 30, 2022 $ 7,306,565 $ (110,798) $ 7,195,767 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes accretion of applicable discounts, certain fees and deferred loan origination costs. As of September 30, 2022 and December 31, 2021, there was $45.4 million and $41.9 million , respectively, of unamortized origination discounts and deferred fees included in "Commercial real estate loans, held-for-investment, net" on the Condensed Consolidated Balance Sheets. KREF recognized prepayment fee income of $1.5 million and $6.8 million , respectively, during the three and nine months ended September 30, 2022. KREF recognized net accelerated fee income of $0.7 million and $1.6 million , respectively, during the three and nine months ended September 30, 2022. KREF recognized net accelerated deferred loan fees and prepayment fee income of $6.4 million and $8.5 million , respectively, during the three and nine months ended September 30, 2021. 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 September 30, 2022, KREF had no outstanding PIK interest in connection with loan modifications. 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 carrying value of the loan portfolio based on KREF's internal risk ratings: September 30, 2022 December 31, 2021 Risk Rating Number of Loans (B) Carrying Value Total Loan Exposure (A) Total Loan Exposure % Number of Loans (B) Carrying Value Total Loan Exposure (A) Total Loan Exposure % 1 — $ — $ — — % 1 $ 243,549 $ 243,552 3.6 % 2 1 91,287 91,476 1.2 3 410,293 411,424 6.2 3 69 6,367,631 6,670,183 87.6 54 5,268,590 5,627,927 84.3 4 3 496,219 497,466 6.6 4 394,301 394,336 5.9 5 3 351,428 351,716 4.6 1 — — — Total loan receivable 76 $ 7,306,565 $ 7,610,841 100.0 % 63 $ 6,316,733 $ 6,677,239 100.0 % Allowance for credit losses (110,798) (22,244) Loan receivable, net $ 7,195,767 $ 6,294,489 (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 $258.9 million and $318.6 million of such non-consolidated interests as of September 30, 2022 and December 31, 2021, respectively. (B) Includes one impaired 5-rated mezzanine retail loan that was fully written off. As of September 30, 2022, KREF had one risk-rated 4 senior loan secured by office properties located in Philadelphia, PA that was past its current maturity date of September 2022. The maximum maturity date of this senior loan, assuming all extension options are exercised, is July 2023. The loan had an amortized cost of $161.8 million and was not pledged to any secured financing facility as of September 30, 2022. The borrower paid its October monthly interest payment subsequent to quarter end. As of September 30, 2022, the average risk rating of KREF's portfolio was 3.1, weig hted by total loan exposure, as compared to 2.9 as of December 31, 2021. 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 September 30, 2022 and December 31, 2021 in the corresponding table. September 30, 2022 Amortized Cost by Year of Origination Risk Rating Number of Loans (A) Outstanding Principal 2022 2021 2020 2019 2018 Prior Total Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 1 91,477 — — — 91,287 — — 91,287 3 69 6,411,322 1,646,778 3,469,767 348,877 471,556 410,511 20,142 6,367,631 4 3 497,466 — 190,654 — 143,740 161,825 — 496,219 5 3 357,216 — — — 157,115 — 194,313 351,428 76 $ 7,357,481 $ 1,646,778 $ 3,660,421 $ 348,877 $ 863,698 $ 572,336 $ 214,455 $ 7,306,565 (A) Includes one impaired 5-rated mezzanine retail loan that was fully written off. December 31, 2021 Amortized Cost by Year of Origination Risk Rating Number of Loans (A) Outstanding Principal 2021 2020 2019 2018 2017 Prior Total Commercial Real Estate Loans 1 1 $ 243,552 $ — $ — $ — $ 243,549 $ — $ — $ 243,549 2 3 411,424 — 130,400 — 85,943 193,950 — 410,293 3 54 5,309,293 3,523,611 203,961 1,017,080 523,938 — — 5,268,590 4 4 394,336 — — 76,221 210,701 107,379 — 394,301 5 1 5,500 — — — — — — — 63 $ 6,364,105 $ 3,523,611 $ 334,361 $ 1,093,301 $ 1,064,131 $ 301,329 $ — $ 6,316,733 (A) Includes one impaired 5-rated mezzanine retail loan that was fully written off. Allowance for Credit Losses — The following tables present the changes to the allowance for credit losses for the nine months ended September 30, 2022 and 2021, respectively: Commercial Unfunded Loan Commitments Total Balance at December 31, 2021 $ 22,244 $ 1,495 $ 23,739 Provision for (reversal of) credit losses, net 88,554 2,630 91,184 Write-off charged — — — Recoveries — — — Balance as September 30, 2022 $ 110,798 $ 4,125 $ 114,923 Commercial Unfunded Loan Commitments Total Balance at December 31, 2020 $ 59,801 $ 902 $ 60,703 Provision for (reversal of) credit losses, net (994) 13 (981) Write-off charged — — — Recoveries — — — Balance as September 30, 2021 $ 58,807 $ 915 $ 59,722 As of September 30, 2022, the allowance for credit losses was $114.9 million, which represented an increase of $80.6 million and $91.2 million during the three and nine months ended September 30, 2022, respectively. The allowance for credit losses was impacted by increased uncertainty in the macro-economic outlook, including weakening credit indicators, surging inflationary pressures and rising short-term interest rates. In addition, the office sector has experienced volatility and reduced liquidity. As a result, the increase in the allowance was primarily due to additional provisions on the KREF’s risk-rated 4 and 5 loans, which are all collateralized by office properties. KREF had one risk-rated 5 senior office loan located in Philadelphia, PA, originated April 2019, with an outstanding principal balance of $157.3 million and an unfunded commitment of $25.3 million as of September 30, 2022. The property experienced slower than anticipated leasing activity due to softness in the overall Philadelphia market and COVID-accelerated office trends. This loan is current on contractual interest payments and its next maturity is May 2023. KREF had one risk-rated 5 senior office loan located in Minneapolis, MN, originated November 2017, with an outstanding principal balance of $194.4 million and no unfunded commitment as of September 30, 2022. There is uncertainty as to whether the borrower will be able to obtain refinancing with desirable economic terms in the current market. This loan is current on contractual interest payments and its next maturity is December 2022. The $1.0 million net benefit from the reversal of credit losses during the nine months ended September 30, 2021 was primarily attributable to a more stable macro-economic outlook based on improved observed economic data, partially offset by an increase to the allowance for risk-rated 4 and 5 loans and an increase to the allowance related to newly originated 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: September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Geography (A) Collateral Property Type California 16.9 % 10.8 % Multifamily 45.4 % 46.7 % Texas 16.3 15.0 Office 24.2 25.4 Florida 10.1 10.5 Industrial 12.1 4.4 Virginia 8.5 6.7 Life Science 7.1 9.3 Massachusetts 7.8 10.3 Hospitality 5.0 6.9 Pennsylvania 7.1 8.2 Condo (Residential) 3.0 3.9 Washington D.C. 5.8 4.7 Student Housing 2.8 3.1 New York 5.8 11.5 Single Family Rental 0.3 0.2 Washington 3.8 3.6 Retail 0.1 0.1 North Carolina 2.8 2.0 Total 100.0 % 100.0 % Minnesota 2.8 3.1 Arizona 2.3 1.2 Georgia 2.3 2.2 Nevada 2.1 1.6 Illinois 1.6 3.8 Colorado 1.1 2.7 Other U.S. 2.9 2.1 Total 100.0 % 100.0 % (A) Excludes one real estate corporate loan to a multifamily operator with an outstanding principal amount of $40.0 million and $41.1 million , representing 0.5% and 0.6% of KREF’s commercial real estate loans, as of September 30, 2022 and December 31, 2021, respectively.

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 2022
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, OR. The loan had a risk rating of 5 and was 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 Condensed 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 presents the REO assets and liabilities included on KREF's Condensed Consolidated Balance Sheets: September 30, 2022 December 17, 2021 (C) Assets Cash $ 1,229 $ 3,377 Real estate owned - land 78,569 78,569 Real estate owned - land improvements 1,119 — In-place lease intangibles (A) 284 335 Tenant receivables (A) 657 — Other assets (A) 19 1,119 Total $ 81,877 $ 83,400 Liabilities Below-market lease intangibles (B) $ 1,552 $ 1,825 Accounts payable, accrued expenses and other liabilities (B) 1,932 1,742 Total $ 3,484 $ 3,567 (A) Included in “Other assets” on the Condensed Consolidated Balance Sheets. (B) Included in “Accounts payable, accrued expenses and other liabilities” on the Condensed Consolidated Balance Sheets. (C) The REO operations and related income (loss) were immaterial between the acquisition date and December 31, 2021. KREF assumed certain legacy lease arrangements upon the acquisition of the REO and has entered into short-term lease arrangements during the redevelopment process. These arrangements entitle KREF to receive contractual rent payments during the lease periods and tenant reimbursements for certain property operating expenses, including common area costs, insurance, utilities and real estate taxes. KREF elects the practical expedient to not separate the lease and non-lease components of the rent payments and accounts for these lease arrangements as operating leases. The following table presents the REO operations and related income (loss) included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Rental income (A) $ 1,908 $ 5,773 Other operating income (A) 185 781 Expenses from real estate owned operations 2,598 7,520 Other income (B) 45 1,382 Total $ (461) $ 417 (A) Included in “Revenue from real estate owned operations” on the Condensed Consolidated Statements of Income. (B) Represents nonrecurring local tax and energy credits received. The following table presents the amortization of lease intangibles included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended Income Statement Location September 30, 2022 September 30, 2022 Asset In-place lease intangibles Expenses from real estate owned operations 17 50 Liability Below-market lease intangibles Revenue from real estate owned operations 91 273 The following table presents the amortization of lease intangibles for each of the five succeeding fiscal years: Year In-place Lease Intangible Assets Below-market Lease Intangible Liabilities 2022 $ 17 $ 92 2023 67 365 2024 67 365 2025 67 365 2026 67 365 Future Minimum Lease Payments — The following table presents the future minimum lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses: Year Contractual 2022 $ 2,349 2023 3,811 2024 2,932 2025 2,234 2026 1,180 Thereafter —

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 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 $ 715,981 $ 713,925 Sep 2026 4.4 % 2.6 $ 978,669 $ 967,968 $ 957,673 3.9 $ 978,615 Morgan Stanley (F) Dec 2016 600,000 583,716 583,415 Dec 2023 5.1 1.0 790,539 785,813 776,154 3.3 382,081 Goldman Sachs (G) Sep 2016 240,000 123,658 122,912 Oct 2025 5.3 2.4 287,517 282,844 281,585 4.0 189,456 Term Lending Agreements KREF Lending V (H) Jun 2019 567,115 539,050 538,621 Jun 2026 4.8 0.5 686,622 686,143 664,130 1.3 617,185 KREF Lending IX (I) Jul 2021 1,000,000 642,438 633,223 n.a 5.0 2.4 813,181 805,757 802,926 4.3 493,853 KREF Lending XII (J) Jun 2022 350,000 161,140 159,553 n.a 4.8 3.1 217,395 215,713 214,982 4.5 — Warehouse Facility HSBC Facility (K) Mar 2020 500,000 — — Mar 2023 — 0.4 — — — n.a (55) Asset Specific Financing BMO Facility (L) Aug 2018 300,000 — — n.a — 0.0 — — — n.a 60,000 KREF Lending XI (M) Apr 2022 100,000 100,000 98,942 n.a 6.0 1.9 125,000 124,324 124,178 3.9 — KREF Lending XIII (N) Aug 2022 265,625 38,165 34,853 n.a 6.2 3.9 44,900 41,901 41,818 4.9 — Revolving Credit Agreement Revolver (O) Dec 2018 610,000 — — Mar 2027 — 4.5 n.a n.a n.a n.a 135,000 Total / Weighted Average $ 5,532,740 $ 2,904,148 $ 2,885,444 4.9 % 1.8 $ 2,856,135 (A) Net of $18.7 million and $11.3 million unamortized deferred financing costs as of September 30, 2022 and December 31, 2021, 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, including one-month LIBOR and Term SOFR, and (ii) a margin, based on the collateral. As of September 30, 2022 and December 31, 2021, 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 30.8% and 30.3%, respectively (or 25.5% and 25.9%, respectively, if KREF had borrowed the maximum amount approved by its repurchase agreement counterparties as of such dates). (E) The current stated maturity date is September 2024, which does not reflect two twelve-month facility term extension options available to KREF, which are subject to certain covenants and thresholds. As of September 30, 2022, the collateral-based margin was betwe en 1.25% and 1.55%. (F) The current stated maturity is December 2022, with a one-year extension option upon KREF giving written notice and another two one-year extension periods subject to approval by the lender. In addition, KREF has the option to increase the facility amount to $750.0 million. As of September 30, 2022, the collateral-based margin was be tween 1.70% and 2.40%. (G) In September 2022, KREF paid an extension fee to extend the final extended maturity date to October 2025. As of September 30, 2022, the collateral-base margin was betwe en 1.75% and 3.20%. (H) 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 September 30, 2022, the Initial Buyer held 23.8% 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. The current stated maturity is June 2023, s ubject to three additional one-year extension options, which may be exercised by KREF upon the satisfaction of certain customary conditions and thresholds. (I) 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"). In March 2022, KREF increased the borrowing capacity to $750.0 million. In August 2022, KREF further increased the borrowing capacity to $1,000.0 million. The facility, which provides financing on a non-mark-to-market basis with partial recourse to KREF, has a three-year draw period and match-term to the underlying loans. As of September 30, 2022, the collateral-based margin was betwe en 1.65% and 1.79%. (J) KREF, through its wholly–owned subsidiary KREF Lending XII LLC, entered into a $350.0 million Master Repurchase Agreement and Securities Contract with a financial institution ("KREF Lending XII Facility"). The facility, which provides financing on a non-mark-to-market basis with partial recourse to KREF, has a two-year draw period and match-term to the underlying loans. In addition, KREF has the option to increase the facility amount to $500.0 million. As of September 30, 2022, the collateral-based margin was between 1.35% and 1.45% . (K) 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. (L) KREF entered into a $200.0 million loan financing facility with BMO Harris Bank ("BMO Facility") and subsequently increased the borrowing capacity to $300.0 million. The facility provides asset-based financing on a non-mark to market basis with match-term up to five years with partial recourse to KREF. (M) KREF, through its wholly-owned subsidiary KREF Lending XI LLC, entered into a $100.0 million loan financing facility with a financial institution ("KREF Lending XI Facility"). The facility provides match-term asset-based financing on a non-mark-to-market and non-recourse basis. As of September 30, 2022, the collateral-based margin was 2.65% . (N) KREF, through its wholly-owned subsidiary KREF Lending XIII LLC, entered into a $265.6 million loan financing facility with a financial institution ("KREF Lending XIII Facility"). The facility provides match-term asset-based financing on a non-mark-to-market an d non-recourse basis. As of September 30, 2022, the collateral-based margin was 3.0%. (O) KREF entered into a $100.0 million corporate revolving credit facility (“Revolver”) administered by Morgan Stanley Senior Funding, Inc. Additional lenders were added subsequently, further increasing the Revolver borrowing capacity to $610.0 million as of September 30, 2022. The current stated maturity of the facility is March 2027 . 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 September 30, 2022, the carrying value excluded $5.2 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. As of September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) September 30, 2022 Wells Fargo $ 715,981 $ 254,175 15.9 % 2.6 Morgan Stanley 583,716 195,815 12.3 1.0 KREF Lending IX 642,438 165,872 10.4 2.4 Goldman Sachs 123,658 162,289 10.2 2.4 Total / Weighted Average $ 2,065,793 $ 778,151 48.8 % 2.1 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 (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% of the net counterparty exposure as a percent of stockholders' equity as of December 31, 2021. 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 match-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 were 1.8% and 1.6% a s of September 30, 2022 and December 31, 2021, respectively. The following tables summarize our borrowings under the Term Loan Facility: September 30, 2022 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 10 $ 719,961 $ 716,517 $ 688,843 + 3.4% n.a. February 2026 Financing provided n.a. 584,033 583,681 583,681 + 1.8% n.a. February 2026 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 (A) Floating rate loans and related liabilities are indexed to one-month LIBOR and/or Term SOFR. 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 weighted by outstanding principal, using the maximum maturity date of the underlying loans assuming all extension options are exercised by the borrower. Activity — For the nine months ended September 30, 2022, 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, 2021 $ 3,726,593 Principal borrowings 1,901,607 Principal repayments/sales (2,151,319) Deferred debt issuance costs (15,715) Amortization of deferred debt issuance costs 7,960 Balance as of September 30, 2022 $ 3,469,126 Maturities — KREF’s secured financing agreements, term loan financing and other consolidated debt obligations in place as of September 30, 2022 had contractual maturities as follows: Year Nonrecourse Recourse (A) Total 2022 $ 220,535 $ 49,245 $ 269,780 2023 892,789 248,386 1,141,175 2024 854,634 158,439 1,013,073 2025 423,976 141,325 565,301 Thereafter 404,751 94,100 498,851 $ 2,796,685 $ 691,495 $ 3,488,180 (A) Except for the Revolver, which is full recourse, amounts borrowed subject to a maximum 25.0% recourse limit. The Revolver expires in March 2027. 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 $1,353.4 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 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 a $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 fourth quarter of 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 September 30, 2022. The following table summarizes KREF’s secured term loan at September 30, 2022 and December 31, 2021, respectively: September 30, 2022 December 31, 2021 Principal amount $ 347,375 $ 350,000 Unamortized discount (4,907) (5,652) Deferred financing costs (5,287) (5,799) Carrying amount $ 337,181 $ 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 September 30, 2022 and December 31, 2021.

Collateralized Loan Obligations

Collateralized Loan Obligations	9 Months Ended
	Sep. 30, 2022
Transfers and Servicing [Abstract]
Collateralized Loan Obligations	Collateralized Loan Obligations 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 LLC ("KCM"), an affiliate of KREF . In February 2022, KREF financed a pool of loan participations from its existing multifamily loan portfolio through a managed CLO ("KREF 2022-FL3"). KREF 2022-FL3 provides KREF with match-term financing on a non-mark-to-market and non-recourse basis and has a two-year reinvestment feature. Upon the execution of the KREF 2022-FL3, KREF recorded $7.4 million in issuance costs, inclusive of $0.5 million in structuring and placement agent fees paid to KCM. The CLO issuance costs are netted against the outstanding principal balance of the CLO notes in "Collateralized loan obligations, net" in the Condensed Consolidated B alance Sheets. The following tables outline CLO collateral assets and respective borrowing as of September 30, 2022 and December 31, 2021: September 30, 2022 Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Wtd. Avg. Term (B) KREF 2021-FL2 Collateral assets (C)(D) 19 $ 1,300,000 $ 1,300,000 $ 1,281,618 + 3.3% January 2026 Financing provided 1 1,095,250 1,091,258 1,091,258 L + 1.7% February 2039 KREF 2022-FL3 Collateral assets (C) 15 $ 1,000,000 $ 1,000,000 $ 995,326 + 3.0% September 2026 Financing provided 1 847,500 842,398 842,398 S + 2.1% February 2039 December 31, 2021 KREF 2021-FL2 Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost Wtd. Avg. Term (B) Collateral assets (C)(D) 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 (A) Expressed as a spread over the relevant benchmark rates, which include one-month LIBOR and Term SOFR, as applicable to each loan. As of September 30, 2022, 83.9% and 16.1% of the CLO collateral loan assets by principal balance earned a floating rate of interest indexed to one-month LIBOR and Term SOFR, respectively. In addition to cash coupon, yield/cost includes the amortization of deferred origination/financing costs. (B) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrowers, weighted by outstanding principal. Repayments of CLO notes are dependent on timing of underlying collateral loan asset repayments post reinvestment period. The term of the CLO notes represents the rated final distribution date. (C) Collateral loan assets repres ent 30.2% and 19.6% of the principal of KREF's commercial real estate loans as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022 and December 31, 2021, 100% of KREF loans financed through the CLOs are floating rate loans. (D) Including $79.0 million and $54.0 million cash held in CLO as of September 30, 2022 and December 31, 2021, respectively. The following table presents the CLO assets and liabilities included in KREF’s Condensed Consolidated Balance Sheets: Assets September 30, 2022 December 31, 2021 Cash $ 79,000 $ 54,000 Commercial real estate loans, held-for-investment 2,221,000 1,246,000 Less: Allowance for credit losses (23,056) (3,255) Commercial real estate loans, held-for-investment, net 2,197,944 1,242,745 Accrued interest receivable 8,687 3,091 Other assets 155 766 Total $ 2,285,786 $ 1,300,602 Liabilities Collateralized loan obligations, net (A) $ 1,933,656 $ 1,087,976 Accrued interest payable 3,160 852 Total $ 1,936,816 $ 1,088,828 (A) Net of $9.1 million and $7.3 million of unamortized deferred financing costs as of September 30, 2022 and December 31, 2021, respectively. The following table presents the components of net interest income of CLOs included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net Interest Income Interest income $ 31,403 $ 11,979 $ 72,289 $ 33,932 Interest expense (A) 20,325 3,926 41,152 9,857 Net interest income $ 11,078 $ 8,053 $ 31,137 $ 24,075 (A) Net of interest expense on internally held CLO notes. Includ es $2.0 million and $5.7 million of deferred financing costs amortization for the three and nine months ended September 30, 2022 , respectively.

Secured Term Loan, Net

Secured Term Loan, Net	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 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 $ 715,981 $ 713,925 Sep 2026 4.4 % 2.6 $ 978,669 $ 967,968 $ 957,673 3.9 $ 978,615 Morgan Stanley (F) Dec 2016 600,000 583,716 583,415 Dec 2023 5.1 1.0 790,539 785,813 776,154 3.3 382,081 Goldman Sachs (G) Sep 2016 240,000 123,658 122,912 Oct 2025 5.3 2.4 287,517 282,844 281,585 4.0 189,456 Term Lending Agreements KREF Lending V (H) Jun 2019 567,115 539,050 538,621 Jun 2026 4.8 0.5 686,622 686,143 664,130 1.3 617,185 KREF Lending IX (I) Jul 2021 1,000,000 642,438 633,223 n.a 5.0 2.4 813,181 805,757 802,926 4.3 493,853 KREF Lending XII (J) Jun 2022 350,000 161,140 159,553 n.a 4.8 3.1 217,395 215,713 214,982 4.5 — Warehouse Facility HSBC Facility (K) Mar 2020 500,000 — — Mar 2023 — 0.4 — — — n.a (55) Asset Specific Financing BMO Facility (L) Aug 2018 300,000 — — n.a — 0.0 — — — n.a 60,000 KREF Lending XI (M) Apr 2022 100,000 100,000 98,942 n.a 6.0 1.9 125,000 124,324 124,178 3.9 — KREF Lending XIII (N) Aug 2022 265,625 38,165 34,853 n.a 6.2 3.9 44,900 41,901 41,818 4.9 — Revolving Credit Agreement Revolver (O) Dec 2018 610,000 — — Mar 2027 — 4.5 n.a n.a n.a n.a 135,000 Total / Weighted Average $ 5,532,740 $ 2,904,148 $ 2,885,444 4.9 % 1.8 $ 2,856,135 (A) Net of $18.7 million and $11.3 million unamortized deferred financing costs as of September 30, 2022 and December 31, 2021, 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, including one-month LIBOR and Term SOFR, and (ii) a margin, based on the collateral. As of September 30, 2022 and December 31, 2021, 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 30.8% and 30.3%, respectively (or 25.5% and 25.9%, respectively, if KREF had borrowed the maximum amount approved by its repurchase agreement counterparties as of such dates). (E) The current stated maturity date is September 2024, which does not reflect two twelve-month facility term extension options available to KREF, which are subject to certain covenants and thresholds. As of September 30, 2022, the collateral-based margin was betwe en 1.25% and 1.55%. (F) The current stated maturity is December 2022, with a one-year extension option upon KREF giving written notice and another two one-year extension periods subject to approval by the lender. In addition, KREF has the option to increase the facility amount to $750.0 million. As of September 30, 2022, the collateral-based margin was be tween 1.70% and 2.40%. (G) In September 2022, KREF paid an extension fee to extend the final extended maturity date to October 2025. As of September 30, 2022, the collateral-base margin was betwe en 1.75% and 3.20%. (H) 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 September 30, 2022, the Initial Buyer held 23.8% 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. The current stated maturity is June 2023, s ubject to three additional one-year extension options, which may be exercised by KREF upon the satisfaction of certain customary conditions and thresholds. (I) 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"). In March 2022, KREF increased the borrowing capacity to $750.0 million. In August 2022, KREF further increased the borrowing capacity to $1,000.0 million. The facility, which provides financing on a non-mark-to-market basis with partial recourse to KREF, has a three-year draw period and match-term to the underlying loans. As of September 30, 2022, the collateral-based margin was betwe en 1.65% and 1.79%. (J) KREF, through its wholly–owned subsidiary KREF Lending XII LLC, entered into a $350.0 million Master Repurchase Agreement and Securities Contract with a financial institution ("KREF Lending XII Facility"). The facility, which provides financing on a non-mark-to-market basis with partial recourse to KREF, has a two-year draw period and match-term to the underlying loans. In addition, KREF has the option to increase the facility amount to $500.0 million. As of September 30, 2022, the collateral-based margin was between 1.35% and 1.45% . (K) 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. (L) KREF entered into a $200.0 million loan financing facility with BMO Harris Bank ("BMO Facility") and subsequently increased the borrowing capacity to $300.0 million. The facility provides asset-based financing on a non-mark to market basis with match-term up to five years with partial recourse to KREF. (M) KREF, through its wholly-owned subsidiary KREF Lending XI LLC, entered into a $100.0 million loan financing facility with a financial institution ("KREF Lending XI Facility"). The facility provides match-term asset-based financing on a non-mark-to-market and non-recourse basis. As of September 30, 2022, the collateral-based margin was 2.65% . (N) KREF, through its wholly-owned subsidiary KREF Lending XIII LLC, entered into a $265.6 million loan financing facility with a financial institution ("KREF Lending XIII Facility"). The facility provides match-term asset-based financing on a non-mark-to-market an d non-recourse basis. As of September 30, 2022, the collateral-based margin was 3.0%. (O) KREF entered into a $100.0 million corporate revolving credit facility (“Revolver”) administered by Morgan Stanley Senior Funding, Inc. Additional lenders were added subsequently, further increasing the Revolver borrowing capacity to $610.0 million as of September 30, 2022. The current stated maturity of the facility is March 2027 . 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 September 30, 2022, the carrying value excluded $5.2 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. As of September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) September 30, 2022 Wells Fargo $ 715,981 $ 254,175 15.9 % 2.6 Morgan Stanley 583,716 195,815 12.3 1.0 KREF Lending IX 642,438 165,872 10.4 2.4 Goldman Sachs 123,658 162,289 10.2 2.4 Total / Weighted Average $ 2,065,793 $ 778,151 48.8 % 2.1 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 (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% of the net counterparty exposure as a percent of stockholders' equity as of December 31, 2021. 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 match-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 were 1.8% and 1.6% a s of September 30, 2022 and December 31, 2021, respectively. The following tables summarize our borrowings under the Term Loan Facility: September 30, 2022 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 10 $ 719,961 $ 716,517 $ 688,843 + 3.4% n.a. February 2026 Financing provided n.a. 584,033 583,681 583,681 + 1.8% n.a. February 2026 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 (A) Floating rate loans and related liabilities are indexed to one-month LIBOR and/or Term SOFR. 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 weighted by outstanding principal, using the maximum maturity date of the underlying loans assuming all extension options are exercised by the borrower. Activity — For the nine months ended September 30, 2022, 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, 2021 $ 3,726,593 Principal borrowings 1,901,607 Principal repayments/sales (2,151,319) Deferred debt issuance costs (15,715) Amortization of deferred debt issuance costs 7,960 Balance as of September 30, 2022 $ 3,469,126 Maturities — KREF’s secured financing agreements, term loan financing and other consolidated debt obligations in place as of September 30, 2022 had contractual maturities as follows: Year Nonrecourse Recourse (A) Total 2022 $ 220,535 $ 49,245 $ 269,780 2023 892,789 248,386 1,141,175 2024 854,634 158,439 1,013,073 2025 423,976 141,325 565,301 Thereafter 404,751 94,100 498,851 $ 2,796,685 $ 691,495 $ 3,488,180 (A) Except for the Revolver, which is full recourse, amounts borrowed subject to a maximum 25.0% recourse limit. The Revolver expires in March 2027. 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 $1,353.4 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 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 a $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 fourth quarter of 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 September 30, 2022. The following table summarizes KREF’s secured term loan at September 30, 2022 and December 31, 2021, respectively: September 30, 2022 December 31, 2021 Principal amount $ 347,375 $ 350,000 Unamortized discount (4,907) (5,652) Deferred financing costs (5,287) (5,799) Carrying amount $ 337,181 $ 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 September 30, 2022 and December 31, 2021.

Convertible Notes, Net

Convertible Notes, Net	9 Months Ended
	Sep. 30, 2022
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 there after, 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. 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 KCM. 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 carrying value of the Convertible Notes on KREF's Condensed Consolidated Balance Sheets: September 30, 2022 December 31, 2021 Principal $ 143,750 $ 143,750 Deferred financing costs (638) (1,405) Unamortized discount (224) (494) Carrying value $ 142,888 $ 141,851 The following table details the interest expense related to the Convertible Notes: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cash coupon $ 2,201 $ 2,202 $ 6,604 $ 6,604 Discount and issuance cost amortization 349 350 1,037 1,037 Total interest expense $ 2,550 $ 2,552 $ 7,641 $ 7,641 Accrued interest payable for the Convertible Notes was $3.3 million and $1.1 million as of September 30, 2022 and December 31, 2021. Refer to Note 2 for additional discussion of accounting policies for the Convertible Notes.

Loan Participations Sold

Loan Participations Sold	9 Months Ended
	Sep. 30, 2022
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 an 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 condensed consolidated financial statements. 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	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022, the joint venture held REO assets with a net carrying value of $69.8 million . KREF has priority of distributions up to $70.5 million before the JV Partner can participate in the economics of the joint venture. Equity Method Investments As of September 30, 2022, 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 $36.9 million . The aggregator vehicle in which KREF invests is controlled and advised by affiliates of the Manager. RECOP I primarily acquired junior tranches of CMBS newly issued by third parties. KREF will not pay any fees to RECOP I, but KREF bears its pro rata share of RECOP I's expenses. KREF reported its share of the net asset value of RECOP I in its Condensed Consolidated Balance Sheets, presented as “Equity method investments” and its share of net income, presented as “Income (loss) from equity method investments” in the Condensed 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 (loss) from equity method investments” in the Condensed 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	9 Months Ended
	Sep. 30, 2022
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 (A) 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 (B) 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 (C) 1 — November 2021 547,361 11,911 As of December 31, 2021 64,759,200 $ 1,282,734 February 2022 (D) 68,817 1,426 March 2022 6,494,155 133,845 As of March 31, 2022 71,322,172 $ 1,418,005 June 2022 2,750,000 53,653 As of June 30, 2022 74,072,172 $ 1,471,658 August 2022 (D) 271,641 5,300 As of September 30, 2022 74,343,813 $ 1,476,958 (A) Excludes 527,378 net shares of common stock issued in connection with vested restricted stock units. (B) 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. (C) 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. (D) Represents shares issued under the ATM. In May 2021 and June 2022, KKR sold 5,750,000 and 4,250,000 shares of KREF common stock, respectively, through secondary offerings, including the exercise of the underwriters' option to purchase additional common shares, and received all of the $100.4 million and $82.9 million net proceeds from the offerings, respectively. 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 10,000,001 and 14,250,001 shares, or 14.4% and 23.2% of KREF's outstanding common stock as of September 30, 2022 and December 31, 2021, respectively. In March and June of 2022, KREF issued 6,494,155 and 2,750,000 shares of common stock in an underwritten offering, respectively, which included the partial exercise of the underwriters’ option to purchase additional shares of common stock, and received net proceeds after underwriting discounts and commissions of $133.8 million and $53.7 million, respectively. During the nine months ended September 30, 2022 and 2021, 15,520 and 18,052 shares of common stock were 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 74,871,191 comm on shares KREF issued, there were 69,338,283 common shares outstanding as of September 30, 2022, which includ es 527,378 net sh ares of common stock issued in connection with vested restricted stock units and is net of 5,532,908 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. During the three months ended September 30, 2022, KREF repurchased 587,890 shares of common stock under the repurchase program at an average price per share o f $17.42, for a total of $10.3 million. During the nine months ended September 30, 2022, KREF repurchased 1,632,582 shares of common stock under the repurchase program at an average price per share o f $17.33, for a total of $28.3 million. During the nine months ended September 30, 2021, KREF did not repurchase any of its common stock. As of September 30, 2022, KREF had $71.7 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. During the three and nine months ended September 30, 2022, KREF issued and sold 271,641 and 340,458 shares of common stock under the ATM, generating net proceeds totaling $5.3 million and $6.7 million, respectively. As of September 30, 2022, $93.2 million remained available for issuance under the ATM. 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 had special voting rights related to the election of members to KREF's board of directors until KKR and its affiliates ceased 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 decreasing 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 were held by a wholly-owned TRS of KREF ("KREF TRS"). All distributions received by KREF TRS from these Non-Voting Manager Units were 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"), owned and controlled the limited liability company interests of the Manager. Dividends on the SNVPS were payable quarterly, and accrued whether or not KREF had earnings, there were assets legally available for the payment of those dividends or those dividends had been declared. Any dividend payment made on the SNVPS would 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 was 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 included KREF's common stock. As KREF did not control the circumstances under which the holder of the SNVPS could redeem its interests, management considered the SNVPS as temporary equity (Note 2). KREF was 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 paid 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 was canceled automatically and ceased to be outstanding. Concurrently, upon redemption of the SNVPS, the KKR Member acquired 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 and January 2022, KREF issued 6,900,000 and 6,210,000 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 and $151.2 million, respectively. 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. 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 nine months ended September 30, 2022 and 2021, 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 2022 March 15, 2022 March 31, 2022 April 15, 2022 $ 0.43 $ 29,211 June 15, 2022 June 30, 2022 July 15, 2022 0.43 29,951 September 13, 2022 September 30, 2022 October 14, 2022 0.43 29,815 $ 88,977 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 $ 71,764 During the nine months ended September 30, 2022, 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 2022 February 1, 2022 February 28, 2022 March 15, 2022 $ 0.41 $ 5,326 April 22, 2022 May 31, 2022 June 15, 2022 $ 0.41 5,326 July 19, 2022 August 31, 2022 September 15, 2022 $ 0.41 $ 5,326 $ 15,978 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 $ 5,015

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022, 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 September 30, 2022, 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 during the vesting periods, at the same rate as those declared on the common stock. In February 2022, KREF's board of directors approved a modification that entitled the unvested RSU awards granted prior to December 2021 to dividends during the vesting periods, at the same rate as those declared on the common stock, starting with the first quarter of 2022. 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, 2021 808,330 $ 19.50 Granted 27,625 19.91 Vested (15,520) 19.65 Forfeited / cancelled (28,501) 19.04 Unvested as of September 30, 2022 791,934 $ 19.53 (A) The grant-date fair value is based upon the closing 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 375,716 2023 286,439 2024 129,779 Total 791,934 KREF recognizes the compensation cost of RSUs awarded to employees of the Manager, or one or more of its affiliates, on a straight-line basis over the awards’ term at their grant date fair value, consistent with the RSUs awarded to certain members of KREF's board of directors. During the three and nine months ended September 30, 2022, KREF recognized $2.2 million and $6.3 million , respectively, of stock-based compensation expense included in “General and administrative” expense in the Condensed Consolidated Statements of Income. During the three and nine months ended September 30, 2021, KREF recognized $2.0 million and $6.0 million , respectively, of stock-based compensation expense. As of September 30, 2022, there was $7.9 million of total unrecognized stock-based compensation expense related to unvested share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 1.0 year . During the nine months ended September 30, 2022 and 2021, KREF declared $1.0 million and $0.0 million , respectively, of nonforfeitable dividends on unvested RSUs. Such nonforfeitable dividends were deducted from “Retained earnings (Accumulated deficit)” in the Condensed Consolidated Statement of Changes in 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 Condensed Consolidated Statement of Changes in Equity . No shares were delivered for vested RSUs during the nine months ended September 30, 2022. Refer to Note 15 for additional information regarding the Incentive Plan.

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2022
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 and if-converted methods or the two-class method. Under the treasury stock and if-converted methods, the denominator includes weighted average common stock outstanding plus the incremental dilutive shares issuable from restricted stock units and an assumed conversion of the Convertible Notes. The numerator includes any changes in income (loss) that would result from the assumed conversion of these potential shares of common stock. For the nine months ended September 30, 2022, 6,316,174 potentially issuable shares related to the Convertible Notes were included in the dilutive EPS denominator after the adoption of ASU 2020-06. For the three months ended September 30, 2022, such shares were excluded from the dilutive EPS denominator because the effect was anti-dilutive. For the three and nine months ended September 30, 2021, before the adoption of ASU 2020-06, all potentially issuable shares related to the Convertible Notes were excluded from the calculation of diluted EPS because KREF had the intent and ability to settle the Convertible Notes in cash. The following table illustrates the computation of basic and diluted EPS for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic Earnings Net Income (Loss) $ (42,754) $ 35,671 $ 17,775 $ 96,840 Less: Preferred stock dividends and redemption value adjustment 5,326 3,682 15,978 6,403 Less: Participating securities' share in earnings 341 — 1,028 — Net income (loss) attributable to common stockholders $ (48,421) $ 31,989 $ 769 $ 90,437 Diluted Earnings Net income (loss) attributable to common stockholders $ (48,421) $ 31,989 $ 769 $ 90,437 Add: Interest expense attributable to the Convertible Notes — — — — Less: Reallocation of undistributed earnings to participating securities — — — — Net income (loss) attributable to common stockholders, diluted $ (48,421) $ 31,989 $ 769 $ 90,437 Denominator Basic weighted average common shares outstanding 69,382,730 55,637,480 67,029,140 55,629,810 Dilutive shares under assumed conversion of the Convertible Notes — — — — Dilutive restricted stock units (A) — 373,763 — 253,387 Diluted weighted average common shares outstanding 69,382,730 56,011,243 67,029,140 55,883,197 Net income (loss) attributable to common stockholders, per: Basic common share $ (0.70) $ 0.57 $ 0.01 $ 1.63 Diluted common share $ (0.70) $ 0.57 $ 0.01 $ 1.62 (A) For the three and nine months ended September 30, 2022, 285,834 and 222,369 weighted average unvested RSUs, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2022, 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 September 30, 2022, 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 September 30, 2022, KREF had future funding commitments of $1,649.1 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 September 30, 2022, KREF had a remaining commitment of $4.3 million to RECOP I. COVID-19 — 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. In response to the pandemic, several countries took 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. While such restrictions have largely been lifted, governments and businesses may reinstitute restrictions if new strains of COVID-19 emerge, 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 2021 and 2022, the global economy has, with certain setbacks, begun reopening, and wider distribution of vaccines will likely encourage greater economic activity. While vaccine availability and uptake has increased, the longer-term macro-economic effects of the pandemic continue to impact many industries, including those of certain of KREF’s borrowers. Moreover, the increase in remote working arrangements in response to the pandemic may contribute to a decline in commercial real estate values and reduce demand for commercial real estate compared to pre-pandemic levels, which may adversely impact certain of KREF's borrowers and may persist even as the pandemic continues to subside. In addition, the COVID-19 pandemic continues to disrupt global supply chains, has caused labor shortages and has added broad inflationary pressures, each of 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. Macroeconomic Environment — In response to inflationary pressures, the Federal Reserve has begun raising interest rates in 2022 and has indicated that it foresees further interest rate increases throughout the year and into 2023 and 2024. Higher interest rates imposed by the Federal Reserve to address inflation may adversely impact real estate asset values and increase our interest expense, which expense may not be fully offset by any resulting increase in interest income, and may lead to decreased prepayments from KREF's borrowers and an increase in the number of KREF's borrowers who exercise extension options.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
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 weighted average adjusted equity and quarterly incentive compensation equal to 20.0% of the excess of (a) the trailing 12-month distributable earnings (before incentive compensation payable to the Manager) over (b) 7.0% of the trailing 12-month weighted average adjusted equity (“Hurdle Rate”), less incentive compensation KREF already paid to the Manager with respect to the first three calendar quarters of such trailing 12-month period. The quarterly incentive compensation is calculated and paid in arrears with a one-quarter lag. Adjusted equity generally represents the proceeds received by KREF and its subsidiaries from equity issuances, without duplication and net of offering costs, and distributable earnings, reduced by distributions, equity repurchases, and incentive compensation paid. Distributable earnings generally represent the net income, or loss, attributable to equity interests in KREF and its subsidiaries, without duplication, as well as realized losses not otherwise included in such net income, or loss, excluding non-cash equity compensation expense, incentive compensation, depreciation and amortization and unrealized gains or losses, from and after the effective date to the end of the most recently completed calendar quarter. KREF's board of directors, after majority approval by independent directors, may also exclude one-time events pursuant to changes in GAAP and certain material non-cash income or expense items from distributable earnings. For purposes of calculating incentive compensation, adjusted equity excludes: (i) the effects of equity issued by KREF and its subsidiaries that provides for fixed distributions or other debt characteristics and (ii) unrealized provision for (reversal of) credit losses. KREF is also required to reimburse the Manager or its affiliates for documented costs and expenses incurred by it and its affiliates on behalf of KREF, except those specifically required to be borne by the Manager under the Management Agreement. The Manager is responsible for, and KREF does not reimburse the Manager or its affiliates for, the expenses related to investment personnel of the Manager and its affiliates who provide services to KREF. However, KREF does reimburse the Manager for KREF's allocable share of compensation paid to certain of the Manager’s non-investment personnel, based on the percentage of time devoted by such personnel to KREF's affairs. Incentive Plan — KREF's compensation committee or board of directors may administer the Incentive Plan, which provides for awards of stock options; stock appreciation rights; restricted stock; RSUs; limited partnership interests of KKR Real Estate Finance Holdings L.P. (the "Operating Partnership"), a wholly owned subsidiary of KREF, that are directly or indirectly convertible into or exchangeable or redeemable for shares of KREF's common stock pursuant to the limited partnership agreement of the Operating Partnership (“OP Interests”); awards payable by (i) delivery of KREF's common stock or other equity interests, or (ii) reference to the value of KREF's common stock or other equity interests, including OP Interests; cash-based awards; or performance compensation awards. No more than 7.5% of the issued and outstanding shares of common stock on a fully diluted basis, assuming the exercise of all outstanding stock options granted under the Incentive Plan and the conversion of all warrants and convertible securities into shares of common stock, or a total of 4,028,387 shares of common stock, will be available for awards under the Incentive Plan. In addition, (i) the maximum number of shares of common stock subject to awards granted during a single fiscal year to any non-employee director (as defined in the Incentive Plan), taken together with any cash fees paid to such non-employee director during the fiscal year, may not exceed $1.0 million and (ii) the maximum amount that can be paid to any participant for a single fiscal year during a performance period (or with respect to each single fiscal year if a performance period extends beyond a single fiscal year) pursuant to a performance compensation award denominated in cash may not exceed $10.0 million. No awards may be granted under the Incentive Plan on and after February 12, 2026. The Incentive Plan will continue to apply to awards granted prior to such date. During the three and nine months ended September 30, 2022, KREF granted zero and 27,625 RSUs to KREF's directors, respectively. During the three and nine months ended September 30, 2021, KREF granted zero and 15,520 RSUs to KREF's directors, respectively. During the year ended December 31, 2021, KREF granted 415,520 RSUs to KREF's directors and employees of the Manager. As of September 30, 2022, 2,709,075 shar es of common stock remained available for awards under the Incentive Plan. Due to Affiliates — The following table contains the amounts presented in KREF's Condensed Consolidated Balance Sheets that it owes to affiliates: September 30, 2022 December 31, 2021 Management fees $ 6,589 $ 5,289 Expense reimbursements and other (A) 2,682 663 $ 9,271 $ 5,952 (A) Includes $2.7 million and $0.6 million of accrued KCM fees as of September 30, 2022 and December 31, 2021, respectively. Affiliates Expenses — The following table contains the amounts included in KREF's Condensed Consolidated Statements of Income that arose from transactions with the Manager: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Management fees $ 6,589 $ 4,964 $ 19,102 $ 14,089 Incentive compensation — 2,215 — 6,810 Expense reimbursements and other (A) 904 362 3,412 1,161 $ 7,493 $ 7,541 $ 22,514 $ 22,060 (A) KREF presents these amounts in "General and administrative" in its Condensed Consolidated Statements of Income. Affiliate expense reimbursements presented in the table above exclude the out-of-pocket amounts paid by the Manager to parties unaffiliated with the Manager on behalf of KREF, and for which KREF reimburses the Manager in cash. For the three and nine months ended September 30, 2022, these cash reimbursements totaled $0.9 million and $3.5 million , respectively; and for the three and nine months ended September 30, 2021, these cash reimbursements totaled $0.4 million and $2.8 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 sold 271,641 and 340,458 shares under the ATM through a third-party broker and did not incur or pay any commissions to KCM during the three and nine months ended September 30, 2022, respectively. 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 nine months ended September 30, 2022 and 2021, KREF did not incur or pay any KCM 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 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 January 2022, and in consideration for its services as joint bookrunner, KREF incurred and paid KCM $1.6 million and $1.3 million in underwriting discount and commission, respectively. The underwriting discount and commission was settled net of the preferred stock issuance proceeds and recorded as a reduction to additional paid-in-capital in KREF's condensed consolidated financial statements. 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. In connection with the upsize of the KREF Lending IX Facility in March and August 2022, and in consideration for its services as the arranger, KREF paid KCM $1.7 million in structuring fees during the nine months ended September 30, 2022 and accrued additional $2.7 million as of September 30, 2022. In connection with the KREF 2021-FL2 and KREF 2022-FL3 CLO issuances in August 2021 and February 2022, and in consideration for its services as the co-lead manager and joint bookrunner, KREF paid KCM $0.9 million and $0.5 million, respectively, in structuring and placement agent fees in the third quarter of 2021 and first quarter of 2022. These fees were capitalized as deferred financing cost and amortized to interest expense over the estimated life of the CLOs. In connection with the extension and upsize of the Revolver in March 2022, and in consideration for its services as the arranger, KREF is obligated to pay KCM an arrangement fee equal to 0.375% of the aggregate amount of existing commitments plus 0.75% of the aggregate amount of new commitments. Such fees were capitalized as deferred financing cost included within "Other assets" on the Condensed Consolidated Balance Sheet and amortized to interest expense over the life of the Revolver. KREF paid $3.3 million of arrangement fees in connection with the Revolver in the second quarter of 2022. In connection with the KREF Lending XI Facility entered into in April 2 022, and in consideration for its services as the structuring agent, KREF paid KCM $0.5 million in structuring fees in the second quarter of 2022. Such fees are capitalized as deferred financing cost and amortized to interest expense over the estimated life of the facility. In connection with the KREF Lending XII Facility entered into in June 2022, and in consideration for structuring and sourcing this arrangement, KREF is obligated to pay KCM a structuring fee equ al to 0.35% of the respective 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. KREF paid $0.6 million in KCM structuring fees in connection with the facility as of September 30, 2022. In connection with the KREF Lending XIII Facility entered into in August 2022, and in consideration for structuring and sourcing this arrangement, KREF is obligated to pay KCM a structuring fee equ al to 0.5% of the facility amount under the agreement. Such fees are capitalized as deferred financing cost and amortized to interest expense over the draw period of the facility. K REF paid $1.3 million in KCM structuring fees in connection with the facility as of September 30, 2022.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022, were as follows: Fair Value Principal Balance Amortized Cost (A) Carrying Value (B) Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 183,341 $ 183,341 $ 183,341 $ 183,341 $ — $ — $ 183,341 Commercial real estate loans, held-for-investment, net (C) 7,357,481 7,306,565 7,195,767 — — 7,253,370 7,253,370 Equity method investments 36,856 36,856 36,856 — — 36,856 36,856 $ 7,577,678 $ 7,526,762 $ 7,415,964 $ 183,341 $ — $ 7,290,226 $ 7,473,567 Liabilities Secured financing agreements, net $ 3,488,181 $ 3,469,126 $ 3,469,126 $ — $ — $ 3,469,126 $ 3,469,126 Collateralized loan obligations, net 1,942,750 1,933,656 1,933,656 — — 1,852,284 1,852,284 Secured term loan, net 347,375 337,181 337,181 — 346,507 — 346,507 Convertible notes, net 143,750 142,888 142,888 — 143,069 — 143,069 $ 5,922,056 $ 5,882,851 $ 5,882,851 $ — $ 489,576 $ 5,321,410 $ 5,810,986 (A) The amortized cost of commercial real estate loans is net of $5.5 million write-off on a mezzanine loan and $45.4 million unamortized origination discounts and deferred fees. The amortized cost of secured financing agreements is net of $19.1 million unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $9.1 million unamortized debt issuance costs. (B) The carrying value of commercial mortgage loans is net of $110.8 million allowance for credit losses. (C) Includes $2,221.0 million of CLO loan participations as of September 30, 2022. 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, 2021, were as follows: Fair Value Principal Balance Amortized Cost (A) Carrying Value (B) 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 (C) 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 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. (B) The carrying value of commercial mortgage loans is net of $22.2 million allowance for credit losses. (C) Includes $1,246.0 million of CLO loan participations as of December 31, 2021. 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 September 30, 2022: Fair Value Valuation Methodologies Unobservable Inputs (A) Weighted Average (B) Range Assets and Liabilities (C) Commercial real estate loans, held-for-investment (D) $ 7,253,370 Discounted cash flow Discount rate 4.3% 2.9% - 17.2% $ 7,253,370 (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 $36.9 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 a 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. KREF measures commercial real estate loans held-for-sale at the lower of cost or fair value and may be required, from time to time, to record a nonrecurring fair value adjustment. KREF measures commercial real estate loans held-for-investment at amortized cost, but may be required, from time to time, to record a nonrecurring fair value adjustment in the form of a valuation provision or impairment. KREF did not report any significant financial assets or liabilities at fair value on a nonrecurring basis as of September 30, 2022 and December 31, 2021. 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 September 30, 2022, the fair value of KREF's financing facilities approximated their respective carrying value.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
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 nine months ended September 30, 2022 and 2021, KREF recorded income tax (benefit) provision of zero and $0.3 million respectively, related to the operations of its taxable REIT subsidiaries and various other state and local taxes. There were no deferred tax assets or liabilities as of September 30, 2022 and December 31, 2021. As of September 30, 2022, tax y ears 2017 through 2021 r emain subject to examination by taxing authorities.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following events occurred subsequent to September 30, 2022: Financing Activities Loan Financing Facility In October 2022, KREF entered into a new $125.0 million asset specific financing facility, which provides non-recourse m atched-term asset-based financing on a non-mark-to-market basis. Corporate Activities Stock Repurchase In October 2022, KREF repurchased 452,788 shares of its common stock at an average price per share of $16.41 for a total of $7.4 million. Dividends In October 2022, KREF paid $29.8 million in dividends on its common stock, or $0.43 per share, with respect to the third quarter of 2022, to stockholders of record on September 30, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying unaudited condensed consolidated financial statements and related notes of KREF are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and instructions to Form 10-Q. The condensed consolidated financial statements, including the accompanying notes, are unaudited and exclude some of the disclosures required in annual financial statements. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements have been condensed or omitted. The condensed consolidated financial statements include the accounts of KREF and its consolidated subsidiaries, and all intercompany transactions and balances have been eliminated. In the opinion of management, all adjustments considered necessary for a fair presentation of KREF’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with KREF's Annual Report on Form 10-K.
Risks and Uncertainties	Risks and Uncertainties — The 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. In response to the pandemic, several countries took 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. While such restrictions have largely been lifted, governments and businesses may reinstitute restrictions if new strains of COVID-19 emerge, 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 2021 and 2022, the global economy has, with certain setbacks, begun reopening, and wider distribution of vaccines will likely encourage greater economic activity. While vaccine availability and uptake has increased, the longer-term macro-economic effects of the pandemic continue to impact many industries, including those of certain of KREF’s borrowers. Moreover, the increase in remote working arrangements in response to the pandemic may contribute to a decline in commercial real estate values and reduce demand for commercial real estate compared to pre-pandemic levels, which may adversely impact certain of KREF's borrowers and may persist even as the pandemic continues to subside. In addition, the COVID-19 pandemic continues to disrupt global supply chains, has caused labor shortages and has added broad inflationary pressures, each of 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. In response to such inflationary pressures, the Federal Reserve has begun raising interest rates in 2022 and has indicated that it foresees further interest rate increases throughout the year and into 2023 and 2024. Higher interest rates imposed by the Federal Reserve to address inflation may adversely impact real estate asset values and increase our interest expense, which expense may not be fully offset by any resulting increase in interest income, and may lead to decreased prepayments from KREF's borrowers and an increase in the number of KREF's borrowers who exercise extension options.
Use of Estimates	Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management makes subjective estimates to project cash flows KREF expects to receive on its investments in loans and securities as well as the related market discount rates, which significantly impact 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 that (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) that 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 (“CLOs”) 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 CLOs, comprised of a pool of loan participations, are included in “Commercial real estate loans, held-for-investment, net” on the Condensed Consolidated Balance Sheets. The liabilities of KREF's consolidated CLOs consist solely of obligations to the senior CLO noteholders, excluding subordinated CLO tranches held by KREF as such interests are eliminated in consolidation, and are presented in “Collateralized loan obligations, net” on the Condensed Consolidated Balance Sheets. The collateral assets of the CLOs can only be used to settle the obligations of the consolidated CLOs. The interest income from the CLOs’ collateral assets and the interest expense on the CLOs’ liabilities are presented on a gross basis in “Interest income” and “Interest expense”, respectively, in KREF's Condensed 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 10). 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 Condensed 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 Condensed Consolidated Balance Sheets and its share of unrealized gains or losses in “Income (loss) from equity method investments” in its Condensed Consolidated Statements of Income. Management elected the fair value option for KREF's investment in RECOP I. KREF classifies distributions received from equity method investees using the cumulative earnings approach. Distributions received up to the cumulative earnings from each equity method investee are considered returns on investment and presented within “Cash Flows from Operating Activities” in the Condensed Consolidated Statements of Cash Flows; excess distributions received are considered returns of investment and presented within “Cash Flows From Investing Activities” in the Condensed Consolidated Statements of Cash Flows.
Fair Value	Fair Value — GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 - Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. KREF follows this hierarchy for its financial instruments. The classifications are based on the lowest level of input that is significant to the fair value measurement. Valuation Process — The Manager reviews the valuation of Level 3 financial instruments as part of KKR's quarterly process. As of September 30, 2022, 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 an inaccurate representation of the fair value of the CLO liabilities (based on considerations given to observable market data), management then compiles evidence independently and presents the independent valuation firm with such evidence supporting a different value. As a result, the independent valuation firm may revise their price after evaluating any additional evidence. However, if management continues to disagree with the price from the independent valuation firm, in light of evidence that management compiled independently and believes to be compelling, valuations are then prepared using inputs based on non-binding broker quotes obtained from independent, well-known, major financial brokers that are CLO market makers. In validating any non-binding broker quote used in this circumstance, management compares the non-binding quote to the observable market data points in addition to understanding the valuation methodologies used by the market makers. These market participants may utilize a similar methodology as the independent valuation firm to value the CLO liabilities, with the key input of expected yield determined independently based on both observable and unobservable factors. To avoid reliance on any single broker-dealer, management receives a minimum of two non-binding quotes, of which the average is used. Other Valuation Matters — For Level 3 financial assets originated, or otherwise acquired, and financial liabilities assumed during the current calendar quarter that were conducted in an orderly transaction with an unrelated party, management generally believes that the transaction price provides the most observable indication of fair value given the illiquid nature of these financial instruments, unless management is aware of any circumstances that may cause a material change in the fair value through the remainder of the quarterly reporting period. For instance, significant changes to the underlying property or its planned operations may cause material changes in the fair value of commercial real estate loans acquired, or originated, by KREF. KREF’s determination of fair value is based upon the best information available for a given circumstance and may incorporate assumptions that are management’s best estimates after consideration of a variety of internal and external factors. When an independent valuation firm expresses an opinion on the fair value of a financial instrument in the form of a range, management selects a value within the range provided by the independent valuation firm, generally the midpoint, to assess the reasonableness of management’s estimated fair value for that financial instrument.
Sales of Financial Assets and Financing Agreements	Sales of Financial Assets and Financing Agreements — KREF will, from time to time, transfer loans, securities and other assets as well as finance assets in the form of secured borrowings. In each case, management evaluates whether the transaction constitutes a sale through legal isolation of the transferred financial asset from KREF, the ability of the transferee to pledge or exchange the transferred asset without constraint and the transfer of control of the transferred asset. For transfers that constitute sales, KREF (i) recognizes the financial assets it retains and liabilities it has incurred, if any, (ii) derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished and (iii) recognizes a realized gain, or loss, based upon the excess, or deficient, proceeds received over the carrying value of the transferred asset. KREF does not recognize a gain, or loss, on interests retained, if any, where management elected the fair value option prior to sale.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash — KREF considers cash equivalents as highly liquid short-term investments with maturities of 90 days or less when purchased. Substantially all amounts on deposit with major financial institutions exceed insured limits.
Commercial Real Estate Loans Held-For-Investment and Allowance for Credit Losses	Commercial Real Estate Loans Held-For-Investment and Allowance for Credit Losses — KREF recognizes its investments in commercial real estate loans based on management's intent, and KREF's ability, to hold those investments through their contractual maturity. Management classifies those loans that management does not intend to sell in the foreseeable future, and KREF is able to hold until maturity, as held-for-investment. Loans that are held-for-investment are carried at their aggregate outstanding principal, net of applicable (i) unamortized origination or acquisition premiums and discounts, (ii) unamortized deferred nonrefundable fees and other direct loan origination costs, and (iii) allowance for credit losses, net of write-offs of impaired loans . If a loan is determined to be impaired, management writes off the loan through a charge to the "Allowance for credit losses" and respective loan balance. On January 1, 2020, KREF adopted ASU No. 2016-13, Financial Instruments-Credit Losses , and subsequent amendments (“ASU 2016-13”), which replaced the incurred loss methodology with an expected loss model known as the Current Expected Credit Loss ("CECL") model. CECL amended the previous credit loss model to reflect a reporting entity's current estimate of all expected credit losses, not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, and off-balance sheet credit exposures such as unfunded loan commitments. The allowance for credit losses required under ASU 2016-13 is deducted from the respective loans’ amortized cost basis on KREF's Condensed Consolidated Balance Sheets. The allowance for credit losses attributed to unfunded loan commitments is included in “Accounts payable, accrued expenses and other liabilities” on the Condensed Consolidated Balance Sheets. 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 an underlying third-party CMBS/CRE loan database with historical loan losses from 1998 through 2022 and (ii) a 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 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. For collateral dependent loans that KREF determines 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 where 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 the amortized cost basis of the loan. A loan is determined to be collateral dependent if (i) a borrower or sponsor is experiencing financial difficulty, and (ii) the loan is expected to be substantially repaid through the operation or sale of the underlying collateral; such determination requires the use of significant judgment and can be based on several factors subject to uncertainty.
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 assumes 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 (reversal of) credit losses, net” in the Consolidated Statements of Income. REO assets, except for land, are depreciated using the straight-line method over estimated useful lives. Renovations and/or replacements that improve or extend the life of the REO asset are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. REO assets are evaluated for impairment on a quarterly basis. KREF considers the following factors when performing the impairment analysis: (1) significant underperformance relative to anticipated operating results; (2) significant negative industry and economic outlook or trends; (3) expected material costs necessary to extend the life or operate the REO asset; and (4) KREF’s ability to hold and dispose of the REO asset in the ordinary course of business. A REO asset is considered for impairment when the sum of estimated future undiscounted cash flows to be generated by the REO asset over the estimated remaining holding period is less than the carrying value of such REO asset. An impairment charge is recorded when the carrying value of the REO exceeds the fair value. When determining the fair value of a REO asset, KREF makes certain assumptions including, but not limited to, projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the REO asset.
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 Condensed Consolidated Balance Sheets. Any original issuance discount or deferred financing costs are amortized through the maturity date of the secured term loan as additional non-cash interest expense. Convertible Notes, Net
Loan Participations Sold, Net	Loan Participations Sold, Net — In connection with its investments in CRE loans, KREF finances certain investments through the syndication of non-recourse, or limited-recourse, loan participation to unaffiliated third parties. KREF’s presentation of the senior loan and related financing involved in the syndication depends upon whether the transaction is recognized as a sale under GAAP, though such differences in presentation do not generally impact KREF’s net stockholders’ equity or net income aside from timing differences in the recognition of certain transaction costs. To the extent that a sale is recognized under GAAP from the syndication, KREF derecognizes the participation in the senior/whole loan that KREF sold and continues to carry the retained portion of the loan as an investment. While KREF does not generally expect to recognize a material gain or loss on these sales, KREF would realize a gain or loss in an amount equal to the difference between the net proceeds received from the third party purchaser and its carrying value of the loan participation that KREF sold at time of sale. Furthermore, KREF recognizes interest income only on the portion of the loan that it retains as a result of the sale. 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
Dividends Payable	Dividends Payable — K REF records dividends payable on its common stock and preferred stock upon declaration of such d
Special Non-Voting Preferred Stock	Special Non-Voting Preferred Stock — Equity instruments that are redeemable for cash or other assets are classified as temporary equity if the instrument is redeemable, at the option of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely within the control of the issuer. Redeemable equity instruments are initially carried at the fair value of the equity instrument at the issuance date, which is subsequently adjusted at each balance sheet date if the instrument is currently redeemable or probable of becoming redeemable. KREF accounted for the SNVPS as redeemable preferred stock since a third party held a redemption option, exercisable after May 5, 2018, and such redemption was not solely within KREF's control. As a result, starting with the second quarter of 2018, KREF adjusted the carrying value of the SNVPS to its redemption value quarterly.
Repurchased Stock	Repurchased Stock — KREF accounts for repurchases of its common stock based on the settlement date and presents repurchased stock in “Repurchased stock” on its Condensed Consolidated Balance Sheets (Note 11). Payments for stock repurchases that are not yet settled as of the reporting date are presented within “Other assets” on the Condensed Consolidated Balance Sheets.
Income Recognition	Income Recognition Interest Income — KREF accrues interest income on 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. Revenue from Real Estate Owned Operations — Revenue from REO operations is primarily comprised of rental income, including base rent and reimbursements of property operating expenses. For leases that have fixed and measurable base rent escalations, KREF recognizes base rent on a straight-line basis over the non-cancelable lease terms. The difference between such rental income earned and the cash rent amount is recorded as straight-line rent receivable and presented within "Other assets" on the Condensed Consolidated Balance Sheets. Reimbursement of property operating expenses arises from tenant leases which provide for the recovery of certain operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred. Rental income is presented within “ Revenue from real estate owned operations ” in the Condensed Consolidated Statements of Income. Other Income — KREF recognizes interest income earned on its cash balances and miscellaneous fee income in “Other income” on its Condensed Consolidated Statements of Income. Realized Gain (Loss) on Sale of Investments — KREF recognizes the excess, or deficiency, of net proceeds received, less the net carrying value of such investments, as realized gains or losses, respectively. KREF reverses cumulative, unrealized gains or losses previously reported in its Condensed Consolidated Statements of Income with respect to the investment sold at the time of sale.
Commercial Real Estate Loans, Held-For-Investment	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) the underlying collateral performance and/or value, (ii) communications with the borrower, (iii) compliance with debt covenants, (iv) events of default by the borrower, or (v) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. 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. Loans are placed on nonaccrual status when principal or interest is 90 days or more past due unless the loan is both well secured and in the process of collection, or when repayment of interest and principal is, in our judgment, in doubt. Interest received on loans placed on nonaccrual status may be accounted for under the cost-recovery method under certain circumstances. Management may return a loan to accrual status when repayment of principal and interest is reasonably assured. As of September 30, 2022, one mezzanine loan with an outstanding principal balance of $5.5 million was on nonaccrual status and was fully written-off (Note 3). In certain circumstances, KREF may also modify the original terms of a loan agreement by granting a concession to a borrower experiencing financial difficulty. Such modifications are considered troubled debt restructurings (“TDR”) under GAAP and typically include interest rate reductions, payment extension and modification of loan covenants. 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 2—Low Risk 3—Medium Risk 4—High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss.
Accrued Interest Receivables	Accrued Interest Receivables — KREF elected not to measure an allowance for credit losses for accrued interest receivables. KREF generally writes off an accrued interest receivable balance when interest is 90 days or more past due unless the loan is both well secured and in the process of collection. Write-offs of accr ued interest receivable are recognized as “Provision for (reversal of) credit losses, net” in the Condensed Consolidated Statements of Income.
Tenant Receivables	Tenant Receivables — KREF periodically reviews its tenant receivables for collectability, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. Tenant receivables, including receivables arising from the straight-lining of rents, are written-off directly when management deems that the collectability of substantially all future lease payments from a specified lease is not probable of collection, at which point, KREF will begin recognizing revenue on a cash basis, based on actual amounts received. Any receivables that are deemed to be uncollectable are recognized as a reduction to “ Revenue from real estate owned operations ” in the Condensed Consolidated Statements of Income
Interest Expense	Interest Expense
Deferred Debt Issuance Costs	Deferred Debt Issuance Costs — KREF capitalizes and amortizes deferred financing costs incurred in connection with financing arrangements over their respective expected term using the interest method, or on a straight line basis when it approximates the interest method. KREF presents such expensed amounts, as well as deferred amounts written off, as additional interest expense in its Condensed Consolidated Statements of Income.
General and Administrative Expenses	General and Administrative Expenses — KREF expenses general and administrative costs, including legal, diligence and audit fees; information technology costs; insurance premiums; and other costs as incurred.
Management and Incentive Compensation to Affiliate	Management and Incentive Compensation to Affiliate
Income Taxes	Income Taxes — Certain activities of KREF are conducted through joint ventures that are formed as limited liability companies, taxed as partnerships, and consolidated by KREF. Some of these joint ventures are subject to state and local income taxes, based on the tax jurisdictions in which they operate. In addition, certain activities of KREF are conducted through taxable REIT subsidiaries consolidated by KREF. Taxable REIT subsidiaries are subject to federal, state and local income taxes (Note 17). As of September 30, 2022 and December 31, 2021, KREF did not have any material deferred tax assets or liabilities arising from future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities in accordance with GAAP and their respective tax bases. KREF recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in KREF's Condensed Consolidated Statements of Income. As of September 30, 2022, 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 stock, during the vesting period. Such nonforteitable dividends are deducted from "Retained earnings (Accumulated deficit)" in the condensed 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. On January 1, 2022, KREF adopted 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 requires KREF to include convertible instruments in the diluted EPS calculation, regardless of a company's intent and ability to settle such debt in cash. KREF may include 6,316,174 of potentially issuable shares related to its Convertible Notes, when dilutive, in the dilutive EPS calculations.
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 September 30, 2022, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , which eliminates the recognition and measurement guidance for a troubled debt restructuring (TDR) for creditors that have adopted CECL and requires public business entities to present gross write-offs by year of origination in their vintage disclosures. The guidance is effective for KREF in the first quarter of 2023. The guidance allows the use of a prospective or modified retrospective transition method. KREF expects the adoption of ASU 2022-02 to have no significant impact on its condensed consolidated financial statements.

Commercial Real Estate Loans (T

Commercial Real Estate Loans (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021: Weighted Average (C) Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % Coupon (D) Life (Years) (E) September 30, 2022 Loans held-for-investment Senior loans (F) $ 7,254,289 $ 7,209,207 $ 7,098,824 72 100.0 % 6.4 % 3.5 Mezzanine and other loans (G) 103,192 97,358 96,943 4 94.7 13.6 3.2 Total/Weighted Average $ 7,357,481 $ 7,306,565 $ 7,195,767 76 99.9 % 6.5 % 3.4 December 31, 2021 Loans held-for-investment Senior loans (F) $ 6,263,370 $ 6,222,058 $ 6,200,078 59 100.0 % 3.9 % 3.6 Mezzanine and other loans (G) 100,735 94,675 94,411 4 94.5 11.2 4.0 Total/Weighted Average $ 6,364,105 $ 6,316,733 $ 6,294,489 63 99.9 % 4.1 % 3.6 (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 loan principal. (D) Weighted average coupon assumes the greater of applicable index rate, including one-month LIBOR and Term SOFR, or the applicable contractual rate floor. (E) The weighted average life assumes all extension options are exercised by the borrowers. (F) Senior loans may include accommodation mezzanine loans in connection with the senior mortgage financing. Also, includes CLO loan participations of $2,221.0 million and $1,246.0 million a s of September 30, 2022 and December 31, 2021, respectively. (G) Includes one real estate corporate loan to a multifamily operator with a principal and a carrying value of $40.0 million and $39.5 million , respectively, as of September 30, 2022, and $41.1 million and $40.3 million, respectively, as of December 31, 2021. Amortized Cost Allowance for Carrying Value Balance at December 31, 2021 $ 6,316,733 $ (22,244) $ 6,294,489 Originations and future fundings, net (A) 2,004,587 — 2,004,587 Proceeds from sales and loan repayments (1,035,110) — (1,035,110) Accretion of loan discount and other amortization, net (B) 18,942 — 18,942 Payment-in-kind interest 1,413 — 1,413 (Provision for) Reversal of credit losses — (88,554) (88,554) Balance at September 30, 2022 $ 7,306,565 $ (110,798) $ 7,195,767 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes accretion of applicable discounts, certain fees and deferred loan origination costs. The following tables summarize the carrying value of the loan portfolio based on KREF's internal risk ratings: September 30, 2022 December 31, 2021 Risk Rating Number of Loans (B) Carrying Value Total Loan Exposure (A) Total Loan Exposure % Number of Loans (B) Carrying Value Total Loan Exposure (A) Total Loan Exposure % 1 — $ — $ — — % 1 $ 243,549 $ 243,552 3.6 % 2 1 91,287 91,476 1.2 3 410,293 411,424 6.2 3 69 6,367,631 6,670,183 87.6 54 5,268,590 5,627,927 84.3 4 3 496,219 497,466 6.6 4 394,301 394,336 5.9 5 3 351,428 351,716 4.6 1 — — — Total loan receivable 76 $ 7,306,565 $ 7,610,841 100.0 % 63 $ 6,316,733 $ 6,677,239 100.0 % Allowance for credit losses (110,798) (22,244) Loan receivable, net $ 7,195,767 $ 6,294,489 (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 $258.9 million and $318.6 million of such non-consolidated interests as of September 30, 2022 and December 31, 2021, respectively.
Amortized Cost of Loan Portfolio	The following tables present the amortized cost of the loan portfolio by KREF's internal risk rating and year of origination. The risk ratings are updated as of September 30, 2022 and December 31, 2021 in the corresponding table. September 30, 2022 Amortized Cost by Year of Origination Risk Rating Number of Loans (A) Outstanding Principal 2022 2021 2020 2019 2018 Prior Total Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 1 91,477 — — — 91,287 — — 91,287 3 69 6,411,322 1,646,778 3,469,767 348,877 471,556 410,511 20,142 6,367,631 4 3 497,466 — 190,654 — 143,740 161,825 — 496,219 5 3 357,216 — — — 157,115 — 194,313 351,428 76 $ 7,357,481 $ 1,646,778 $ 3,660,421 $ 348,877 $ 863,698 $ 572,336 $ 214,455 $ 7,306,565 (A) Includes one impaired 5-rated mezzanine retail loan that was fully written off. December 31, 2021 Amortized Cost by Year of Origination Risk Rating Number of Loans (A) Outstanding Principal 2021 2020 2019 2018 2017 Prior Total Commercial Real Estate Loans 1 1 $ 243,552 $ — $ — $ — $ 243,549 $ — $ — $ 243,549 2 3 411,424 — 130,400 — 85,943 193,950 — 410,293 3 54 5,309,293 3,523,611 203,961 1,017,080 523,938 — — 5,268,590 4 4 394,336 — — 76,221 210,701 107,379 — 394,301 5 1 5,500 — — — — — — — 63 $ 6,364,105 $ 3,523,611 $ 334,361 $ 1,093,301 $ 1,064,131 $ 301,329 $ — $ 6,316,733 (A) Includes one impaired 5-rated mezzanine retail loan that was fully written off.
Allowance for Credit Losses	The following tables present the changes to the allowance for credit losses for the nine months ended September 30, 2022 and 2021, respectively: Commercial Unfunded Loan Commitments Total Balance at December 31, 2021 $ 22,244 $ 1,495 $ 23,739 Provision for (reversal of) credit losses, net 88,554 2,630 91,184 Write-off charged — — — Recoveries — — — Balance as September 30, 2022 $ 110,798 $ 4,125 $ 114,923 Commercial Unfunded Loan Commitments Total Balance at December 31, 2020 $ 59,801 $ 902 $ 60,703 Provision for (reversal of) credit losses, net (994) 13 (981) Write-off charged — — — Recoveries — — — Balance as September 30, 2021 $ 58,807 $ 915 $ 59,722
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: September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Geography (A) Collateral Property Type California 16.9 % 10.8 % Multifamily 45.4 % 46.7 % Texas 16.3 15.0 Office 24.2 25.4 Florida 10.1 10.5 Industrial 12.1 4.4 Virginia 8.5 6.7 Life Science 7.1 9.3 Massachusetts 7.8 10.3 Hospitality 5.0 6.9 Pennsylvania 7.1 8.2 Condo (Residential) 3.0 3.9 Washington D.C. 5.8 4.7 Student Housing 2.8 3.1 New York 5.8 11.5 Single Family Rental 0.3 0.2 Washington 3.8 3.6 Retail 0.1 0.1 North Carolina 2.8 2.0 Total 100.0 % 100.0 % Minnesota 2.8 3.1 Arizona 2.3 1.2 Georgia 2.3 2.2 Nevada 2.1 1.6 Illinois 1.6 3.8 Colorado 1.1 2.7 Other U.S. 2.9 2.1 Total 100.0 % 100.0 % (A) Excludes one real estate corporate loan to a multifamily operator with an outstanding principal amount of $40.0 million and $41.1 million , representing 0.5% and 0.6% of KREF’s commercial real estate loans, as of September 30, 2022 and December 31, 2021, respectively.

Real Estate Owned (Tables)

Real Estate Owned (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Asset Acquisition	The following table presents the REO assets and liabilities included on KREF's Condensed Consolidated Balance Sheets: September 30, 2022 December 17, 2021 (C) Assets Cash $ 1,229 $ 3,377 Real estate owned - land 78,569 78,569 Real estate owned - land improvements 1,119 — In-place lease intangibles (A) 284 335 Tenant receivables (A) 657 — Other assets (A) 19 1,119 Total $ 81,877 $ 83,400 Liabilities Below-market lease intangibles (B) $ 1,552 $ 1,825 Accounts payable, accrued expenses and other liabilities (B) 1,932 1,742 Total $ 3,484 $ 3,567 (A) Included in “Other assets” on the Condensed Consolidated Balance Sheets. (B) Included in “Accounts payable, accrued expenses and other liabilities” on the Condensed Consolidated Balance Sheets. (C) The REO operations and related income (loss) were immaterial between the acquisition date and December 31, 2021.
Income (Loss) From Real Estate Owned	The following table presents the REO operations and related income (loss) included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Rental income (A) $ 1,908 $ 5,773 Other operating income (A) 185 781 Expenses from real estate owned operations 2,598 7,520 Other income (B) 45 1,382 Total $ (461) $ 417 (A) Included in “Revenue from real estate owned operations” on the Condensed Consolidated Statements of Income. (B) Represents nonrecurring local tax and energy credits received.
Amortization of Lease Intangibles	The following table presents the amortization of lease intangibles included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended Income Statement Location September 30, 2022 September 30, 2022 Asset In-place lease intangibles Expenses from real estate owned operations 17 50 Liability Below-market lease intangibles Revenue from real estate owned operations 91 273
Future Amortization of Lease Intangibles	The following table presents the amortization of lease intangibles for each of the five succeeding fiscal years: Year In-place Lease Intangible Assets Below-market Lease Intangible Liabilities 2022 $ 17 $ 92 2023 67 365 2024 67 365 2025 67 365 2026 67 365
Below Market Lease, Future Amortization Income	The following table presents the amortization of lease intangibles for each of the five succeeding fiscal years: Year In-place Lease Intangible Assets Below-market Lease Intangible Liabilities 2022 $ 17 $ 92 2023 67 365 2024 67 365 2025 67 365 2026 67 365
Future Minimum Lease Payments	The following table presents the future minimum lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses: Year Contractual 2022 $ 2,349 2023 3,811 2024 2,932 2025 2,234 2026 1,180 Thereafter —

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 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 $ 715,981 $ 713,925 Sep 2026 4.4 % 2.6 $ 978,669 $ 967,968 $ 957,673 3.9 $ 978,615 Morgan Stanley (F) Dec 2016 600,000 583,716 583,415 Dec 2023 5.1 1.0 790,539 785,813 776,154 3.3 382,081 Goldman Sachs (G) Sep 2016 240,000 123,658 122,912 Oct 2025 5.3 2.4 287,517 282,844 281,585 4.0 189,456 Term Lending Agreements KREF Lending V (H) Jun 2019 567,115 539,050 538,621 Jun 2026 4.8 0.5 686,622 686,143 664,130 1.3 617,185 KREF Lending IX (I) Jul 2021 1,000,000 642,438 633,223 n.a 5.0 2.4 813,181 805,757 802,926 4.3 493,853 KREF Lending XII (J) Jun 2022 350,000 161,140 159,553 n.a 4.8 3.1 217,395 215,713 214,982 4.5 — Warehouse Facility HSBC Facility (K) Mar 2020 500,000 — — Mar 2023 — 0.4 — — — n.a (55) Asset Specific Financing BMO Facility (L) Aug 2018 300,000 — — n.a — 0.0 — — — n.a 60,000 KREF Lending XI (M) Apr 2022 100,000 100,000 98,942 n.a 6.0 1.9 125,000 124,324 124,178 3.9 — KREF Lending XIII (N) Aug 2022 265,625 38,165 34,853 n.a 6.2 3.9 44,900 41,901 41,818 4.9 — Revolving Credit Agreement Revolver (O) Dec 2018 610,000 — — Mar 2027 — 4.5 n.a n.a n.a n.a 135,000 Total / Weighted Average $ 5,532,740 $ 2,904,148 $ 2,885,444 4.9 % 1.8 $ 2,856,135 (A) Net of $18.7 million and $11.3 million unamortized deferred financing costs as of September 30, 2022 and December 31, 2021, 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, including one-month LIBOR and Term SOFR, and (ii) a margin, based on the collateral. As of September 30, 2022 and December 31, 2021, 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 30.8% and 30.3%, respectively (or 25.5% and 25.9%, respectively, if KREF had borrowed the maximum amount approved by its repurchase agreement counterparties as of such dates). (E) The current stated maturity date is September 2024, which does not reflect two twelve-month facility term extension options available to KREF, which are subject to certain covenants and thresholds. As of September 30, 2022, the collateral-based margin was betwe en 1.25% and 1.55%. (F) The current stated maturity is December 2022, with a one-year extension option upon KREF giving written notice and another two one-year extension periods subject to approval by the lender. In addition, KREF has the option to increase the facility amount to $750.0 million. As of September 30, 2022, the collateral-based margin was be tween 1.70% and 2.40%. (G) In September 2022, KREF paid an extension fee to extend the final extended maturity date to October 2025. As of September 30, 2022, the collateral-base margin was betwe en 1.75% and 3.20%. (H) 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 September 30, 2022, the Initial Buyer held 23.8% 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. The current stated maturity is June 2023, s ubject to three additional one-year extension options, which may be exercised by KREF upon the satisfaction of certain customary conditions and thresholds. (I) 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"). In March 2022, KREF increased the borrowing capacity to $750.0 million. In August 2022, KREF further increased the borrowing capacity to $1,000.0 million. The facility, which provides financing on a non-mark-to-market basis with partial recourse to KREF, has a three-year draw period and match-term to the underlying loans. As of September 30, 2022, the collateral-based margin was betwe en 1.65% and 1.79%. (J) KREF, through its wholly–owned subsidiary KREF Lending XII LLC, entered into a $350.0 million Master Repurchase Agreement and Securities Contract with a financial institution ("KREF Lending XII Facility"). The facility, which provides financing on a non-mark-to-market basis with partial recourse to KREF, has a two-year draw period and match-term to the underlying loans. In addition, KREF has the option to increase the facility amount to $500.0 million. As of September 30, 2022, the collateral-based margin was between 1.35% and 1.45% . (K) 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. (L) KREF entered into a $200.0 million loan financing facility with BMO Harris Bank ("BMO Facility") and subsequently increased the borrowing capacity to $300.0 million. The facility provides asset-based financing on a non-mark to market basis with match-term up to five years with partial recourse to KREF. (M) KREF, through its wholly-owned subsidiary KREF Lending XI LLC, entered into a $100.0 million loan financing facility with a financial institution ("KREF Lending XI Facility"). The facility provides match-term asset-based financing on a non-mark-to-market and non-recourse basis. As of September 30, 2022, the collateral-based margin was 2.65% . (N) KREF, through its wholly-owned subsidiary KREF Lending XIII LLC, entered into a $265.6 million loan financing facility with a financial institution ("KREF Lending XIII Facility"). The facility provides match-term asset-based financing on a non-mark-to-market an d non-recourse basis. As of September 30, 2022, the collateral-based margin was 3.0%. (O) KREF entered into a $100.0 million corporate revolving credit facility (“Revolver”) administered by Morgan Stanley Senior Funding, Inc. Additional lenders were added subsequently, further increasing the Revolver borrowing capacity to $610.0 million as of September 30, 2022. The current stated maturity of the facility is March 2027 . 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 September 30, 2022, the carrying value excluded $5.2 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. The following tables summarize our borrowings under the Term Loan Facility: September 30, 2022 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 10 $ 719,961 $ 716,517 $ 688,843 + 3.4% n.a. February 2026 Financing provided n.a. 584,033 583,681 583,681 + 1.8% n.a. February 2026 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 (A) Floating rate loans and related liabilities are indexed to one-month LIBOR and/or Term SOFR. 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 weighted by outstanding principal, using the maximum maturity date of the underlying loans assuming all extension options are exercised by the borrower. Secured Financing Agreements, Net Balance as of December 31, 2021 $ 3,726,593 Principal borrowings 1,901,607 Principal repayments/sales (2,151,319) Deferred debt issuance costs (15,715) Amortization of deferred debt issuance costs 7,960 Balance as of September 30, 2022 $ 3,469,126
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 September 30, 2022 and December 31, 2021: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) September 30, 2022 Wells Fargo $ 715,981 $ 254,175 15.9 % 2.6 Morgan Stanley 583,716 195,815 12.3 1.0 KREF Lending IX 642,438 165,872 10.4 2.4 Goldman Sachs 123,658 162,289 10.2 2.4 Total / Weighted Average $ 2,065,793 $ 778,151 48.8 % 2.1 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 (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% of the net counterparty exposure as a percent of stockholders' equity as of December 31, 2021.
Schedule of Maturities of Debt Obligations	KREF’s secured financing agreements, term loan financing and other consolidated debt obligations in place as of September 30, 2022 had contractual maturities as follows: Year Nonrecourse Recourse (A) Total 2022 $ 220,535 $ 49,245 $ 269,780 2023 892,789 248,386 1,141,175 2024 854,634 158,439 1,013,073 2025 423,976 141,325 565,301 Thereafter 404,751 94,100 498,851 $ 2,796,685 $ 691,495 $ 3,488,180 (A) Except for the Revolver, which is full recourse, amounts borrowed subject to a maximum 25.0% recourse limit. The Revolver expires in March 2027.

Collateralized Loan Obligatio_2

Collateralized Loan Obligations (Tables)	9 Months Ended
	Sep. 30, 2022
Transfers and Servicing [Abstract]
Schedule of Collateral Assets and Respective Borrowings	The following tables outline CLO collateral assets and respective borrowing as of September 30, 2022 and December 31, 2021: September 30, 2022 Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Wtd. Avg. Term (B) KREF 2021-FL2 Collateral assets (C)(D) 19 $ 1,300,000 $ 1,300,000 $ 1,281,618 + 3.3% January 2026 Financing provided 1 1,095,250 1,091,258 1,091,258 L + 1.7% February 2039 KREF 2022-FL3 Collateral assets (C) 15 $ 1,000,000 $ 1,000,000 $ 995,326 + 3.0% September 2026 Financing provided 1 847,500 842,398 842,398 S + 2.1% February 2039 December 31, 2021 KREF 2021-FL2 Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost Wtd. Avg. Term (B) Collateral assets (C)(D) 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 (A) Expressed as a spread over the relevant benchmark rates, which include one-month LIBOR and Term SOFR, as applicable to each loan. As of September 30, 2022, 83.9% and 16.1% of the CLO collateral loan assets by principal balance earned a floating rate of interest indexed to one-month LIBOR and Term SOFR, respectively. In addition to cash coupon, yield/cost includes the amortization of deferred origination/financing costs. (B) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrowers, weighted by outstanding principal. Repayments of CLO notes are dependent on timing of underlying collateral loan asset repayments post reinvestment period. The term of the CLO notes represents the rated final distribution date. (C) Collateral loan assets repres ent 30.2% and 19.6% of the principal of KREF's commercial real estate loans as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022 and December 31, 2021, 100% of KREF loans financed through the CLOs are floating rate loans. (D) Including $79.0 million and $54.0 million cash held in CLO as of September 30, 2022 and December 31, 2021, respectively.
Schedule of Assets and Liabilities Included in Consolidated Balance Sheet	The following table presents the CLO assets and liabilities included in KREF’s Condensed Consolidated Balance Sheets: Assets September 30, 2022 December 31, 2021 Cash $ 79,000 $ 54,000 Commercial real estate loans, held-for-investment 2,221,000 1,246,000 Less: Allowance for credit losses (23,056) (3,255) Commercial real estate loans, held-for-investment, net 2,197,944 1,242,745 Accrued interest receivable 8,687 3,091 Other assets 155 766 Total $ 2,285,786 $ 1,300,602 Liabilities Collateralized loan obligations, net (A) $ 1,933,656 $ 1,087,976 Accrued interest payable 3,160 852 Total $ 1,936,816 $ 1,088,828 (A) Net of $9.1 million and $7.3 million of unamortized deferred financing costs as of September 30, 2022 and December 31, 2021, respectively.
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 Condensed Consolidated Statements of Income: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net Interest Income Interest income $ 31,403 $ 11,979 $ 72,289 $ 33,932 Interest expense (A) 20,325 3,926 41,152 9,857 Net interest income $ 11,078 $ 8,053 $ 31,137 $ 24,075 (A) Net of interest expense on internally held CLO notes. Includ es $2.0 million and $5.7 million of deferred financing costs amortization for the three and nine months ended September 30, 2022 , respectively.

Secured Term Loan, Net (Tables)

Secured Term Loan, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Secured Term Loan, Net [Abstract]
Summary of Secured Term Loan	The following table summarizes KREF’s secured term loan at September 30, 2022 and December 31, 2021, respectively: September 30, 2022 December 31, 2021 Principal amount $ 347,375 $ 350,000 Unamortized discount (4,907) (5,652) Deferred financing costs (5,287) (5,799) Carrying amount $ 337,181 $ 338,549

Convertible Notes, Net (Tables)

Convertible Notes, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Net Book Value	The following table details the carrying value of the Convertible Notes on KREF's Condensed Consolidated Balance Sheets: September 30, 2022 December 31, 2021 Principal $ 143,750 $ 143,750 Deferred financing costs (638) (1,405) Unamortized discount (224) (494) Carrying value $ 142,888 $ 141,851
Interest Expense, Debt	The following table details the interest expense related to the Convertible Notes: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cash coupon $ 2,201 $ 2,202 $ 6,604 $ 6,604 Discount and issuance cost amortization 349 350 1,037 1,037 Total interest expense $ 2,550 $ 2,552 $ 7,641 $ 7,641

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2022
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 (A) 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 (B) 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 (C) 1 — November 2021 547,361 11,911 As of December 31, 2021 64,759,200 $ 1,282,734 February 2022 (D) 68,817 1,426 March 2022 6,494,155 133,845 As of March 31, 2022 71,322,172 $ 1,418,005 June 2022 2,750,000 53,653 As of June 30, 2022 74,072,172 $ 1,471,658 August 2022 (D) 271,641 5,300 As of September 30, 2022 74,343,813 $ 1,476,958 (A) Excludes 527,378 net shares of common stock issued in connection with vested restricted stock units. (B) 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. (C) 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. (D) Represents shares issued under the ATM.
Dividends Declared	During the nine months ended September 30, 2022 and 2021, 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 2022 March 15, 2022 March 31, 2022 April 15, 2022 $ 0.43 $ 29,211 June 15, 2022 June 30, 2022 July 15, 2022 0.43 29,951 September 13, 2022 September 30, 2022 October 14, 2022 0.43 29,815 $ 88,977 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 $ 71,764 During the nine months ended September 30, 2022, 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 2022 February 1, 2022 February 28, 2022 March 15, 2022 $ 0.41 $ 5,326 April 22, 2022 May 31, 2022 June 15, 2022 $ 0.41 5,326 July 19, 2022 August 31, 2022 September 15, 2022 $ 0.41 $ 5,326 $ 15,978 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 $ 5,015

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2021 808,330 $ 19.50 Granted 27,625 19.91 Vested (15,520) 19.65 Forfeited / cancelled (28,501) 19.04 Unvested as of September 30, 2022 791,934 $ 19.53 (A) The grant-date fair value is based upon the closing 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 375,716 2023 286,439 2024 129,779 Total 791,934

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The following table illustrates the computation of basic and diluted EPS for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic Earnings Net Income (Loss) $ (42,754) $ 35,671 $ 17,775 $ 96,840 Less: Preferred stock dividends and redemption value adjustment 5,326 3,682 15,978 6,403 Less: Participating securities' share in earnings 341 — 1,028 — Net income (loss) attributable to common stockholders $ (48,421) $ 31,989 $ 769 $ 90,437 Diluted Earnings Net income (loss) attributable to common stockholders $ (48,421) $ 31,989 $ 769 $ 90,437 Add: Interest expense attributable to the Convertible Notes — — — — Less: Reallocation of undistributed earnings to participating securities — — — — Net income (loss) attributable to common stockholders, diluted $ (48,421) $ 31,989 $ 769 $ 90,437 Denominator Basic weighted average common shares outstanding 69,382,730 55,637,480 67,029,140 55,629,810 Dilutive shares under assumed conversion of the Convertible Notes — — — — Dilutive restricted stock units (A) — 373,763 — 253,387 Diluted weighted average common shares outstanding 69,382,730 56,011,243 67,029,140 55,883,197 Net income (loss) attributable to common stockholders, per: Basic common share $ (0.70) $ 0.57 $ 0.01 $ 1.63 Diluted common share $ (0.70) $ 0.57 $ 0.01 $ 1.62 (A) For the three and nine months ended September 30, 2022, 285,834 and 222,369 weighted average unvested RSUs, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Amounts Due to Affiliates	The following table contains the amounts presented in KREF's Condensed Consolidated Balance Sheets that it owes to affiliates: September 30, 2022 December 31, 2021 Management fees $ 6,589 $ 5,289 Expense reimbursements and other (A) 2,682 663 $ 9,271 $ 5,952 (A) Includes $2.7 million and $0.6 million of accrued KCM fees as of September 30, 2022 and December 31, 2021, respectively. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Management fees $ 6,589 $ 4,964 $ 19,102 $ 14,089 Incentive compensation — 2,215 — 6,810 Expense reimbursements and other (A) 904 362 3,412 1,161 $ 7,493 $ 7,541 $ 22,514 $ 22,060 (A) KREF presents these amounts in "General and administrative" in its Condensed Consolidated Statements of Income. Affiliate expense reimbursements presented in the table above exclude the out-of-pocket amounts paid by the Manager to parties unaffiliated with the Manager on behalf of KREF, and for which KREF reimburses the Manager in cash. For the three and nine months ended September 30, 2022, these cash reimbursements totaled $0.9 million and $3.5 million , respectively; and for the three and nine months ended September 30, 2021, these cash reimbursements totaled $0.4 million and $2.8 million, respectively.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022, were as follows: Fair Value Principal Balance Amortized Cost (A) Carrying Value (B) Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 183,341 $ 183,341 $ 183,341 $ 183,341 $ — $ — $ 183,341 Commercial real estate loans, held-for-investment, net (C) 7,357,481 7,306,565 7,195,767 — — 7,253,370 7,253,370 Equity method investments 36,856 36,856 36,856 — — 36,856 36,856 $ 7,577,678 $ 7,526,762 $ 7,415,964 $ 183,341 $ — $ 7,290,226 $ 7,473,567 Liabilities Secured financing agreements, net $ 3,488,181 $ 3,469,126 $ 3,469,126 $ — $ — $ 3,469,126 $ 3,469,126 Collateralized loan obligations, net 1,942,750 1,933,656 1,933,656 — — 1,852,284 1,852,284 Secured term loan, net 347,375 337,181 337,181 — 346,507 — 346,507 Convertible notes, net 143,750 142,888 142,888 — 143,069 — 143,069 $ 5,922,056 $ 5,882,851 $ 5,882,851 $ — $ 489,576 $ 5,321,410 $ 5,810,986 (A) The amortized cost of commercial real estate loans is net of $5.5 million write-off on a mezzanine loan and $45.4 million unamortized origination discounts and deferred fees. The amortized cost of secured financing agreements is net of $19.1 million unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $9.1 million unamortized debt issuance costs. (B) The carrying value of commercial mortgage loans is net of $110.8 million allowance for credit losses. (C) Includes $2,221.0 million of CLO loan participations as of September 30, 2022. 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, 2021, were as follows: Fair Value Principal Balance Amortized Cost (A) Carrying Value (B) 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 (C) 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 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. (B) The carrying value of commercial mortgage loans is net of $22.2 million allowance for credit losses. (C) Includes $1,246.0 million of CLO loan participations as of December 31, 2021.
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 September 30, 2022: Fair Value Valuation Methodologies Unobservable Inputs (A) Weighted Average (B) Range Assets and Liabilities (C) Commercial real estate loans, held-for-investment (D) $ 7,253,370 Discounted cash flow Discount rate 4.3% 2.9% - 17.2% $ 7,253,370 (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 $36.9 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 a discount rate derived from relevant market indices and/or estimates of the underlying property's value.

Business and Organization (Deta

Business and Organization (Details) - KREF - KKR - Common Stock - shares	Sep. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Common stock (shares)	10,000,001	14,250,001
Issued and outstanding common stock owned, percentage	14.40%	23.20%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands													1 Months Ended				3 Months Ended							9 Months Ended		12 Months Ended
	Sep. 13, 2022 $ / shares	Jul. 19, 2022 $ / shares	Jun. 15, 2022 $ / shares	Apr. 22, 2022 $ / shares	Mar. 15, 2022 $ / shares	Feb. 01, 2022 $ / shares	Oct. 01, 2021 USD ($)	Sep. 15, 2021 $ / shares	Sep. 08, 2021 $ / shares	Jun. 15, 2021 $ / shares	Apr. 23, 2021 $ / shares	Mar. 15, 2021 $ / shares	Sep. 30, 2022 USD ($) $ / shares	Jul. 31, 2022 $ / shares	Jan. 31, 2022	Apr. 30, 2021	Sep. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares	Mar. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Mar. 31, 2021 USD ($) $ / shares	Sep. 30, 2022 USD ($) loan $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	May 31, 2018
Related Party Transaction [Line Items]
Unrestricted cash and cash equivalents balance to satisfy liquidity covenants													$ 51,900				$ 51,900			$ 65,600				$ 51,900		$ 65,600
Restricted cash																				2,300						2,300
Dilutive shares under assumed conversion of the Convertible Notes (in shares) | shares																	0				0			0	0
Interest held at servicer																				1,400						1,400
Prepaids																				1,400						1,400
Accrued expenses													1,200				$ 1,200			3,900				$ 1,200		3,900
REO liability													3,500				3,500			3,300				3,500		3,300
Expected loss reserve for unfunded loan commitments													4,125				4,125			1,495	$ 915			4,125	$ 915	1,495	$ 902
Deferred income																				600						600
Allowance for credit loss													$ 110,798				$ 110,798			22,244	$ 58,807			$ 110,798	$ 58,807	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	$ 0.43		$ 0.43	$ 0.43	$ 0.43	$ 1.29	$ 1.29
Outstanding loan balance													$ 5,500				$ 5,500							$ 5,500
Potentially issuable shares related to the Convertible Notes (in shares) | shares																								6,316,174
Series A Preferred Stock
Related Party Transaction [Line Items]
Dividends declared per share of preferred stock (usd per share) | $ / shares		$ 0.41		$ 0.41		$ 0.41			$ 0.46		$ 0.27			$ 0.41			$ 0.41	$ 0.41	$ 0.41		$ 0.46	$ 0.27
Preferred stock, dividend rate														6.50%	6.50%	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
Sale of equity method investment							$ 5,100
Redeemable Preferred Stock
Related Party Transaction [Line Items]
Redeemable preferred stock													$ 0				$ 0	$ 0	$ 0	0	$ 2,589	$ 2,316	$ 2,562	$ 0	$ 2,589	0	$ 1,852
Primary Beneficiary | Real estate owned
Related Party Transaction [Line Items]
Ownership percentage in VIE																								90%
Primary Beneficiary | Real estate owned | JV Partner
Related Party Transaction [Line Items]
Ownership percentage of partner																								10%
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													$ 5,200				$ 5,200			$ 1,700				$ 5,200		$ 1,700
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	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Investment Holdings [Line Items]
Carrying Value	$ 7,306,565	$ 6,316,733
Carrying value	7,195,767	6,294,489
Loans held-for-investment
Investment Holdings [Line Items]
Outstanding Principal	7,357,481	6,364,105
Carrying Value	7,306,565	6,316,733
Carrying value	$ 7,195,767	$ 6,294,489
Loan Count (in loans) | loan	76	63
Floating Rate Loan %	99.90%	99.90%
Life (Years)	3 years 4 months 24 days	3 years 7 months 6 days
Loans held-for-investment | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon	6.50%
Loans held-for-investment | LIBOR
Investment Holdings [Line Items]
Coupon		4.10%
Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Outstanding Principal	$ 7,254,289	$ 6,263,370
Carrying Value	7,209,207	6,222,058
Carrying value	$ 7,098,824	$ 6,200,078
Loan Count (in loans) | loan	72	59
Floating Rate Loan %	100%	100%
Life (Years)	3 years 6 months	3 years 7 months 6 days
Loans held-for-investment | Senior loans | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon	6.40%
Loans held-for-investment | Senior loans | LIBOR
Investment Holdings [Line Items]
Coupon		3.90%
Loans held-for-investment | Mezzanine and other loans
Investment Holdings [Line Items]
Outstanding Principal	$ 103,192	$ 100,735
Carrying Value	97,358	94,675
Carrying value	$ 96,943	$ 94,411
Loan Count (in loans) | loan	4	4
Floating Rate Loan %	94.70%	94.50%
Life (Years)	3 years 2 months 12 days	4 years
Loans held-for-investment | Mezzanine and other loans | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon	13.60%
Loans held-for-investment | Mezzanine and other loans | LIBOR
Investment Holdings [Line Items]
Coupon		11.20%
Loans held-for-investment | Mezzanine and other loans | Multifamily
Investment Holdings [Line Items]
Outstanding Principal	$ 40,000	$ 41,100
Loan Count (in loans) | loan	1
Amortized cost	$ 39,500	40,300
Collateralized Loan Obligations | Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Outstanding Principal	$ 2,221,000	$ 1,246,000

Commercial Real Estate Loans _2

Commercial Real Estate Loans - Activities Related to Carrying Value of Mortgage Loans (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 6,316,733
Beginning balance	(22,244)	$ (59,801)
Beginning balance	6,294,489
Provision for credit losses, net	(88,554)	994
Ending balance	7,306,565
Ending balance	(110,798)	$ (58,807)
Ending balance	7,195,767
CRE Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	6,316,733
Beginning balance	(22,244)
Beginning balance	6,294,489
Purchases and originations, net	2,004,587
Proceeds from sales and principal payments	(1,035,110)
Accretion of loan discount and other amortization, net	18,942
Payment-in-kind interest	1,413
Provision for credit losses, net	(88,554)
Ending balance	7,306,565
Ending balance	(110,798)
Ending balance	$ 7,195,767

Commercial Real Estate Loans _3

Commercial Real Estate Loans - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) loan	Dec. 17, 2021 USD ($)	Dec. 31, 2020 USD ($)
Investment Holdings [Line Items]
Prepayment fee income	$ 1,500,000		$ 6,800,000
Net accelerated fee income (expense)	700,000	$ 6,400,000	1,600,000	$ 8,500,000
Accrued interest receivable	30,574,000		30,574,000		$ 15,241,000
Commercial real estate loans, held-for-investment	7,306,565,000		7,306,565,000		6,316,733,000
Carrying value	7,195,767,000		7,195,767,000		6,294,489,000
Real estate owned - land	$ 79,688,000		79,688,000		$ 78,569,000
Other assets assumed						$ 2,000,000
Write off			0	0
Provision for (reversal of) credit losses, net			$ 88,554,000	(994,000)
Weighted average loan risk rating	3.1		3.1		2.9
Proceeds from principal repayments and sale/syndication of commercial real estate loans, held-for-investment			$ 1,035,110,000	1,674,488,000
Expected loss reserve for unfunded loan commitments	$ 4,125,000	915,000	4,125,000	915,000	$ 1,495,000		$ 902,000
Provision for (reversal of) credit losses, net	80,604,000	$ 1,165,000	$ 91,184,000	$ (982,000)
Loans held-for-investment
Investment Holdings [Line Items]
Number of Loans (in loans) | loan			76		63
Commercial real estate loans, held-for-investment	7,306,565,000		$ 7,306,565,000		$ 6,316,733,000
Carrying value	7,195,767,000		7,195,767,000		6,294,489,000
Outstanding Principal	7,357,481,000		$ 7,357,481,000		$ 6,364,105,000
Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Number of Loans (in loans) | loan			72		59
Commercial real estate loans, held-for-investment	7,209,207,000		$ 7,209,207,000		$ 6,222,058,000
Carrying value	7,098,824,000		7,098,824,000		6,200,078,000
Outstanding Principal	7,254,289,000		$ 7,254,289,000		$ 6,263,370,000
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	97,358,000		$ 97,358,000		$ 94,675,000
Carrying value	96,943,000		96,943,000		94,411,000
Outstanding Principal	103,192,000		$ 103,192,000		$ 100,735,000
Commercial Real Estate Loans
Investment Holdings [Line Items]
Number of Loans (in loans) | loan			76		63
Commercial real estate loans, held-for-investment	7,306,565,000		$ 7,306,565,000		$ 6,316,733,000
Carrying value	7,195,767,000		7,195,767,000		6,294,489,000
Outstanding Principal	7,357,481,000		$ 7,357,481,000		$ 6,364,105,000
Commercial Real Estate Loans | Impaired/Loss Likely
Investment Holdings [Line Items]
Number of Loans (in loans) | loan			3		1
Commercial real estate loans, held-for-investment	351,428,000		$ 351,428,000		$ 0
Outstanding Principal	357,216,000		$ 357,216,000		$ 5,500,000
Commercial Real Estate Loans | Impaired/Loss Likely | Office | Pennsylvania
Investment Holdings [Line Items]
Number of Loans (in loans) | loan			1
Outstanding Principal	157,300,000		$ 157,300,000
Expected loss reserve for unfunded loan commitments	25,300,000		$ 25,300,000
Commercial Real Estate Loans | Impaired/Loss Likely | Office | Minnesota
Investment Holdings [Line Items]
Number of Loans (in loans) | loan			1
Outstanding Principal	194,400,000		$ 194,400,000
Expected loss reserve for unfunded loan commitments	0		$ 0
Commercial Real Estate Loans | High Risk/Potential for Loss
Investment Holdings [Line Items]
Number of Loans (in loans) | loan			3		4
Commercial real estate loans, held-for-investment	496,219,000		$ 496,219,000		$ 394,301,000
Outstanding Principal	497,466,000		$ 497,466,000		394,336,000
Commercial Real Estate Loans | High Risk/Potential for Loss | Office
Investment Holdings [Line Items]
Number of Loans (in loans) | loan			1
Commercial real estate loans, held-for-investment	161,800,000		$ 161,800,000
Loans held-for-investment
Investment Holdings [Line Items]
Unamortized origination discounts and deferred nonrefundable fees	$ 45,400,000		$ 45,400,000		$ 41,900,000

Commercial Real Estate Loans _4

Commercial Real Estate Loans - Loan Risk Ratings (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 7,306,565	$ 6,316,733
Less: Allowance for credit losses	(110,798)	(22,244)	$ (58,807)	$ (59,801)
Loan receivable, net	$ 7,195,767	$ 6,294,489
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	76	63
Carrying Value	$ 7,306,565	$ 6,316,733
Total Loan Exposure	$ 7,610,841	$ 6,677,239
Total Loan Exposure %	100%	100%
Less: Allowance for credit losses	$ (110,798)	$ (22,244)
Loan receivable, net	7,195,767	6,294,489
Non-consolidated senior interest
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loan Exposure	$ 258,900	$ 318,600
Very Low Risk | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	0	1
Carrying Value	$ 0	$ 243,549
Total Loan Exposure	$ 0	$ 243,552
Total Loan Exposure %	0%	3.60%
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	3
Carrying Value	$ 91,287	$ 410,293
Total Loan Exposure	$ 91,476	$ 411,424
Total Loan Exposure %	1.20%	6.20%
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	69	54
Carrying Value	$ 6,367,631	$ 5,268,590
Total Loan Exposure	$ 6,670,183	$ 5,627,927
Total Loan Exposure %	87.60%	84.30%
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	3	4
Carrying Value	$ 496,219	$ 394,301
Total Loan Exposure	$ 497,466	$ 394,336
Total Loan Exposure %	6.60%	5.90%
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	3	1
Carrying Value	$ 351,428	$ 0
Total Loan Exposure	$ 351,716	$ 0
Total Loan Exposure %	4.60%	0%

Commercial Real Estate Loans _5

Commercial Real Estate Loans - Amortized Cost of Loan Portfolio (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total	$ 7,306,565	$ 6,316,733
Carrying Amount	$ 7,195,767	$ 6,294,489
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	76	63
Outstanding Principal	$ 7,357,481	$ 6,364,105
Current year	1,646,778	3,523,611
Year one	3,660,421	334,361
Year two	348,877	1,093,301
Year three	863,698	1,064,131
Year four	572,336	301,329
Prior	214,455	0
Total	7,306,565	6,316,733
Carrying Amount	$ 7,195,767	$ 6,294,489
Very Low Risk | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	0	1
Outstanding Principal	$ 0	$ 243,552
Current year	0	0
Year one	0	0
Year two	0	0
Year three	0	243,549
Year four	0	0
Prior	0	0
Total	$ 0	$ 243,549
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	3
Outstanding Principal	$ 91,477	$ 411,424
Current year	0	0
Year one	0	130,400
Year two	0	0
Year three	91,287	85,943
Year four	0	193,950
Prior	0	0
Total	$ 91,287	$ 410,293
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	69	54
Outstanding Principal	$ 6,411,322	$ 5,309,293
Current year	1,646,778	3,523,611
Year one	3,469,767	203,961
Year two	348,877	1,017,080
Year three	471,556	523,938
Year four	410,511	0
Prior	20,142	0
Total	$ 6,367,631	$ 5,268,590
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	3	4
Outstanding Principal	$ 497,466	$ 394,336
Current year	0	0
Year one	190,654	0
Year two	0	76,221
Year three	143,740	210,701
Year four	161,825	107,379
Prior	0	0
Total	$ 496,219	$ 394,301
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	3	1
Outstanding Principal	$ 357,216	$ 5,500
Current year	0	0
Year one	0	0
Year two	0	0
Year three	157,115	0
Year four	0	0
Prior	194,313	0
Total	$ 351,428	$ 0

Commercial Real Estate Loans _6

Commercial Real Estate Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Commercial Real Estate Loans
Beginning balance			$ 22,244	$ 59,801	$ 59,801
Provision for (reversal of) credit losses, net			88,554	(994)
Write-off charged			0	0
Recoveries			0	0
Ending balance	$ 110,798	$ 58,807	110,798	58,807	22,244
Unfunded Loan Commitments
Beginning balance, unfunded loan commitments			1,495	902	902
Provision for (reversal of) credit losses, net, unfunded loan commitments			2,630	13
Write-off charged, unfunded loan commitments			0	0
Recoveries, unfunded loan commitments			0	0
Ending balance, unfunded loan commitments	4,125	915	4,125	915	1,495
Total
Beginning balance, total			23,739	60,703	60,703
Provision for (reversal of) credit losses, net	80,604	1,165	91,184	(982)
Write-off charged			0	0
Recoveries			0	0
Ending balance, total	114,923	59,722	114,923	59,722	$ 23,739
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Provision for (reversal of) credit losses, net	$ 80,604	$ 1,165	$ 91,184	(982)
Commercial mortgage loans and unfunded loan commitments
Total
Provision for (reversal of) credit losses, net				(981)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Provision for (reversal of) credit losses, net				$ (981)

Commercial Real Estate Loans _7

Commercial Real Estate Loans - Concentration of Credit Risk (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Loans held-for-investment
Concentration Risk [Line Items]
Loan Count (in loans) | loan	76	63
Outstanding Principal | $	$ 7,357,481	$ 6,364,105
Loans held-for-investment | Mezzanine loans
Concentration Risk [Line Items]
Loan Count (in loans) | loan	4	4
Outstanding Principal | $	$ 103,192	$ 100,735
Multifamily | Loans held-for-investment | Mezzanine loans
Concentration Risk [Line Items]
Loan Count (in loans) | loan	1
Outstanding Principal | $	$ 40,000	$ 41,100
Loans held-for-investment | Geographic concentration risk
Concentration Risk [Line Items]
Concentration of credit risk	100%	100%
Loans held-for-investment | Geographic concentration risk | California
Concentration Risk [Line Items]
Concentration of credit risk	16.90%	10.80%
Loans held-for-investment | Geographic concentration risk | Texas
Concentration Risk [Line Items]
Concentration of credit risk	16.30%	15%
Loans held-for-investment | Geographic concentration risk | Florida
Concentration Risk [Line Items]
Concentration of credit risk	10.10%	10.50%
Loans held-for-investment | Geographic concentration risk | Virginia
Concentration Risk [Line Items]
Concentration of credit risk	8.50%	6.70%
Loans held-for-investment | Geographic concentration risk | Massachusetts
Concentration Risk [Line Items]
Concentration of credit risk	7.80%	10.30%
Loans held-for-investment | Geographic concentration risk | Pennsylvania
Concentration Risk [Line Items]
Concentration of credit risk	7.10%	8.20%
Loans held-for-investment | Geographic concentration risk | Washington D.C.
Concentration Risk [Line Items]
Concentration of credit risk	5.80%	4.70%
Loans held-for-investment | Geographic concentration risk | New York
Concentration Risk [Line Items]
Concentration of credit risk	5.80%	11.50%
Loans held-for-investment | Geographic concentration risk | Washington
Concentration Risk [Line Items]
Concentration of credit risk	3.80%	3.60%
Loans held-for-investment | Geographic concentration risk | North Carolina
Concentration Risk [Line Items]
Concentration of credit risk	2.80%	2%
Loans held-for-investment | Geographic concentration risk | Minnesota
Concentration Risk [Line Items]
Concentration of credit risk	2.80%	3.10%
Loans held-for-investment | Geographic concentration risk | Arizona
Concentration Risk [Line Items]
Concentration of credit risk	2.30%	1.20%
Loans held-for-investment | Geographic concentration risk | Georgia
Concentration Risk [Line Items]
Concentration of credit risk	2.30%	2.20%
Loans held-for-investment | Geographic concentration risk | Nevada
Concentration Risk [Line Items]
Concentration of credit risk	2.10%	1.60%
Loans held-for-investment | Geographic concentration risk | Illinois
Concentration Risk [Line Items]
Concentration of credit risk	1.60%	3.80%
Loans held-for-investment | Geographic concentration risk | Colorado
Concentration Risk [Line Items]
Concentration of credit risk	1.10%	2.70%
Loans held-for-investment | Geographic concentration risk | Other U.S.
Concentration Risk [Line Items]
Concentration of credit risk	2.90%	2.10%
Loans held-for-investment | Product concentration risk
Concentration Risk [Line Items]
Concentration of credit risk	100%	100%
Loans held-for-investment | Product concentration risk | Multifamily
Concentration Risk [Line Items]
Concentration of credit risk	45.40%	46.70%
Loans held-for-investment | Product concentration risk | Office
Concentration Risk [Line Items]
Concentration of credit risk	24.20%	25.40%
Loans held-for-investment | Product concentration risk | Industrial
Concentration Risk [Line Items]
Concentration of credit risk	12.10%	4.40%
Loans held-for-investment | Product concentration risk | Life Science
Concentration Risk [Line Items]
Concentration of credit risk	7.10%	9.30%
Loans held-for-investment | Product concentration risk | Hospitality
Concentration Risk [Line Items]
Concentration of credit risk	5%	6.90%
Loans held-for-investment | Product concentration risk | Condo (Residential)
Concentration Risk [Line Items]
Concentration of credit risk	3%	3.90%
Loans held-for-investment | Product concentration risk | Student Housing
Concentration Risk [Line Items]
Concentration of credit risk	2.80%	3.10%
Loans held-for-investment | Product concentration risk | Single Family Rental
Concentration Risk [Line Items]
Concentration of credit risk	0.30%	0.20%
Loans held-for-investment | Product concentration risk | Retail
Concentration Risk [Line Items]
Concentration of credit risk	0.10%	0.10%
Loans held-for-investment, excluded | Product concentration risk | Multifamily
Concentration Risk [Line Items]
Concentration of credit risk	0.50%	0.60%

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
	Dec. 17, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2015
Real Estate [Line Items]
Commercial real estate loans, held-for-investment		$ 7,306,565		$ 6,316,733
Carrying value		7,195,767		6,294,489
Real estate owned - land		79,688		78,569
Other assets assumed	$ 2,000
Provision for (reversal of) credit losses, net		88,554	$ (994)
Commercial mortgage loan
Real Estate [Line Items]
Outstanding Principal		7,357,481		6,364,105
Commercial real estate loans, held-for-investment		7,306,565		6,316,733
Carrying value		7,195,767		6,294,489
Commercial mortgage loan | Impaired/Loss Likely
Real Estate [Line Items]
Outstanding Principal		357,216		5,500
Commercial real estate loans, held-for-investment		$ 351,428		$ 0
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
Real estate owned - land	78,600
Provision for (reversal of) credit losses, net	$ (8,200)

Real Estate Owned - Assets and

Real Estate Owned - Assets and Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2022		Dec. 31, 2021		Dec. 17, 2021	Sep. 30, 2021
Assets
Cash		$ 183,341	[1]	$ 271,487	[1]		$ 307,731
Real estate owned - land		79,688		78,569
Other assets	[2]	14,824		7,916
Total Assets		7,541,050		6,703,239
Liabilities
Accounts payable, accrued expenses and other liabilities	[3]	9,125		7,521
Total Liabilities		5,945,836		$ 5,341,658
Real estate owned
Assets
Cash		1,229
Real estate owned - land		78,569
Real estate owned - land improvements		1,119
In-place lease intangibles		284
Tenant receivables		657
Other assets		19
Total Assets		81,877
Liabilities
Below market lease intangibles		1,552
Accounts payable, accrued expenses and other liabilities		1,932
Total Liabilities		$ 3,484
Portland real estate owned
Assets
Cash						$ 3,377
Real estate owned - land						78,569
Real estate owned - land improvements						0
In place lease intangibles						335
Tenant receivables						0
Other assets						1,119
Total						83,400
Liabilities
Below market lease intangibles						1,825
Accounts payable, accrued expenses and other liabilities						1,742
Total						$ 3,567
[1]Includes $79.0 million and $54.0 million held in collateralized loan obligation as of September 30, 2022 and December 31, 2021, respectively. $7.3 million and $2.3 million of restricted cash as of September 30, 2022 and December 31, 2021, respectively. $4.1 million and $1.5 million of expected loss reserve for unfunded loan commitments as of September 30, 2022 and December 31, 2021, respectively.

Real Estate Owned - Income (Los

Real Estate Owned - Income (Loss) from Real Estate Owned (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Real Estate [Abstract]
Rental income	$ 1,908		$ 5,773
Other operating income	185		781
Expenses from real estate owned operations	(2,598)	$ 0	(7,520)	$ 0
Other income	45		1,382
Total	$ (461)		$ 417

Real Estate Owned - Amortizatio

Real Estate Owned - Amortization of Lease Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Assets
In-place lease intangibles	$ 17	$ 50
Liabilities
Below-market lease intangibles	$ 91	$ 273

Real Estate Owned - Future Leas

Real Estate Owned - Future Lease Intangible Amortization (Details) $ in Thousands	Sep. 30, 2022 USD ($)
In-place Lease Intangible Assets
2022	$ 17
2023	67
2024	67
2025	67
2026	67
Below-market Lease Intangible Liabilities
2022	92
2023	365
2024	365
2025	365
2026	$ 365

Real Estate Owned - Future Mini

Real Estate Owned - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Real Estate [Abstract]
2022	$ 2,349
2023	3,811
2024	2,932
2025	2,234
2026	1,180
Thereafter	$ 0

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt (Details)

1 Months Ended

9 Months Ended

Jun. 30, 2022 USD ($) extension

Dec. 31, 2021 USD ($) extension

Sep. 30, 2021 extension

Jul. 31, 2021 USD ($)

Aug. 31, 2018 USD ($)

Sep. 30, 2022 USD ($)

Aug. 31, 2022 USD ($)

Apr. 30, 2022 USD ($)

Mar. 31, 2022 USD ($)

Mar. 31, 2020 USD ($)

May 31, 2019 USD ($)

Dec. 31, 2018 USD ($)

Debt Instrument [Line Items]

Outstanding Principal

$ 3,488,180,000

Average haircut weighted by outstanding face amount of collateral

30.30%

30.80%

Average haircut weighted by outstanding face amount of collateral if maximum amount is borrowed

25.90%

25.50%

Commercial Real Estate Loans

Debt Instrument [Line Items]

Unamortized debt issuance costs

$ 11,300,000

$ 18,700,000

KREF Lending V LLC

Debt Instrument [Line Items]

Outstanding Principal

617,627,000

Facility

Debt Instrument [Line Items]

Unamortized debt issuance costs

$ 11,300,000

19,100,000

Morgan Stanley | Facility

Debt Instrument [Line Items]

Number of extensions (in extensions) | extension

2

Extension term

1 year

Secured Financing Agreements | Facility

Debt Instrument [Line Items]

Carrying Value

$ 3,726,593,000

3,469,126,000

Secured Financing Agreements | Wells Fargo | Facility

Debt Instrument [Line Items]

Maximum Facility Size

1,000,000,000

Outstanding Principal

715,981,000

Carrying Value

978,615,000

$ 713,925,000

Weighted Average Funding Cost

4.40%

Weighted Average Life (Years)

2 years 7 months 6 days

Outstanding Principal

$ 978,669,000

Amortized Cost Basis

967,968,000

Carrying Value

$ 957,673,000

Weighted Average Life (Years)

3 years 10 months 24 days

Number of extensions (in extensions) | extension

2

Extension term

12 months

Secured Financing Agreements | Wells Fargo | Facility | Minimum

Debt Instrument [Line Items]

Collateral based margin

1.25%

Secured Financing Agreements | Wells Fargo | Facility | Maximum

Debt Instrument [Line Items]

Collateral based margin

1.55%

Secured Financing Agreements | Morgan Stanley | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 600,000,000

Outstanding Principal

583,716,000

Carrying Value

382,081,000

$ 583,415,000

Weighted Average Funding Cost

5.10%

Weighted Average Life (Years)

1 year

Outstanding Principal

$ 790,539,000

Amortized Cost Basis

785,813,000

Carrying Value

$ 776,154,000

Weighted Average Life (Years)

3 years 3 months 18 days

Higher borrowing capacity option

$ 750,000,000

Secured Financing Agreements | Morgan Stanley | Facility | Minimum

Debt Instrument [Line Items]

Collateral based margin

1.70%

Secured Financing Agreements | Morgan Stanley | Facility | Maximum

Debt Instrument [Line Items]

Collateral based margin

2.40%

Secured Financing Agreements | Goldman Sachs | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 240,000,000

Outstanding Principal

123,658,000

Carrying Value

189,456,000

$ 122,912,000

Weighted Average Funding Cost

5.30%

Weighted Average Life (Years)

2 years 4 months 24 days

Outstanding Principal

$ 287,517,000

Amortized Cost Basis

282,844,000

Carrying Value

$ 281,585,000

Weighted Average Life (Years)

4 years

Secured Financing Agreements | Goldman Sachs | Facility | Minimum

Debt Instrument [Line Items]

Collateral based margin

1.75%

Secured Financing Agreements | Goldman Sachs | Facility | Maximum

Debt Instrument [Line Items]

Collateral based margin

3.20%

Secured Financing Agreements | HSBC | Facility

Debt Instrument [Line Items]

Weighted Average Funding Cost

0%

Weighted Average Life (Years)

4 months 24 days

Outstanding Principal

$ 0

Amortized Cost Basis

0

Carrying Value

0

Secured Financing Agreements | BMO | Facility

Debt Instrument [Line Items]

Maximum Facility Size

300,000,000

Outstanding Principal

0

Carrying Value

60,000,000

$ 0

Weighted Average Funding Cost

0%

Weighted Average Life (Years)

0 years

Outstanding Principal

$ 0

Amortized Cost Basis

0

Carrying Value

0

Secured Financing Agreements | KREF Lending XI | Facility

Debt Instrument [Line Items]

Maximum Facility Size

100,000,000

$ 100,000,000

Outstanding Principal

100,000,000

Carrying Value

0

$ 98,942,000

Weighted Average Funding Cost

6%

Weighted Average Life (Years)

1 year 10 months 24 days

Outstanding Principal

$ 125,000,000

Amortized Cost Basis

124,324,000

Carrying Value

$ 124,178,000

Weighted Average Life (Years)

3 years 10 months 24 days

Collateral based margin

2.65%

Secured Financing Agreements | KREF Lending XIII | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 265,625,000

$ 265,600,000

Outstanding Principal

38,165,000

Carrying Value

0

$ 34,853,000

Weighted Average Funding Cost

6.20%

Weighted Average Life (Years)

3 years 10 months 24 days

Outstanding Principal

$ 44,900,000

Amortized Cost Basis

41,901,000

Carrying Value

$ 41,818,000

Weighted Average Life (Years)

4 years 10 months 24 days

Collateral based margin

3%

Revolving Credit Facility | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 610,000,000

Outstanding Principal

0

Carrying Value

135,000,000

$ 0

Weighted Average Funding Cost

0%

Weighted Average Life (Years)

4 years 6 months

Revolving Credit Facility | Morgan Stanley | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 610,000,000

$ 100,000,000

Deferred financing/debt issuance costs

1,700,000

5,200,000

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

5,532,740,000

Outstanding Principal

2,904,148,000

Carrying Value

2,856,135,000

$ 2,885,444,000

Weighted Average Funding Cost

4.90%

Weighted Average Life (Years)

1 year 9 months 18 days

KREF Lending IX Facility | Secured Financing Agreements | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 500,000,000

$ 1,000,000,000

$ 1,000,000,000

$ 750,000,000

Outstanding Principal

642,438,000

Carrying Value

493,853,000

$ 633,223,000

Weighted Average Funding Cost

5%

Weighted Average Life (Years)

3 years

2 years 4 months 24 days

Outstanding Principal

$ 813,181,000

Amortized Cost Basis

805,757,000

Carrying Value

$ 802,926,000

Weighted Average Life (Years)

4 years 3 months 18 days

KREF Lending IX Facility | Secured Financing Agreements | Facility | Minimum

Debt Instrument [Line Items]

Collateral based margin

1.65%

KREF Lending IX Facility | Secured Financing Agreements | Facility | Maximum

Debt Instrument [Line Items]

Collateral based margin

1.79%

KREF Lending XII | Secured Financing Agreements | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 350,000,000

$ 350,000,000

Outstanding Principal

161,140,000

Carrying Value

0

$ 159,553,000

Weighted Average Funding Cost

4.80%

Weighted Average Life (Years)

2 years

3 years 1 month 6 days

Outstanding Principal

$ 217,395,000

Amortized Cost Basis

215,713,000

Carrying Value

$ 214,982,000

Weighted Average Life (Years)

4 years 6 months

Higher borrowing capacity option

$ 500,000,000

KREF Lending XII | Secured Financing Agreements | Facility | Minimum

Debt Instrument [Line Items]

Collateral based margin

1.35%

KREF Lending XII | Secured Financing Agreements | Facility | Maximum

Debt Instrument [Line Items]

Collateral based margin

1.45%

KREF Lending V LLC | Secured Financing Agreements | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 567,115,000

Outstanding Principal

539,050,000

Carrying Value

617,185,000

$ 538,621,000

Weighted Average Funding Cost

4.80%

Weighted Average Life (Years)

6 months

Outstanding Principal

$ 686,622,000

Amortized Cost Basis

686,143,000

Carrying Value

$ 664,130,000

Weighted Average Life (Years)

1 year 3 months 18 days

Number of extensions (in extensions) | extension

3

Extension term

1 year

KREF Lending V LLC | Secured Financing Agreements | Initial Buyer | Facility

Debt Instrument [Line Items]

Percentage of total commitment

23.80%

HSBC | Secured Financing Agreements | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 500,000,000

Outstanding Principal

0

Carrying Value

$ (55,000)

$ 0

Term Lending | LIBOR | KREF Lending V LLC | Secured Financing Agreements | Facility

Debt Instrument [Line Items]

Collateral based margin

1.90%

Debt Obligations - Repurchase A

Debt Obligations - Repurchase Agreement (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 3,488,180
Wells Fargo
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	715,981	$ 980,593
Net Counterparty Exposure	$ 254,175	$ 409,489
Percent of Stockholders' Equity	15.90%	30.10%
Weighted Average Life (Years)	2 years 7 months 6 days	3 years 4 months 24 days
Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 583,716	$ 383,592
Net Counterparty Exposure	$ 195,815	$ 166,426
Percent of Stockholders' Equity	12.30%	12.20%
Weighted Average Life (Years)	1 year	9 months 18 days
KREF Lending IX
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 642,438
Net Counterparty Exposure	$ 165,872
Percent of Stockholders' Equity	10.40%
Weighted Average Life (Years)	2 years 4 months 24 days
Goldman Sachs
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 123,658
Net Counterparty Exposure	$ 162,289
Percent of Stockholders' Equity	10.20%
Weighted Average Life (Years)	2 years 4 months 24 days
KREF Lending V
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		$ 617,627
Net Counterparty Exposure		$ 139,149
Percent of Stockholders' Equity		10.20%
Weighted Average Life (Years)		6 months
Total
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 2,065,793
Net Counterparty Exposure	$ 778,151
Percent of Stockholders' Equity	48.80%
Weighted Average Life (Years)	2 years 1 month 6 days
Total
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		$ 1,981,812
Net Counterparty Exposure		$ 715,064
Percent of Stockholders' Equity		52.50%
Weighted Average Life (Years)		2 years
KREF Lending V | Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Percent of Stockholders' Equity		2.50%

Debt Obligations - Term Loan Fa

Debt Obligations - Term Loan Facility (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Oct. 31, 2018 USD ($)	Apr. 30, 2018 USD ($)
Debt Instrument [Line Items]
Carrying value	$ 3,469,126,000	$ 3,726,593,000
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	1.80%	1.60%
Number of collateralized loans (in loans) | loan	10	12
Outstanding face amount	$ 719,961,000	$ 1,078,795,000
Amortized Cost	716,517,000	1,076,241,000
Carrying Value	688,843,000	1,074,116,000
Outstanding Principal	584,033,000	870,458,000
Carrying value	$ 583,681,000	$ 870,458,000
Facility | Term Loan Facility | LIBOR and SOFR
Debt Instrument [Line Items]
Interest rate	1.80%
Facility | Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Interest rate		1.60%
Collateralized Assets | Facility | Term Loan Facility | LIBOR and SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.40%
Collateralized Assets | Facility | Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		3.40%

Debt Obligations - Debt Activit

Debt Obligations - Debt Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Deferred debt issuance costs	$ (26,004)	$ (17,504)
Facility | Secured Financing Agreements
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Beginning balance	3,726,593
Principal borrowings	1,901,607
Principal repayments/sales	(2,151,319)
Deferred debt issuance costs	(15,715)
Amortization of deferred debt issuance costs	7,960
Ending balance	$ 3,469,126

Debt Obligations - Maturities (

Debt Obligations - Maturities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
2022	$ 269,780
2023	1,141,175
2024	1,013,073
2025	565,301
Thereafter	498,851
Total	3,488,180
Nonrecourse
Debt Instrument [Line Items]
2022	220,535
2023	892,789
2024	854,634
2025	423,976
Thereafter	404,751
Total	2,796,685
Recourse
Debt Instrument [Line Items]
2022	49,245
2023	248,386
2024	158,439
2025	141,325
Thereafter	94,100
Total	$ 691,495
Maximum
Debt Instrument [Line Items]
Recourse limit	25%

Debt Obligations - Covenants (D

Debt Obligations - Covenants (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Interest income to interest expense ratio	1.5
Percent of aggregate cash proceeds and any capital contributions	75%
Amount of aggregate cash proceeds and any capital contributions	$ 1,353,400,000
Cash liquidity covenant amount (greater of)	$ 10,000,000
Cash liquidity covenant, percent of recourse indebtedness (greater of)	5%
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)	1 Months Ended		9 Months Ended
	Feb. 28, 2022 USD ($)	Aug. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) collateralAsset borrowing	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) borrowing collateralAsset
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Payments of debt issuance costs			$ 26,004,000	$ 17,504,000
Percentage of commercial mortgage loans			30.20%		19.60%
Percentage of collateralized loan obligations under floating rate loans			100%		100%
Collateralized loan obligations, net | LIBOR
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Percentage of CLO loans earnings floating rate interest			83.90%
Collateralized loan obligations, net | SOFR
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Percentage of CLO loans earnings floating rate interest			16.10%
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		1
Principal amount			$ 1,095,250,000		$ 1,095,250,000
Carrying value, financing provided			$ 1,091,258,000		$ 1,087,976,000
Collateralized loan obligations, net | Primary Beneficiary | KREF 2021-FL2 | LIBOR
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Weighted average yield, financing provided			1.70%		1.70%
Collateralized loan obligations, net | Primary Beneficiary | KREF 2022-FL3
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Payments of debt issuance costs	$ 7,400,000
Financing provided, count (in borrowings) | borrowing			1
Principal amount			$ 847,500,000
Carrying value, financing provided			$ 842,398,000
Collateralized loan obligations, net | Primary Beneficiary | KREF 2022-FL3 | SOFR
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Weighted average yield, financing provided			2.10%
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 | KREF 2022-FL3
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Term of reinvestment feature	2 years
Collateralized Loan Obligations | Affiliated Entity | KREF 2021-FL2 | KKR Credit & Markets
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Placement agent fee		$ 900,000
Collateralized Loan Obligations | Affiliated Entity | KREF 2022-FL3 | KKR Credit & Markets
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Placement agent fee	$ 500,000
Collateralized Loan Obligations | Primary Beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Cash			$ 79,000,000		$ 54,000,000
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			19		20
Face amount, Collateral assets			$ 1,300,000,000		$ 1,300,000,000
Collateralized Loan Obligations | Primary Beneficiary | KREF 2021-FL2 | LIBOR and SOFR
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Weighted average yield, collateral assets			3.30%
Collateralized Loan Obligations | Primary Beneficiary | KREF 2021-FL2 | LIBOR
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Weighted average yield, collateral assets					3.40%
Collateralized Loan Obligations | Primary Beneficiary | KREF 2022-FL3
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Collateral assets, count (in collateral assets) | collateralAsset			15
Face amount, Collateral assets			$ 1,000,000,000
Collateralized Loan Obligations | Primary Beneficiary | KREF 2022-FL3 | LIBOR and SOFR
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Weighted average yield, collateral assets			3%
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		$ 1,300,000,000
Carrying value, collateral assets			1,281,618,000		$ 1,296,745,000
Commercial Mortgage Loans, Held-For-Investment and Cash | Collateralized Loan Obligations | Primary Beneficiary | KREF 2022-FL3
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			$ 995,326,000

Collateralized Loan Obligatio_4

Collateralized Loan Obligations - Schedule of Assets and Liabilities Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment		$ 7,306,565	$ 6,316,733
Less: Allowance for credit losses		(110,798)	(22,244)	$ (58,807)	$ (59,801)
Commercial real estate loans, held-for-investment, net		7,195,767	6,294,489
Accrued interest receivable		30,574	15,241
Other assets	[1]	14,824	7,916
Total Assets		7,541,050	6,703,239
Collateralized loan obligations, net		1,933,656	1,087,976
Accrued interest payable		14,822	6,627
Total Liabilities		5,945,836	5,341,658
Collateralized Loan Obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment		2,221,000	1,246,000
Collateralized Loan Obligations | Primary Beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Cash		79,000	54,000
Commercial real estate loans, held-for-investment		2,221,000	1,246,000
Less: Allowance for credit losses		(23,056)	(3,255)
Commercial real estate loans, held-for-investment, net		2,197,944	1,242,745
Accrued interest receivable		8,687	3,091
Other assets		155	766
Total Assets		2,285,786	1,300,602
Collateralized loan obligations, net		1,933,656	1,087,976
Accrued interest payable		3,160	852
Total Liabilities		1,936,816	1,088,828
Unamortized debt issuance costs		$ 9,100	$ 7,300
[1]Includes $7.3 million and $2.3 million of restricted cash as of September 30, 2022 and December 31, 2021, 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Variable Interest Entity [Line Items]
Interest income	$ 114,627	$ 75,320	$ 278,460	$ 207,235
Interest expense	67,311	29,832	144,503	84,173
Total net interest income	47,316	45,488	133,957	123,062
Collateralized Loan Obligations | Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income	31,403	11,979	72,289	33,932
Interest expense	20,325	3,926	41,152	9,857
Total net interest income	11,078	$ 8,053	31,137	$ 24,075
Deferred financing costs amortization	$ 2,000		$ 5,700

Secured Term Loan, Net - Narrat

Secured Term Loan, Net - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended				9 Months Ended
	Nov. 30, 2021	Sep. 30, 2020	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Affiliate expenses			$ 7,493,000		$ 7,541,000		$ 22,514,000	$ 22,060,000
Outstanding Principal			3,488,180,000				$ 3,488,180,000
Total indebtedness covenant, percent of total assets							83.30%
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%
Amortization rate		1%
Unamortized discount		$ 7,500,000	4,907,000	$ 5,652,000		7,500,000	$ 4,907,000
Deferred financing costs	2,000,000	$ 5,100,000				$ 5,100,000
Carrying value, financing provided	297,800,000		337,181,000	338,549,000			337,181,000
Principal borrowings	52,200,000
Outstanding Principal			347,375,000	350,000,000			347,375,000
Amortization of deferred debt issuance costs				$ 700,000
Minimum net worth required for compliance			$ 650,000,000				$ 650,000,000
Total indebtedness covenant, percent of total assets		83.30%
Secured term loan | Secured debt | 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%	1%
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	Sep. 30, 2022	Dec. 31, 2021	Nov. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Principal amount	$ 3,488,180
Secured term loan | Secured debt
Debt Instrument [Line Items]
Principal amount	347,375	$ 350,000
Unamortized discount	(4,907)	(5,652)		$ (7,500)
Deferred financing costs	(5,287)	(5,799)
Carrying Value	$ 337,181	$ 338,549	$ 297,800

Convertible Notes, Net - Narrat

Convertible Notes, Net - Narrative (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2018 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	May 15, 2018 $ / shares
Debt Instrument [Line Items]
Affiliate expenses		$ 7,493,000	$ 7,541,000	$ 22,514,000	$ 22,060,000
Accrued interest payable		$ 14,822,000		$ 14,822,000		$ 6,627,000
Notes Due in 2023
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage		6.92%		6.92%
Convertible Notes Payable
Debt Instrument [Line Items]
Outstanding Principal		$ 143,750,000		$ 143,750,000		143,750,000
Deferred financing costs		$ 638,000		$ 638,000		1,405,000
Convertible Notes Payable | Notes Due in 2023
Debt Instrument [Line Items]
Outstanding Principal	$ 143,750,000
Debt instrument, interest rate, stated percentage	6.125%	6.125%		6.125%
Deferred financing costs	$ 5,100,000
Debt instrument, conversion ratio	0.0439386
Debt Instrument, convertible, conversion price (usd per share) | $ / shares	$ 22.76
Debt instrument, convertible, conversion premium	10%
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		$ 3,300,000		$ 3,300,000		$ 1,100,000
KKR Credit & Markets | Convertible debt
Debt Instrument [Line Items]
Affiliate expenses	$ 800,000

Convertible Notes, Net - Net Bo

Convertible Notes, Net - Net Book Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Carrying value	$ 142,888	$ 141,851
Convertible Notes Payable
Debt Instrument [Line Items]
Outstanding Principal	143,750	143,750
Deferred financing costs	(638)	(1,405)
Unamortized discount	(224)	(494)
Carrying value	$ 142,888	$ 141,851

Convertible Notes, Net - Intere

Convertible Notes, Net - Interest Expense, Debt (Details) - Convertible Notes Payable - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Cash coupon	$ 2,201	$ 2,202	$ 6,604	$ 6,604
Discount and issuance cost amortization	349	350	1,037	1,037
Total interest expense	$ 2,550	$ 2,552	$ 7,641	$ 7,641

Loan Participations Sold - Narr

Loan Participations Sold - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2021	Jun. 30, 2020	Oct. 31, 2019
Vertical loan participation
Participating Mortgage Loans [Line Items]
Loan participations sold, net			$ 65
Increase in carrying value		$ 1.2
Principal repayments on loan participations	$ 66.2
Total loan
Participating Mortgage Loans [Line Items]
Principal balance			$ 328.5
Increase in principal balance		$ 6.5

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 01, 2021	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Equity method investments		$ 36,856	$ 35,537
Redeemable Preferred Stock | KREF TRS
Variable Interest Entity [Line Items]
Sale of equity method investment	$ 5,100
Primary Beneficiary | Real estate owned
Variable Interest Entity [Line Items]
Ownership percentage in VIE		90%
Net Assets		$ 69,800
Distribution priority		$ 70,500
Primary Beneficiary | Real estate owned | JV Partner
Variable Interest Entity [Line Items]
Ownership percentage of partner		10%
Variable Interest Entity, Not Primary Beneficiary | RECOP I | Level 3 | Discounted Cash Flow
Variable Interest Entity [Line Items]
Equity method investments		$ 36,900
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									3 Months Ended				9 Months Ended		12 Months Ended
	Oct. 01, 2021 USD ($)	Oct. 24, 2022 USD ($) $ / shares shares	Jul. 31, 2022	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($) shares	Jan. 31, 2022 USD ($) $ / shares shares	May 31, 2021 USD ($) shares	Apr. 30, 2021 USD ($) $ / shares shares	Feb. 28, 2017 $ / shares shares	Mar. 31, 2016 $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Nov. 01, 2021	Jun. 30, 2021 shares	Mar. 31, 2021 shares	Dec. 31, 2020 shares	Jul. 01, 2020 USD ($)	Jun. 15, 2020 USD ($)	Feb. 22, 2019 USD ($)	Dec. 31, 2018 shares	Dec. 31, 2017 shares	Dec. 31, 2016 shares	Dec. 31, 2015 shares	Oct. 02, 2014 $ / shares shares
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		$ 0.01												$ 0.01
Common stock authorized (shares)											300,000,000			300,000,000	300,000,000		300,000,000												300,000,000
Preferred stock authorized (shares)											50,000,000			50,000,000	50,000,000		50,000,000												50,000,000
Common stock issued (shares)											74,871,191			65,271,058	74,871,191		65,271,058
Net proceeds from issuances of common stock | $															$ 194,225,000	$ 0
Common stock outstanding (shares)											69,338,283			61,370,732	69,338,283		61,370,732
Treasury stock, held (shares)											5,532,908			3,900,326	5,532,908		3,900,326
Repurchase of common stock (shares)											587,890				1,632,582	0
Treasury stock acquired, average cost per share (dollars per share) | $ / shares											$ 17.42				$ 17.33
Repurchase of common stock | $											$ 10,300,000				$ 28,300,000
Stock repurchase program, remaining amount | $											$ 71,700,000				$ 71,700,000
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Repurchase of common stock (shares)		452,788
Treasury stock acquired, average cost per share (dollars per share) | $ / shares		$ 16.41
Repurchase of common stock | $		$ 7,400,000
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]
Issuance of stock (shares)										1
Ownership percentage to retain voting rights										25%
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				$ 0.01
Book value accretion | $														$ 2,600,000
Redemption price (usd per share) | $ / shares											0.01				0.01
Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (shares)						6,210,000		6,900,000
Preferred stock, dividend rate			6.50%			6.50%		6.50%
Net proceeds from issuance of preferred stock | $						$ 151,200,000		$ 167,100,000
Preferred stock, redemption price (USD per share) | $ / shares						$ 25		$ 25
Preferred stock liquidation preference (usd per share) | $ / shares						$ 25		25			$ 25			$ 25	25		$ 25
Annual dividend rate (usd per share) | $ / shares								$ 1.625							$ 1.625
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock issued (shares)											74,871,191				74,871,191
Common stock outstanding (shares)				69,654,532	67,933,704						69,338,283	69,654,532	67,933,704	61,370,732	69,338,283	55,637,480	61,370,732		55,637,480	55,619,428	55,619,428
Common stock issued related to vesting RSUs (shares)															527,378
Common Stock | Restricted stock units
Subsidiary, Sale of Stock [Line Items]
Common stock issued related to vesting RSUs (shares)															15,520	18,052
Common Stock | Common Stock
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (shares)											271,641	2,750,000	6,562,972
Issuance of stock | $											$ 3,000	$ 28,000	$ 66,000
Common stock Including additional paid in capital & offering costs | March 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of stock | $													133,845,000
Common stock Including additional paid in capital & offering costs | February 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of stock | $													$ 1,426,000
Common stock Including additional paid in capital & offering costs | June 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of stock | $												$ 53,653,000
Common stock Including additional paid in capital & offering costs | August 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of stock | $											$ 5,300,000
Common stock, net
Subsidiary, Sale of Stock [Line Items]
Common stock issued (shares)				74,072,172	71,322,172						74,343,813	74,072,172	71,322,172	64,759,200	74,343,813		64,759,200								59,211,838	53,711,838	24,158,392	13,636,416
Common stock, net | March 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (shares)													6,494,155
Common stock, net | February 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (shares)													68,817
Common stock, net | June 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (shares)				2,750,000								2,750,000
Common stock, net | August 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (shares)											271,641
KREF TRS | Redeemable Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Sale of equity method investment | $	$ 5,100,000
Book value accretion | $																	$ 3,300,000
Redemption price (usd per share) | $ / shares														$ 0.05			$ 0.05
KREF | KKR | Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock (shares)											10,000,001			14,250,001	10,000,001		14,250,001
Issued and outstanding common stock owned, percentage											14.40%			23.20%	14.40%		23.20%
Real Estate Owned, Consolidated Joint Venture
Subsidiary, Sale of Stock [Line Items]
Noncontrolling ownership percentage											10%				10%
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)				4,250,000			5,750,000
Net proceeds from issuances of common stock | $				$ 82,900,000			$ 100,400,000
ATM
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (shares)											271,641				340,458
Common stock authorized | $																								$ 100,000,000
Remaining authorized amount | $											$ 93,200,000				$ 93,200,000
ATM | Common Stock
Subsidiary, Sale of Stock [Line Items]
Net proceeds from issuances of common stock | $											$ 5,300,000				$ 6,700,000
Underwritten offering | Common Stock
Subsidiary, Sale of Stock [Line Items]
Net proceeds from issuances of common stock | $				$ 53,700,000	$ 133,800,000

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock Issued (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended				9 Months Ended		12 Months Ended			36 Months Ended
	Nov. 01, 2021	Jun. 30, 2022	Mar. 31, 2016	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2021
Common Stock Issuance [Roll Forward]
Beginning balance (shares)						65,271,058		65,271,058
Ending balance (shares)				74,871,191				74,871,191					65,271,058
Beginning balance						$ 1,361,581		$ 1,361,581
Ending balance				$ 1,595,214				$ 1,595,214					$ 1,361,581
Common stock, net
Common Stock Issuance [Roll Forward]
Beginning balance (shares)				74,072,172	71,322,172	64,759,200		64,759,200		53,711,838	24,158,392	13,636,416	59,211,838
Ending balance (shares)		74,072,172		74,343,813	74,072,172	71,322,172		74,343,813		59,211,838	53,711,838	24,158,392	64,759,200
Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Beginning balance				$ 1,471,658	$ 1,418,005	$ 1,282,734		$ 1,282,734		$ 1,054,346	$ 479,733	$ 272,728	$ 1,162,023
Ending balance		$ 1,471,658		$ 1,476,958	1,471,658	1,418,005		$ 1,476,958		$ 1,162,023	$ 1,054,346	$ 479,733	1,282,734
Common Stock
Common Stock Issuance [Roll Forward]
Ending balance (shares)				74,871,191				74,871,191
Beginning balance				$ 697	679	613	$ 556	$ 613	$ 556
Ending balance		$ 697		$ 694	$ 697	$ 679	$ 556	$ 694	$ 556				$ 613
Common stock issued related to vesting RSUs (shares)								527,378
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												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					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
February 2022 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)						68,817
February 2022 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock						$ 1,426
March 2022 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)						6,494,155
March 2022 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock						$ 133,845
June 2022 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)		2,750,000			2,750,000
June 2022 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock					$ 53,653
August 2022 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (shares)				271,641
August 2022 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock				$ 5,300

Equity - Schedule of Dividends

Equity - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands												1 Months Ended		3 Months Ended						9 Months Ended
	Sep. 13, 2022	Jul. 19, 2022	Jun. 15, 2022	Apr. 22, 2022	Mar. 15, 2022	Feb. 01, 2022	Sep. 15, 2021	Sep. 08, 2021	Jun. 15, 2021	Apr. 23, 2021	Mar. 15, 2021	Sep. 30, 2022	Jul. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Dividends declared per share of common stock (usd per share)	$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 0.43	$ 0.43		$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 1.29	$ 1.29
Dividends paid	$ 29,815		$ 29,951		$ 29,211		$ 23,924		$ 23,924		$ 23,916									$ 88,977	$ 71,764
Series A Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (usd per share)		$ 0.41		$ 0.41		$ 0.41		$ 0.46		$ 0.27			$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.46	$ 0.27
Preferred stock dividends declared		$ 5,326		$ 5,326		$ 5,326		$ 3,177		$ 1,838										$ 15,978	$ 5,015

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2021 shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) period shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period				1 year
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
Units granted (in shares) | shares	400,000	0	0	27,625	15,520	415,520
Dividend, share-based payment arrangement				$ 1	$ 0
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense		$ 7.9		7.9
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 2.2	$ 2	$ 6.3	$ 6
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) - Restricted stock units - $ / shares	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
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)				808,330
Units granted (in shares)	400,000	0	0	27,625	15,520	415,520
Units vested (in shares)				(15,520)
Units Forfeited/ cancelled (in shares)				(28,501)
Unvested, ending balance (in shares)	808,330	791,934		791,934		808,330
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)				$ 19.50
Units granted, weighted average grant date fair value (usd per share)				19.91
Units vested, weighted average grant date fair value (usd per share)				19.65
Units forfeited/ cancelled, weighted average grant date fair value (usd per share)				19.04
Unvested. ending balance, weighted average grant date fair value (usd per share)	$ 19.50	$ 19.53		$ 19.53		$ 19.50

Stock-based Compensation - RSU

Stock-based Compensation - RSU Vesting (Details) - Restricted stock units - shares	Sep. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2022 (in shares)	375,716
2023 (in shares)	286,439
2024 (in shares)	129,779
Total (in shares)	791,934	808,330

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 shares
Earnings Per Share [Abstract]
Potentially issuable shares related to the Convertible Notes (in shares)	6,316,174

Earnings (Loss) per Share - Com

Earnings (Loss) per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic Earnings
Net Income (Loss)	$ (42,754)	$ 35,671	$ 17,775	$ 96,840
Preferred stock dividends and redemption value adjustment	5,326	3,682	15,978	6,403
Participating securities' share in earnings	341	0	1,028	0
Net Income (Loss) Attributable to Common Stockholders	(48,421)	31,989	769	90,437
Diluted Earnings
Net income (loss) attributable to common stockholders	(48,421)	31,989	769	90,437
Add: Interest expense attributable to the Convertible Notes	0	0	0	0
Less: Reallocation of undistributed earnings to participating securities	0	0	0	0
Net Income (Loss) Attributable to Common Stockholders	$ (48,421)	$ 31,989	$ 769	$ 90,437
Denominator
Basic weighted average common shares outstanding (in shares)	69,382,730	55,637,480	67,029,140	55,629,810
Dilutive shares under assumed conversion of the Convertible Notes (in shares)	0	0	0	0
Dilutive restricted stock units (in shares)	0	373,763	0	253,387
Diluted weighted average common shares outstanding (in shares)	69,382,730	56,011,243	67,029,140	55,883,197
Net income (loss) attributable to common stockholders, per:
Basic common share (usd per share)	$ (0.70)	$ 0.57	$ 0.01	$ 1.63
Diluted common share (usd per share)	$ (0.70)	$ 0.57	$ 0.01	$ 1.62
Weighted average unvested RSUs (in shares)	285,834		222,369

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jan. 31, 2017	Sep. 30, 2022
Future funding commitment related to commercial mortgage loan investments
Long-term Purchase Commitment [Line Items]
Capital commitment		$ 1,649.1
Variable Interest Entity, Not Primary Beneficiary | 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

9 Months Ended

12 Months Ended

Aug. 31, 2022

Jun. 30, 2022

Feb. 28, 2022 USD ($)

Jan. 31, 2022 USD ($) shares

Dec. 31, 2021 USD ($) shares

Aug. 31, 2021 USD ($)

Jul. 31, 2021

Apr. 30, 2021 USD ($) shares

Feb. 28, 2021 USD ($)

Mar. 31, 2020

May 31, 2018 USD ($)

Sep. 30, 2022 USD ($) shares

Jun. 30, 2022 USD ($)

Mar. 31, 2022 shares

Dec. 31, 2021 USD ($)

Sep. 30, 2021 USD ($) shares

Sep. 30, 2020 USD ($)

Sep. 30, 2022 USD ($) calendarQuarter shares

Sep. 30, 2021 USD ($) shares

Dec. 31, 2021 USD ($) shares

Related Party Transaction [Line Items]

Affiliate fee

$ 7,493,000

$ 7,541,000

$ 22,514,000

$ 22,060,000

Due to affiliate

$ 5,952,000

$ 9,271,000

$ 5,952,000

$ 9,271,000

$ 5,952,000

Series A Preferred Stock

Related Party Transaction [Line Items]

Issuance of stock (in shares) | shares

6,210,000

6,900,000

ATM

Related Party Transaction [Line Items]

Sale of stock, number of shares issued in transaction (shares) | shares

271,641

340,458

February 2022 | Common stock, net

Related Party Transaction [Line Items]

Issuance of stock (in shares) | shares

68,817

August 2022 | Common stock, net

Related Party Transaction [Line Items]

Issuance of stock (in shares) | shares

271,641

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%

Period of adjusted earnings

12 months

Percent of trailing 12 month weighted average adjusted equity

7%

Period of weighted average adjusted equity

12 months

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

3

Expense reimbursements and other

Related Party Transaction [Line Items]

Affiliate fee

$ 904,000

$ 362,000

$ 3,412,000

$ 1,161,000

Due to affiliate

663,000

2,682,000

663,000

$ 2,682,000

663,000

KKR Credit & Markets | Arrangement fee | Revolving Credit Facility | Facility

Related Party Transaction [Line Items]

Affiliate fee

$ 3,300,000

KKR Credit & Markets | Arrangement fee on existing commitments | Revolving Credit Facility | Facility

Related Party Transaction [Line Items]

Related party transaction, rate

0.375%

KKR Credit & Markets | Arrangement fee on new commitments | Revolving Credit Facility | Facility

Related Party Transaction [Line Items]

Related party transaction, rate

0.75%

Affiliated Entity | KKR Credit & Markets | Series A Preferred Stock

Related Party Transaction [Line Items]

Payments for equity offering discounts and commissions

$ 1,300,000

$ 1,600,000

Affiliated Entity | Expense reimbursements and other | KKR Credit & Markets

Related Party Transaction [Line Items]

Due to affiliate

$ 600,000

600,000

$ 600,000

Convertible Debt | KKR Credit & Markets

Related Party Transaction [Line Items]

Affiliate fee

$ 800,000

HSBC Facility | KKR Credit & Markets

Related Party Transaction [Line Items]

Structuring fee, percent

0.25%

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

Related party transaction, rate

0.25%

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

Related Party Transaction [Line Items]

Structuring fee, percent

75%

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

Related Party Transaction [Line Items]

Related party transaction amount

$ 1,700,000

KREF Lending IX Facility | Affiliated Entity | Expense reimbursements and other | KKR Credit & Markets

Related Party Transaction [Line Items]

Due to affiliate

2,700,000

$ 2,700,000

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

Related Party Transaction [Line Items]

Structuring fee

$ 500,000

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

Related Party Transaction [Line Items]

Structuring fee, percent

0.35%

KREF Lending XII Facility | Affiliated Entity | Structuring fees | KKR Credit & Markets

Related Party Transaction [Line Items]

Affiliate fee

600,000

ATM | KKR Credit & Markets

Related Party Transaction [Line Items]

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

2%

KREF Lending XIII | Affiliated Entity | KKR Credit & Markets

Related Party Transaction [Line Items]

Structuring fee, percent

0.50%

KREF Lending XIII | Affiliated Entity | Structuring fees | KKR Credit & Markets

Related Party Transaction [Line Items]

Affiliate fee

$ 1,300,000

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

Related Party Transaction [Line Items]

Placement agent fee

$ 900,000

Collateralized Loan Obligations | Affiliated Entity | KKR Credit & Markets | KREF 2022-FL3

Related Party Transaction [Line Items]

Placement agent fee

$ 500,000

Common Stock | Management Incentive Plan

Related Party Transaction [Line Items]

Number of shares available for awards (shares) | shares

2,709,075

2,709,075

Restricted stock units

Related Party Transaction [Line Items]

Units granted (in shares) | shares

400,000

0

0

27,625

15,520

415,520

Related Party Transactions - Ex

Related Party Transactions - Expenses Incurred and Amounts Owed to Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to affiliate	$ 9,271		$ 9,271		$ 5,952
Affiliate expenses	7,493	$ 7,541	22,514	$ 22,060
Management fees
Related Party Transaction [Line Items]
Due to affiliate	6,589		6,589		5,289
Affiliate expenses	6,589	4,964	19,102	14,089
Incentive compensation
Related Party Transaction [Line Items]
Affiliate expenses	0	2,215	0	6,810
Expense reimbursements and other
Related Party Transaction [Line Items]
Due to affiliate	2,682		2,682		$ 663
Affiliate expenses	904	362	3,412	1,161
Out-of-pocket costs reimbursed
Related Party Transaction [Line Items]
Affiliate expenses	$ 900	$ 400	$ 3,500	$ 2,800

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	9 Months Ended			12 Months Ended
	Sep. 30, 2022		Sep. 30, 2021	Dec. 31, 2021		Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 183,341	[1]	$ 307,731	$ 271,487	[1]
Commercial real estate loans, held-for-investment	7,306,565			6,316,733
Carrying value	7,195,767			6,294,489
Equity method investments, fair value	36,856			35,537
Total Assets	7,541,050			6,703,239
Assets, fair value	7,253,370
Outstanding Principal	3,488,180
Total Liabilities	5,945,836			5,341,658
Write off	0		0
Carrying amount	110,798		$ 58,807	22,244		$ 59,801
Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized debt issuance costs	19,100			11,300
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	1,091,258			1,087,976
Collateralized loan obligations, net | KREF 2022-FL3 | Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, financing provided	842,398
Mezzanine Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Write off	5,500			5,500
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	183,341			271,487
Cash and cash equivalents, fair value	183,341			271,487
Outstanding Principal	7,357,481			6,364,105
Commercial real estate loans, held-for-investment	7,306,565			6,316,733
Carrying value	7,195,767			6,294,489
Commercial mortgage loans, held-for-investment, net, fair value	7,253,370			6,340,837
Equity method investments	36,856			35,537
Equity method investments, fair value	36,856			35,537
Assets, principal balance	7,577,678			6,671,129
Net Assets	7,526,762			6,623,757
Total Assets	7,415,964			6,601,513
Assets, fair value	7,473,567			6,647,861
Liabilities, principal balance	5,922,056			5,326,893
Total Liabilities	5,882,851			5,294,969
Liabilities, fair value	5,810,986			5,326,255
Fair Value, Measurements, Recurring | Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	3,488,181			3,737,893
Carrying value, financing provided	3,469,126			3,726,593
Secured financing agreements, net, fair value	3,469,126			3,726,593
Fair Value, Measurements, Recurring | Collateralized loan obligations, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	1,942,750			1,095,250
Carrying value, financing provided	1,933,656			1,087,976
Secured financing agreements, net, fair value	1,852,284			1,094,834
Fair Value, Measurements, Recurring | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	347,375			350,000
Carrying value, financing provided	337,181			338,549
Secured financing agreements, net, fair value	346,507			352,625
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	142,888			141,851
Secured financing agreements, net, fair value	143,069			152,203
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	183,341			271,487
Commercial mortgage loans, held-for-investment, net, fair value	0			0
Equity method investments, fair value	0			0
Assets, fair value	183,341			271,487
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			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
Liabilities, fair value	489,576			504,828
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			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	346,507			352,625
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	143,069			152,203
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	7,253,370			6,340,837
Equity method investments, fair value	36,856			35,537
Assets, fair value	7,290,226			6,376,374
Liabilities, fair value	5,321,410			4,821,427
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	3,469,126			3,726,593
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	1,852,284			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	18,700			11,300
Collateralized Loan Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial real estate loans, held-for-investment	2,221,000			1,246,000
Collateralized Loan Obligations | Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial real estate loans, held-for-investment	2,221,000			1,246,000
Carrying value	2,197,944			1,242,745
Total Assets	2,285,786			1,300,602
Total Liabilities	1,936,816			1,088,828
Unamortized debt issuance costs	9,100			7,300
Carrying amount	$ 23,056			$ 3,255
[1]Includes $79.0 million and $54.0 million held in collateralized loan obligation as of September 30, 2022 and December 31, 2021, respectively.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Unobservable Inputs (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Assets, fair value	$ 7,253,370
Equity method investments	$ 36,856	$ 35,537
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	0.029
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	0.172
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	0.043

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current income tax provision	$ 0	$ 300,000
Deferred tax assets, net	$ 0		$ 0

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($)							1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 13, 2022	Jun. 15, 2022	Mar. 15, 2022	Sep. 15, 2021	Jun. 15, 2021	Mar. 15, 2021	Oct. 24, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Subsequent Event [Line Items]
Repurchase of common stock (shares)								587,890	1,632,582	0
Treasury stock acquired, average cost per share (dollars per share)								$ 17.42	$ 17.33
Repurchase of common stock								$ 10,300,000	$ 28,300,000
Dividends paid	$ 29,815,000	$ 29,951,000	$ 29,211,000	$ 23,924,000	$ 23,924,000	$ 23,916,000			$ 88,977,000	$ 71,764,000
Subsequent Event
Subsequent Event [Line Items]
Repurchase of common stock (shares)							452,788
Treasury stock acquired, average cost per share (dollars per share)							$ 16.41
Repurchase of common stock							$ 7,400,000
Dividends paid							$ 29,800,000
Dividend paid (usd per share)							$ 0.43
Subsequent Event | Asset specific financing facility | Facility
Subsequent Event [Line Items]
Borrowing capacity							$ 125,000,000