KKR Real Estate Finance Trust (KREF) 10-Q 24 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 20, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
Document Fiscal Period Focus	Q1
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	KREF
Security Exchange Name	NYSE
6.5% Series A Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	KREF PRA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 254,096	$ 239,791
Commercial real estate loans, held-for-investment	7,612,238	7,494,138
Less: Allowance for credit losses	(167,360)	(106,974)
Commercial real estate loans, held-for-investment, net	7,444,878	7,387,164
Real estate owned, net	81,100	80,231
Accrued interest receivable	40,512	39,005
Equity method investments	35,719	36,849
Other assets	19,726	19,281
Total Assets	7,876,031	7,802,321
Liabilities
Secured financing agreements, net	3,875,261	3,748,691
Collateralized loan obligations, net	1,937,602	1,935,592
Secured term loan, net	336,464	336,828
Convertible notes, net	143,579	143,237
Dividends payable	29,711	29,711
Accrued interest payable	21,699	17,859
Other liabilities	10,112	10,245
Due to affiliates	8,458	8,722
Total Liabilities	6,362,886	6,230,885
Commitments and Contingencies (Note 13)	0	0
Equity
Common stock, $0.01 par value, 300,000,000 authorized (75,080,707 shares issued; 69,095,011 shares outstanding as of March 31, 2023 and December 31, 2022)	691	691
Additional paid-in capital	1,811,135	1,808,983
Accumulated deficit	(202,024)	(141,503)
Repurchased stock (5,985,696 shares repurchased as of March 31, 2023 and December 31, 2022)	(96,764)	(96,764)
Total KKR Real Estate Finance Trust Inc. Stockholders’ Equity	1,513,169	1,571,538
Noncontrolling interests in equity of consolidated joint venture	(24)	(102)
Total Equity	1,513,145	1,571,436
Total Liabilities and Equity	7,876,031	7,802,321
6.5% Series A Cumulative Redeemable Preferred Stock
Equity
Series A cumulative redeemable preferred stock (13,110,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022); liquidation preference of $25.00 per share	$ 131	$ 131

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Preferred stock authorized ( in shares)	50,000,000	50,000,000
Common stock par value (usd per share)	$ 0.01	$ 0.01
Common stock authorized ( in shares)	300,000,000	300,000,000
Common stock issued ( in shares)	75,080,707	75,080,707
Common stock outstanding ( in shares)	69,095,011	69,095,011
Treasury stock, held ( in shares)	5,985,696	5,985,696
Primary Beneficiary | Collateralized Loan Obligations
Cash	$ 83,059	$ 151,000
6.5% Series A Cumulative Redeemable Preferred Stock
Preferred stock par value (usd per share)	$ 0.01	$ 0.01
Preferred stock issued (in shares)	13,110,000	13,110,000
Preferred stock outstanding ( in shares)	13,110,000	13,110,000
Preferred stock liquidation preference (usd per share)	$ 25	$ 25

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Interest Income
Interest income	$ 152,530	$ 73,230
Interest expense	105,976	32,459
Total net interest income	46,554	40,771
Other Income
Revenue from real estate owned operations	2,246	2,629
Income (loss) from equity method investments	(347)	1,886
Other income	2,711	1,915
Total other income	4,610	6,430
Operating Expenses
General and administrative	4,690	4,446
Provision for (reversal of ) credit losses, net	60,467	(1,218)
Management fee to affiliate	6,523	6,007
Incentive compensation to affiliate	1,811	0
Expenses from real estate owned operations	2,758	2,554
Total operating expenses	76,249	11,789
Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends and Participating Securities' Share in Earnings	(25,085)	35,412
Income tax expense	169	0
Net Income (Loss)	(25,254)	35,412
Net income (loss) attributable to noncontrolling interests	(177)	(56)
Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries	(25,077)	35,468
Preferred stock dividends	5,326	5,326
Participating securities' share in earnings	407	346
Net Income (Loss) Attributable to Common Stockholders	$ (30,810)	$ 29,796
Net Income (Loss) Per Share of Common Stock
Basic (usd per share)	$ (0.45)	$ 0.47
Diluted (usd per share)	$ (0.45)	$ 0.46
Weighted Average Number of Shares of Common Stock Outstanding
Basic ( in shares)	69,095,011	63,086,452
Diluted ( in shares)	69,095,011	69,402,626
Dividends declared per share of common stock (usd per share)	$ 0.43	$ 0.43

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	6.5% Series A Cumulative 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 6.5% Series A Cumulative Redeemable Preferred Stock	Series A Preferred Stock 6.5% Series A Cumulative Redeemable Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Common Stock	Additional Paid-In Capital 6.5% Series A Cumulative Redeemable Preferred Stock	Accumulated Deficit	Accumulated Deficit 6.5% Series A Cumulative Redeemable Preferred Stock	Repurchased Stock	Noncontrolling Interests in Equity of Consolidated Joint Venture	Total Equity	Total Equity Common Stock	Total Equity 6.5% Series A Cumulative Redeemable Preferred Stock
Ending balance ( in shares) at Dec. 31, 2021						6,900,000
Ending balance ( in shares) at Dec. 31, 2021							61,370,732
Ending balance at Dec. 31, 2021			$ 1,361,434			$ 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 dividends declared	$ (5,326)				(5,326)								$ (5,326)					(5,326)
Common dividends declared	$ (29,211)		(29,211)									(29,211)				(29,211)
Participating security dividends declared			(339)									(339)				(339)
Stock-based compensation, net			2,126						2,126							2,126
Net income (loss)			35,468									35,468			(56)	35,412
Ending balance ( in shares) at Mar. 31, 2022						13,110,000
Ending balance ( in shares) at Mar. 31, 2022							67,933,704
Ending balance at Mar. 31, 2022			1,649,535			$ 131	$ 679		1,747,340			(37,616)		(60,999)	185	1,649,720
Beginning balance ( in shares) at Dec. 31, 2021						6,900,000
Beginning balance (in shares) at Dec. 31, 2021							61,370,732
Beginning balance at Dec. 31, 2021			1,361,434			$ 69	$ 613		1,459,959			(38,208)		(60,999)	147	1,361,581
Ending balance ( in shares) at Mar. 31, 2023		13,110,000				13,110,000
Ending balance ( in shares) at Mar. 31, 2023	69,095,011						69,095,011
Ending balance at Mar. 31, 2023	$ 1,513,145		1,513,169			$ 131	$ 691		1,811,135			(202,024)		(96,764)	(24)	1,513,145
Beginning balance ( in shares) at Dec. 31, 2022		13,110,000				13,110,000
Beginning balance (in shares) at Dec. 31, 2022	69,095,011						69,095,011
Beginning balance at Dec. 31, 2022	$ 1,571,436		1,571,538			$ 131	$ 691		1,808,983			(141,503)		(96,764)	(102)	1,571,436
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution by noncontrolling interests															255	255
Preferred dividends declared	(5,326)				$ (5,326)								$ (5,326)					$ (5,326)
Common dividends declared	$ (29,711)		(29,711)									(29,711)				(29,711)
Participating security dividends declared			(407)									(407)				(407)
Stock-based compensation, net			2,152						2,152							2,152
Net income (loss)			(25,077)									(25,077)			(177)	(25,254)
Ending balance ( in shares) at Mar. 31, 2023		13,110,000				13,110,000
Ending balance ( in shares) at Mar. 31, 2023	69,095,011						69,095,011
Ending balance at Mar. 31, 2023	$ 1,513,145		$ 1,513,169			$ 131	$ 691		$ 1,811,135			$ (202,024)		$ (96,764)	$ (24)	$ 1,513,145

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Dividends declared per share of common stock (usd per share)	$ 0.43	$ 0.43
Participating security dividends declared per share (usd per share)	0.43	0.43
6.5% Series A Cumulative Redeemable Preferred Stock
Dividends declared per share of preferred stock (usd per share)	$ 0.41	$ 0.41

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Cash Flows From Operating Activities
Net income (loss)	$ (25,254)	$ 35,412
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs and discounts	6,796	4,844
Accretion of deferred loan fees and discounts	(5,888)	(6,083)
Payment-in-kind interest	0	(464)
(Income) loss from equity method investments	1,130	(1,058)
Provision for (reversal of) credit losses, net	60,467	(1,218)
Stock-based compensation expense	2,152	2,126
Changes in operating assets and liabilities:
Accrued interest receivable, net	(1,507)	(3,850)
Other assets	658	985
Accrued interest payable	3,841	2,901
Other liabilities	(605)	(532)
Due to affiliates	(155)	67
Net cash provided by (used in) operating activities	41,635	33,130
Cash Flows From Investing Activities
Proceeds from principal repayments of commercial real estate loans	89,669	282,282
Origination of commercial real estate loans, held-for-investment	(201,881)	(812,756)
Capital expenditures on real estate owned	(868)	0
Net cash provided by (used in) investing activities	(113,080)	(530,474)
Cash Flows From Financing Activities
Proceeds from borrowings under secured financing agreements	162,436	479,329
Proceeds from issuance of collateralized loan obligations	0	847,500
Proceeds from noncontrolling interest contributions	255	0
Net proceeds from issuances of common stock	0	135,271
Net proceeds from issuances of preferred stock	0	151,167
Payments of common stock dividends	(29,711)	(26,389)
Payments of preferred stock dividends	(5,326)	(5,326)
Principal repayments on borrowings under secured financing agreements	(39,592)	(1,172,268)
Payments of debt and collateralized debt obligation issuance costs	(919)	(9,787)
Payments of stock issuance costs	0	(1,036)
Net cash provided by (used in) financing activities	87,143	398,461
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	15,698	(98,883)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	250,621	273,770
Cash, Cash Equivalents and Restricted Cash at End of Period	266,319	174,887
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	254,096	173,178
Restricted cash	12,223	1,709
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	266,319	174,887
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	95,339	24,715
Pre-close loan fundings into escrow	0	80,870
Cash paid during the period for income taxes	0	0
Supplemental Schedule of Non-Cash Investing and Financing Activities
Modification accounted for as repayment and new loan, net of write-off	111,000	0
Dividend declared, not yet paid	29,711	29,211
Deferred financing costs, not yet paid	$ 2,331	$ 3,314

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2023
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 16 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 14). As of March 31, 2023, KKR beneficially owned 10,000,001 shares, or 14.5% 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	3 Months Ended
	Mar. 31, 2023
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 condensed 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. While the global economy has largely re-opened, the longer-term macro-economic effects of the pandemic continue to impact many industries, including those of certain of KREF’s borrowers. In particular, the increase in remote working arrangements in response to the pandemic has contributed to a decline in commercial real estate values and reduced demand for commercial real estate compared to pre-pandemic levels, which may adversely impact certain of KREF's borrowers and has persisted even as the pandemic continues to subside. In addition, the COVID-19 pandemic has contributed to global supply chain disruptions, labor shortages and has 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. The Federal Reserve has raised interest rates nine times since January 2022, and has signaled that further interest rate increases may be forthcoming throughout the year and into 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. 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 9). To assess whether KREF has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, KREF considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power to direct those activities. To assess whether KREF has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE, KREF considers all of its economic interests and applies judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Collateralized Loan 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 9). 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 Sheets. 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 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 March 31, 2023, 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 — 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 15). For financial statement disclosure purposes, 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 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 15 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. KREF maintains its cash deposits with major financial institutions. Substantially all such amounts on deposit 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 March 31, 2023 and December 31, 2022, KREF was required to maintain unrestricted cash and cash equivalents of at lea st $55.6 million a nd $54.4 million, respectively, to satisfy its liquidity covenants (Note 5). As of March 31, 2023 and December 31, 2022, KREF had $12.2 million and $10.8 million of restricted cash held in lender-controlled bank accounts, respectively. Such amounts are presented within "Other Assets" in the Condensed Consolidated Balance Sheets. 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). KREF recognizes and measures the allowance for credit losses under the Current Expected Credit Loss ("CECL") model which 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 “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 thro ugh 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 for which 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 for which 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 sale of the underlying collateral. Such determination requires the use of significant judgment and can be based on several factors subject to uncertainty. Considerations used in determination of financial difficulty may include, but are not limited to, whether the borrower's operating cash flow is sufficient to cover the current and future debt service requirements, the borrower’s ability to refinance the loan, market liquidity and other circumstances that can affect the borrower’s ability to satisfy its contractual obligations under the loan agreement. 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 Condensed 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 Condensed 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: (i) significant underperformance relative to anticipated operating results; (ii) significant negative industry and economic outlook or trends; (iii) 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 facility, 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 agreement ("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). Other Assets and Other Liabilities — As of March 31, 2023, other assets included $12.2 million of restricted cash, $4.6 million of deferred financing costs related to KREF's Revolver (Note 5) and $0.7 million of prepaid expenses. As of December 31, 2022, other assets included $10.8 million of restricted cash, $4.9 million of deferred financing costs related to KREF's Revolver and $1.1 million of prepaid expenses. As of March 31, 2023, other liabilities included $4.2 million of allowance for credit losses related to KREF's unfunded loan commitments, $3.5 million of REO liabilities and $2.2 million of accrued expenses. As of December 31, 2022 , other liabilities included $4.1 million of allowance for credit losses related to KREF's unfunded loan commitments, $3.7 million of REO liabilities and $2.1 million of accrued expenses . Dividends Payable — K REF records dividends payable on its common stock and preferred stock upon declaration of such d ividends. In March 2023, KREF's board of directors declared a dividend of $0.43 per share of common stock to stockholders of record as of March 31, 2023, which was accrued in “Dividends payable” on KREF’s Condensed Consolidated Balance Sheets as of March 31, 2023 and was subsequently paid on April 14, 2023. In February 2023, KREF's board of directors declared a dividend of $0.41 per each issued and outstanding share of the Company’s 6.50% Series A Cumulative Redeemable Preferred Stock, which represents an annual dividend of $1.625 per share. The dividend was paid on March 15, 2023 to KREF’s preferred stockholders of record as of February 28, 2023. Repurchased Stock — KREF accounts for repurchases of its common stock based on the settlement date and presents repurchased stock in “Repurchased stock” on its Condensed Consolidated Balance Sheets (Note 10). Payments for stock repurchases that are not yet settled as of the reporting date are presented within “Other assets” on the Condensed Consolidated Balance Sheets. As of March 31, 2023, KREF did not retire any repurchased stock. 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

Commercial Real Estate Loans

Commercial Real Estate Loans	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 : Weighted Average (C) Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % Coupon (D) Life (Years) (E) March 31, 2023 Loans held-for-investment Senior loans (F) $ 7,594,408 $ 7,553,537 $ 7,386,615 73 100.0 % 8.1 % 3.2 Mezzanine loans (G) 58,674 58,701 58,263 2 100.0 14.5 2.8 Total/Weighted Average $ 7,653,082 $ 7,612,238 $ 7,444,878 75 100.0 % 8.2 % 3.2 December 31, 2022 Loans held-for-investment Senior loans (F) $ 7,463,459 $ 7,395,463 $ 7,288,635 73 100.0 % 7.7 % 3.3 Mezzanine and other loans (G)(H) 98,933 98,675 98,529 3 100.0 15.0 3.0 Total/Weighted Average $ 7,562,392 $ 7,494,138 $ 7,387,164 76 100.0 % 7.8 % 3.3 (A) Amortized cost represents the outstanding principal of loan, net of applicable unamortized discounts, loan origination fees, cost recovery interest and write-off on uncollectible 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. Excludes loans accounted for under the cost recovery method. (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. (G) Excludes two fully written off risk-rated 5 mezzanine loans with a combined outstanding principal balance of $30.5 million as of March 31, 2023. Excludes one fully written off risk-rated 5 mezzanine loan with an outstanding principal balance of $5.5 million as of December 31, 2022. (H) Includes Activity — For the three months ended March 31, 2023, the loan portfolio activity was as follows: Amortized Cost Allowance for Carrying Value Balance at December 31, 2022 $ 7,494,138 $ (106,974) $ 7,387,164 Originations and future fundings, net (A)(B) 312,882 — 312,882 Proceeds from loan repayments and cost recovery interest (B)(C) (200,670) — (200,670) Accretion of loan discount and other amortization, net 5,888 — 5,888 (Provision for) Reversal of credit losses — (60,386) (60,386) Balance at March 31, 2023 $ 7,612,238 $ (167,360) $ 7,444,878 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes $111.0 million of amortized cost of a loan modification accounted for as a new loan for GAAP purposes. (C) Includes a $2.7 million of interest collections applied as a reduction to loan amortized cost. As of March 31, 2023 and December 31, 2022, there wa s $38.1 million a nd $43.3 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 $0.4 million and $0.0 million, during the three months ended March 31, 2023 and 2022, respectively. KREF recognized net accelerated fee income of $0.3 million and $0.8 million , respectively, relating to loan repayments, during the three months ended March 31, 2023 and 2022. 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. In January 2023, KREF completed the modification of a senior office loan located in Philadelphia, PA, that was risk-rated 5 with an outstanding principal balance of $161.0 million, of which $25.0 million was deemed uncollectible and written off, as of December 31, 2022. The terms of the modification included, among others, a $25.0 million principal repayment and a restructure of KREF’s $136.0 million senior loan (after the $25.0 million repayment) into a $116.5 million committed senior mortgage loan (including future funding of $5.5 million) and a $25.0 million junior mezzanine note. The junior mezzanine note is subordinated to a new $41.5 million committed senior mezzanine note (including future funding of $16.5 million) held by the sponsor. The restructured senior loan earns a coupon rate of S+3.25% and has a new term of up to four years, assuming all extension options are exercised. This loan modification was accounted for as a new loan for GAAP purposes. The restructured senior loan was risk-rated 3 as of March 31, 2023. Loan Risk Ratings — As further described in Note 2, our Manager evaluates KREF's commercial real estate loan portfolio at least once per quarter. In conjunction with its 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: March 31, 2023 December 31, 2022 Risk Rating Number of Loans (A) Carrying Value Total Loan Exposure (B) Total Loan Exposure %* Number of Loans (A) Carrying Value Total Loan Exposure (B) Total Loan Exposure %* 1 — $ — $ — — % — $ — $ — — % 2 — — — — — — — — 3 68 6,525,552 6,824,605 86 70 6,560,166 6,864,941 88 4 5 742,057 745,156 9 3 443,957 446,322 6 5 2 344,629 347,400 4 3 490,015 489,214 6 Total loan receivable 75 $ 7,612,238 $ 7,917,161 100 76 $ 7,494,138 $ 7,800,477 100 Allowance for credit losses (167,360) (106,974) Loan receivable, net $ 7,444,878 $ 7,387,164 * Numbers presented may not foot due to rounding. (A) Excludes two fully written off risk-rated 5 mezzanine loans with a combined outstanding principal balance of $30.5 million as of March 31, 2023. Excludes one fully written off risk-rated 5 mezzanine loan with an outstanding principal balance of $5.5 million as of December 31, 2022. (B) In certain instances, KREF finances its loans through the non-recourse sale of a senior interest that is not included in the condensed consolidated financial statements. Total loan exposure includes the entire loan KREF originated and financed, including $264.1 million and $263.1 million of such non-c onsolidated interests as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, the average risk rating of KREF's portfolio was 3.2, weig hted by total loan exposure, consistent with that as of December 31, 2022. 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 March 31, 2023 and December 31, 2022 in the corresponding table. March 31, 2023 Amortized Cost by Year of Origination Risk Rating Number of Loans (A) Outstanding Principal (A) 2023 2022 2021 2020 2019 Prior Total Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — — — 3 68 6,560,526 112,351 1,880,842 3,542,429 318,277 354,181 317,472 6,525,552 4 5 745,156 — 101,532 368,431 — 272,094 — 742,057 5 2 347,400 — — — — 150,225 194,404 344,629 75 $ 7,653,082 $ 112,351 $ 1,982,374 $ 3,910,860 $ 318,277 $ 776,500 $ 511,876 $ 7,612,238 (A) Excludes two fully written off risk-rated 5 mezzanine loans with a combined outstanding principal balance of $30.5 million. December 31, 2022 Amortized Cost by Year of Origination Risk Rating Number of Loans (A) Outstanding Principal (A) 2022 2021 2020 2019 2018 Prior Total Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — — — 3 70 6,601,856 1,812,576 3,594,235 353,506 472,125 307,582 20,142 6,560,166 4 3 446,322 101,469 193,883 — 148,605 — — 443,957 5 3 514,214 — — — 158,698 136,825 194,492 490,015 76 $ 7,562,392 $ 1,914,045 $ 3,788,118 $ 353,506 $ 779,428 $ 444,407 $ 214,634 $ 7,494,138 (A) Excludes one fully written off risk-rated 5 mezzanine loan with an outstanding principal balance of $5.5 million. Allowance for Credit Losses — The following tables present the changes to the allowance for credit losses for the three months ended March 31, 2023 and 2022 , respectively: Commercial Unfunded Loan Commitments Total Balance at December 31, 2022 $ 106,974 $ 4,138 $ 111,112 Provision for (reversal of) credit losses, net 60,386 81 60,467 Balance at March 31, 2023 $ 167,360 $ 4,219 $ 171,579 Commercial Unfunded Loan Commitments Total Balance at December 31, 2021 $ 22,244 $ 1,495 $ 23,739 Provision for (reversal of) credit losses, net (1,568) 350 (1,218) Balance at March 31, 2022 $ 20,676 $ 1,845 $ 22,521 As of March 31, 2023, the allowance for credit losses was $171.6 million, which represented an increase of $60.5 million during the three months ended March 31, 2023. The increase in the CECL provision was due to additional reserves for two risk-rated 5 office loans, as well as market weakness, particularly in the office sector. KREF had one risk-rated 5 senior office loan located in Philadelphia, PA, originated in April 2019, with an outstanding principal balance of $153.0 million and an unfunded commitment of $23.7 million as of March 31, 2023. The loan had an amortized cost of $150.2 million as of March 31, 2023. The property experienced slower than anticipated leasing activity due to softness in the overall Philadelphia market and COVID-impacted office trends. In December 2022, this loan was placed on nonaccrual status and future interest collections will be accounted for under the cost recovery method. This loan is current on contractual interest payments and its maximum maturity is May 2024, assuming all extension options are exercised. During the three months ended March 31, 2023, $2.7 million of contractual interest payments was received and applied as a reduction to the loan amortized cost. KREF had one risk-rated 5 senior office loan located in Minneapolis, MN, originated in November 2017, with an outstanding principal balance of $194.4 million and no unfunded commitment as of March 31, 2023. The loan had an amortized cost of $194.4 million as of March 31, 2023. KREF recognized $2.8 million of interest income on this loan during the three months ended March 31, 2023. In March 2023, this loan was placed on nonaccrual status and future interest collections will be accounted for under the cost recovery method. This loan is current on contractual interest payments and its next maturity is April 28, 2023, assuming all extension options are exercised. The 5-rated loans were determined to be collateral dependent as of March 31, 2023. KREF estimated expected losses based on each loan’s collateral fair value, which was determined by applying a capitalization rate between 7.7% to 8.0% and a discount rate between 8.3% to 9.9%, respectively. The $1.2 million net benefit during the three months ended March 31, 2022 was primarily due to the reversal in allowance for credit losses in connection with the full repayments of one 4-rated senior hospitality loan and one 4-rated senior industrial loan, partially offset by an increase to the allowance related to newly originated loans and 4-risk rated loans. Concentration of Credit Risk — The following tables present the geographies and property types of collateral underlying KREF's commercial real estate loans as a percentage of the loans' principal amounts: March 31, 2023 December 31, 2022 (A) March 31, 2023 December 31, 2022 Geography Collateral Property Type California 16.9 % 16.9 % Multifamily 45.7 % 46.8 % Texas 16.1 16.1 Office 22.8 23.0 Florida 11.0 11.1 Industrial 13.4 12.7 Massachusetts 8.5 8.3 Life Science 8.0 7.7 Virginia 8.3 8.4 Hospitality 4.9 4.8 Washington D.C. 5.9 5.9 Condo (Residential) 2.4 2.6 New York 5.6 5.6 Student Housing 1.5 1.5 Pennsylvania 5.2 5.7 Single Family Rental 0.6 0.5 North Carolina 4.0 4.0 Self-Storage 0.6 0.3 Washington 3.2 2.9 Retail 0.1 0.1 Arizona 2.7 2.6 Total 100.0 % 100.0 % Minnesota 2.7 2.7 Georgia 2.5 2.5 Nevada 2.0 2.0 Illinois 1.5 1.6 Colorado 1.0 1.0 Other U.S. 2.9 2.7 Total 100.0 % 100.0 % (A) Excludes one real estate corporate loan to a multifamily operator with an outstanding principal amount of $40.4 million , representin g 0.5% of KREF’s commercial real estate loans, as of December 31, 2022. This loan was fully repaid during the first quarter of 2023.

Real Estate Owned

Real Estate Owned	3 Months Ended
	Mar. 31, 2023
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 nonaccrual 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 Sheet as REO with a carrying value of $78.6 million, which included the estimated fair value of the property and capitalized transaction costs. In addition, KREF assumed $2.0 million in other net assets of the REO. The following table presents the REO assets and liabilities included on KREF's Condensed Consolidated Balance Sheets: March 31, 2023 December 31, 2022 Assets Cash $ 2,311 $ 781 Real estate owned - land 78,569 78,569 Real estate owned - land improvements 2,531 1,662 Real estate owned, net 81,100 80,231 In-place lease intangibles (A) 251 268 Tenant receivables (A) 524 541 Other assets (A) 732 1,304 Total $ 84,918 $ 83,125 Liabilities Below-market lease intangibles (B) $ 1,369 $ 1,460 Other liabilities (B) 2,167 2,254 Total $ 3,536 $ 3,714 (A) Included in “Other assets” on the Condensed Consolidated Balance Sheets. (B) Included in “Other liabilities” on the Condensed Consolidated Balance Sheets. 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 March 31, 2023 March 31, 2022 Rental income (A) $ 1,670 $ 2,287 Other operating income (A) 576 342 Revenue from rest estate owned operations 2,246 2,629 Expenses from real estate owned operations (2,758) (2,554) Other income (B) 288 403 Total $ (224) $ 478 (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 Income Statement Location March 31, 2023 March 31, 2022 Asset In-place lease intangibles Expenses from real estate owned operations $ 17 $ 17 Liability Below-market lease intangibles Revenue from real estate owned operations 91 91 The following table presents the amortization of lease intangibles for each of the succeeding fiscal years: Year In-place Lease Intangible Assets Below-market Lease Intangible Liabilities 2023 $ 50 $ 274 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 2023 $ 3,362 2024 1,853 2025 872 2026 443 2027 22 Thereafter —

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 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 $ 714,667 $ 713,276 Sep 2026 6.5 % 2.2 $ 973,506 $ 965,118 $ 952,043 3.6 $ 670,824 Morgan Stanley (F) Dec 2016 600,000 574,032 572,901 Dec 2025 6.9 1.7 822,247 818,814 804,842 2.8 593,136 Goldman Sachs (G) Sep 2016 240,000 240,000 239,190 Oct 2025 7.8 1.7 422,493 418,969 416,017 3.4 168,369 Term Lending Agreements KREF Lending IX (H) Jul 2021 1,000,000 741,922 734,725 n.a 7.1 1.9 932,979 926,332 921,019 3.9 719,000 KREF Lending V (I) Jun 2019 517,310 489,245 489,075 Jun 2026 6.9 0.3 696,930 696,506 653,032 0.8 502,539 KREF Lending XII (J) Jun 2022 350,000 166,771 165,605 n.a 6.6 2.6 221,575 220,170 219,197 4.0 159,784 BMO Facility (K) Aug 2018 300,000 138,615 137,295 n.a 6.7 2.2 179,601 178,618 178,214 4.2 137,170 Warehouse Facility HSBC Facility (L) Mar 2020 500,000 — — Mar 2026 — 2.9 — — — n.a — Asset Specific Financing KREF Lending XIII (M) Aug 2022 265,625 84,789 81,906 n.a 8.1 3.4 99,752 97,141 97,014 4.4 69,777 KREF Lending XIV (N) Oct 2022 125,000 — (1,547) n.a — 0.0 — (1,271) (1,271) 4.5 (1,655) KREF Lending XI (O) Apr 2022 100,000 100,000 99,138 n.a 8.2 1.4 125,000 124,498 123,766 3.4 98,990 Revolving Credit Agreement Revolver (P) Dec 2018 610,000 — — Mar 2027 — 4.0 n.a n.a n.a n.a — Total / Weighted Average $ 5,607,935 $ 3,250,041 $ 3,231,564 7.0 % 1.8 $ 3,117,934 (A) Net of $18.5 million and $21.2 million unamortized deferred financing costs as of March 31, 2023 and December 31, 2022, 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 financing spread. As of March 31, 2023 and December 31, 2022, 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 31.1% and 31.5%, respectively (or 30.1% and 25.6%, 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 threshol ds. As of March 31, 2023, the financing spread was between 1.41% and 1.61%. (F) In March 2023, KREF extended the current stated maturity to December 2025. Following the maturity date, KREF has two one-year extension periods subject to approval by Morgan Stanley. In addition, KREF has the option to increase the facility amount to $750.0 million. As of March 31, 2023, the financing spread was between 1.70% and 2.40%. (G) The current stated maturity date is October 20 23, with two one-year extension options available to KREF. A s of March 31, 2023, the financing spread was betwe en 1.75% and 3.40%. (H) 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 March 31, 2023, the financing spread was betwe en 1.65% and 2.00%. (I) 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 March 31, 2023, the Initial Buyer held 23.9% of the total commitment under the facility. Borrowings under the facility are collateralized by certain loans, held for investment, and bear interest equal to Term SOFR, plus a 2.00% margin. The current stated maturity is June 2023, subject to three additional one-year extension options, which may be exercised by KREF upon the satisfaction of certain customary conditions and thresholds. (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 March 31, 2023, the financing spread was between 1.35% and 1.45% . (K) 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 financing on a non-mark-to-market basis with match-term up to five years with partial recourse to KREF. As of March 31, 2023, the financing spread was 1.85% . (L) KREF entered into a $500.0 million Loan and Security Agreement with HSBC Bank USA, National Association (“HSBC Facility”). In March 2023, KREF extended the facility maturity date to March 2026. The facility provides warehouse financing on a non-mark-to-market basis with partial recourse to KREF. (M) 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 March 31, 2023, the financing spread was 3.0%. (N) K REF, through its wholly-owned subsidiary KREF Lending XIV LLC, entered into a $125.0 million loan financing facility with a financial institution ("KREF Lending XIV Facility"). The facility provides match-term asset-based financing on a non-mark-to-market and non-recourse basis. As of March 31, 2023, the financing spread was 2.75% . (O) 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 March 31, 2023, the financing spread was 2.76% . (P) KREF entered into a $100.0 million corporate revolving credit agreement (“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 March 31, 2023. 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 March 31, 2023, the carrying value excluded $4.6 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. As of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) March 31, 2023 Wells Fargo $ 714,667 $ 245,534 16.2 % 2.2 Morgan Stanley 574,032 234,779 15.5 1.7 KREF Lending IX 741,922 184,242 12.2 1.9 Goldman Sachs 240,000 179,582 11.9 1.7 KREF Lending V (B) 489,245 170,394 11.3 0.3 Total / Weighted Average $ 2,759,866 $ 1,014,531 67.1 % 1.6 December 31, 2022 Wells Fargo $ 672,556 $ 240,897 15.3 % 2.5 Morgan Stanley 594,537 199,485 12.7 0.8 Goldman Sachs 169,073 190,917 12.1 2.1 KREF Lending V (B) 502,878 182,774 11.6 0.3 KREF Lending IX 727,472 177,358 11.3 2.2 Total / Weighted Average $ 2,666,516 $ 991,431 63.0 % 1.6 (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 2.7% and 2.8% of the net counterparty exposure as a percent of stockholders' equity as of March 31, 2023 and December 31, 2022, respectively. Debt obligations included in the tables above are obligations of KREF’s consolidated subsidiaries, which own the related collateral, and such collateral is generally not available to other creditors of KREF. While KREF is generally not required to post margin under certain repurchase agreement terms for changes in general capital market conditions such as changes in credit spreads or interest rates, KREF may be required to post margin for changes in conditions to specific loans that serve as collateral for those repurchase agreements. Such changes may include declines in the appraised value of property that secures a loan or a negative change in the borrower's ability or willingness to repay a loan. To the extent that KREF is required to post margin, KREF's liquidity could be significantly impacted. Both KREF and its lenders work cooperatively to monitor the performance of the properties and operations related to KREF's loan investments to mitigate investment-specific credit risks. Additionally, KREF incorporates terms in the loans it originates to further mitigate risks related to loan nonperformance. Term Loan Facility 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 and/or Term SOFR plus a margin. The weighted average margin on the facility was 1.8% a s of March 31, 2023 and December 31, 2022 . The following tables summarize our borrowings under the Term Loan Facility: March 31, 2023 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 12 $ 803,770 $ 797,790 $ 747,109 + 3.4% n.a. May 2026 Financing provided n.a. 644,378 643,697 643,697 + 1.9% n.a. May 2026 December 31, 2022 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 12 $ 785,076 $ 780,526 $ 751,579 + 3.4% n.a. April 2026 Financing provided n.a. 631,557 630,757 630,757 + 1.9% n.a. April 2026 (A) Collateral loans assets are indexed to one-month LIBOR and/or Term SOFR. 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 three months ended March 31, 2023, 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, 2022 $ 3,748,691 Principal borrowings 162,436 Principal repayments/sales (38,717) Deferred debt issuance costs (691) Amortization of deferred debt issuance costs 3,542 Balance as of March 31, 2023 $ 3,875,261 Maturities — KREF’s secured financing agreements, term loan facility and other consolidated debt obligations in place as of March 31, 2023 had contractual maturities (A) as follows: Year Nonrecourse Recourse (B) Total 2023 $ 480,764 $ 105,054 $ 585,818 2024 1,217,029 262,487 1,479,516 2025 936,583 301,369 1,237,952 2026 445,230 97,402 542,632 Thereafter 48,501 — 48,501 $ 3,128,107 $ 766,312 $ 3,894,419 (A) Represents earlier of the next maturity of the underlying loans and the maximum maturity of the secured financing agreements. (B) Except for the Revolver, which is full recourse, amounts borrowed subject to a maximum 25.0% recourse limit. The Revolver matures 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 financing agreements). As of March 31, 2023 and December 31, 2022 , KREF was in compliance with its financial debt covenants. In September 2020, KREF entered into a $300.0 million secured term loan at a price of 97.5%, which bears interest at a per annum rate equal to LIBOR plus a 4.75% margin, subject to a 1.0% LIBOR floor, payable quarterly beginning in December 2020. The secured term loan is partially amortizing, with an amount equal to 1.0% per annum of the principal balance due in quarterly installments starting March 31, 2021. The secured term loan matures on September 1, 2027 and contains restrictions relating to liens, asset sales, indebtedness, investments and transactions with affiliates. The secured term loan is secured by KREF level guarantees and does not include asset-based collateral. Upon the execution of the secured term loan, KREF recorded a $7.5 million issuance discount and $5.1 million in issuance costs, inclusive of $1.1 million in arrangement and structuring fees paid to KCM. In November 2021, KREF completed the repricing of 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 i s LIBOR plus 4.1% per annum, subject to the applicable LIBOR floor, as of March 31, 2023. The following table summarizes KREF’s secured term loan at March 31, 2023 and December 31, 2022, respectively: March 31, 2023 December 31, 2022 Principal $ 345,625 $ 346,500 Deferred financing costs (4,751) (5,016) Unamortized discount (4,410) (4,656) Carrying value $ 336,464 $ 336,828 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 March 31, 2023 and December 31, 2022.

Collateralized Loan Obligations

Collateralized Loan Obligations	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: March 31, 2023 Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Wtd. Avg. Term (B) KREF 2021-FL2 Collateral assets (C)(D) 18 $ 1,300,000 $ 1,300,000 $ 1,274,367 + 3.3% May 2026 Financing provided 1 1,095,250 1,093,476 1,093,476 L + 1.7% February 2039 KREF 2022-FL3 Collateral assets (C) 16 $ 1,000,000 $ 1,000,000 $ 990,028 + 3.1% October 2026 Financing provided 1 847,500 844,126 844,126 S + 2.2% February 2039 December 31, 2022 Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Wtd. Avg. Term (B) KREF 2021-FL2 Collateral assets (C)(D) 17 $ 1,300,000 $ 1,300,000 $ 1,283,162 + 3.3% April 2026 Financing provided 1 1,095,250 1,092,332 1,092,332 L + 1.7% February 2039 KREF 2022-FL3 Collateral assets (C) 16 $ 1,000,000 $ 1,000,000 $ 991,452 + 3.1% October 2026 Financing provided 1 847,500 843,260 843,260 S + 2.2% 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 March 31, 2023, 50.9% and 49.1% of the CLO collateral loan assets by principal balance earned a floating rate of interest indexed to one-month LIBOR and Term SOFR, respectively. As of December 31, 2022 , 64.1% and 35.9% 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 28.9% and 28.4% of the principal of KREF's commercial real estate loans as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, 100% of KREF loans financed through the CLOs are floating rate loans. (D) Including $83.1 million and $151.0 million cash held in CLO 2021-FL2 as of March 31, 2023 and December 31, 2022, respectively. The following table presents the CLO assets and liabilities included in KREF’s Condensed Consolidated Balance Sheets: Assets March 31, 2023 December 31, 2022 Cash $ 83,059 $ 151,000 Commercial real estate loans, held-for-investment 2,216,216 2,149,000 Less: Allowance for credit losses (34,880) (25,387) Commercial real estate loans, held-for-investment, net 2,181,336 2,123,613 Accrued interest receivable 11,798 10,693 Other assets 155 155 Total $ 2,276,348 $ 2,285,461 Liabilities Collateralized loan obligations $ 1,942,750 $ 1,942,750 Deferred financing costs 5,148 7,158 Collateralized loan obligations, net $ 1,937,602 $ 1,935,592 Accrued interest payable 4,416 4,442 Total $ 1,942,018 $ 1,940,034 The following table presents the components of net interest income of CLOs included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended March 31, 2023 2022 Interest income $ 41,746 $ 17,111 Interest expense (A) 31,223 7,768 Net interest income $ 10,523 $ 9,343 (A) Includ es $2.1 million and $1.6 million of deferred financing costs amortization for the three months ended March 31, 2023 and 2022 , respectively.

Secured Term Loan, Net

Secured Term Loan, Net	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 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 $ 714,667 $ 713,276 Sep 2026 6.5 % 2.2 $ 973,506 $ 965,118 $ 952,043 3.6 $ 670,824 Morgan Stanley (F) Dec 2016 600,000 574,032 572,901 Dec 2025 6.9 1.7 822,247 818,814 804,842 2.8 593,136 Goldman Sachs (G) Sep 2016 240,000 240,000 239,190 Oct 2025 7.8 1.7 422,493 418,969 416,017 3.4 168,369 Term Lending Agreements KREF Lending IX (H) Jul 2021 1,000,000 741,922 734,725 n.a 7.1 1.9 932,979 926,332 921,019 3.9 719,000 KREF Lending V (I) Jun 2019 517,310 489,245 489,075 Jun 2026 6.9 0.3 696,930 696,506 653,032 0.8 502,539 KREF Lending XII (J) Jun 2022 350,000 166,771 165,605 n.a 6.6 2.6 221,575 220,170 219,197 4.0 159,784 BMO Facility (K) Aug 2018 300,000 138,615 137,295 n.a 6.7 2.2 179,601 178,618 178,214 4.2 137,170 Warehouse Facility HSBC Facility (L) Mar 2020 500,000 — — Mar 2026 — 2.9 — — — n.a — Asset Specific Financing KREF Lending XIII (M) Aug 2022 265,625 84,789 81,906 n.a 8.1 3.4 99,752 97,141 97,014 4.4 69,777 KREF Lending XIV (N) Oct 2022 125,000 — (1,547) n.a — 0.0 — (1,271) (1,271) 4.5 (1,655) KREF Lending XI (O) Apr 2022 100,000 100,000 99,138 n.a 8.2 1.4 125,000 124,498 123,766 3.4 98,990 Revolving Credit Agreement Revolver (P) Dec 2018 610,000 — — Mar 2027 — 4.0 n.a n.a n.a n.a — Total / Weighted Average $ 5,607,935 $ 3,250,041 $ 3,231,564 7.0 % 1.8 $ 3,117,934 (A) Net of $18.5 million and $21.2 million unamortized deferred financing costs as of March 31, 2023 and December 31, 2022, 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 financing spread. As of March 31, 2023 and December 31, 2022, 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 31.1% and 31.5%, respectively (or 30.1% and 25.6%, 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 threshol ds. As of March 31, 2023, the financing spread was between 1.41% and 1.61%. (F) In March 2023, KREF extended the current stated maturity to December 2025. Following the maturity date, KREF has two one-year extension periods subject to approval by Morgan Stanley. In addition, KREF has the option to increase the facility amount to $750.0 million. As of March 31, 2023, the financing spread was between 1.70% and 2.40%. (G) The current stated maturity date is October 20 23, with two one-year extension options available to KREF. A s of March 31, 2023, the financing spread was betwe en 1.75% and 3.40%. (H) 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 March 31, 2023, the financing spread was betwe en 1.65% and 2.00%. (I) 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 March 31, 2023, the Initial Buyer held 23.9% of the total commitment under the facility. Borrowings under the facility are collateralized by certain loans, held for investment, and bear interest equal to Term SOFR, plus a 2.00% margin. The current stated maturity is June 2023, subject to three additional one-year extension options, which may be exercised by KREF upon the satisfaction of certain customary conditions and thresholds. (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 March 31, 2023, the financing spread was between 1.35% and 1.45% . (K) 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 financing on a non-mark-to-market basis with match-term up to five years with partial recourse to KREF. As of March 31, 2023, the financing spread was 1.85% . (L) KREF entered into a $500.0 million Loan and Security Agreement with HSBC Bank USA, National Association (“HSBC Facility”). In March 2023, KREF extended the facility maturity date to March 2026. The facility provides warehouse financing on a non-mark-to-market basis with partial recourse to KREF. (M) 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 March 31, 2023, the financing spread was 3.0%. (N) K REF, through its wholly-owned subsidiary KREF Lending XIV LLC, entered into a $125.0 million loan financing facility with a financial institution ("KREF Lending XIV Facility"). The facility provides match-term asset-based financing on a non-mark-to-market and non-recourse basis. As of March 31, 2023, the financing spread was 2.75% . (O) 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 March 31, 2023, the financing spread was 2.76% . (P) KREF entered into a $100.0 million corporate revolving credit agreement (“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 March 31, 2023. 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 March 31, 2023, the carrying value excluded $4.6 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. As of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) March 31, 2023 Wells Fargo $ 714,667 $ 245,534 16.2 % 2.2 Morgan Stanley 574,032 234,779 15.5 1.7 KREF Lending IX 741,922 184,242 12.2 1.9 Goldman Sachs 240,000 179,582 11.9 1.7 KREF Lending V (B) 489,245 170,394 11.3 0.3 Total / Weighted Average $ 2,759,866 $ 1,014,531 67.1 % 1.6 December 31, 2022 Wells Fargo $ 672,556 $ 240,897 15.3 % 2.5 Morgan Stanley 594,537 199,485 12.7 0.8 Goldman Sachs 169,073 190,917 12.1 2.1 KREF Lending V (B) 502,878 182,774 11.6 0.3 KREF Lending IX 727,472 177,358 11.3 2.2 Total / Weighted Average $ 2,666,516 $ 991,431 63.0 % 1.6 (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 2.7% and 2.8% of the net counterparty exposure as a percent of stockholders' equity as of March 31, 2023 and December 31, 2022, respectively. Debt obligations included in the tables above are obligations of KREF’s consolidated subsidiaries, which own the related collateral, and such collateral is generally not available to other creditors of KREF. While KREF is generally not required to post margin under certain repurchase agreement terms for changes in general capital market conditions such as changes in credit spreads or interest rates, KREF may be required to post margin for changes in conditions to specific loans that serve as collateral for those repurchase agreements. Such changes may include declines in the appraised value of property that secures a loan or a negative change in the borrower's ability or willingness to repay a loan. To the extent that KREF is required to post margin, KREF's liquidity could be significantly impacted. Both KREF and its lenders work cooperatively to monitor the performance of the properties and operations related to KREF's loan investments to mitigate investment-specific credit risks. Additionally, KREF incorporates terms in the loans it originates to further mitigate risks related to loan nonperformance. Term Loan Facility 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 and/or Term SOFR plus a margin. The weighted average margin on the facility was 1.8% a s of March 31, 2023 and December 31, 2022 . The following tables summarize our borrowings under the Term Loan Facility: March 31, 2023 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 12 $ 803,770 $ 797,790 $ 747,109 + 3.4% n.a. May 2026 Financing provided n.a. 644,378 643,697 643,697 + 1.9% n.a. May 2026 December 31, 2022 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 12 $ 785,076 $ 780,526 $ 751,579 + 3.4% n.a. April 2026 Financing provided n.a. 631,557 630,757 630,757 + 1.9% n.a. April 2026 (A) Collateral loans assets are indexed to one-month LIBOR and/or Term SOFR. 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 three months ended March 31, 2023, 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, 2022 $ 3,748,691 Principal borrowings 162,436 Principal repayments/sales (38,717) Deferred debt issuance costs (691) Amortization of deferred debt issuance costs 3,542 Balance as of March 31, 2023 $ 3,875,261 Maturities — KREF’s secured financing agreements, term loan facility and other consolidated debt obligations in place as of March 31, 2023 had contractual maturities (A) as follows: Year Nonrecourse Recourse (B) Total 2023 $ 480,764 $ 105,054 $ 585,818 2024 1,217,029 262,487 1,479,516 2025 936,583 301,369 1,237,952 2026 445,230 97,402 542,632 Thereafter 48,501 — 48,501 $ 3,128,107 $ 766,312 $ 3,894,419 (A) Represents earlier of the next maturity of the underlying loans and the maximum maturity of the secured financing agreements. (B) Except for the Revolver, which is full recourse, amounts borrowed subject to a maximum 25.0% recourse limit. The Revolver matures 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 financing agreements). As of March 31, 2023 and December 31, 2022 , KREF was in compliance with its financial debt covenants. In September 2020, KREF entered into a $300.0 million secured term loan at a price of 97.5%, which bears interest at a per annum rate equal to LIBOR plus a 4.75% margin, subject to a 1.0% LIBOR floor, payable quarterly beginning in December 2020. The secured term loan is partially amortizing, with an amount equal to 1.0% per annum of the principal balance due in quarterly installments starting March 31, 2021. The secured term loan matures on September 1, 2027 and contains restrictions relating to liens, asset sales, indebtedness, investments and transactions with affiliates. The secured term loan is secured by KREF level guarantees and does not include asset-based collateral. Upon the execution of the secured term loan, KREF recorded a $7.5 million issuance discount and $5.1 million in issuance costs, inclusive of $1.1 million in arrangement and structuring fees paid to KCM. In November 2021, KREF completed the repricing of 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 i s LIBOR plus 4.1% per annum, subject to the applicable LIBOR floor, as of March 31, 2023. The following table summarizes KREF’s secured term loan at March 31, 2023 and December 31, 2022, respectively: March 31, 2023 December 31, 2022 Principal $ 345,625 $ 346,500 Deferred financing costs (4,751) (5,016) Unamortized discount (4,410) (4,656) Carrying value $ 336,464 $ 336,828 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 March 31, 2023 and December 31, 2022.

Convertible Notes, Net

Convertible Notes, Net	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 Principal $ 143,750 $ 143,750 Deferred financing costs (127) (380) Unamortized discount (44) (133) Carrying value $ 143,579 $ 143,237 The following table details the interest expense related to the Convertible Notes: Three Months Ended March 31, 2023 2022 Cash coupon $ 2,226 $ 2,201 Discount and issuance cost amortization 342 342 Total interest expense $ 2,568 $ 2,543 Accrued interest payable for the Convertible Notes was $3.4 million and $1.1 million as of March 31, 2023 and December 31, 2022, respectively. Refer to Note 2 for additional discussion of accounting policies for the Convertible Notes.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the joint venture held REO assets with a net carrying value of $71.2 million. KREF has priority of distributions up to $73.2 million before the JV Partner can participate in the economics of the joint venture. Equity Method Investments As of March 31, 2023, KREF held a 3.5% interest in RECOP I, an unconsolidated VIE of which KREF is not the primary beneficiary, at its fair value of $35.7 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.

Equity

Equity	3 Months Ended
	Mar. 31, 2023
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 31, 2019, KREF issued the following shares of common stock: Pricing Date Shares Issued (A) Net Proceeds As of December 31, 2019 59,211,838 $ 1,162,023 November 2021 5,000,000 108,800 November 2021 (B) 1 — November 2021 547,361 11,911 As of December 31, 2021 64,759,200 $ 1,282,734 February 2022 (C) 68,817 1,426 March 2022 6,494,155 133,845 June 2022 2,750,000 53,653 August 2022 (C) 271,641 5,300 As of March 31, 2023 74,343,813 $ 1,476,958 (A) Excludes 736,894 net shares of common stock issued to-date in connection with vested restricted stock units. (B) KREF did not receive any proceeds with respect to one 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. (C) Represents shares issued under the ATM. 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 three months ended March 31, 2023 and 2022, no 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 11 for further detail. Of the 75,080,707 common shares KREF issued, there were 69,095,011 common shares outstanding as of March 31, 2023, which includes 736,894 net shares of common stock issued in connection with vested restricted stock units and is net of 5,985,696 common shares repurchased. 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 $100.4 million and $82.9 million of 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 shares, or 14.5% of KREF's outstanding common stock as of each of March 31, 2023 and December 31, 2022. Share Repurchase Program — Under KREF's current share repurchase program, which has no expiration date, KREF may repurchase up to an aggregate of $100.0 million of its common stock effective as of February 3, 2023, 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 KREF in its discretion and will depend on a variety of factors, including legal requirements, price, liquidity and economic considerations, and market conditions. The program does not require KREF to repurchase any specific number of shares of common stock. The program does not have an expiration date and may be suspended, modified or discontinued at any time. During the three months ended March 31, 2023, KREF did not repurchase any of its common stock under the repurchase program. As of March 31, 2023, KREF had $100.0 million of remaining capacity to repurchase shares under the program. At the Market Stock Offering Program — On February 22, 2019, KREF entered into an equity distribution agreement with certain sales agents, pursuant to which KREF may sell, from time to time, up to an aggregate sales price of $100.0 million of its common stock pursuant to a continuous offering program (the “ATM”). Sales of KREF’s common stock made pursuant to the ATM may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. The timing and amount of actual sales will depend on a variety of factors including market conditions, the trading price of KREF’s common stock, KREF’s capital needs, and KREF’s determination of the appropriate sources of funding to meet such needs. During the three months ended March 31, 2023, KREF did not issue or sell any shares of common stock under the ATM. As of March 31, 2023, $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.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, 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 March 31, 2023, 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, 2022 935,218 $ 16.80 Granted — — Vested — — Forfeited / cancelled (567) 20.27 Unvested as of March 31, 2023 934,651 $ 16.80 (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 2023 431,351 2024 329,940 2025 173,360 Total 934,651 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 months ended March 31, 2023 and 2022, KREF recognized $2.2 million and $2.1 million, respectively, of stock-based compensation expense included in “General and administrative” expense in the Condensed Consolidated Statements of Income. As of March 31, 2023, there was $11.8 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 1.1 years. During the three months ended March 31, 2023 and 2022, KREF dec lared $0.4 million and $0.3 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 three months ended March 31, 2023. Refer to Note 14 for additional information regarding the Incentive Plan.

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023, after the adoption of ASU 2020-06, 6,316,174 potentially issuable shares related to the Convertible Notes were evaluated and excluded from the dilutive EPS denominator because the effect was anti-dilutive. For the three months ended March 31, 2023, 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 months ended March 31, 2023 and 2022: Three Months Ended March 31 2023 2022 Basic Earnings Net Income (Loss) $ (25,077) $ 35,468 Less: Preferred stock dividends and redemption value adjustment 5,326 5,326 Less: Participating securities' share in earnings 407 346 Net income (loss) attributable to common stockholders $ (30,810) $ 29,796 Diluted Earnings Net income (loss) attributable to common stockholders $ (30,810) $ 29,796 Add: Interest expense attributable to the Convertible Notes — 2,201 Less: Reallocation of undistributed earnings to participating securities — (25) Net income (loss) attributable to common stockholders, diluted $ (30,810) $ 31,972 Denominator Basic weighted average common shares outstanding 69,095,011 63,086,452 Dilutive shares under assumed conversion of the Convertible Notes — 6,316,174 Dilutive restricted stock units (A) — — Diluted weighted average common shares outstanding 69,095,011 69,402,626 Net income (loss) attributable to common stockholders, per: Basic common share $ (0.45) $ 0.47 Diluted common share $ (0.45) $ 0.46 ( A) For the three months ended March 31, 2023 and 2022, 20,426 and 181,560 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	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2023, 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 March 31, 2023, 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 March 31, 2023, KREF had future funding commitments of $1,342.6 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 March 31, 2023, KREF had a remaining commitment of $4.3 million to RECOP I. Macroeconomic Environment — The Federal Reserve has raised interest rates nine times since January 2022, and has signaled that further increases may be forthcoming throughout the year and into 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	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022, no awards were granted to KREF's directors and employees of the Manager or its affiliates. As of March 31, 2023, 2,356,842 shares 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: March 31, 2023 December 31, 2022 Management fees $ 6,523 $ 6,578 Expense reimbursements — 100 KCM fees 1,935 2,044 $ 8,458 $ 8,722 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 March 31, 2023 2022 Management fees $ 6,523 $ 6,007 Incentive compensation 1,811 — Expense reimbursements and other (A) 1,153 726 $ 9,487 $ 6,733 (A) Presented within "General and administrative" in the Condensed Consolidated Statements of Income. In connection with the ATM, KCM, in its capacity as one of the sales agents, will receive commissions for the shares of KREF’s common stock it sells. This amount is not to exceed, but may be less than, 2.0% of the gross sales price per share. KREF did not sell shares under the ATM through a third-party broker and did not incur or pay any commissions to KCM during the three months ended March 31, 2023 and 2022. In connection with the BMO Facility, and in consideration for its services as the structuring agent, KREF is obligated to pay KCM a structuring fee equal to 0.35% 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. KREF did not incur or pay any KCM structuring fees in connection with the facility during the three months ended March 31, 2023 and 2022. 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 three months ended March 31, 2023 and 2022, KREF did not incur or pay any KCM structuring fees in connection with the facility. 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 $2.3 million in structuring fees. During the three months ended March 31, 2023 and 2022, KREF paid $0.1 million and $0.6 million KCM structuring fees in connection with the facility, respectively. 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. KREF paid $3.3 million of arrangement fees in connection with the Revolver in the second quarter of 2022. Such fees were capitalized as deferred financing cost and amortized to interest expense over the estimated life of the Revolver. In connection with the KREF Lending XI Facility entered into in April 2022, 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 equal to 0.35% of the respective loan advances under the agreement. KREF paid $0.6 million in KCM structuring fees in connection with the facility in the third quarter of 2022. Such fees are capitalized as deferred financing cost and amortized to interest expense over the draw period of the facility. 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 equal to 0.5% of the facility amount under the agreement. KREF paid $1.3 million in KCM structuring fees in connection with the facility in the third quarter of 2022. Such fees are capitalized as deferred financing cost and amortized to interest expense over the draw period of the facility. In connection with the KREF Lending XIV Facility entered into in October 2022, and in consideration for its services as the structuring agent, KREF paid KCM $0.6 million in structuring fees in the fourth quarter of 2022. Such fees are capitalized as deferred financing cost and amortized to interest expense over the estimated life of the facility.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values and fair values of KREF’s financi al assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments not carried at fair value, as of March 31, 2023, we re as follows: Fair Value Principal Balance Amortized Cost (A) Carrying Value (B) Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 254,096 $ 254,096 $ 254,096 $ 254,096 $ — $ — $ 254,096 Commercial real estate loans, held-for-investment, net (C) 7,653,082 7,612,238 7,444,878 — — 7,464,320 7,464,320 Equity method investments 35,719 35,719 35,719 — — 35,719 35,719 $ 7,942,897 $ 7,902,053 $ 7,734,693 $ 254,096 $ — $ 7,500,039 $ 7,754,135 Liabilities Secured financing agreements, net $ 3,894,419 $ 3,875,261 $ 3,875,261 $ — $ — $ 3,875,261 $ 3,875,261 Collateralized loan obligations, net 1,942,750 1,937,602 1,937,602 — — 1,882,065 1,882,065 Secured term loan, net 345,625 336,464 336,464 — 335,688 — 335,688 Convertible notes, net 143,750 143,579 143,579 — 143,251 — 143,251 $ 6,326,544 $ 6,292,906 $ 6,292,906 $ — $ 478,939 $ 5,757,326 $ 6,236,265 (A) The amortized cost of commercial real estate loans is net of $38.1 million of unamortized origination discounts, cost recovery interest and deferred fees. The amortized cost of secured financing agreements is net of $19.2 million unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $5.1 million unamortized debt issuance costs. (B) The carrying value of commercial mortgage loans is net of $167.4 million allowance for credit losses. (C) Includes $2,216.2 million of CLO loan participations as of March 31, 2023. Excludes two fully written off risk-rated 5 mezzanine loans with a combined outstanding principal balance of $30.5 million as of March 31, 2023. 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, 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 $ 239,791 $ 239,791 $ 239,791 $ 239,791 $ — $ — $ 239,791 Commercial real estate loans, held-for-investment, net (C) 7,562,392 7,494,138 7,387,164 — — 7,393,279 7,393,279 Equity method investments 36,849 36,849 36,849 — — 36,849 36,849 $ 7,839,032 $ 7,770,778 $ 7,663,804 $ 239,791 $ — $ 7,430,128 $ 7,669,919 Liabilities Secured financing agreements, net $ 3,770,701 $ 3,748,691 $ 3,748,691 $ — $ — $ 3,748,691 $ 3,748,691 Collateralized loan obligations, net 1,942,750 1,935,592 1,935,592 — — 1,857,042 1,857,042 Secured term loan, net 346,500 336,828 336,828 — 339,137 — 339,137 Convertible notes, net 143,750 143,237 143,237 — 141,617 — 141,617 $ 6,203,701 $ 6,164,348 $ 6,164,348 $ — $ 480,754 $ 5,605,733 $ 6,086,487 (A) The amortized cost of commercial real estate loans is net of $43.3 million of unamortized origination discounts and deferred fees, a $25.0 million write-off on a defaulted senior office loan. The amortized cost of secured financing agreements is net of $22.0 million unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $7.2 million unamortized debt issuance costs. (B) The carrying value of commercial mortgage loans is net of $107.0 million allowance for credit losses. (C) Includes $2,149.0 million of CLO loan participations as of December 31, 2022. Excludes one fully written off risk-rated 5 mezzanine loan with an outstanding principal balance of $5.5 million as of December 31, 2022. 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 March 31, 2023: Fair Value Valuation Methodologies Unobservable Inputs (A) Weighted Average (B) Range Assets and Liabilities (C) Commercial real estate loans, held-for-investment (D) $ 7,464,320 Discounted cash flow Discount margin 4.2% 3.1% - 15.6% Discount rate 9.0% 8.3% - 9.9% Capitalization rate 7.8% 7.7% - 8.0% $ 7,464,320 (A) An increase (decrease) in the valuation input results in a decrease (increase) in value. (B) Represents the average of the input value, weighted by the unpaid principal balance of the financial instrument. (C) KREF carries a $35.7 million investment in an aggregator vehicle alongside RECOP I (Note 9) at its pro rata share of the aggregator's net asset value, which management believes approximates fair value. (D) 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 March 31, 2023 and 2022. 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 March 31, 2023 , the fair value of KREF's financing facilities approximated their respective carrying value.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 and 2022, KREF recorded an income tax provision of $0.2 million and $0.0 million, respectively, related to the operations of its taxable REIT subsidiaries and various other state and local taxes. There were no material deferred tax assets or liabilities as of March 31, 2023 and December 31, 2022. As of March 31, 2023, tax y ears 2019 through 2023 r emain subject to examination by taxing authorities.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following events occurred subsequent to March 31, 2023: Corporate Activities Dividends In April 2023, KREF paid $29.7 million in dividends on its common stock, or $0.43 per share, with respect to the first quarter of 2023, to stockholders of record on March 31, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 condensed 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. While the global economy has largely re-opened, the longer-term macro-economic effects of the pandemic continue to impact many industries, including those of certain of KREF’s borrowers. In particular, the increase in remote working arrangements in response to the pandemic has contributed to a decline in commercial real estate values and reduced demand for commercial real estate compared to pre-pandemic levels, which may adversely impact certain of KREF's borrowers and has persisted even as the pandemic continues to subside. In addition, the COVID-19 pandemic has contributed to global supply chain disruptions, labor shortages and has 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. The Federal Reserve has raised interest rates nine times since January 2022, and has signaled that further interest rate increases may be forthcoming throughout the year and into 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. 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 9). To assess whether KREF has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, KREF considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power to direct those activities. To assess whether KREF has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE, KREF considers all of its economic interests and applies judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Collateralized Loan 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 9). 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 Sheets.
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 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 March 31, 2023, 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 — 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 15). For financial statement disclosure purposes, 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 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
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. KREF maintains its cash deposits with major financial institutions. Substantially all such amounts on deposit 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. KREF recognizes and measures the allowance for credit losses under the Current Expected Credit Loss ("CECL") model which 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 “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 thro ugh 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 for which 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 for which 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 sale of the underlying collateral. Such determination requires the use of significant judgment and can be based on several factors subject to uncertainty. Considerations used in determination of financial difficulty may include, but are not limited to, whether the borrower's operating cash flow is sufficient to cover the current and future debt service requirements, the borrower’s ability to refinance the loan, market liquidity and other circumstances that can affect the borrower’s ability to satisfy its contractual obligations under the loan agreement.
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 Condensed 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 Condensed 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: (i) significant underperformance relative to anticipated operating results; (ii) significant negative industry and economic outlook or trends; (iii) 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 facility, 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 agreement ("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
Dividends Payable	Dividends Payable — K REF records dividends payable on its common stock and preferred stock upon declaration of such d
Repurchased Stock	Repurchased Stock — KREF accounts for repurchases of its common stock based on the settlement date and presents repurchased stock in “Repurchased stock” on its Condensed Consolidated Balance Sheets (Note 10). Payments for stock repurchases that are not yet settled as of the reporting date are presented within “Other assets” on the Condensed Consolidated Balance Sheets.
Income Recognition	Income Recognition Interest Income — 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 an evaluation, at least quarterly, 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. In certain circumstances, KREF may also modify terms of a loan agreement to accommodate a borrower experiencing financial difficulty. Such modifications 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 at least once per quarter, 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
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 REO 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 uncollectible 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 16). As of March 31, 2023 and December 31, 2022 , 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 March 31, 2023, 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, 2024, as extended under ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 . KREF has not adopted any of the optional expedients or exceptions through March 31, 2023, 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 for creditors that have adopted CECL and requires public business entities to present gross write-offs by year of origination in their vintage disclosures. On January 1, 2023, KREF adopted ASU 2022-02 on a prospective basis and the adoption had no significant impact on KREF's condensed consolidated financial statements.

Commercial Real Estate Loans (T

Commercial Real Estate Loans (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 : Weighted Average (C) Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % Coupon (D) Life (Years) (E) March 31, 2023 Loans held-for-investment Senior loans (F) $ 7,594,408 $ 7,553,537 $ 7,386,615 73 100.0 % 8.1 % 3.2 Mezzanine loans (G) 58,674 58,701 58,263 2 100.0 14.5 2.8 Total/Weighted Average $ 7,653,082 $ 7,612,238 $ 7,444,878 75 100.0 % 8.2 % 3.2 December 31, 2022 Loans held-for-investment Senior loans (F) $ 7,463,459 $ 7,395,463 $ 7,288,635 73 100.0 % 7.7 % 3.3 Mezzanine and other loans (G)(H) 98,933 98,675 98,529 3 100.0 15.0 3.0 Total/Weighted Average $ 7,562,392 $ 7,494,138 $ 7,387,164 76 100.0 % 7.8 % 3.3 (A) Amortized cost represents the outstanding principal of loan, net of applicable unamortized discounts, loan origination fees, cost recovery interest and write-off on uncollectible 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. Excludes loans accounted for under the cost recovery method. (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. (G) Excludes two fully written off risk-rated 5 mezzanine loans with a combined outstanding principal balance of $30.5 million as of March 31, 2023. Excludes one fully written off risk-rated 5 mezzanine loan with an outstanding principal balance of $5.5 million as of December 31, 2022. (H) Includes Amortized Cost Allowance for Carrying Value Balance at December 31, 2022 $ 7,494,138 $ (106,974) $ 7,387,164 Originations and future fundings, net (A)(B) 312,882 — 312,882 Proceeds from loan repayments and cost recovery interest (B)(C) (200,670) — (200,670) Accretion of loan discount and other amortization, net 5,888 — 5,888 (Provision for) Reversal of credit losses — (60,386) (60,386) Balance at March 31, 2023 $ 7,612,238 $ (167,360) $ 7,444,878 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes $111.0 million of amortized cost of a loan modification accounted for as a new loan for GAAP purposes. (C) Includes a $2.7 million of interest collections applied as a reduction to loan amortized cost. The following tables summarize the carrying value of the loan portfolio based on KREF's internal risk ratings: March 31, 2023 December 31, 2022 Risk Rating Number of Loans (A) Carrying Value Total Loan Exposure (B) Total Loan Exposure %* Number of Loans (A) Carrying Value Total Loan Exposure (B) Total Loan Exposure %* 1 — $ — $ — — % — $ — $ — — % 2 — — — — — — — — 3 68 6,525,552 6,824,605 86 70 6,560,166 6,864,941 88 4 5 742,057 745,156 9 3 443,957 446,322 6 5 2 344,629 347,400 4 3 490,015 489,214 6 Total loan receivable 75 $ 7,612,238 $ 7,917,161 100 76 $ 7,494,138 $ 7,800,477 100 Allowance for credit losses (167,360) (106,974) Loan receivable, net $ 7,444,878 $ 7,387,164 * Numbers presented may not foot due to rounding. (A) Excludes two fully written off risk-rated 5 mezzanine loans with a combined outstanding principal balance of $30.5 million as of March 31, 2023. Excludes one fully written off risk-rated 5 mezzanine loan with an outstanding principal balance of $5.5 million as of December 31, 2022. (B) In certain instances, KREF finances its loans through the non-recourse sale of a senior interest that is not included in the condensed consolidated financial statements. Total loan exposure includes the entire loan KREF originated and financed, including $264.1 million and $263.1 million of such non-c onsolidated interests as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022 in the corresponding table. March 31, 2023 Amortized Cost by Year of Origination Risk Rating Number of Loans (A) Outstanding Principal (A) 2023 2022 2021 2020 2019 Prior Total Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — — — 3 68 6,560,526 112,351 1,880,842 3,542,429 318,277 354,181 317,472 6,525,552 4 5 745,156 — 101,532 368,431 — 272,094 — 742,057 5 2 347,400 — — — — 150,225 194,404 344,629 75 $ 7,653,082 $ 112,351 $ 1,982,374 $ 3,910,860 $ 318,277 $ 776,500 $ 511,876 $ 7,612,238 (A) Excludes two fully written off risk-rated 5 mezzanine loans with a combined outstanding principal balance of $30.5 million. December 31, 2022 Amortized Cost by Year of Origination Risk Rating Number of Loans (A) Outstanding Principal (A) 2022 2021 2020 2019 2018 Prior Total Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — — — 3 70 6,601,856 1,812,576 3,594,235 353,506 472,125 307,582 20,142 6,560,166 4 3 446,322 101,469 193,883 — 148,605 — — 443,957 5 3 514,214 — — — 158,698 136,825 194,492 490,015 76 $ 7,562,392 $ 1,914,045 $ 3,788,118 $ 353,506 $ 779,428 $ 444,407 $ 214,634 $ 7,494,138 (A) Excludes one fully written off risk-rated 5 mezzanine loan with an outstanding principal balance of $5.5 million.
Allowance for Credit Losses	The following tables present the changes to the allowance for credit losses for the three months ended March 31, 2023 and 2022 , respectively: Commercial Unfunded Loan Commitments Total Balance at December 31, 2022 $ 106,974 $ 4,138 $ 111,112 Provision for (reversal of) credit losses, net 60,386 81 60,467 Balance at March 31, 2023 $ 167,360 $ 4,219 $ 171,579 Commercial Unfunded Loan Commitments Total Balance at December 31, 2021 $ 22,244 $ 1,495 $ 23,739 Provision for (reversal of) credit losses, net (1,568) 350 (1,218) Balance at March 31, 2022 $ 20,676 $ 1,845 $ 22,521
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: March 31, 2023 December 31, 2022 (A) March 31, 2023 December 31, 2022 Geography Collateral Property Type California 16.9 % 16.9 % Multifamily 45.7 % 46.8 % Texas 16.1 16.1 Office 22.8 23.0 Florida 11.0 11.1 Industrial 13.4 12.7 Massachusetts 8.5 8.3 Life Science 8.0 7.7 Virginia 8.3 8.4 Hospitality 4.9 4.8 Washington D.C. 5.9 5.9 Condo (Residential) 2.4 2.6 New York 5.6 5.6 Student Housing 1.5 1.5 Pennsylvania 5.2 5.7 Single Family Rental 0.6 0.5 North Carolina 4.0 4.0 Self-Storage 0.6 0.3 Washington 3.2 2.9 Retail 0.1 0.1 Arizona 2.7 2.6 Total 100.0 % 100.0 % Minnesota 2.7 2.7 Georgia 2.5 2.5 Nevada 2.0 2.0 Illinois 1.5 1.6 Colorado 1.0 1.0 Other U.S. 2.9 2.7 Total 100.0 % 100.0 % (A) Excludes one real estate corporate loan to a multifamily operator with an outstanding principal amount of $40.4 million , representin g 0.5% of KREF’s commercial real estate loans, as of December 31, 2022. This loan was fully repaid during the first quarter of 2023.

Real Estate Owned (Tables)

Real Estate Owned (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Asset Acquisition	The following table presents the REO assets and liabilities included on KREF's Condensed Consolidated Balance Sheets: March 31, 2023 December 31, 2022 Assets Cash $ 2,311 $ 781 Real estate owned - land 78,569 78,569 Real estate owned - land improvements 2,531 1,662 Real estate owned, net 81,100 80,231 In-place lease intangibles (A) 251 268 Tenant receivables (A) 524 541 Other assets (A) 732 1,304 Total $ 84,918 $ 83,125 Liabilities Below-market lease intangibles (B) $ 1,369 $ 1,460 Other liabilities (B) 2,167 2,254 Total $ 3,536 $ 3,714 (A) Included in “Other assets” on the Condensed Consolidated Balance Sheets. (B) Included in “Other liabilities” on the Condensed Consolidated Balance Sheets.
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 March 31, 2023 March 31, 2022 Rental income (A) $ 1,670 $ 2,287 Other operating income (A) 576 342 Revenue from rest estate owned operations 2,246 2,629 Expenses from real estate owned operations (2,758) (2,554) Other income (B) 288 403 Total $ (224) $ 478 (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 Income Statement Location March 31, 2023 March 31, 2022 Asset In-place lease intangibles Expenses from real estate owned operations $ 17 $ 17 Liability Below-market lease intangibles Revenue from real estate owned operations 91 91
Future Amortization of Lease Intangibles	The following table presents the amortization of lease intangibles for each of the succeeding fiscal years: Year In-place Lease Intangible Assets Below-market Lease Intangible Liabilities 2023 $ 50 $ 274 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 succeeding fiscal years: Year In-place Lease Intangible Assets Below-market Lease Intangible Liabilities 2023 $ 50 $ 274 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 2023 $ 3,362 2024 1,853 2025 872 2026 443 2027 22 Thereafter —

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 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 $ 714,667 $ 713,276 Sep 2026 6.5 % 2.2 $ 973,506 $ 965,118 $ 952,043 3.6 $ 670,824 Morgan Stanley (F) Dec 2016 600,000 574,032 572,901 Dec 2025 6.9 1.7 822,247 818,814 804,842 2.8 593,136 Goldman Sachs (G) Sep 2016 240,000 240,000 239,190 Oct 2025 7.8 1.7 422,493 418,969 416,017 3.4 168,369 Term Lending Agreements KREF Lending IX (H) Jul 2021 1,000,000 741,922 734,725 n.a 7.1 1.9 932,979 926,332 921,019 3.9 719,000 KREF Lending V (I) Jun 2019 517,310 489,245 489,075 Jun 2026 6.9 0.3 696,930 696,506 653,032 0.8 502,539 KREF Lending XII (J) Jun 2022 350,000 166,771 165,605 n.a 6.6 2.6 221,575 220,170 219,197 4.0 159,784 BMO Facility (K) Aug 2018 300,000 138,615 137,295 n.a 6.7 2.2 179,601 178,618 178,214 4.2 137,170 Warehouse Facility HSBC Facility (L) Mar 2020 500,000 — — Mar 2026 — 2.9 — — — n.a — Asset Specific Financing KREF Lending XIII (M) Aug 2022 265,625 84,789 81,906 n.a 8.1 3.4 99,752 97,141 97,014 4.4 69,777 KREF Lending XIV (N) Oct 2022 125,000 — (1,547) n.a — 0.0 — (1,271) (1,271) 4.5 (1,655) KREF Lending XI (O) Apr 2022 100,000 100,000 99,138 n.a 8.2 1.4 125,000 124,498 123,766 3.4 98,990 Revolving Credit Agreement Revolver (P) Dec 2018 610,000 — — Mar 2027 — 4.0 n.a n.a n.a n.a — Total / Weighted Average $ 5,607,935 $ 3,250,041 $ 3,231,564 7.0 % 1.8 $ 3,117,934 (A) Net of $18.5 million and $21.2 million unamortized deferred financing costs as of March 31, 2023 and December 31, 2022, 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 financing spread. As of March 31, 2023 and December 31, 2022, 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 31.1% and 31.5%, respectively (or 30.1% and 25.6%, 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 threshol ds. As of March 31, 2023, the financing spread was between 1.41% and 1.61%. (F) In March 2023, KREF extended the current stated maturity to December 2025. Following the maturity date, KREF has two one-year extension periods subject to approval by Morgan Stanley. In addition, KREF has the option to increase the facility amount to $750.0 million. As of March 31, 2023, the financing spread was between 1.70% and 2.40%. (G) The current stated maturity date is October 20 23, with two one-year extension options available to KREF. A s of March 31, 2023, the financing spread was betwe en 1.75% and 3.40%. (H) 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 March 31, 2023, the financing spread was betwe en 1.65% and 2.00%. (I) 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 March 31, 2023, the Initial Buyer held 23.9% of the total commitment under the facility. Borrowings under the facility are collateralized by certain loans, held for investment, and bear interest equal to Term SOFR, plus a 2.00% margin. The current stated maturity is June 2023, subject to three additional one-year extension options, which may be exercised by KREF upon the satisfaction of certain customary conditions and thresholds. (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 March 31, 2023, the financing spread was between 1.35% and 1.45% . (K) 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 financing on a non-mark-to-market basis with match-term up to five years with partial recourse to KREF. As of March 31, 2023, the financing spread was 1.85% . (L) KREF entered into a $500.0 million Loan and Security Agreement with HSBC Bank USA, National Association (“HSBC Facility”). In March 2023, KREF extended the facility maturity date to March 2026. The facility provides warehouse financing on a non-mark-to-market basis with partial recourse to KREF. (M) 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 March 31, 2023, the financing spread was 3.0%. (N) K REF, through its wholly-owned subsidiary KREF Lending XIV LLC, entered into a $125.0 million loan financing facility with a financial institution ("KREF Lending XIV Facility"). The facility provides match-term asset-based financing on a non-mark-to-market and non-recourse basis. As of March 31, 2023, the financing spread was 2.75% . (O) 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 March 31, 2023, the financing spread was 2.76% . (P) KREF entered into a $100.0 million corporate revolving credit agreement (“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 March 31, 2023. 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 March 31, 2023, the carrying value excluded $4.6 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: March 31, 2023 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 12 $ 803,770 $ 797,790 $ 747,109 + 3.4% n.a. May 2026 Financing provided n.a. 644,378 643,697 643,697 + 1.9% n.a. May 2026 December 31, 2022 Term Loan Facility Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Guarantee (B) Wtd. Avg. Term (C) Collateral assets 12 $ 785,076 $ 780,526 $ 751,579 + 3.4% n.a. April 2026 Financing provided n.a. 631,557 630,757 630,757 + 1.9% n.a. April 2026 (A) Collateral loans assets are indexed to one-month LIBOR and/or Term SOFR. 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, 2022 $ 3,748,691 Principal borrowings 162,436 Principal repayments/sales (38,717) Deferred debt issuance costs (691) Amortization of deferred debt issuance costs 3,542 Balance as of March 31, 2023 $ 3,875,261
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 March 31, 2023 and December 31, 2022: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) March 31, 2023 Wells Fargo $ 714,667 $ 245,534 16.2 % 2.2 Morgan Stanley 574,032 234,779 15.5 1.7 KREF Lending IX 741,922 184,242 12.2 1.9 Goldman Sachs 240,000 179,582 11.9 1.7 KREF Lending V (B) 489,245 170,394 11.3 0.3 Total / Weighted Average $ 2,759,866 $ 1,014,531 67.1 % 1.6 December 31, 2022 Wells Fargo $ 672,556 $ 240,897 15.3 % 2.5 Morgan Stanley 594,537 199,485 12.7 0.8 Goldman Sachs 169,073 190,917 12.1 2.1 KREF Lending V (B) 502,878 182,774 11.6 0.3 KREF Lending IX 727,472 177,358 11.3 2.2 Total / Weighted Average $ 2,666,516 $ 991,431 63.0 % 1.6 (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 2.7% and 2.8% of the net counterparty exposure as a percent of stockholders' equity as of March 31, 2023 and December 31, 2022, respectively.
Schedule of Maturities of Debt Obligations	KREF’s secured financing agreements, term loan facility and other consolidated debt obligations in place as of March 31, 2023 had contractual maturities (A) as follows: Year Nonrecourse Recourse (B) Total 2023 $ 480,764 $ 105,054 $ 585,818 2024 1,217,029 262,487 1,479,516 2025 936,583 301,369 1,237,952 2026 445,230 97,402 542,632 Thereafter 48,501 — 48,501 $ 3,128,107 $ 766,312 $ 3,894,419 (A) Represents earlier of the next maturity of the underlying loans and the maximum maturity of the secured financing agreements. (B) Except for the Revolver, which is full recourse, amounts borrowed subject to a maximum 25.0% recourse limit. The Revolver matures in March 2027.

Collateralized Loan Obligatio_2

Collateralized Loan Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
Schedule of Collateral Assets and Respective Borrowings	The following tables outline CLO collateral assets and respective borrowing as of March 31, 2023 and December 31, 2022: March 31, 2023 Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Wtd. Avg. Term (B) KREF 2021-FL2 Collateral assets (C)(D) 18 $ 1,300,000 $ 1,300,000 $ 1,274,367 + 3.3% May 2026 Financing provided 1 1,095,250 1,093,476 1,093,476 L + 1.7% February 2039 KREF 2022-FL3 Collateral assets (C) 16 $ 1,000,000 $ 1,000,000 $ 990,028 + 3.1% October 2026 Financing provided 1 847,500 844,126 844,126 S + 2.2% February 2039 December 31, 2022 Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Wtd. Avg. Term (B) KREF 2021-FL2 Collateral assets (C)(D) 17 $ 1,300,000 $ 1,300,000 $ 1,283,162 + 3.3% April 2026 Financing provided 1 1,095,250 1,092,332 1,092,332 L + 1.7% February 2039 KREF 2022-FL3 Collateral assets (C) 16 $ 1,000,000 $ 1,000,000 $ 991,452 + 3.1% October 2026 Financing provided 1 847,500 843,260 843,260 S + 2.2% 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 March 31, 2023, 50.9% and 49.1% of the CLO collateral loan assets by principal balance earned a floating rate of interest indexed to one-month LIBOR and Term SOFR, respectively. As of December 31, 2022 , 64.1% and 35.9% 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 28.9% and 28.4% of the principal of KREF's commercial real estate loans as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, 100% of KREF loans financed through the CLOs are floating rate loans. (D) Including $83.1 million and $151.0 million cash held in CLO 2021-FL2 as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 December 31, 2022 Cash $ 83,059 $ 151,000 Commercial real estate loans, held-for-investment 2,216,216 2,149,000 Less: Allowance for credit losses (34,880) (25,387) Commercial real estate loans, held-for-investment, net 2,181,336 2,123,613 Accrued interest receivable 11,798 10,693 Other assets 155 155 Total $ 2,276,348 $ 2,285,461 Liabilities Collateralized loan obligations $ 1,942,750 $ 1,942,750 Deferred financing costs 5,148 7,158 Collateralized loan obligations, net $ 1,937,602 $ 1,935,592 Accrued interest payable 4,416 4,442 Total $ 1,942,018 $ 1,940,034
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 March 31, 2023 2022 Interest income $ 41,746 $ 17,111 Interest expense (A) 31,223 7,768 Net interest income $ 10,523 $ 9,343 (A) Includ es $2.1 million and $1.6 million of deferred financing costs amortization for the three months ended March 31, 2023 and 2022 , respectively.

Secured Term Loan, Net (Tables)

Secured Term Loan, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Secured Term Loan, Net [Abstract]
Summary of Secured Term Loan	The following table summarizes KREF’s secured term loan at March 31, 2023 and December 31, 2022, respectively: March 31, 2023 December 31, 2022 Principal $ 345,625 $ 346,500 Deferred financing costs (4,751) (5,016) Unamortized discount (4,410) (4,656) Carrying value $ 336,464 $ 336,828

Convertible Notes, Net (Tables)

Convertible Notes, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Net Book Value	The following table details the carrying value of the Convertible Notes on KREF's Condensed Consolidated Balance Sheets: March 31, 2023 December 31, 2022 Principal $ 143,750 $ 143,750 Deferred financing costs (127) (380) Unamortized discount (44) (133) Carrying value $ 143,579 $ 143,237
Interest Expense, Debt	The following table details the interest expense related to the Convertible Notes: Three Months Ended March 31, 2023 2022 Cash coupon $ 2,226 $ 2,201 Discount and issuance cost amortization 342 342 Total interest expense $ 2,568 $ 2,543

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Common Stock Issued	As further described below, since December 31, 2019, KREF issued the following shares of common stock: Pricing Date Shares Issued (A) Net Proceeds As of December 31, 2019 59,211,838 $ 1,162,023 November 2021 5,000,000 108,800 November 2021 (B) 1 — November 2021 547,361 11,911 As of December 31, 2021 64,759,200 $ 1,282,734 February 2022 (C) 68,817 1,426 March 2022 6,494,155 133,845 June 2022 2,750,000 53,653 August 2022 (C) 271,641 5,300 As of March 31, 2023 74,343,813 $ 1,476,958 (A) Excludes 736,894 net shares of common stock issued to-date in connection with vested restricted stock units. (B) KREF did not receive any proceeds with respect to one 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. (C) Represents shares issued under the ATM.
Schedule of Dividends Declared	During the three months ended March 31, 2023 and 2022, 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 2023 March 17, 2023 March 31, 2023 April 14, 2023 $ 0.43 $ 29,711 $ 29,711 2022 March 15, 2022 March 31, 2022 April 15, 2022 $ 0.43 $ 29,211 $ 29,211 During the three months ended March 31, 2023 and 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 2023 February 3, 2023 February 28, 2023 March 15, 2023 $ 0.41 $ 5,326 $ 5,326 2022 February 1, 2022 February 28, 2022 March 15, 2022 $ 0.41 $ 5,326 $ 5,326

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 935,218 $ 16.80 Granted — — Vested — — Forfeited / cancelled (567) 20.27 Unvested as of March 31, 2023 934,651 $ 16.80 (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 2023 431,351 2024 329,940 2025 173,360 Total 934,651

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The following table illustrates the computation of basic and diluted EPS for the three months ended March 31, 2023 and 2022: Three Months Ended March 31 2023 2022 Basic Earnings Net Income (Loss) $ (25,077) $ 35,468 Less: Preferred stock dividends and redemption value adjustment 5,326 5,326 Less: Participating securities' share in earnings 407 346 Net income (loss) attributable to common stockholders $ (30,810) $ 29,796 Diluted Earnings Net income (loss) attributable to common stockholders $ (30,810) $ 29,796 Add: Interest expense attributable to the Convertible Notes — 2,201 Less: Reallocation of undistributed earnings to participating securities — (25) Net income (loss) attributable to common stockholders, diluted $ (30,810) $ 31,972 Denominator Basic weighted average common shares outstanding 69,095,011 63,086,452 Dilutive shares under assumed conversion of the Convertible Notes — 6,316,174 Dilutive restricted stock units (A) — — Diluted weighted average common shares outstanding 69,095,011 69,402,626 Net income (loss) attributable to common stockholders, per: Basic common share $ (0.45) $ 0.47 Diluted common share $ (0.45) $ 0.46 ( A) For the three months ended March 31, 2023 and 2022, 20,426 and 181,560 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)	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 Management fees $ 6,523 $ 6,578 Expense reimbursements — 100 KCM fees 1,935 2,044 $ 8,458 $ 8,722 Three Months Ended March 31, 2023 2022 Management fees $ 6,523 $ 6,007 Incentive compensation 1,811 — Expense reimbursements and other (A) 1,153 726 $ 9,487 $ 6,733

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Assets and Liabilities Recorded at Fair Value on Recurring Basis	The carrying values and fair values of KREF’s financi al assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments not carried at fair value, as of March 31, 2023, we re as follows: Fair Value Principal Balance Amortized Cost (A) Carrying Value (B) Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 254,096 $ 254,096 $ 254,096 $ 254,096 $ — $ — $ 254,096 Commercial real estate loans, held-for-investment, net (C) 7,653,082 7,612,238 7,444,878 — — 7,464,320 7,464,320 Equity method investments 35,719 35,719 35,719 — — 35,719 35,719 $ 7,942,897 $ 7,902,053 $ 7,734,693 $ 254,096 $ — $ 7,500,039 $ 7,754,135 Liabilities Secured financing agreements, net $ 3,894,419 $ 3,875,261 $ 3,875,261 $ — $ — $ 3,875,261 $ 3,875,261 Collateralized loan obligations, net 1,942,750 1,937,602 1,937,602 — — 1,882,065 1,882,065 Secured term loan, net 345,625 336,464 336,464 — 335,688 — 335,688 Convertible notes, net 143,750 143,579 143,579 — 143,251 — 143,251 $ 6,326,544 $ 6,292,906 $ 6,292,906 $ — $ 478,939 $ 5,757,326 $ 6,236,265 (A) The amortized cost of commercial real estate loans is net of $38.1 million of unamortized origination discounts, cost recovery interest and deferred fees. The amortized cost of secured financing agreements is net of $19.2 million unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $5.1 million unamortized debt issuance costs. (B) The carrying value of commercial mortgage loans is net of $167.4 million allowance for credit losses. (C) Includes $2,216.2 million of CLO loan participations as of March 31, 2023. Excludes two fully written off risk-rated 5 mezzanine loans with a combined outstanding principal balance of $30.5 million as of March 31, 2023. 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, 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 $ 239,791 $ 239,791 $ 239,791 $ 239,791 $ — $ — $ 239,791 Commercial real estate loans, held-for-investment, net (C) 7,562,392 7,494,138 7,387,164 — — 7,393,279 7,393,279 Equity method investments 36,849 36,849 36,849 — — 36,849 36,849 $ 7,839,032 $ 7,770,778 $ 7,663,804 $ 239,791 $ — $ 7,430,128 $ 7,669,919 Liabilities Secured financing agreements, net $ 3,770,701 $ 3,748,691 $ 3,748,691 $ — $ — $ 3,748,691 $ 3,748,691 Collateralized loan obligations, net 1,942,750 1,935,592 1,935,592 — — 1,857,042 1,857,042 Secured term loan, net 346,500 336,828 336,828 — 339,137 — 339,137 Convertible notes, net 143,750 143,237 143,237 — 141,617 — 141,617 $ 6,203,701 $ 6,164,348 $ 6,164,348 $ — $ 480,754 $ 5,605,733 $ 6,086,487 (A) The amortized cost of commercial real estate loans is net of $43.3 million of unamortized origination discounts and deferred fees, a $25.0 million write-off on a defaulted senior office loan. The amortized cost of secured financing agreements is net of $22.0 million unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $7.2 million unamortized debt issuance costs. (B) The carrying value of commercial mortgage loans is net of $107.0 million allowance for credit losses. (C) Includes $2,149.0 million of CLO loan participations as of December 31, 2022. Excludes one fully written off risk-rated 5 mezzanine loan with an outstanding principal balance of $5.5 million as of December 31, 2022.
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 March 31, 2023: Fair Value Valuation Methodologies Unobservable Inputs (A) Weighted Average (B) Range Assets and Liabilities (C) Commercial real estate loans, held-for-investment (D) $ 7,464,320 Discounted cash flow Discount margin 4.2% 3.1% - 15.6% Discount rate 9.0% 8.3% - 9.9% Capitalization rate 7.8% 7.7% - 8.0% $ 7,464,320 (A) An increase (decrease) in the valuation input results in a decrease (increase) in value. (B) Represents the average of the input value, weighted by the unpaid principal balance of the financial instrument. (C) KREF carries a $35.7 million investment in an aggregator vehicle alongside RECOP I (Note 9) at its pro rata share of the aggregator's net asset value, which management believes approximates fair value. (D) 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	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Common stock ( in shares)	10,000,001	10,000,001
Issued and outstanding common stock owned, percentage	14.50%	14.50%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended			3 Months Ended
	Mar. 17, 2023	Feb. 03, 2023	Mar. 15, 2022	Feb. 01, 2022	Feb. 28, 2023	Jan. 31, 2022	Apr. 30, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	May 31, 2018
Related Party Transaction [Line Items]
Unrestricted cash and cash equivalents balance to satisfy liquidity covenants								$ 55,600		$ 54,400
Restricted cash								12,200		10,800
Prepaids								700		1,100
Expected loss reserve for unfunded loan commitments								4,219	$ 1,845	4,138	$ 1,495
REO liability								3,500		3,700
Accrued expenses								$ 2,200		2,100
Dividends declared per share of common stock (usd per share)	$ 0.43		$ 0.43					$ 0.43	$ 0.43
Potentially issuable shares related to the convertible notes (in shares)								6,316,174
6.5% Series A Cumulative Redeemable Preferred Stock
Related Party Transaction [Line Items]
Dividends declared per share of preferred stock (usd per share)		$ 0.41		$ 0.41	$ 0.41			$ 0.41	$ 0.41
Preferred stock, dividend rate					6.50%	6.50%	6.50%
Annual dividend rate (usd per share)							$ 1.625	$ 1.625
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%
Facility | Revolving Credit Facility | Morgan Stanley
Related Party Transaction [Line Items]
Deferred financing/debt issuance costs								$ 4,600		$ 4,900

Commercial Real Estate Loans -

Commercial Real Estate Loans - Loans Held-for-investment and Loans Held-for-sale (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Investment Holdings [Line Items]
Amortized Cost	$ 7,612,238	$ 7,494,138
Carrying value	7,444,878	7,387,164
Loans held-for-investment
Investment Holdings [Line Items]
Outstanding Principal	7,653,082	7,562,392
Amortized Cost	7,612,238	7,494,138
Carrying value	$ 7,444,878	$ 7,387,164
Loan count (in loans) | loan	75	76
Floating Rate Loan %	100%	100%
Life (Years)	3 years 2 months 12 days	3 years 3 months 18 days
Loans held-for-investment | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon	8.20%	7.80%
Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Outstanding Principal	$ 7,594,408	$ 7,463,459
Amortized Cost	7,553,537	7,395,463
Carrying value	$ 7,386,615	$ 7,288,635
Loan count (in loans) | loan	73	73
Floating Rate Loan %	100%	100%
Life (Years)	3 years 2 months 12 days	3 years 3 months 18 days
Loans held-for-investment | Senior loans | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon	8.10%	7.70%
Loans held-for-investment | Mezzanine loans
Investment Holdings [Line Items]
Outstanding Principal	$ 58,674	$ 98,933
Amortized Cost	58,701	98,675
Carrying value	$ 58,263	$ 98,529
Loan count (in loans) | loan	2	3
Floating Rate Loan %	100%	100%
Life (Years)	2 years 9 months 18 days	3 years
Loans held-for-investment | Mezzanine loans | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon	14.50%	15%
Loans held-for-investment | Mezzanine loans | Multifamily
Investment Holdings [Line Items]
Outstanding Principal		$ 40,400
Loan count (in loans) | loan		1
Carrying Amount		$ 40,100
Commercial loans written off | Mezzanine loans
Investment Holdings [Line Items]
Loan count (in loans) | loan	2	1
Carrying Amount	$ 30,500	$ 5,500

Commercial Real Estate Loans _2

Commercial Real Estate Loans - Activities Related to Carrying Value of Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 7,494,138
Beginning balance	(106,974)	$ (22,244)
Beginning balance	7,387,164
(Provision for) reversal of credit losses	(60,386)	1,568
Ending balance	7,612,238
Ending balance	(167,360)	$ (20,676)
Ending balance	7,444,878
CRE Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	7,494,138
Beginning balance	(106,974)
Beginning balance	7,387,164
Originations and future fundings, net	312,882
Proceeds from loan repayments and cost recovery interest	(200,670)
Accretion of loan discount and other amortization, net	5,888
(Provision for) reversal of credit losses	(60,386)
Ending balance	7,612,238
Ending balance	(167,360)
Ending balance	7,444,878
Loan modification for new loan	111,000
Interest collections on loan amortized cost	$ 2,700

Commercial Real Estate Loans _3

Commercial Real Estate Loans - Narrative (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2023 USD ($)	Mar. 31, 2023 USD ($) loan	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Investment Holdings [Line Items]
Prepayment fee income		$ 400,000	$ 0
Net accelerated fee income (expense)		300,000	800,000
Proceeds from principal repayments of commercial real estate loans		$ 89,669,000	282,282,000
Weighted average loan risk rating		3.2
Allowance for credit loss		$ 171,579,000	22,521,000	$ 111,112,000	$ 23,739,000
Increase in allowance for credit losses		60,500,000
Expected loss reserve for unfunded loan commitments		4,219,000	1,845,000	4,138,000	$ 1,495,000
Commercial real estate loans, held-for-investment		7,612,238,000		7,494,138,000
Interest income		152,530,000	73,230,000
Credit loss expense (reversal)		60,467,000	(1,218,000)
Provision for (reversal of) credit losses, net		60,386,000	(1,568,000)
Loans held-for-investment
Investment Holdings [Line Items]
Unamortized origination discounts and deferred nonrefundable fees		$ 38,100,000		43,300,000
Impaired/Loss Likely | Minimum
Investment Holdings [Line Items]
Capitalization rate		7.70%
Discount rate		8.30%
Impaired/Loss Likely | Maximum
Investment Holdings [Line Items]
Capitalization rate		8%
Discount rate		9.90%
Commercial Real Estate Loans
Investment Holdings [Line Items]
Face Amount		$ 7,653,082,000		$ 7,562,392,000
Loan count (in loans) | loan		75		76
Commercial real estate loans, held-for-investment		$ 7,612,238,000		$ 7,494,138,000
Commercial Real Estate Loans | Impaired/Loss Likely
Investment Holdings [Line Items]
Face Amount		$ 347,400,000		$ 514,214,000
Loan count (in loans) | loan		2		3
Commercial real estate loans, held-for-investment		$ 344,629,000		$ 490,015,000
Philadelphia | Commercial Real Estate Loans
Investment Holdings [Line Items]
Face Amount				136,000,000
Future funding	$ 5,500,000
Weighted Average Life (Years)	4 years
Philadelphia | Commercial Real Estate Loans | SOFR
Investment Holdings [Line Items]
Interest rates	3.25%
Philadelphia | Junior Mezzanine Note
Investment Holdings [Line Items]
Face Amount	$ 25,000,000
Philadelphia | Senior Mezzanine Note
Investment Holdings [Line Items]
Face Amount	41,500,000
Philadelphia | Committed Loan
Investment Holdings [Line Items]
Face Amount	16,500,000
Office | Commercial Real Estate Loans | Impaired/Loss Likely
Investment Holdings [Line Items]
Loan count (in loans) | loan		2
Office | Philadelphia | Commercial Real Estate Loans
Investment Holdings [Line Items]
Face Amount	116,500,000			161,000,000
Proceeds from principal repayments of commercial real estate loans	$ 25,000,000
Office | Philadelphia | Commercial Real Estate Loans | Cost recovery method interest
Investment Holdings [Line Items]
Interest income		$ 2,700,000
Office | Philadelphia | Commercial Real Estate Loans | Impaired/Loss Likely
Investment Holdings [Line Items]
Face Amount		$ 153,000,000
Wrote-off				$ 25,000,000
Loan count (in loans) | loan		1
Expected loss reserve for unfunded loan commitments		$ 23,700,000
Commercial real estate loans, held-for-investment		150,200,000
Office | Minnesota | Commercial Real Estate Loans | Impaired/Loss Likely
Investment Holdings [Line Items]
Face Amount		$ 194,400,000
Loan count (in loans) | loan		1
Expected loss reserve for unfunded loan commitments		$ 0
Commercial real estate loans, held-for-investment		194,400,000
Interest income		$ 2,800,000	$ 2,800,000
Hospitality
Investment Holdings [Line Items]
Loan count (in loans) | loan				1
Industrial
Investment Holdings [Line Items]
Loan count (in loans) | loan				1

Commercial Real Estate Loans _4

Commercial Real Estate Loans - Loan Risk Ratings (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 7,612,238	$ 7,494,138
Less: Allowance for credit losses	(167,360)	(106,974)	$ (20,676)	$ (22,244)
Loan receivable, net	$ 7,444,878	$ 7,387,164
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	75	76
Carrying Value	$ 7,612,238	$ 7,494,138
Total Loan Exposure	$ 7,917,161	$ 7,800,477
Total Loan Exposure %*	100%	100%
Loan receivable, net	$ 7,444,878	$ 7,387,164
Loans held-for-investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	75	76
Carrying Value	$ 7,612,238	$ 7,494,138
Loan receivable, net	$ 7,444,878	$ 7,387,164
Loans held-for-investment | Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	2	3
Carrying Value	$ 58,701	$ 98,675
Loan receivable, net	58,263	98,529
Non-consolidated senior interest
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loan Exposure	$ 264,100	$ 263,100
Commercial loans written off | Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	2	1
Carrying Amount	$ 30,500	$ 5,500
Very Low Risk | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	0	0
Carrying Value	$ 0	$ 0
Total Loan Exposure	$ 0	$ 0
Total Loan Exposure %*	0%	0%
Low Risk | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	0	0
Carrying Value	$ 0	$ 0
Total Loan Exposure	$ 0	$ 0
Total Loan Exposure %*	0%	0%
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	68	70
Carrying Value	$ 6,525,552	$ 6,560,166
Total Loan Exposure	$ 6,824,605	$ 6,864,941
Total Loan Exposure %*	86%	88%
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	5	3
Carrying Value	$ 742,057	$ 443,957
Total Loan Exposure	$ 745,156	$ 446,322
Total Loan Exposure %*	9%	6%
Impaired/Loss Likely | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	2	3
Carrying Value	$ 344,629	$ 490,015
Total Loan Exposure	$ 347,400	$ 489,214
Total Loan Exposure %*	4%	6%

Commercial Real Estate Loans _5

Commercial Real Estate Loans - Amortized Cost of Loan Portfolio (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total	$ 7,612,238	$ 7,494,138
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	75	76
Outstanding Principal	$ 7,653,082	$ 7,562,392
Current year	112,351	1,914,045
Year one	1,982,374	3,788,118
Year two	3,910,860	353,506
Year three	318,277	779,428
Year four	776,500	444,407
Prior	511,876	214,634
Total	$ 7,612,238	$ 7,494,138
Loans held-for-investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	75	76
Outstanding Principal	$ 7,653,082	$ 7,562,392
Total	$ 7,612,238	$ 7,494,138
Loans held-for-investment | Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	2	3
Outstanding Principal	$ 58,674	$ 98,933
Total	$ 58,701	$ 98,675
Commercial loans written off | Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	2	1
Carrying Amount	$ 30,500	$ 5,500
Very Low Risk | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	0	0
Outstanding Principal	$ 0	$ 0
Current year	0	0
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Prior	0	0
Total	$ 0	$ 0
Low Risk | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	0	0
Outstanding Principal	$ 0	$ 0
Current year	0	0
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Prior	0	0
Total	$ 0	$ 0
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	68	70
Outstanding Principal	$ 6,560,526	$ 6,601,856
Current year	112,351	1,812,576
Year one	1,880,842	3,594,235
Year two	3,542,429	353,506
Year three	318,277	472,125
Year four	354,181	307,582
Prior	317,472	20,142
Total	$ 6,525,552	$ 6,560,166
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	5	3
Outstanding Principal	$ 745,156	$ 446,322
Current year	0	101,469
Year one	101,532	193,883
Year two	368,431	0
Year three	0	148,605
Year four	272,094	0
Prior	0	0
Total	$ 742,057	$ 443,957
Impaired/Loss Likely | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	2	3
Outstanding Principal	$ 347,400	$ 514,214
Current year	0	0
Year one	0	0
Year two	0	0
Year three	0	158,698
Year four	150,225	136,825
Prior	194,404	194,492
Total	$ 344,629	$ 490,015

Commercial Real Estate Loans _6

Commercial Real Estate Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commercial Real Estate Loans
Beginning balance	$ 106,974	$ 22,244
Provision for (reversal of) credit losses, net	60,386	(1,568)
Ending balance	167,360	20,676
Unfunded Loan Commitments
Beginning balance, unfunded loan commitments	4,138	1,495
Provision for (reversal of) credit losses, net, unfunded loan commitments	81	350
Ending balance, unfunded loan commitments	4,219	1,845
Total
Beginning balance, total	111,112	23,739
Provision for (reversal of) credit losses, net	60,467	(1,218)
Ending balance, total	$ 171,579	$ 22,521

Commercial Real Estate Loans _7

Commercial Real Estate Loans - Concentration of Credit Risk (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Loans held-for-investment
Concentration Risk [Line Items]
Loan count (in loans)	75	76
Face Amount | $	$ 7,653,082	$ 7,562,392
Loans held-for-investment | Mezzanine loans
Concentration Risk [Line Items]
Loan count (in loans)	2	3
Face Amount | $	$ 58,674	$ 98,933
Multifamily | Loans held-for-investment | Mezzanine loans
Concentration Risk [Line Items]
Loan count (in loans)		1
Face Amount | $		$ 40,400
Industrial
Concentration Risk [Line Items]
Loan count (in loans)		1
Hospitality
Concentration Risk [Line Items]
Loan count (in loans)		1
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%	16.90%
Loans held-for-investment | Geographic concentration risk | Texas
Concentration Risk [Line Items]
Concentration of credit risk	16.10%	16.10%
Loans held-for-investment | Geographic concentration risk | Florida
Concentration Risk [Line Items]
Concentration of credit risk	11%	11.10%
Loans held-for-investment | Geographic concentration risk | Massachusetts
Concentration Risk [Line Items]
Concentration of credit risk	8.50%	8.30%
Loans held-for-investment | Geographic concentration risk | Virginia
Concentration Risk [Line Items]
Concentration of credit risk	8.30%	8.40%
Loans held-for-investment | Geographic concentration risk | Washington D.C.
Concentration Risk [Line Items]
Concentration of credit risk	5.90%	5.90%
Loans held-for-investment | Geographic concentration risk | New York
Concentration Risk [Line Items]
Concentration of credit risk	5.60%	5.60%
Loans held-for-investment | Geographic concentration risk | Pennsylvania
Concentration Risk [Line Items]
Concentration of credit risk	5.20%	5.70%
Loans held-for-investment | Geographic concentration risk | North Carolina
Concentration Risk [Line Items]
Concentration of credit risk	4%	4%
Loans held-for-investment | Geographic concentration risk | Washington
Concentration Risk [Line Items]
Concentration of credit risk	3.20%	2.90%
Loans held-for-investment | Geographic concentration risk | Arizona
Concentration Risk [Line Items]
Concentration of credit risk	2.70%	2.60%
Loans held-for-investment | Geographic concentration risk | Minnesota
Concentration Risk [Line Items]
Concentration of credit risk	2.70%	2.70%
Loans held-for-investment | Geographic concentration risk | Georgia
Concentration Risk [Line Items]
Concentration of credit risk	2.50%	2.50%
Loans held-for-investment | Geographic concentration risk | Nevada
Concentration Risk [Line Items]
Concentration of credit risk	2%	2%
Loans held-for-investment | Geographic concentration risk | Illinois
Concentration Risk [Line Items]
Concentration of credit risk	1.50%	1.60%
Loans held-for-investment | Geographic concentration risk | Colorado
Concentration Risk [Line Items]
Concentration of credit risk	1%	1%
Loans held-for-investment | Geographic concentration risk | Other U.S.
Concentration Risk [Line Items]
Concentration of credit risk	2.90%	2.70%
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	45.70%	46.80%
Loans held-for-investment | Product concentration risk | Office
Concentration Risk [Line Items]
Concentration of credit risk	22.80%	23%
Loans held-for-investment | Product concentration risk | Industrial
Concentration Risk [Line Items]
Concentration of credit risk	13.40%	12.70%
Loans held-for-investment | Product concentration risk | Life Science
Concentration Risk [Line Items]
Concentration of credit risk	8%	7.70%
Loans held-for-investment | Product concentration risk | Hospitality
Concentration Risk [Line Items]
Concentration of credit risk	4.90%	4.80%
Loans held-for-investment | Product concentration risk | Condo (Residential)
Concentration Risk [Line Items]
Concentration of credit risk	2.40%	2.60%
Loans held-for-investment | Product concentration risk | Student Housing
Concentration Risk [Line Items]
Concentration of credit risk	1.50%	1.50%
Loans held-for-investment | Product concentration risk | Single Family Rental
Concentration Risk [Line Items]
Concentration of credit risk	0.60%	0.50%
Loans held-for-investment | Product concentration risk | Self-Storage
Concentration Risk [Line Items]
Concentration of credit risk	0.60%	0.30%
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%
Loan count (in loans)		1
Face Amount | $		$ 40,400

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 17, 2021	Sep. 30, 2021	Dec. 31, 2015
Real Estate [Line Items]
Commercial real estate loans, held-for-investment	$ 7,612,238	$ 7,494,138
Carrying value	7,444,878	7,387,164
Real estate owned, net	81,100	80,231
Other assets assumed			$ 2,000
Commercial mortgage loan
Real Estate [Line Items]
Face Amount	7,653,082	7,562,392
Commercial real estate loans, held-for-investment	7,612,238	7,494,138
Carrying value	7,444,878	7,387,164
Commercial mortgage loan | Impaired/Loss Likely
Real Estate [Line Items]
Face Amount	347,400	514,214
Commercial real estate loans, held-for-investment	$ 344,629	$ 490,015
Commercial mortgage loan | Senior loans | Portland, Oregon
Real Estate [Line Items]
Face Amount					$ 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, net			$ 78,600

Real Estate Owned - Assets and

Real Estate Owned - Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Assets
Cash	$ 254,096	$ 239,791	$ 173,178
Real estate owned - land	81,100	80,231
Other assets	19,726	19,281
Total Assets	7,876,031	7,802,321
Liabilities
Other liabilities	10,112	10,245
Total Liabilities	6,362,886	6,230,885
Real estate owned
Assets
Cash	2,311	781
Real estate owned - land	78,569	78,569
Real estate owned - land improvements	2,531	1,662
In-place lease intangibles	251	268
Tenant receivables	524	541
Other assets	732	1,304
Total Assets	84,918	83,125
Liabilities
Below market lease intangibles	1,369	1,460
Other liabilities	2,167	2,254
Total Liabilities	$ 3,536	$ 3,714

Real Estate Owned - Income (Los

Real Estate Owned - Income (Loss) from Real Estate Owned (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate [Abstract]
Rental income	$ 1,670	$ 2,287
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenue from real estate owned operations
Other operating income	$ 576	342
Revenue from rest estate owned operations	2,246	2,629
Expenses from real estate owned operations	(2,758)	(2,554)
Other income	288	403
Total	$ (224)	$ 478

Real Estate Owned - Amortizatio

Real Estate Owned - Amortization of Lease Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Assets
In-place lease intangibles	$ 17	$ 17
Liabilities
Below-market lease intangibles	$ 91	$ 91

Real Estate Owned - Future Leas

Real Estate Owned - Future Lease Intangible Amortization (Details) $ in Thousands	Mar. 31, 2023 USD ($)
In-place Lease Intangible Assets
2023	$ 50
2024	67
2025	67
2026	67
Below-market Lease Intangible Liabilities
2023	274
2024	365
2025	365
2026	$ 365

Real Estate Owned - Future Mini

Real Estate Owned - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Real Estate [Abstract]
2023	$ 3,362
2024	1,853
2025	872
2026	443
2027	22
Thereafter	$ 0

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt (Details)

1 Months Ended

3 Months Ended

Aug. 31, 2022 USD ($)

Jun. 30, 2022 USD ($) extension

Dec. 31, 2021 extension

Sep. 30, 2021 extension

Aug. 31, 2018 USD ($)

Sep. 30, 2016 extension

Mar. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Oct. 31, 2022 USD ($)

Apr. 30, 2022 USD ($)

Mar. 31, 2022 USD ($)

Jul. 31, 2021 USD ($)

Mar. 31, 2020 USD ($)

May 31, 2019 USD ($)

Dec. 31, 2018 USD ($)

Debt Instrument [Line Items]

Outstanding Principal

$ 3,894,419,000

Average haircut weighted by outstanding face amount of collateral

31.10%

31.50%

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

30.10%

25.60%

Commercial Real Estate Loans

Debt Instrument [Line Items]

Unamortized debt issuance costs

$ 18,500,000

$ 21,200,000

KREF Lending V LLC

Debt Instrument [Line Items]

Outstanding Principal

489,245,000

502,878,000

Facility

Debt Instrument [Line Items]

Unamortized debt issuance costs

19,200,000

22,000,000

Morgan Stanley | Facility

Debt Instrument [Line Items]

Number of extensions (in extensions) | extension

2

Extension term

1 year

Goldman Sachs | 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

3,875,261,000

3,748,691,000

Secured Financing Agreements | Wells Fargo | Facility

Debt Instrument [Line Items]

Maximum Facility Size

1,000,000,000

Outstanding Principal

714,667,000

Carrying Value

$ 713,276,000

670,824,000

Weighted Average Funding Cost

6.50%

Weighted Average Life (Years)

2 years 2 months 12 days

Outstanding Principal

$ 973,506,000

Amortized Cost Basis

965,118,000

Carrying Value

$ 952,043,000

Weighted Average Life (Years)

3 years 7 months 6 days

Number of extensions (in extensions) | extension

2

Extension term

12 months

Secured Financing Agreements | Wells Fargo | Facility | Minimum

Debt Instrument [Line Items]

Percentage of financial spread

1.41%

Secured Financing Agreements | Wells Fargo | Facility | Maximum

Debt Instrument [Line Items]

Percentage of financial spread

1.61%

Secured Financing Agreements | Morgan Stanley | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 600,000,000

Outstanding Principal

574,032,000

Carrying Value

$ 572,901,000

593,136,000

Weighted Average Funding Cost

6.90%

Weighted Average Life (Years)

1 year 8 months 12 days

Outstanding Principal

$ 822,247,000

Amortized Cost Basis

818,814,000

Carrying Value

$ 804,842,000

Weighted Average Life (Years)

2 years 9 months 18 days

Higher borrowing capacity option

$ 750,000,000

Secured Financing Agreements | Morgan Stanley | Facility | Minimum

Debt Instrument [Line Items]

Percentage of financial spread

1.70%

Secured Financing Agreements | Morgan Stanley | Facility | Maximum

Debt Instrument [Line Items]

Percentage of financial spread

2.40%

Secured Financing Agreements | Goldman Sachs | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 240,000,000

Outstanding Principal

240,000,000

Carrying Value

$ 239,190,000

168,369,000

Weighted Average Funding Cost

7.80%

Weighted Average Life (Years)

1 year 8 months 12 days

Outstanding Principal

$ 422,493,000

Amortized Cost Basis

418,969,000

Carrying Value

$ 416,017,000

Weighted Average Life (Years)

3 years 4 months 24 days

Secured Financing Agreements | Goldman Sachs | Facility | Minimum

Debt Instrument [Line Items]

Percentage of financial spread

1.75%

Secured Financing Agreements | Goldman Sachs | Facility | Maximum

Debt Instrument [Line Items]

Percentage of financial spread

3.40%

Secured Financing Agreements | BMO | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 300,000,000

Outstanding Principal

138,615,000

Carrying Value

$ 137,295,000

137,170,000

Weighted Average Funding Cost

6.70%

Weighted Average Life (Years)

2 years 2 months 12 days

Outstanding Principal

$ 179,601,000

Amortized Cost Basis

178,618,000

Carrying Value

$ 178,214,000

Weighted Average Life (Years)

4 years 2 months 12 days

Percentage of financial spread

1.85%

Secured Financing Agreements | HSBC | Facility

Debt Instrument [Line Items]

Weighted Average Funding Cost

0%

Weighted Average Life (Years)

2 years 10 months 24 days

Outstanding Principal

$ 0

Amortized Cost Basis

0

Carrying Value

0

Secured Financing Agreements | KREF Lending XIII | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 265,600,000

265,625,000

Outstanding Principal

84,789,000

Carrying Value

$ 81,906,000

69,777,000

Weighted Average Funding Cost

8.10%

Weighted Average Life (Years)

3 years 4 months 24 days

Outstanding Principal

$ 99,752,000

Amortized Cost Basis

97,141,000

Carrying Value

$ 97,014,000

Weighted Average Life (Years)

4 years 4 months 24 days

Percentage of financial spread

3%

Secured Financing Agreements | KREF Lending XIV | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 125,000,000

$ 125,000,000

Outstanding Principal

0

Carrying Value

$ (1,547,000)

(1,655,000)

Weighted Average Funding Cost

0%

Weighted Average Life (Years)

0 years

Outstanding Principal

$ 0

Amortized Cost Basis

(1,271,000)

Carrying Value

$ (1,271,000)

Weighted Average Life (Years)

4 years 6 months

Percentage of financial spread

2.75%

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

$ 99,138,000

98,990,000

Weighted Average Funding Cost

8.20%

Weighted Average Life (Years)

1 year 4 months 24 days

Outstanding Principal

$ 125,000,000

Amortized Cost Basis

124,498,000

Carrying Value

$ 123,766,000

Weighted Average Life (Years)

3 years 4 months 24 days

Percentage of financial spread

2.76%

Revolving Credit Facility | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 610,000,000

Outstanding Principal

0

Carrying Value

$ 0

0

Weighted Average Funding Cost

0%

Weighted Average Life (Years)

4 years

Revolving Credit Facility | Morgan Stanley | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 610,000,000

$ 100,000,000

Deferred financing/debt issuance costs

4,600,000

4,900,000

Loan Facility | BMO | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 200,000,000

$ 300,000,000

Weighted Average Life (Years)

5 years

Loan Facility | HSBC | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 500,000,000

Total Debt

Debt Instrument [Line Items]

Maximum Facility Size

5,607,935,000

Outstanding Principal

3,250,041,000

Carrying Value

$ 3,231,564,000

3,117,934,000

Weighted Average Funding Cost

7%

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

$ 1,000,000,000

$ 1,000,000,000

$ 750,000,000

$ 500,000,000

Outstanding Principal

741,922,000

Carrying Value

$ 734,725,000

719,000,000

Weighted Average Funding Cost

7.10%

Weighted Average Life (Years)

1 year 10 months 24 days

Outstanding Principal

$ 932,979,000

Amortized Cost Basis

926,332,000

Carrying Value

$ 921,019,000

Weighted Average Life (Years)

3 years 10 months 24 days

Draw period

3 years

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

Debt Instrument [Line Items]

Percentage of financial spread

1.65%

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

Debt Instrument [Line Items]

Percentage of financial spread

2%

KREF Lending V LLC | Secured Financing Agreements | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 517,310,000

Outstanding Principal

489,245,000

Carrying Value

$ 489,075,000

502,539,000

Weighted Average Funding Cost

6.90%

Weighted Average Life (Years)

3 months 18 days

Outstanding Principal

$ 696,930,000

Amortized Cost Basis

696,506,000

Carrying Value

$ 653,032,000

Weighted Average Life (Years)

9 months 18 days

KREF Lending XII | Secured Financing Agreements | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 350,000,000

$ 350,000,000

Outstanding Principal

166,771,000

Carrying Value

$ 165,605,000

159,784,000

Weighted Average Funding Cost

6.60%

Weighted Average Life (Years)

2 years 7 months 6 days

Outstanding Principal

$ 221,575,000

Amortized Cost Basis

220,170,000

Carrying Value

$ 219,197,000

Weighted Average Life (Years)

4 years

Draw period

2 years

Higher borrowing capacity option

$ 500,000,000

KREF Lending XII | Secured Financing Agreements | Facility | Minimum

Debt Instrument [Line Items]

Percentage of financial spread

1.35%

KREF Lending XII | Secured Financing Agreements | Facility | Maximum

Debt Instrument [Line Items]

Percentage of financial spread

1.45%

KREF Lending V LLC | Secured Financing Agreements | Facility

Debt Instrument [Line Items]

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

23.90%

HSBC | Secured Financing Agreements | Facility

Debt Instrument [Line Items]

Maximum Facility Size

$ 500,000,000

Outstanding Principal

0

Carrying Value

$ 0

$ 0

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

Debt Instrument [Line Items]

Collateral based margin

2%

Debt Obligations - Repurchase A

Debt Obligations - Repurchase Agreement (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 3,894,419
Wells Fargo
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	714,667	$ 672,556
Net Counterparty Exposure	$ 245,534	$ 240,897
Percent of Stockholders' Equity	16.20%	15.30%
Weighted Average Life (Years)	2 years 2 months 12 days	2 years 6 months
Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 574,032	$ 594,537
Net Counterparty Exposure	$ 234,779	$ 199,485
Percent of Stockholders' Equity	15.50%	12.70%
Weighted Average Life (Years)	1 year 8 months 12 days	9 months 18 days
KREF Lending IX
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 741,922	$ 727,472
Net Counterparty Exposure	$ 184,242	$ 177,358
Percent of Stockholders' Equity	12.20%	11.30%
Weighted Average Life (Years)	1 year 10 months 24 days	2 years 2 months 12 days
Goldman Sachs
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 240,000	$ 169,073
Net Counterparty Exposure	$ 179,582	$ 190,917
Percent of Stockholders' Equity	11.90%	12.10%
Weighted Average Life (Years)	1 year 8 months 12 days	2 years 1 month 6 days
KREF Lending V
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 489,245	$ 502,878
Net Counterparty Exposure	$ 170,394	$ 182,774
Percent of Stockholders' Equity	11.30%	11.60%
Weighted Average Life (Years)	3 months 18 days	3 months 18 days
Total
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 2,759,866	$ 2,666,516
Net Counterparty Exposure	$ 1,014,531	$ 991,431
Percent of Stockholders' Equity	67.10%	63%
Weighted Average Life (Years)	1 year 7 months 6 days	1 year 7 months 6 days
KREF Lending V | Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Percent of Stockholders' Equity	270%	2.80%

Debt Obligations - Term Loan Fa

Debt Obligations - Term Loan Facility (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Oct. 31, 2018 USD ($)	Apr. 30, 2018 USD ($)
Debt Instrument [Line Items]
Carrying value	$ 3,875,261,000	$ 3,748,691,000
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%
Number of collateralized loans (in loans) | loan	12	12
Outstanding face amount	$ 803,770,000	$ 785,076,000
Amortized Cost	797,790,000	780,526,000
Carrying Value	747,109,000	751,579,000
Principal	644,378,000	631,557,000
Carrying value	$ 643,697,000	$ 630,757,000
Facility | Term Loan Facility | LIBOR and SOFR
Debt Instrument [Line Items]
Interest rates	1.90%	1.90%
Collateralized Assets | Facility | Term Loan Facility | LIBOR and SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.40%	3.40%

Debt Obligations - Debt Activit

Debt Obligations - Debt Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Deferred debt issuance costs	$ (919)	$ (9,787)
Facility | Secured Financing Agreements
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Beginning balance	3,748,691
Principal borrowings	162,436
Principal repayments/sales	(38,717)
Deferred debt issuance costs	(691)
Amortization of deferred debt issuance costs	3,542
Ending balance	$ 3,875,261

Debt Obligations - Maturities (

Debt Obligations - Maturities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
2023	$ 585,818
2024	1,479,516
2025	1,237,952
2026	542,632
Thereafter	48,501
Total	3,894,419
Nonrecourse
Debt Instrument [Line Items]
2023	480,764
2024	1,217,029
2025	936,583
2026	445,230
Thereafter	48,501
Total	3,128,107
Recourse
Debt Instrument [Line Items]
2023	105,054
2024	262,487
2025	301,369
2026	97,402
Thereafter	0
Total	$ 766,312
Maximum
Debt Instrument [Line Items]
Recourse limit	25%

Debt Obligations - Covenants (D

Debt Obligations - Covenants (Details)	3 Months Ended
	Mar. 31, 2023 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		3 Months Ended
	Feb. 28, 2022 USD ($)	Aug. 31, 2021 USD ($)	Mar. 31, 2023 USD ($) borrowing collateralAsset	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) borrowing collateralAsset
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Payments of debt issuance costs			$ 919,000	$ 9,787,000
Percentage of commercial mortgage loans			28.90%		28.40%
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			50.90%		64.10%
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			49.10%		35.90%
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			$ 1,095,250,000		$ 1,095,250,000
Carrying value, financing provided			$ 1,093,476,000		$ 1,092,332,000
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%		170%
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		1
Principal			$ 847,500,000		$ 847,500,000
Carrying value, financing provided			$ 844,126,000		$ 843,260,000
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			2.20%		220%
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			$ 83,059,000		$ 151,000,000
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			18		17
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%		330%
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			16		16
Face amount, collateral assets			$ 1,000,000,000		$ 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			3.10%		310%
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			1,274,367,000		1,283,162,000
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		1,000,000,000
Carrying value, collateral assets			$ 990,028,000		$ 991,452,000

Collateralized Loan Obligatio_4

Collateralized Loan Obligations - Schedule of Assets and Liabilities Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment	$ 7,612,238	$ 7,494,138
Less: Allowance for credit losses	(167,360)	(106,974)	$ (20,676)	$ (22,244)
Commercial real estate loans, held-for-investment, net	7,444,878	7,387,164
Accrued interest receivable	40,512	39,005
Other assets	19,726	19,281
Total Assets	7,876,031	7,802,321
Collateralized loan obligations, net	1,937,602	1,935,592
Accrued interest payable	21,699	17,859
Total Liabilities	6,362,886	6,230,885
Fair Value, Measurements, Recurring
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment	7,612,238	7,494,138
Commercial real estate loans, held-for-investment, net	7,444,878	7,387,164
Total Assets	7,734,693	7,663,804
Total Liabilities	6,292,906	6,164,348
Collateralized Loan Obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment	2,216,200
Collateralized Loan Obligations | Primary Beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Cash	83,059	151,000
Commercial real estate loans, held-for-investment	2,216,216	2,149,000
Less: Allowance for credit losses	(34,880)	(25,387)
Commercial real estate loans, held-for-investment, net	2,181,336	2,123,613
Accrued interest receivable	11,798	10,693
Other assets	155	155
Total Assets	2,276,348	2,285,461
Deferred financing costs	5,148	7,158
Collateralized loan obligations, net	1,937,602	1,935,592
Accrued interest payable	4,416	4,442
Total Liabilities	$ 1,942,018	$ 1,940,034

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
	Mar. 31, 2023	Mar. 31, 2022
Variable Interest Entity [Line Items]
Interest income	$ 152,530	$ 73,230
Interest expense	105,976	32,459
Total net interest income	46,554	40,771
Collateralized Loan Obligations | Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income	41,746	17,111
Interest expense	31,223	7,768
Total net interest income	10,523	9,343
Deferred financing costs amortization	$ 2,100	$ 1,600

Secured Term Loan, Net - Narrat

Secured Term Loan, Net - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended
	Nov. 30, 2021	Sep. 30, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Debt Instrument [Line Items]
Affiliate expenses			$ 9,487,000	$ 6,733,000
Total indebtedness covenant, percent of total assets			83.30%
Secured term loan | Secured debt
Debt Instrument [Line Items]
Principal	$ 350,000,000	$ 300,000,000
Issuance price		97.50%
Amortization rate		1%
Unamortized discount		$ 7,500,000	$ 4,410,000			$ 4,656,000
Deferred financing costs	2,000,000	$ 5,100,000
Carrying value, financing provided	297,800,000		336,464,000			$ 336,828,000
Principal borrowings	52,200,000
Amortization of deferred debt issuance costs					$ 700,000
Minimum net worth required for compliance			$ 650,000,000
Total indebtedness covenant, percent of total assets		83.30%
Secured term loan | Secured debt | Structuring fees | Affiliated Entity | KKR Credit & Markets
Debt Instrument [Line Items]
Affiliate expenses	$ 800,000	$ 1,100,000
Secured term loan | Secured debt | LIBOR
Debt Instrument [Line Items]
Interest rates	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	Mar. 31, 2023	Dec. 31, 2022	Nov. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Principal	$ 3,894,419
Secured term loan | Secured debt
Debt Instrument [Line Items]
Principal	345,625	$ 346,500
Deferred financing costs	(4,751)	(5,016)
Unamortized discount	(4,410)	(4,656)		$ (7,500)
Carrying value	$ 336,464	$ 336,828	$ 297,800

Convertible Notes, Net - Narrat

Convertible Notes, Net - Narrative (Details)	1 Months Ended	3 Months Ended
	May 31, 2018 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 15, 2018 $ / shares
Debt Instrument [Line Items]
Affiliate expenses		$ 9,487,000	$ 6,733,000
Accrued interest payable		21,699,000		$ 17,859,000
Convertible Notes Payable
Debt Instrument [Line Items]
Principal		143,750,000		143,750,000
Deferred financing costs		$ 127,000		380,000
Notes Due in 2023
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage		6.92%
Notes Due in 2023 | KKR Credit & Markets
Debt Instrument [Line Items]
Affiliate expenses	$ 800,000
Notes Due in 2023 | Convertible Notes Payable
Debt Instrument [Line Items]
Principal	$ 143,750,000
Debt instrument, interest rate, stated percentage	6.125%	6.125%
Deferred financing costs	$ 5,100,000
Debt instrument, conversion ratio	0.0439386
Debt Instrument, convertible, conversion price (usd per share) | $ / shares	$ 22.76
Debt instrument, convertible, conversion premium	10%
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		$ 3,400,000		$ 1,100,000

Convertible Notes, Net - Net Bo

Convertible Notes, Net - Net Book Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying value	$ 143,579	$ 143,237
Convertible Notes Payable
Debt Instrument [Line Items]
Principal	143,750	143,750
Deferred financing costs	(127)	(380)
Unamortized discount	(44)	(133)
Carrying value	$ 143,579	$ 143,237

Convertible Notes, Net - Intere

Convertible Notes, Net - Interest Expense, Debt (Details) - Convertible Notes Payable - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Cash coupon	$ 2,226	$ 2,201
Discount and issuance cost amortization	342	342
Total interest expense	$ 2,568	$ 2,543

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Equity method investments	$ 35,719	$ 36,849
Primary Beneficiary | Real estate owned
Variable Interest Entity [Line Items]
Ownership percentage in VIE	90%
Net assets	$ 71,200
Distribution priority	$ 73,200
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
Variable Interest Entity [Line Items]
Ownership percentage in VIE	3.50%
Variable Interest Entity, Not Primary Beneficiary | RECOP I | Level 3 | Discounted Cash Flow
Variable Interest Entity [Line Items]
Equity method investments	$ 35,700

Equity - Narrative (Details)

Equity - Narrative (Details)		1 Months Ended							3 Months Ended		15 Months Ended	24 Months Ended
	Nov. 01, 2021 shares	Feb. 28, 2023	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	Mar. 31, 2016 $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2021 shares	Feb. 03, 2023 USD ($)	Dec. 31, 2022 $ / shares shares	Dec. 31, 2019 shares	Feb. 22, 2019 USD ($)	Oct. 02, 2014 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Common stock and preferred stock, shares authorized (in shares)																	350,000,000
Common stock par value (usd per share) | $ / shares									$ 0.01		$ 0.01			$ 0.01			$ 0.01
Common stock authorized ( in shares)									300,000,000		300,000,000			300,000,000			300,000,000
Preferred stock authorized ( in shares)									50,000,000		50,000,000			50,000,000			50,000,000
Net proceeds from issuances of common stock | $									$ 0	$ 135,271,000
Common stock issued ( in shares)									75,080,707		75,080,707			75,080,707
Common stock outstanding ( in shares)									69,095,011		69,095,011			69,095,011
Treasury stock, held ( in shares)									5,985,696		5,985,696			5,985,696
Repurchase of common stock (in shares)									0
Stock repurchase program, remaining amount | $									$ 100,000,000		$ 100,000,000
ATM
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, authorized amount (up to) | $													$ 100,000,000
Repurchased under pre-set trading plan
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, authorized amount (up to) | $													$ 50,000,000
Real Estate Owned, Consolidated Joint Venture
Subsidiary, Sale of Stock [Line Items]
Noncontrolling ownership percentage									10%		10%
Common stock, net
Subsidiary, Sale of Stock [Line Items]
Common stock issued ( in shares)									74,343,813		74,343,813	64,759,200			59,211,838
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock outstanding ( in shares)				67,933,704					69,095,011	67,933,704	69,095,011	61,370,732		69,095,011
Common stock issued related to vesting RSUs (in shares)									736,894
Common Stock | Restricted stock units
Subsidiary, Sale of Stock [Line Items]
Common stock issued related to vesting RSUs (in shares)									0	0
November 2021 | Common stock, net
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (in shares)	5,000,000											5,000,000
March 2022 | Common stock, net
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (in shares)				6,494,155							6,494,155
June 2022 | Common stock, net
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (in shares)			2,750,000								2,750,000
ATM
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)									0	0
Common stock authorized | $																$ 100,000,000
Remaining authorized amount | $									$ 93,200,000		$ 93,200,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion ratio	1
Common Stock | Common Stock
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (in shares)										6,562,972
Common Stock | KKR | KREF
Subsidiary, Sale of Stock [Line Items]
Common stock ( in shares)									10,000,001		10,000,001			10,000,001
Issued and outstanding common stock owned, percentage									14.50%		14.50%			14.50%
Common Stock | Secondary Equity Offering | KKR
Subsidiary, Sale of Stock [Line Items]
Net proceeds from issuances of common stock | $			$ 82,900,000			$ 100,400,000
Sale of stock, number of shares issued in transaction (in shares)			4,250,000			5,750,000
Common Stock | Underwritten offering
Subsidiary, Sale of Stock [Line Items]
Net proceeds from issuances of common stock | $			$ 53,700,000	$ 133,800,000
Voting Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (in shares)								1
Ownership percentage to retain voting rights	25%
Preferred stock share price (usd per share) | $ / shares								$ 20
6.5% Series A Cumulative Redeemable Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (in 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
Annual dividend rate (usd per share) | $ / shares							$ 1.625		$ 1.625

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock Issued (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		15 Months Ended	24 Months Ended
	Nov. 01, 2021	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021
Common Stock Issuance [Roll Forward]
Beginning balance ( in shares)				75,080,707
Ending balance ( in shares)				75,080,707		75,080,707
Beginning balance				$ 1,571,436
Ending balance				$ 1,513,145		$ 1,513,145
Common stock, net
Common Stock Issuance [Roll Forward]
Beginning balance ( in shares)					64,759,200	64,759,200	59,211,838
Ending balance ( in shares)				74,343,813		74,343,813	64,759,200
Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Beginning balance					$ 1,282,734	$ 1,282,734	$ 1,162,023
Ending balance				$ 1,476,958		1,476,958	1,282,734
Common Stock
Common Stock Issuance [Roll Forward]
Beginning balance				691	613	613
Ending balance			$ 679	$ 691	$ 679	$ 691	$ 613
Common stock issued related to vesting RSUs (in shares)				736,894
November 2021 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (in 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 (in 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 (in 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 (in 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 (in shares)			6,494,155			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 (in 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 (in 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
	Mar. 17, 2023	Feb. 03, 2023	Mar. 15, 2022	Feb. 01, 2022	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Dividends declared per share of common stock (usd per share)	$ 0.43		$ 0.43			$ 0.43	$ 0.43
Dividends paid			$ 29,211			$ 29,711	$ 29,211
Preferred stock dividends declared						$ 5,326	$ 5,326
6.5% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (usd per share)		$ 0.41		$ 0.41	$ 0.41	$ 0.41	$ 0.41
Preferred stock dividends declared		$ 5,326		$ 5,326

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2021 shares	Mar. 31, 2023 USD ($) period shares	Mar. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period		1 year 1 month 6 days
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 2.2	$ 2.1
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
Dividend, share-based payment arrangement		$ 0.4	$ 0.3
Restricted Stock Units (RSUs) | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense		$ 11.8

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Unit Activity (Details) - Restricted stock units - $ / shares	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022
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)		935,218
Units granted (in shares)	400,000	0	0
Units vested (in shares)		0
Units Forfeited/ cancelled (in shares)		(567)
Unvested, ending balance (in shares)		934,651
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)		$ 16.80
Units granted, weighted average grant date fair value (usd per share)		0
Units vested, weighted average grant date fair value (usd per share)		0
Units forfeited/ cancelled, weighted average grant date fair value (usd per share)		20.27
Unvested. ending balance, weighted average grant date fair value (usd per share)		$ 16.80

Stock-based Compensation - RSU

Stock-based Compensation - RSU Vesting (Details) - Restricted stock units - shares	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2023 (in shares)	431,351
2024 (in shares)	329,940
2025 (in shares)	173,360
Total (in shares)	934,651	935,218

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 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
	Mar. 31, 2023	Mar. 31, 2022
Basic Earnings
Net Income (Loss)	$ (25,077)	$ 35,468
Preferred stock dividends	5,326	5,326
Participating securities' share in earnings	407	346
Net Income (Loss) Attributable to Common Stockholders	(30,810)	29,796
Diluted Earnings
Net income (loss) attributable to common stockholders	(30,810)	29,796
Add: Interest expense attributable to the Convertible Notes	0	2,201
Less: Reallocation of undistributed earnings to participating securities	0	(25)
Net Income (Loss) Attributable to Common Stockholders	$ (30,810)	$ 31,972
Denominator
Basic weighted average common shares outstanding ( in shares)	69,095,011	63,086,452
Dilutive shares under assumed conversion of the Convertible Notes ( in shares)	0	6,316,174
Dilutive restricted stock units ( in shares)	0	0
Diluted weighted average common shares outstanding (in shares)	69,095,011	69,402,626
Net income (loss) attributable to common stockholders, per:
Basic common share (usd per share)	$ (0.45)	$ 0.47
Diluted common share (usd per share)	$ (0.45)	$ 0.46
Weighted average unvested RSUs (in shares)	20,426	181,560

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2017	Mar. 31, 2023
Future funding commitment related to commercial mortgage loan investments
Long-term Purchase Commitment [Line Items]
Capital commitment		$ 1,342.6
Commitment to invest in aggregator vehicle | RECOP I | Variable Interest Entity, Not Primary Beneficiary
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

Aug. 31, 2022 USD ($)

Jun. 30, 2022

Mar. 31, 2022 USD ($)

Feb. 28, 2022 USD ($)

Jan. 31, 2022 USD ($)

Dec. 31, 2021 shares

Aug. 31, 2021 USD ($)

Jul. 31, 2021

Apr. 30, 2021 USD ($)

Mar. 31, 2020

Mar. 31, 2023 USD ($) calendarQuarter shares

Dec. 31, 2022 USD ($)

Sep. 30, 2022 USD ($)

Jun. 30, 2022 USD ($)

Mar. 31, 2022 USD ($) shares

Related Party Transaction [Line Items]

Affiliate fee

$ 9,487,000

$ 6,733,000

Due to affiliate

$ 8,458,000

$ 8,722,000

ATM

Related Party Transaction [Line Items]

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

0

0

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 ( in shares) | shares

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

$ 1,153,000

$ 726,000

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 | 6.5% Series A Cumulative Redeemable Preferred Stock

Related Party Transaction [Line Items]

Payments for equity offering discounts and commissions

$ 1,300,000

$ 1,600,000

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%

BMO Facility | KKR Credit & Markets

Related Party Transaction [Line Items]

Structuring fee, percent

0.35%

HSBC Facility | KKR Credit & Markets

Related Party Transaction [Line Items]

Structuring fee, percent

0.25%

KREF Lending IX Facility | Structuring fees

Related Party Transaction [Line Items]

Related party transaction amount

$ 100,000

$ 600,000

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

$ 2,300,000

$ 2,300,000

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

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

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

Related Party Transaction [Line Items]

Affiliate fee

$ 600,000

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

Restricted stock units

Related Party Transaction [Line Items]

Units granted (in shares) | shares

400,000

0

0

Common Stock | Management Incentive Plan

Related Party Transaction [Line Items]

Number of shares available for awards ( in shares) | shares

2,356,842

Related Party Transactions - Ex

Related Party Transactions - Expenses Incurred and Amounts Owed to Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to affiliate	$ 8,458		$ 8,722
Affiliate expenses	9,487	$ 6,733
Management fees
Related Party Transaction [Line Items]
Due to affiliate	6,523		6,578
Affiliate expenses	6,523	6,007
Expense reimbursements
Related Party Transaction [Line Items]
Due to affiliate	0		100
KCM fees
Related Party Transaction [Line Items]
Due to affiliate	1,935		$ 2,044
Incentive compensation
Related Party Transaction [Line Items]
Affiliate expenses	1,811	0
Expense reimbursements and other
Related Party Transaction [Line Items]
Affiliate expenses	$ 1,153	$ 726

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Jan. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 254,096	$ 239,791		$ 173,178
Commercial real estate loans, held-for-investment	7,612,238	7,494,138
Carrying value	7,444,878	7,387,164
Equity method investments, fair value	35,719	36,849
Total Assets	7,876,031	7,802,321
Assets, fair value	7,464,320
Outstanding Principal	3,894,419
Total Liabilities	6,362,886	6,230,885
Carrying amount	167,360	106,974		$ 20,676	$ 22,244
Loans held-for-investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized origination discounts and deferred nonrefundable fees	38,100	43,300
Write off		25,000
Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized debt issuance costs	19,200	22,000
Loans held-for-investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face Amount	7,653,082	7,562,392
Commercial real estate loans, held-for-investment	7,612,238	7,494,138
Carrying value	$ 7,444,878	$ 7,387,164
Loan count (in loans) | loan	75	76
Loans held-for-investment | Mezzanine loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face Amount	$ 58,674	$ 98,933
Commercial real estate loans, held-for-investment	58,701	98,675
Carrying value	$ 58,263	$ 98,529
Loan count (in loans) | loan	2	3
Commercial Real Estate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face Amount	$ 7,653,082	$ 7,562,392
Commercial real estate loans, held-for-investment	7,612,238	7,494,138
Carrying value	$ 7,444,878	$ 7,387,164
Loan count (in loans) | loan	75	76
Commercial Real Estate Loans | Impaired/Loss Likely
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face Amount	$ 347,400	$ 514,214
Commercial real estate loans, held-for-investment	$ 344,629	$ 490,015
Loan count (in loans) | loan	2	3
Commercial Real Estate Loans | Philadelphia
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face Amount		$ 136,000
Commercial Real Estate Loans | Office | Impaired/Loss Likely
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan count (in loans) | loan	2
Commercial Real Estate Loans | Office | Philadelphia
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face Amount		161,000	$ 116,500
Commercial Real Estate Loans | Office | Philadelphia | Impaired/Loss Likely
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face Amount	$ 153,000
Commercial real estate loans, held-for-investment	$ 150,200
Wrote-off		$ 25,000
Loan count (in loans) | loan	1
Commercial loans written off | Mezzanine loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan count (in loans) | loan	2	1
Carrying Amount	$ 30,500	$ 5,500
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	254,096	239,791
Cash and cash equivalents, fair value	254,096	239,791
Face Amount	7,653,082	7,562,392
Commercial real estate loans, held-for-investment	7,612,238	7,494,138
Carrying value	7,444,878	7,387,164
Commercial mortgage loans, held-for-investment, net, fair value	7,464,320	7,393,279
Equity method investments	35,719	36,849
Equity method investments, fair value	35,719	36,849
Assets, principal balance	7,942,897	7,839,032
Net Assets	7,902,053	7,770,778
Total Assets	7,734,693	7,663,804
Assets, fair value	7,754,135	7,669,919
Liabilities, principal balance	6,326,544	6,203,701
Total Liabilities	6,292,906	6,164,348
Liabilities, fair value	6,236,265	6,086,487
Fair Value, Measurements, Recurring | Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	3,894,419	3,770,701
Carrying value, financing provided	3,875,261	3,748,691
Secured financing agreements, net, fair value	3,875,261	3,748,691
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	1,942,750
Carrying value, financing provided	1,937,602	1,935,592
Secured financing agreements, net, fair value	1,882,065	1,857,042
Fair Value, Measurements, Recurring | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	345,625	346,500
Carrying value, financing provided	336,464	336,828
Secured financing agreements, net, fair value	335,688	339,137
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	143,579	143,237
Secured financing agreements, net, fair value	143,251	141,617
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	254,096	239,791
Commercial mortgage loans, held-for-investment, net, fair value	0	0
Equity method investments, fair value	0	0
Assets, fair value	254,096	239,791
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	478,939	480,754
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	335,688	339,137
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	143,251	141,617
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	7,464,320	7,393,279
Equity method investments, fair value	35,719	36,849
Assets, fair value	7,500,039	7,430,128
Liabilities, fair value	5,757,326	5,605,733
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	3,875,261	3,748,691
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	1,882,065	1,857,042
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
Collateralized Loan Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial real estate loans, held-for-investment	2,216,200
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	2,216,216	2,149,000
Carrying value	2,181,336	2,123,613
Total Assets	2,276,348	2,285,461
Total Liabilities	1,942,018	1,940,034
Unamortized debt issuance costs	5,148	7,158
Carrying amount	$ 34,880	$ 25,387

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Unobservable Inputs (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Assets, fair value	$ 7,464,320
Equity method investments	$ 35,719	$ 36,849
Discount margin | Level 3 | Minimum | Discounted Cash Flow | Loans held-for-investment
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.031
Discount margin | Level 3 | Maximum | Discounted Cash Flow | Loans held-for-investment
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.156
Discount margin | 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	0.042
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	0.083
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	0.099
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	0.090
Capitalization 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	0.077
Capitalization 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	0.080
Capitalization 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	0.078
RECOP I | Level 3 | Discounted Cash Flow | Variable Interest Entity, Not Primary Beneficiary
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Equity method investments	$ 35,700

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Current income tax provision	$ 0.2	$ 0
Deferred tax assets, net	$ 0		$ 0

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended
	Mar. 15, 2022	Apr. 30, 2023	Apr. 24, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Dividends paid	$ 29,211			$ 29,711	$ 29,211
Subsequent event
Subsequent Event [Line Items]
Dividends paid		$ 29,711	$ 29,700
Dividend paid (usd per share)			$ 0.43