KKR Real Estate Finance Trust (KREF) 10-K 6 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 02, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38082
Entity Registrant Name	KKR Real Estate Finance Trust Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-2009094
Entity Address, Address Line One	30 Hudson Yards,
Entity Address, Address Line Two	Suite 7500
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	750-8300
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 708.9
Entity Common Stock, Shares Outstanding		69,313,860
Documents Incorporated by Reference	Portions of the definitive proxy statement to be filed with the Securities and Exchange Commission (“SEC”) pursuant to Regulation 14A relating to the registrant’s 2024 Annual Meeting of Stockholders will be incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III. The definitive proxy statement will be filed with the SEC no later than 120 days after the registrant’s fiscal year end.
Entity Central Index Key	0001631596
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	KREF
Security Exchange Name	NYSE
6.5% Series A Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.50% Series A Cumulative Redeemable Preferred Stock,
Trading Symbol	KREF PRA
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	[1]	$ 135,898	$ 239,791
Commercial real estate loans, held-for-investment		7,343,548	7,494,138
Less: Allowance for credit losses		(210,470)	(106,974)
Commercial real estate loans, held-for-investment, net		7,133,078	7,387,164
Real estate owned assets, held for sale		101,017	0
Real estate owned, held for investment, net		82,091	80,231
Accrued interest receivable		41,003	39,005
Equity method investments		35,076	36,849
Other assets		19,455	19,281
Total Assets		7,547,618	7,802,321
Liabilities
Secured financing agreements, net		3,782,419	3,748,691
Collateralized loan obligations, net		1,942,171	1,935,592
Secured term loan, net		335,331	336,828
Convertible notes, net		0	143,237
Dividends payable		29,805	29,711
Accrued interest payable		20,207	17,859
Real estate owned liabilities, held for sale		15,883	0
Total Liabilities		6,143,436	6,230,885
Commitments and Contingencies (Note 13)		0	0
Equity
Common stock, $0.01 par value, 300,000,000 authorized (75,299,556 and 75,080,707 shares issued; 69,313,860 and 69,095,011 shares outstanding; as of December 31, 2023 and 2022, respectively)		693	691
Additional paid-in capital		1,815,077	1,808,983
Accumulated deficit		(314,370)	(141,503)
Repurchased stock (5,985,696 shares repurchased as of December 31, 2023 and 2022)		(96,764)	(96,764)
Total KKR Real Estate Finance Trust Inc. Stockholders’ Equity		1,404,767	1,571,538
Noncontrolling interests in equity of consolidated joint venture		(585)	(102)
Total Equity		1,404,182	1,571,436
Total Liabilities and Equity		7,547,618	7,802,321
Related party
Liabilities
Other liabilities		8,270	8,722
Nonrelated party
Liabilities
Other liabilities		9,350	10,245
6.5% Series A Cumulative Redeemable Preferred Stock
Equity
Series A cumulative redeemable preferred stock, (13,110,000 shares issued and outstanding as of December 31, 2023 and 2022); liquidation preference of $25.00 per share		$ 131	$ 131
[1]Includes $5.0 million and $151.0 million of cash held in collateralized loan obligation as of December 31, 2023 and 2022, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Preferred stock par value (usd per share)	$ 0.01	$ 0.01
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)	75,299,556	75,080,707
Common stock outstanding ( in shares)	69,313,860	69,095,011
Treasury stock, held ( in shares)	5,985,696	5,985,696
Primary beneficiary | Collateralized loan obligations
Cash	$ 5,000	$ 151,000
6.5% Series A Cumulative Redeemable Preferred Stock
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

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Interest Income
Interest income	$ 640,412	$ 421,968	$ 279,950
Interest expense	458,802	236,095	114,439
Total net interest income	181,610	185,873	165,511
Other Income
Revenue from real estate owned operations	8,545	8,971	0
Income from equity method investments	1,417	4,655	6,371
Other income	11,237	5,568	686
Gain on sale of investments	0	0	5,126
Total other income	21,199	19,194	12,183
Operating Expenses
General and administrative	18,788	17,616	14,235
Provision for (reversal of) credit losses, net	175,116	112,373	(4,059)
Management fees to affiliate	26,171	25,680	19,378
Incentive compensation to affiliate	2,491	634	10,273
Expenses from real estate owned operations	11,190	11,113	0
Total operating expenses	233,756	167,416	39,827
Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends, Redemption Value Adjustment and Participating Securities' Share in Earnings	(30,947)	37,651	137,867
Income tax expense	710	58	684
Net Income (Loss)	(31,657)	37,593	137,183
Net income (loss) attributable to noncontrolling interests	(806)	(510)	0
Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries	(30,851)	38,103	137,183
Preferred stock dividends and redemption value adjustment	21,304	21,304	11,369
Participating securities' share in earnings	1,764	1,428	179
Net Income (Loss) Attributable to Common Stockholders	(53,919)	15,371	125,635
Net Income (Loss) Attributable to Common Stockholders	$ (53,919)	$ 15,371	$ 125,635
Net Income (Loss) Per Share of Common Stock
Basic (usd per share)	$ (0.78)	$ 0.23	$ 2.22
Diluted (usd per share)	$ (0.78)	$ 0.23	$ 2.21
Weighted Average Number of Shares of Common Stock Outstanding
Basic ( in shares)	69,180,039	67,553,578	56,571,200
Diluted ( in shares)	69,180,039	67,553,578	56,783,388
Dividends declared per share of common stock (usd per share)	$ 1.72	$ 1.72	$ 1.72

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Redeemable Preferred Stock	6.5% Series A Cumulative Redeemable Preferred Stock	Total Equity	Total Equity 6.5% Series A Cumulative Redeemable Preferred Stock	Total Equity Common Stock	Preferred Stock	Preferred Stock 6.5% Series A Cumulative Redeemable Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-In Capital	Additional Paid-In Capital 6.5% Series A Cumulative Redeemable Preferred Stock	Additional Paid-In Capital Common Stock	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) 6.5% Series A Cumulative Redeemable Preferred Stock	Repurchased Stock	Total KKR Real Estate Finance Trust Inc. Stockholders' Equity	Total KKR Real Estate Finance Trust Inc. Stockholders' Equity 6.5% Series A Cumulative Redeemable Preferred Stock	Total KKR Real Estate Finance Trust Inc. Stockholders' Equity Common Stock	Noncontrolling Interests in Equity of Consolidated Joint Venture
Ending balance ( in shares) at Dec. 31, 2021							0	6,900,000
Ending balance at Dec. 31, 2021				$ 1,361,581			$ 0	$ 69	$ 613		$ 1,459,959			$ (38,208)		$ (60,999)	$ 1,361,434			$ 147
Ending balance ( in shares) at Dec. 31, 2021									61,370,732
Ending balance at Dec. 31, 2021		$ 0
Beginning balance ( in shares) at Dec. 31, 2020							1	0
Beginning balance at Dec. 31, 2020				1,043,554			$ 0	$ 0	$ 556		1,169,695			(65,698)		(60,999)	1,043,554			0
Beginning balance (in shares) at Dec. 31, 2020									55,619,428
Beginning balance at Dec. 31, 2020		1,852
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)								6,900,000		5,547,361
Issuance of stock					$ 167,066	$ 120,710		$ 69		$ 55		$ 166,997	$ 120,655					$ 167,066	$ 120,710
Offering costs				(953)							(953)						(953)
Conversion of special voting preferred stock (in shares)							(1)		1
Redemption of special non-voting preferred stock		(5,126)
Contribution by noncontrolling interests				147																147
Special non-voting preferred dividends declared		(650)
Series A preferred dividends declared					(7,444)										$ (7,444)			(7,444)
Common dividends declared				(98,153)										(98,153)			(98,153)
Participating security dividends declared				(172)										(172)			(172)
Stock-based compensation, net (in shares)									203,942
Stock-based compensation, net				3,567					$ 2		3,565						3,567
Adjustment of redeemable preferred stock to redemption value		3,274		(3,274)										(3,274)			(3,274)
Net income (loss)				136,533										136,533			136,533
Net income (loss)		650
Ending balance ( in shares) at Dec. 31, 2021							0	6,900,000
Ending balance at Dec. 31, 2021				1,361,581			$ 0	$ 69	$ 613		1,459,959			(38,208)		(60,999)	1,361,434			147
Ending balance ( in shares) at Dec. 31, 2021									61,370,732
Ending balance at Dec. 31, 2021		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)								6,210,000		9,584,613
Issuance of stock					151,167	$ 194,225		$ 62		$ 97		$ 151,105	$ 194,128					151,167	$ 194,225
Offering costs				(1,384)							(1,384)						(1,384)
Repurchase of common stock (in shares)									(2,085,370)
Repurchase of common stock				(35,786)					$ (21)							(35,765)	(35,786)
Contribution by noncontrolling interests				261																261
Series A preferred dividends declared	$ (21,304)				(21,304)										(21,304)			(21,304)
Common dividends declared	(118,688)			(118,688)										(118,688)			(118,688)
Participating security dividends declared				(1,406)										(1,406)			(1,406)
Stock-based compensation, net (in shares)									225,036
Stock-based compensation, net				5,177					$ 2		5,175						5,177
Net income (loss)				37,593										38,103			38,103			(510)
Ending balance ( in shares) at Dec. 31, 2022			13,110,000				0	13,110,000
Ending balance at Dec. 31, 2022	$ 1,571,436			1,571,436			$ 0	$ 131	$ 691		1,808,983			(141,503)		(96,764)	1,571,538			(102)
Ending balance ( in shares) at Dec. 31, 2022	69,095,011								69,095,011
Ending balance at Dec. 31, 2022		0
Beginning balance ( in shares) at Dec. 31, 2021							0	6,900,000
Beginning balance at Dec. 31, 2021				1,361,581			$ 0	$ 69	$ 613		1,459,959			(38,208)		(60,999)	1,361,434			147
Beginning balance (in shares) at Dec. 31, 2021									61,370,732
Beginning balance at Dec. 31, 2021		0
Ending balance ( in shares) at Dec. 31, 2023			13,110,000				0	13,110,000
Ending balance at Dec. 31, 2023	$ 1,404,182			1,404,182			$ 0	$ 131	$ 693		1,815,077			(314,370)		(96,764)	1,404,767			(585)
Ending balance ( in shares) at Dec. 31, 2023	69,313,860								69,313,860
Ending balance at Dec. 31, 2023		0
Beginning balance ( in shares) at Dec. 31, 2022			13,110,000				0	13,110,000
Beginning balance at Dec. 31, 2022	$ 1,571,436			1,571,436			$ 0	$ 131	$ 691		1,808,983			(141,503)		(96,764)	1,571,538			(102)
Beginning balance (in shares) at Dec. 31, 2022	69,095,011								69,095,011
Beginning balance at Dec. 31, 2022		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution by noncontrolling interests				323																323
Series A preferred dividends declared	$ (21,304)				$ (21,304)										$ (21,304)			$ (21,304)
Common dividends declared	(118,948)			(118,948)										(118,948)			(118,948)
Participating security dividends declared				(1,764)										(1,764)			(1,764)
Stock-based compensation, net (in shares)									218,849
Stock-based compensation, net				6,096					$ 2		6,094						6,096
Net income (loss)				(31,657)										(30,851)			(30,851)			(806)
Ending balance ( in shares) at Dec. 31, 2023			13,110,000				0	13,110,000
Ending balance at Dec. 31, 2023	$ 1,404,182			$ 1,404,182			$ 0	$ 131	$ 693		$ 1,815,077			$ (314,370)		$ (96,764)	$ 1,404,767			$ (585)
Ending balance ( in shares) at Dec. 31, 2023	69,313,860								69,313,860
Ending balance at Dec. 31, 2023		$ 0

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends declared per share of common stock (usd per share)	$ 1.72	$ 1.72	$ 1.72
Participating security dividends declared per share (usd per share)	1.72	1.72	0.43
6.5% Series A Cumulative Redeemable Preferred Stock
Preferred stock liquidation preference (usd per share)	25	25	25
Dividends declared per share of preferred stock (usd per share)	$ 1.63	$ 1.63	$ 1.08

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)		Dec. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)
Cash Flows From Operating Activities
Net income (loss)	$ (31,657)		$ 37,593		$ 137,183
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs and discounts	26,182		23,858		15,731
Accretion of deferred loan fees and discounts	(23,597)		(25,064)		(22,851)
Payment-in-kind interest	0		(1,870)		(2,094)
Loss (gain) on sale of investment	0		0		(5,126)
Loss (income) from equity method investments	1,773		(1,312)		(3,150)
Provision for (reversal of) credit losses, net	175,116		112,373		(4,059)
Stock-based compensation expense	8,075		7,835		7,427
Changes in operating assets and liabilities:
Accrued interest receivable, net	(1,998)		(23,764)		171
Other assets	244		421		(1,112)
Accrued interest payable	2,350		11,232		1,246
Accounts payable, accrued expenses and other liabilities	(619)		(898)		621
Due to affiliates	(154)		721		806
Net cash provided by (used in) operating activities	155,715		141,125		124,793
Cash Flows From Investing Activities
Proceeds from principal repayments and sale/syndication of commercial real estate loans, held-for-investment	691,346		1,244,262		2,362,442
Origination of commercial real estate loans, held-for-investment	(677,287)		(2,419,733)		(3,904,580)
Investment in real estate owned	1,860		1,662		0
Net cash assumed from investment in real estate owned and related joint venture	1,288		0		1,302
Net cash provided by (used in) investing activities	13,487		(1,177,133)		(1,540,836)
Cash Flows From Financing Activities
Proceeds from borrowings under secured financing agreements	811,119		2,483,907		3,641,991
Proceeds from issuance of collateralized loan obligations	0		847,500		1,095,250
Net proceeds from issuance of secured term loan	0		0		52,250
Net proceeds from issuances of common stock	0		194,225		120,711
Net proceeds from issuances of preferred stock	0		151,167		167,066
Proceeds from noncontrolling interest contributions	323		261		0
Payments of common stock dividends	(118,854)		(115,366)		(95,680)
Payments of preferred stock dividends	(21,304)		(21,540)		(8,266)
Principal repayments on borrowings under secured financing agreements	(791,254)		(2,454,599)		(2,487,673)
Principal repayments on borrowings under convertible notes	(143,750)		0		0
Principal repayments on borrowings under collateralized loan obligations	0		0		(810,000)
Payments of debt and collateralized debt obligation issuance costs	(5,811)		(32,870)		(24,192)
Principal repayments on loan participations	0		0		(66,248)
Payments of stock issuance costs	0		(1,384)		(647)
Payments to reacquire common stock	0		(35,786)		0
Tax withholding on stock-based compensation	(1,979)		(2,656)		(5,581)
Net cash provided by (used in) financing activities	(271,510)		1,012,859		1,578,981
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(102,308)		(23,149)		162,938
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	250,621		273,770		110,832
Cash, Cash Equivalents and Restricted Cash at End of Period	148,313		250,621		273,770
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	135,898	[1]	239,791	[1]	271,487
Restricted cash	12,415		10,830		2,283
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	148,313		250,621		273,770
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	430,275		201,007		95,256
Cash paid during the period for income taxes	296		708		409
Supplemental Schedule of Non-Cash Investing and Financing Activities
Dividend declared, not yet paid	29,805		29,711		26,561
Assumption of real estate owned	76,461		0		76,960
Assumption of other assets related to real estate owned	24,556		0		4,123
Assumption of other liabilities related to real estate owned	15,883		0		3,567
Transfer of senior loans to real estate owned	86,422		0		77,516
Loan principal payments held by servicer	0		0
Modifications accounted for as repayments and new loans, net of write-offs	$ 199,439		$ 0		$ 0
[1]Includes $5.0 million and $151.0 million of cash held in collateralized loan obligation as of December 31, 2023 and 2022, respectively.

Business and Organization

Business and Organization	12 Months Ended
	Dec. 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 December 31, 2023, KKR beneficially owned 10,000,001 shares, or 14.4% of KREF's outstanding common stock. KREF's principal business activities are related to the origination and purchase of credit investments related to CRE. Management assesses the performance of KREF's current portfolio of leveraged and unleveraged commercial real estate loans and makes operating decisions accordingly. As a result, management presents KREF's operations within a single reporting segment.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation — The accompanying consolidated financial statements and related notes of KREF are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of KREF and its consolidated subsidiaries, and all intercompany transactions and balances have been eliminated. 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. Risks and Uncertainties — The coronavirus pandemic ("COVID-19") has adversely impacted global commercial activity and has contributed to significant volatility in financial markets. Since its onset in 2020, the COVID-19 pandemic has 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 the global economy has 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 have adversely impacted and may continue to 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 eleven times since January 2022. 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. The Federal Reserve has indicated that it may decrease in interest rates in 2024. In a period of declining interest rates, our interest income on floating-rate investments would generally decrease, while any decrease in the interest we are charged on our floating-rate debt may be subject to floors and may not compensate for such decrease in interest income. Use of Estimates — The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management makes subjective estimates to project cash flows KREF expects to receive on its investments in loans and securities as well as the related market discount rates, which significantly 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 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 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 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 Consolidated Statements of Income. Real Estate Owned Joint Venture — KREF consolidates a joint venture that holds the majority of KREF’s investment in a real estate owned (“REO”) retail property that was acquired in the fourth quarter of 2021, in which a third party owns 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 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. Noncontrolling Interests — Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than KREF. These noncontrolling interests do not include redemption features and are presented as "Noncontrolling interests in equity of consolidated joint venture" on the Consolidated Balance 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 Consolidated Balance Sheets and its share of unrealized gains or losses in “Income (loss) from equity method investments” in its Consolidated Statements of Income. Management elected the fair value option for KREF's investment in RECOP I. KREF classifies distributions received from equity method investees using the cumulative earnings approach. Distributions received up to the cumulative earnings from each equity method investee are considered returns on investment and presented within “Cash Flows from Operating Activities” in the Consolidated Statements of Cash Flows; excess distributions received are considered returns of investment and presented within “Cash Flows From Investing Activities” in the Consolidated Statements of Cash Flows. Fair Value — GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 — Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. KREF follows this hierarchy for its financial instruments. The classifications are based on the lowest level of input that is significant to the fair value measurement. Valuation Process — The Manager reviews the valuation of Level 3 financial instruments as part of KKR's quarterly process. As of December 31, 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 considers KREF's commercial real estate loans to be 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 generally engages an independent valuation firm to estimate the fair value of each loan categorized as a Level 3 asset. These loans are generally valued using a discounted cash flow model based on assumptions regarding the collection of principal and interest and estimated market rates. Management reviews the quarterly loan valuation estimates provided by the independent valuation firm. For collateral dependent loans, KREF may apply alternative valuation methods based on the fair value of the underlying collateral. Determination of collateral value involves significant judgment, including assumptions regarding capitalization rates, discount rates, leasing, occupancy rates, and other factors. 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 December 31, 2023 and 2022, KREF was required to maintain unrestricted cash and cash equivalents of at least $60.2 million and $54.4 million, respectively, to satisfy its liquidity covenants (Note 5). As of December 31, 2023 and 2022, KREF had $12.4 million and $10.8 million of restricted cash held in lender-controlled bank accounts, respectively. Such amounts are presented within "Other Assets" in the 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 to the 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 Consolidated Balance Sheets. The allowance for credit losses attributed to unfunded loan commitments is included in “Other liabilities” on the Consolidated Balance Sheets. KREF has implemented loan loss forecasting models for estimating expected life-time credit losses, at the individual loan level, for its commercial real estate loan portfolio. The CECL forecasting methods used by KREF include (i) a probability of default and loss given default method using an underlying third-party CMBS/CRE loan database with historical loan losses from 1998 through 2023 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 vintage year, loan term, underlying property type, geographic location, most recent appraisal, 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 key credit quality indicator in assessing the CECL allowance. KREF may also consider relevant loan-specific qualitative factors for certain loans. 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 initially recognized at fair value in accordance with ASC 805 on KREF's Consolidated Balance Sheets as "Real Estate Owned" when KREF assumes either legal title or physical possession. KREF’s cost basis in REO equals the estimated fair value on the acquisition date. The value of acquired REO is allocated based on the relative fair values of assets acquired and liabilities assumed, including, but not limited to, land, building, furniture and fixtures, and intangibles. REO assets held for investment, 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 held for investment 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 (iv) 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. REO assets are classified as held for sale in the period when they meet the criteria under ASC 360. Once a REO is classified as held for sale, depreciation is suspended and the asset is reported at the lower of its carrying value or fair value less cost to sell. The actual sales price of the REO could differ from the estimated fair value. If circumstances arise that were previously considered unlikely and, as a result, KREF decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for investment, and (ii) its estimated fair value at the time of reclassification. For all REO assets, KREF may opportunistically transact as suitable opportunities emerge. 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 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 accounted for its convertible debt with a cash conversion feature in accordance with ASC 470-20, 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 were 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 was reflected within "Additional paid-in capital" on the Consolidated Balance Sheets, and the resulting debt discount was amortized over the period during which such Convertible Notes were 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 increased in subsequent periods through the maturity date as the notes accrete to their par value over the same period (Note 8). The entire $143.75 million principal balance of the Convertible Notes matured and was repaid in cash on May 15, 2023. As of December 31, 2023, there were no convertible notes outstanding. Other Assets and Other Liabilities — As of December 31, 2023, other assets included $12.4 million of restricted cash and $3.7 million of deferred financing costs related to KREF's Revolver (Note 5). 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 December 31, 2023, other liabilities included $2.1 million of allowance for credit losses related to KREF's unfunded loan commitmen ts, $5.4 million of REO, held for investment, liabilities (Note 4) and $1.8 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, held for investment, 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 December 2023, KREF's board of directors declared a dividend of $0.43 per share of common stock to stockholders of record as of December 29, 2023, which was accrued in “Dividends payable” on KREF’s Consolidated Balance Sheets as of December 31, 2023 and was subsequently paid on January 12, 2024. In October 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 December 15, 2023 to KREF’s preferred stockholders of record as of November 30, 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 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 Consolidated Balance Sheets. As of December 31, 2023, KREF had not retired 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 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 Con

Commercial Real Estate Loans

Commercial Real Estate Loans	12 Months Ended
	Dec. 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 December 31, 2023 and 2022 : Weighted Average (C) Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % Coupon (D) Life (Years) (E) December 31, 2023 Loans held-for-investment (F) Senior loans (G) $ 7,324,758 $ 7,298,844 $ 7,089,930 67 98.9 % 8.7 % 2.7 Mezzanine loans 44,667 44,704 43,148 2 100.0 14.1 2.1 Total/Weighted Average $ 7,369,425 $ 7,343,548 $ 7,133,078 69 98.9 % 8.7 % 2.7 December 31, 2022 Loans held-for-investment (F) Senior loans (G) $ 7,463,459 $ 7,395,463 $ 7,288,635 73 100.0 % 7.7 % 3.3 Mezzanine and other loans (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-offs 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 Term SOFR and LIBOR, 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) Excludes three fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 million as of December 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. (G) Senior loans may include accommodation mezzanine loans in connection with the senior mortgage financing. (H) Includes one real estate corporate loan to a multifamily operator with a principal and a carrying value of $40.4 million and $40.1 million, respectively, as of December 31, 2022. This loan was fully repaid during the first quarter of 2023. Activity — For the years ended December 31, 2023 and 2022, the loan portfolio activity was as follows: Amortized Cost Allowance for Carrying Value Balance at December 31, 2021 $ 6,316,733 $ (22,244) $ 6,294,489 Originations and future fundings, net (A) 2,419,733 — 2,419,733 Proceeds from sales and loan repayments (1,244,262) — (1,244,262) Accretion of loan discount and other amortization, net 25,064 — 25,064 Payment-in-kind interest 1,870 — 1,870 (Provision for) Reversal of credit losses — (109,730) (109,730) Write-offs charged (B) (25,000) 25,000 — Balance at December 31, 2022 $ 7,494,138 $ (106,974) $ 7,387,164 Originations and future fundings, net (A)(C) 876,726 — 876,726 Proceeds from loan repayments and cost recovery interest (C)(D) (890,785) — (890,785) Accretion of loan discount and other amortization, net 23,597 — 23,597 (Provision for) Reversal of credit losses — (177,202) (177,202) Write-offs charged (B) (73,706) 73,706 — Transfer to real estate owned (86,422) — (86,422) Balance at December 31, 2023 $ 7,343,548 $ (210,470) $ 7,133,078 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes a $58.7 million write-off on a defaulted senior loan upon deed-in-lieu of foreclosure during the three months ended December 31, 2023, and a $15.0 million write-off of a subordinated loan during the three months ended September 30, 2023. Includes a $25.0 million partial write-off of a defaulted senior loan during the year ended December 31, 2022. (C) Includes $199.4 million of amortized cost for loan modifications accounted for as new loans for GAAP purposes. (D) Includes $9.8 million of cost recovery interest collections applied as a reduction to loan amortized cost during the year ended December 31, 2023 . As of December 31, 2023 and 2022, there wa s $20.8 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 Consolidated Balance Sheets. D uring the year ended December 31, 2023, KREF recognize d prepayment fee income of $3.0 million and net accelerated fee income of $1.9 million, relating to loan repayments. During the year ended December 31, 2022, KREF recognized prepayment fee income of $9.6 million and net accelerated fee income of $1.8 million. 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 risk-rated 5 senior office loan located in Philadelphia, PA, with an outstanding principal balance of $161.0 million. The terms of the modification included, among others, a $25.0 million principal repayment and a restructure of the $136.0 million senior loan (after the $25.0 million repayment) into (i) a $116.5 million committed senior mortgage loan (with $5.5 million in unfunded commitment) and (ii) a $25.0 million junior mezzanine note. The restructured senior loan earns a coupon rate of S+2.75% and has a new term of up to four years, assuming all extension options are exercised. The $25.0 million junior mezzanine note is subordinate to a new $41.5 million committed senior mezzanine note held by the sponsor (with $16.5 million in unfunded commitment). As of December 31, 2022, $25.0 million of the loan was deemed uncollectible and written off, which was applied to the junior mezzanine note upon completion of the modification. This loan modification was accounted for as a new loan for GAAP purposes. The restructured senior loan with an outstanding principal balance of $114.3 million was risk-rated 3 as of December 31, 2023. In June 2023, KREF completed the modification of a risk-rated 4 senior multifamily loan located in West Hollywood, CA, with an outstanding principal balance of $102.0 million as of March 31, 2023. The terms of the modification included, among others, an additional borrower deposit in escrow in exchange for an upsize in the loan commitment structured as (i) an accompanying senior mezzanine note with a commitment of $4.2 million, at a fixed interest rate of 10.0%, and (ii) an accompanying junior mezzanine note with a commitment of $0.8 million, at a fixed interest rate of 10.0% with certain profit share provisions, as defined in the loan agreement. As of December 31, 2023, the senior mezzanine note had an outstanding principal balance of $2.3 million, while the junior mezzanine note was fully funded. The restructured whole loan with an outstanding principal balance of $105.1 million was risk-rated 4 as of December 31, 2023. In June 2023, KREF completed the modification of a risk-rated 5 senior office loan located in Minneapolis, MN, with an outstanding principal balance of $194.4 million as of March 31, 2023. The terms of the modification included, among others, a restructure of the $194.4 million senior loan into (i) a $120.0 million senior mortgage loan (fully funded) and (ii) a $79.4 million mezzanine note (with $5.0 million in unfunded commitment). The restructured senior loan earns a coupon rate of S+2.25% and the mezzanine note earns a fixed 4.5% PIK interest rate. Post modification, the whole loan’s maximum maturity is July 2025, assuming all extension options are exercised. The restructured whole loan with an outstanding principal balance of $194.4 million was risk-rated 5 as of December 31, 2023. In September 2023, KREF completed the modification of a risk-rated 4 senior office loan located in Chicago, IL, with an outstanding principal balance of $118.4 million. The terms of the modification included, among others, a $15.0 million principal repayment, a $15.0 million reduction in unfunded loan commitment, and a restructure of the $103.4 million senior loan (after the $15.0 million repayment) into (i) a $105.0 million committed senior mortgage loan (with $16.6 million in unfunded commitment) and (ii) a $15.0 million subordinated note. The restructured senior loan earns a coupon rate of S+2.25% and has a new term of five years. The $15.0 million subordinated note is subordinate to a new $18.5 million sponsor interest and was deemed uncollectible and written off. This loan modification was accounted for as a new loan for GAAP purposes. The restructured senior loan with an outstanding principal balance of $88.4 million was risk-rated 3 as of December 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: December 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 2 19,392 57,925 1 — — — — 3 60 6,493,506 6,511,894 86 70 6,560,166 6,864,941 88 4 4 325,286 476,112 6 3 443,957 446,322 6 5 3 505,364 512,105 7 3 490,015 489,214 6 Total loan receivable 69 $ 7,343,548 $ 7,558,036 100 % 76 $ 7,494,138 $ 7,800,477 100 % Allowance for credit losses (210,470) (106,974) Loan receivable, net $ 7,133,078 $ 7,387,164 * Numbers presented may not foot due to rounding. (A) Excludes three fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 million as of December 31, 2023. Excludes a fully written off risk-rated 5 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 consolidated financial statements. Total loan exposure includes the entire loan KREF originated and financed, including $188.6 million and $263.1 million of such non-c onsolidated interests as of December 31, 2023 and 2022, respectively. As of December 31, 2023, the average risk rating of KREF's portfolio was 3.2 , weig hted by total loan exposure, consistent with that a s 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 December 31, 2023 and 2022 in the corresponding table. December 31, 2023 Amortized Cost by Year of Origination (A) Risk Rating Number of Loans (B) Outstanding Principal (B) 2023 2022 2021 2020 2019 Prior Total Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 2 19,314 — — — 19,392 — — 19,392 3 60 6,511,894 203,576 1,953,866 3,323,800 217,375 517,491 277,398 6,493,506 4 4 326,112 — 184,539 140,748 — — — 325,286 5 3 512,105 — — 315,240 — — 190,123 505,364 69 $ 7,369,425 $ 203,576 $ 2,138,405 $ 3,779,788 $ 236,767 $ 517,491 $ 467,521 $ 7,343,548 Current period gross write-offs $ — $ — $ — $ — $ 73,706 $ — $ 73,706 (A) Represents the d ate a loan was originated or acquired. Origination dates are subsequently updated to reflect material loan modifications. (B) Excludes three fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 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 Current period gross write-offs $ — $ — $ — $ — $ 25,000 $ — $ 25,000 (A) Excludes a fully written off risk-rated 5 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 years ended December 31, 2023 and 2022, respectively: Commercial Unfunded Loan Commitments Total Balance at December 31, 2021 $ 22,244 $ 1,495 $ 23,739 Provision for (reversal of) credit losses, net 109,730 2,643 112,373 Write-offs charged (25,000) — (25,000) Balance at December 31, 2022 $ 106,974 $ 4,138 $ 111,112 Provision for (reversal of) credit losses, net 177,202 (2,086) 175,116 Write-offs charged (73,706) — (73,706) Balance at December 31, 2023 $ 210,470 $ 2,052 $ 212,522 As of December 31, 2023, the allowance for credit losses was $212.5 million. The CECL provision of $175.1 million for the year ended December 31, 2023 was primarily due to additional reserves on risk-rated 5 senior loan predominantly in the office sector, as well as macroeconomic conditions. KREF had a risk-rated 5 senior office loan located in Mountain View, CA, originated in July 2021, with an outstanding principal balance of $200.9 million and an unfunded commitment of $49.1 million as of December 31, 2023. The loan had an amortized cost of $198.9 million as of December 31, 2023. The property is located in a challenged leasing market. In June 2023, this loan was placed on nonaccrual status and subsequent interest collections are accounted for under the cost recovery method. This loan's maximum maturity is August 2026, assuming all extension options are exercised. During the year ended December 31, 2023, KREF recognized $7.3 million of interest income on this loan. During the year ended December 31, 2023, an additional $0.8 million of contractual interest payments was received and applied as a reduction to the loan amortized cost under the cost recovery method of accounting. KREF had a risk-rated 5 senior office loan located in Minneapolis, MN, originated in November 2017, with an outstanding principal balance of $194.4 million and an unfunded commitment of $5.0 million as of December 31, 2023. The loan had an amortized cost of $190.1 million as of December 31, 2023. The property is located in a challenged leasing market. In June 2023, KREF restructured the $194.4 million senior loan into (i) a $120.0 million senior mortgage loan (fully funded) and (ii) a $79.4 million mezzanine note (with $5.0 million in unfunded commitment). The restructured senior loan earns a coupon rate of S+2.25% and the mezzanine note earns a fixed 4.5% PIK interest rate. Post modification, the whole loan’s maximum maturity is July 2025, assuming all extension options are exercised. During the year ended December 31, 2023, KREF recognized $7.9 million of interest income on this loan. During the year ended December 31, 2023, an additional $4.3 million of contractual interest payments was received and applied as a reduction to the loan amortized cost under the cost recovery method of accounting. Beginning in June 2023, the senior loan was solely on nonaccrual status. KREF had a risk-rated 5 senior life science loan located in Seattle, WA, originated in October 2021, with an outstanding principal balance of $116.8 million and an unfunded commitment of $23.5 million as of December 31, 2023. The loan had an amortized cost of $116.3 million as of December 31, 2023. The property is located in a challenged leasing market. In December 2023, this loan was placed on nonaccrual status and subsequent interest collections are accounted for under the cost recovery method. This loan's maximum maturity is October 2026, assuming all extension options are exercised. During the year ended December 31, 2023, KREF recognized $9.2 million of interest income on this loan. The 5-rated loans were determined to be collateral dependent as of December 31, 2023. KREF estimated expected losses based on each loan’ s collateral fair value, which was determined by applying a capitalization rate between 7.0% and 8.7% a nd a discount rate between 9.0% and 12.0%, respectively. As of December 31, 2022 , the allowance for credit losses was $111.1 million. The CECL provision of $112.4 million for the year ended December 31, 2022 was primarily due to increased uncertainty in the macroeconomic outlook, as well as volatility and reduced liquidity in the office sector. Concentration of Credit Risk — The following tables present the geographies and property types of collateral underlying KREF's commercial real estate loans as a percentage of the loans' principal amounts: December 31, 2023 December 31, 2022 (A) December 31, 2023 December 31, 2022 Geography Collateral Property Type California 17.7 % 16.9 % Multifamily 41.9 % 46.8 % Texas 15.3 16.1 Office 22.2 23.0 Massachusetts 10.4 8.3 Industrial 14.5 12.7 Florida 8.7 11.1 Life Science 10.2 7.7 Virginia 7.7 8.4 Hospitality 5.0 4.8 Washington D.C. 6.3 5.9 Condo (Residential) 2.0 2.6 New York 6.1 5.6 Self-Storage 1.7 0.3 Washington 4.2 2.9 Student Housing 1.5 1.5 North Carolina 4.1 4.0 Single Family Rental 0.9 0.5 Pennsylvania 3.5 5.7 Retail 0.1 0.1 Arizona 3.3 2.6 Total 100.0 % 100.0 % Georgia 2.7 2.5 Minnesota 2.6 2.7 Nevada 2.1 2.0 Illinois 1.4 1.6 Colorado 1.1 1.0 Other U.S. 2.8 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, representing 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. Type of Loan Description / Location Interest Rates (A) Maturity Date (B) Payment Terms (C) Principal Amount Carrying Amount Senior Loans (D) Senior Loans in excess of 3% of the carrying amount of total loans Senior Loan 1 Multifamily / Virginia + 3.3% October 2026 I/O $ 369.0 $ 367.7 Senior Loan 2 Industrial / Various + 2.7% May 2027 I/O 252.3 251.8 Senior Loan 3 Multifamily / California + 2.9% March 2026 I/O 220.0 219.5 Senior Loans less than 3% of the carrying amount of total loans Senior Loans Multifamily / Diversified + 2.6% — 4.0% 2024 - 2027 I/O 2,517.1 2,509.9 Senior Loans Office / Diversified + 2.3% — 3.7% 2025 - 2028 I/O 1,558.9 1,551.3 Senior Loans Industrial / Diversified + 2.7% — 5.5% 2024 - 2027 I/O 820.2 818.0 Senior Loans Life Science / Diversified + 3.1% — 4.5% 2026 - 2027 I/O 754.6 749.8 Senior Loans Hospitality / Diversified + 3.7% — 5.0% 2024 - 2027 I/O 373.1 372.8 Senior Loan Condo (Residential) / New York + 3.7% January 2024 I/O 149.9 149.9 Senior Loan Self-Storage / Various + 3.8% January 2028 I/O 129.6 128.4 Senior Loan Student Housing / Pennsylvania + 3.0% June 2026 I/O 112.5 112.0 Senior Loan Single Family Rental / Arizona + 4.9% May 2026 I/O 67.7 67.6 Total senior loans $ 7,324.7 $ 7,298.8 Mezzanine Loans Mezzanine Loans less than 3% of the carrying amount of total loans Mezzanine Loans Various / Diversified + 0.4% — 13.0% 2025 - 2028 I/O 90.2 44.7 Total mezzanine loans $ 90.2 $ 44.7 Total loans $ 7,414.9 $ 7,343.5 CECL reserve (210.5) Total loans, net $ 7,133.1 (A) Expressed as a spread over Term SOFR. (B) Maturity date assumes all extension options are exercised, if applicable. (C) I/O = interest only until final maturity unless otherwise noted. (D) Senior loans include senior mortgages and similar credit quality investments, including junior participations in our originated senior loans for which we have syndicated the senior participations and retained the junior participations for our portfolio and excludes vertical loan participations. For the activity within KREF's loan portfolio during the year ended December 31, 2023, refer to Note 3 of the consolidated financial statements.

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate Owned	Real Estate Owned As of December 31, 2023, REO assets and liabilities consisted of a retail property in Portland, OR and an office property in Philadelphia, PA. Portland Retail — In 2015, KREF originated a $177.0 million senior loan secured by a retail property in Portland, OR. In December 2021, KREF took title to the retail property. The transaction was accounted for as an asset acquisition under ASC 805. Accordingly, KREF recognized the property on the Consolidated Balance Sheet as REO with a carrying value of $78.6 million, which included the estimated fair value of the property. Concurrently with taking title to the REO, KREF contributed a portion of the REO asset with a carrying value of $68.9 million to a joint venture (the "REO JV") with a third party local developer operator (“JV Partner”), whereby KREF has a 90% interest and the JV Partner has a 10% interest. In September 2023, the REO JV submitted a conceptual master plan to the City of Portland’s Bureau of Development Services in an application for a Design Advice Request (DAR) meeting with the City's Design Commission. Philadelphia Office — In 2019, KREF originated a $182.6 million senior loan secured by an office property in Philadelphia, PA. In December 2022, this loan was placed on nonaccrual status and subsequent interest collections were accounted for under the cost recovery method. As of September 30, 2023, the loan had a risk rating of 5 with an amortized cost of $151.1 million. On December 22, 2023, KREF received a $6.0 million partial repayment and then took title to the office property through a deed-in-lieu of foreclosure. The transaction was accounted for as an asset acquisition under ASC 805. Accordingly, KREF recorded the property with its net assets on the Consolidated Balance Sheet with an estimated fair value of $86.4 million, which included $1.3 million of cash received and $76.5 million, $24.6 million and $15.9 million allocated to REO held for sale, lease intangible and other assets, and leasing and other liabilities, respectively. As a result, KREF recognized a $58.7 million loan write-off for the difference between the carrying value of the foreclosed loan and the fair value of the REO’s net assets. As of December 31, 2023, the REO's assets and liabilities met the criteria to be classified as held for sale under ASC 360. As such, depreciation and amortization on the REO and related lease intangibles were suspended. KREF assumed certain legacy lease arrangements upon the acquisition of the REO assets and entered into lease arrangements during the hold period. 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 assets and liabilities included on KREF's Consolidated Balance Sheets: December 31, 2023 December 31, 2022 Real estate owned, held for investment Assets Real estate owned - land $ 78,569 $ 78,569 Real estate owned - land improvements 3,522 1,662 Real estate owned, net 82,091 80,231 Cash 2,152 781 In-place lease intangibles (A) 201 268 Tenant receivables (A) 692 541 Other assets (A) 1,256 1,304 Total $ 86,392 $ 83,125 Liabilities Unfavorable lease intangibles (B) $ 1,095 $ 1,460 Other liabilities (B) 4,268 2,254 Total $ 5,363 $ 3,714 Real estate owned, held for sale (C) Assets Real estate owned, held for sale $ 76,461 $ — In-place lease intangibles 15,928 — Favorable lease intangibles 3,885 — Other assets 4,743 — Total $ 101,017 $ — Liabilities Unfavorable lease intangibles $ 1,087 $ — Other liabilities 14,796 — Total $ 15,883 $ — (A) Included in “Other assets” on the Consolidated Balance Sheets. (B) Included in “Other liabilities” on the Consolidated Balance Sheets. (C) Represents assets acquired and liabilities assumed as of December 22, 2023. The following table presents the REO operations and related income (loss) included in KREF’s Consolidated Statements of Income: For the Year Ended December 31, 2023 2022 Rental income $ 7,038 $ 7,589 Other operating income 1,507 1,382 Revenue from rest estate owned operations 8,545 8,971 Expenses from real estate owned operations (11,190) (11,113) Other income 1,722 1,382 Total $ (923) $ (760) The following table presents the amortization of lease intangibles included in KREF’s Consolidated Statements of Income: For the Year Ended December 31, Income Statement Location 2023 2022 Asset In-place lease intangibles Expenses from real estate owned operations $ 67 $ 67 Liability Unfavorable lease intangibles Revenue from real estate owned operations 365 365 The following table presents the amortization of lease intangibles related to REO, held for investment for each of the succeeding fiscal years: Year In-place Lease Intangible Assets Unfavorable Lease Intangible Liabilities 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 2024 11,731 2025 8,030 2026 6,211 2027 4,618 2028 3,237 Thereafter 5,067

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 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 December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Facility Collateral Facility Current Maturity Final Stated Maturity (A) Maximum Facility Size Outstanding Principal Carrying Value (B) Weighted Average Funding Cost (C) Outstanding Principal Carrying Value Carrying Value (B) Master Repurchase Agreements (D) Wells Fargo Sep 2024 Sep 2026 $ 1,000,000 $ 646,559 $ 645,091 7.1 % $ 981,708 $ 891,969 $ 670,824 Morgan Stanley Mar 2026 Mar 2026 600,000 483,339 483,055 7.6 730,304 684,371 593,136 Goldman Sachs Dec 2025 Dec 2027 400,000 347,329 346,464 8.2 519,711 513,900 168,369 Term Loan Facility KREF Lending VII (E) Match-term Match-term 1,000,000 561,377 560,945 7.3 718,739 709,760 630,757 Term Lending Agreements KREF Lending IX Match-term Match-term 1,000,000 696,605 693,458 7.7 872,516 862,127 719,000 KREF Lending V Jun 2024 Jun 2026 327,399 327,399 327,163 7.5 459,844 441,846 502,539 KREF Lending XII Match-term Match-term 350,000 166,771 166,308 7.2 225,470 223,442 159,784 BMO Facility Match-term Match-term 300,000 138,615 137,752 7.4 179,601 178,557 137,170 Warehouse Facility HSBC Facility Mar 2026 Mar 2026 500,000 — (11) — — — — Asset Specific Financing KREF Lending XIII Aug 2026 Aug 2027 265,625 166,072 163,836 8.7 195,379 193,123 69,777 KREF Lending XIV Oct 2026 Oct 2027 125,000 — (1,216) — — (999) (1,655) KREF Lending XI Sep 2024 Sep 2026 100,000 100,000 99,574 8.7 125,000 123,947 98,990 Revolving Credit Agreement Revolver (F) Mar 2027 Mar 2027 610,000 160,000 160,000 7.5 n.a. n.a. — Total / Weighted Average $ 6,578,024 $ 3,794,066 $ 3,782,419 7.6 % $ 3,748,691 (A) Final Stated Maturity is determined based on the maximum maturity of the underlying financing agreements or corresponding loans, assuming all extension options in KREF's discretion are exercised. The weighted average life of the match-term facilities was 1.2 and 3.0 years, based on the current and final stated maturities, respectively, of the average weighted outstanding principal of collateral loans as of December 31, 2023. (B) Net of $11.6 million and $22.0 million unamortized deferred financing costs as of December 31, 2023 and 2022, respectively. (C) Including deferred financing costs and applicable index in effect as of December 31, 2023. Average 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) Term SOFR, and (ii) a financing spread. As of December 31, 2023 and 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, was 33.8% an d 31.5%, respectively (or 32.2% and 25.6%, respectively, if KREF had borrowed the maximum amount approved by its repurchase agreement counterparties as of such dates). (E) The term loan facility provides asset-based financing on a non-mark-to-market basis with match-term up to five years, with additional two-year extension available to KREF. (F) As of December 31, 2023 , the revolver carrying value excluded $3.7 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Consolidated B alance Sheets. As of December 31, 2023 and 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 December 31, 2023 and 2022: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) December 31, 2023 Wells Fargo $ 646,559 $ 248,891 17.7 % 2.7 Morgan Stanley 483,339 203,080 14.5 1.6 KREF Lending IX 696,605 172,462 12.3 3.1 Goldman Sachs 347,329 170,236 12.1 2.9 Total / Weighted Average $ 2,173,832 $ 794,669 56.6 % 2.6 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 2.8% of the net counterparty exposure as a percent of stockholders' equity as of December 31, 2022. 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. Activity — For the years ended December 31, 2023 and 2022, the activity related to the carrying value of KREF’s secured financing agreements were as follows: Secured Financing Agreements, Net Balance as of December 31, 2021 $ 3,726,593 Principal borrowings 2,483,907 Principal repayments/sales (2,451,099) Deferred debt issuance costs (22,181) Amortization of deferred debt issuance costs 11,471 Balance as of December 31, 2022 $ 3,748,691 Principal borrowings 811,119 Principal repayments/sales (787,754) Deferred debt issuance costs (4,889) Amortization of deferred debt issuance costs 15,252 Balance as of December 31, 2023 $ 3,782,419 Maturities — KREF’s secured financing agreements, term loan facility and other consolidated debt obligations in place as of December 31, 2023 had contractual maturities as follows: Year Nonrecourse (A) Recourse (A)(B) Total 2024 $ 199,532 $ 45,861 $ 245,392 2025 241,231 63,660 304,892 2026 1,414,829 383,185 1,798,014 2027 976,514 368,948 1,345,462 Thereafter 100,305 — 100,305 $ 2,932,413 $ 861,654 $ 3,794,066 (A) Represents the earlier of (i) the maximum maturity of the underlying loans pledged as collateral or (ii) the maximum maturity of the respective financing agreements. (B) Except for the Revolver, which is full recourse, amounts borrowed are 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 a trailing four quarter interest income to interest expense ratio covenant (1.4 to 1.0); a 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 $1,307.7 million depending upon the facility); a cash liquidity covenant (the greater of $10.0 million or 5.0% of KREF's recourse indebtedness); and a total indebtedness covenant (83.3% of KREF's Total Assets, as defined in the applicable financing agreements). As of December 31, 2023 and 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 initially bore 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 bore interest at LIBOR plus 3.5%, subject to a 0.5% LIBOR floor. KREF recorded $2.0 million in issuance costs, inclusive of $0.8 million in arrangement and structuring fees paid to KCM. In June 2023, KREF transitioned the secured term loan from LIBOR to Term SOFR. Inclusive of the amortization of the discount and issuance costs, KREF’s total cost of the secured term loan is Adjusted Term SOFR, as defined in the secured term loan agreements , plus a 4.1% margin per annum, subject to the applicable SOFR floor, as of December 31, 2023. The following table summarizes KREF’s secured term loan at December 31, 2023 and 2022, respectively: December 31, 2023 December 31, 2022 Principal $ 343,000 $ 346,500 Deferred financing costs (4,010) (5,016) Unamortized discount (3,659) (4,656) Carrying value $ 335,331 $ 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 December 31, 2023 and 2022.

Collateralized Loan Obligations

Collateralized Loan Obligations	12 Months Ended
	Dec. 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 Consolidated B alance Sheets. The following tables outline CLO collateral assets and respective borrowing as of December 31, 2023 and 2022: December 31, 2023 Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Wtd. Avg. Term (B) KREF 2021-FL2 Collateral assets (C) 18 $ 1,300,000 $ 1,300,000 $ 1,288,464 S + 3.1% July 2026 Financing provided 1 1,095,250 1,095,128 1,095,128 S + 1.5% February 2039 KREF 2022-FL3 Collateral assets (C)(D) 16 $ 1,000,000 $ 1,000,000 $ 990,320 S + 3.0% September 2026 Financing provided 1 847,500 847,043 847,043 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 Term SOFR and LIBOR, as applicable to each loan. As of December 31, 2023, 100.0% of the CLO collateral loan assets by principal balance earned a floating rate of interest indexed to Term SOFR. 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 Term SOFR and LIBOR, 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 31.0% and 28.4% of the principal of KREF's commercial real estate loans as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, 100% of KREF loans financed through the CLOs are floating-rate loans. (D) Including $5.0 million cash held in CLO 2022-FL3 as of December 31, 2023. Including $151.0 million cash held in CLO 2021-FL2 as of December 31, 2022 . The following table presents the CLO assets and liabilities included in KREF’s Consolidated Balance Sheets: Assets December 31, 2023 December 31, 2022 Cash $ 5,000 $ 151,000 Commercial real estate loans, held-for-investment 2,295,000 2,149,000 Less: Allowance for credit losses (21,216) (25,387) Commercial real estate loans, held-for-investment, net 2,273,784 2,123,613 Accrued interest receivable 12,653 10,693 Other assets 155 155 Total $ 2,291,592 $ 2,285,461 Liabilities Collateralized loan obligations $ 1,942,750 $ 1,942,750 Deferred financing costs (579) (7,158) Collateralized loan obligations, net $ 1,942,171 $ 1,935,592 Accrued interest payable 5,666 4,442 Total $ 1,947,837 $ 1,940,034 The following table presents the components of net interest income of CLOs included in KREF’s Consolidated Statements of Income: For the Year Ended December 31, 2023 2022 Interest income $ 184,286 $ 110,043 Interest expense (A) 135,814 68,658 Net interest income $ 48,472 $ 41,385 (A) Inclu des $7.2 million and $7.9 million o f deferred financing costs amortization for the years ended December 31, 2023 and 2022, respectively.

Secured Term Loan, Net

Secured Term Loan, Net	12 Months Ended
	Dec. 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 December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Facility Collateral Facility Current Maturity Final Stated Maturity (A) Maximum Facility Size Outstanding Principal Carrying Value (B) Weighted Average Funding Cost (C) Outstanding Principal Carrying Value Carrying Value (B) Master Repurchase Agreements (D) Wells Fargo Sep 2024 Sep 2026 $ 1,000,000 $ 646,559 $ 645,091 7.1 % $ 981,708 $ 891,969 $ 670,824 Morgan Stanley Mar 2026 Mar 2026 600,000 483,339 483,055 7.6 730,304 684,371 593,136 Goldman Sachs Dec 2025 Dec 2027 400,000 347,329 346,464 8.2 519,711 513,900 168,369 Term Loan Facility KREF Lending VII (E) Match-term Match-term 1,000,000 561,377 560,945 7.3 718,739 709,760 630,757 Term Lending Agreements KREF Lending IX Match-term Match-term 1,000,000 696,605 693,458 7.7 872,516 862,127 719,000 KREF Lending V Jun 2024 Jun 2026 327,399 327,399 327,163 7.5 459,844 441,846 502,539 KREF Lending XII Match-term Match-term 350,000 166,771 166,308 7.2 225,470 223,442 159,784 BMO Facility Match-term Match-term 300,000 138,615 137,752 7.4 179,601 178,557 137,170 Warehouse Facility HSBC Facility Mar 2026 Mar 2026 500,000 — (11) — — — — Asset Specific Financing KREF Lending XIII Aug 2026 Aug 2027 265,625 166,072 163,836 8.7 195,379 193,123 69,777 KREF Lending XIV Oct 2026 Oct 2027 125,000 — (1,216) — — (999) (1,655) KREF Lending XI Sep 2024 Sep 2026 100,000 100,000 99,574 8.7 125,000 123,947 98,990 Revolving Credit Agreement Revolver (F) Mar 2027 Mar 2027 610,000 160,000 160,000 7.5 n.a. n.a. — Total / Weighted Average $ 6,578,024 $ 3,794,066 $ 3,782,419 7.6 % $ 3,748,691 (A) Final Stated Maturity is determined based on the maximum maturity of the underlying financing agreements or corresponding loans, assuming all extension options in KREF's discretion are exercised. The weighted average life of the match-term facilities was 1.2 and 3.0 years, based on the current and final stated maturities, respectively, of the average weighted outstanding principal of collateral loans as of December 31, 2023. (B) Net of $11.6 million and $22.0 million unamortized deferred financing costs as of December 31, 2023 and 2022, respectively. (C) Including deferred financing costs and applicable index in effect as of December 31, 2023. Average 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) Term SOFR, and (ii) a financing spread. As of December 31, 2023 and 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, was 33.8% an d 31.5%, respectively (or 32.2% and 25.6%, respectively, if KREF had borrowed the maximum amount approved by its repurchase agreement counterparties as of such dates). (E) The term loan facility provides asset-based financing on a non-mark-to-market basis with match-term up to five years, with additional two-year extension available to KREF. (F) As of December 31, 2023 , the revolver carrying value excluded $3.7 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Consolidated B alance Sheets. As of December 31, 2023 and 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 December 31, 2023 and 2022: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) December 31, 2023 Wells Fargo $ 646,559 $ 248,891 17.7 % 2.7 Morgan Stanley 483,339 203,080 14.5 1.6 KREF Lending IX 696,605 172,462 12.3 3.1 Goldman Sachs 347,329 170,236 12.1 2.9 Total / Weighted Average $ 2,173,832 $ 794,669 56.6 % 2.6 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 2.8% of the net counterparty exposure as a percent of stockholders' equity as of December 31, 2022. 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. Activity — For the years ended December 31, 2023 and 2022, the activity related to the carrying value of KREF’s secured financing agreements were as follows: Secured Financing Agreements, Net Balance as of December 31, 2021 $ 3,726,593 Principal borrowings 2,483,907 Principal repayments/sales (2,451,099) Deferred debt issuance costs (22,181) Amortization of deferred debt issuance costs 11,471 Balance as of December 31, 2022 $ 3,748,691 Principal borrowings 811,119 Principal repayments/sales (787,754) Deferred debt issuance costs (4,889) Amortization of deferred debt issuance costs 15,252 Balance as of December 31, 2023 $ 3,782,419 Maturities — KREF’s secured financing agreements, term loan facility and other consolidated debt obligations in place as of December 31, 2023 had contractual maturities as follows: Year Nonrecourse (A) Recourse (A)(B) Total 2024 $ 199,532 $ 45,861 $ 245,392 2025 241,231 63,660 304,892 2026 1,414,829 383,185 1,798,014 2027 976,514 368,948 1,345,462 Thereafter 100,305 — 100,305 $ 2,932,413 $ 861,654 $ 3,794,066 (A) Represents the earlier of (i) the maximum maturity of the underlying loans pledged as collateral or (ii) the maximum maturity of the respective financing agreements. (B) Except for the Revolver, which is full recourse, amounts borrowed are 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 a trailing four quarter interest income to interest expense ratio covenant (1.4 to 1.0); a 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 $1,307.7 million depending upon the facility); a cash liquidity covenant (the greater of $10.0 million or 5.0% of KREF's recourse indebtedness); and a total indebtedness covenant (83.3% of KREF's Total Assets, as defined in the applicable financing agreements). As of December 31, 2023 and 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 initially bore 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 bore interest at LIBOR plus 3.5%, subject to a 0.5% LIBOR floor. KREF recorded $2.0 million in issuance costs, inclusive of $0.8 million in arrangement and structuring fees paid to KCM. In June 2023, KREF transitioned the secured term loan from LIBOR to Term SOFR. Inclusive of the amortization of the discount and issuance costs, KREF’s total cost of the secured term loan is Adjusted Term SOFR, as defined in the secured term loan agreements , plus a 4.1% margin per annum, subject to the applicable SOFR floor, as of December 31, 2023. The following table summarizes KREF’s secured term loan at December 31, 2023 and 2022, respectively: December 31, 2023 December 31, 2022 Principal $ 343,000 $ 346,500 Deferred financing costs (4,010) (5,016) Unamortized discount (3,659) (4,656) Carrying value $ 335,331 $ 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 December 31, 2023 and 2022.

Convertible Notes, Net

Convertible Notes, Net	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Convertible Notes, Net	Convertible Notes, Net In May 2018, KREF issued $143.75 million of the Convertible Notes at a fixed interest 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 matured on May 15, 2023. The Convertible Notes’ issuance costs of $5.1 million was amortized through interest expense over the life of the Convertible Notes. The entire $143.75 million principal balance of the Convertible Notes matured and was repaid in cash on May 15, 2023. As of December 31, 2023, there were no Convertible Notes outstanding. The following table details the carrying value of the Convertible Notes on KREF's Consolidated Balance Sheets: December 31, 2023 December 31, 2022 Principal $ — $ 143,750 Deferred financing costs — (380) Unamortized discount — (133) Carrying value $ — $ 143,237 The following table details the interest expense related to the Convertible Notes: For the Year Ended December 31, 2023 2022 Cash coupon $ 3,276 $ 8,805 Discount and issuance cost amortization 513 1,386 Total interest expense $ 3,789 $ 10,191 Accrued interest payable for the Convertible Notes was zero and $1.1 million as of December 31, 2023 and 2022, respectively. Refer to Note 2 for additional discussion of accounting policies for the Convertible Notes.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Collateralized Loan Obligations — KREF consolidates 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 (Note 6). Management considers KREF to be the primary beneficiary of the CLO issuers as KREF has the ability to control the most significant activities of the CLO issuers, the obligation to absorb losses, and the right to receive benefits of the CLOs through the subordinate interests the CLO issuers own. Real Estate Owned Joint Venture — Concurrently with taking title to a Portland retail property in December 2021, KREF contributed a portion of the REO asset to a REO JV with a JV Partner, whereby KREF has a 90% interest and the JV Partner has a 10% interest. Management determined the REO JV to be a VIE as the REO JV has insufficient equity-at-risk and concluded that KREF is the primary beneficiary of the REO JV as KREF holds decision-making power over the activities that most significantly impact the economic performance of the REO JV and has the obligation to absorb losses of, or the right to receive benefits from, the REO JV that could be potentially significant to the REO JV. As of December 31, 2023, the REO JV held REO assets with a net carrying value of $72.4 million. KREF has priority of distributions up to $78.1 million before the JV Partner can participate in the economics of the REO JV . Equity Method Investments — As of December 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 $35.1 million. The aggregator vehicle in which KREF invests is controlled and advised by affiliates of the Manager. RECOP I primarily acquired junior tranches of CMBS newly issued by third parties. KREF will not pay any fees to RECOP I, but KREF bears its pro rata share of RECOP I's expenses. KREF reported its share of the net asset value of RECOP I in its Consolidated Balance Sheets, presented as “Equity method investments” and its share of net income, presented as “Income (loss) from equity method investments” in the Consolidated Statements of Income.

Equity

Equity	12 Months Ended
	Dec. 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 December 31, 2022 and 2023 74,343,813 $ 1,476,958 (A) Excludes 955,743 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, respectively, in separate underwritten offerings each of 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 years ended December 31, 2023 and 2022, 218,849 and 225,036 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 75,299,556 common shares KREF issued, there were 69,313,860 common shares outstanding as of December 31, 2023, which included 955,743 net shares of common stock issued in connection with vested restricted stock units and was net of 5,985,696 common shares repurchased. In May 2021 and June 2022, KKR issued and 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 14.4% and 14.5% of KREF's outstanding common stock as of each of December 31, 2023 and 2022, respectively. 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 year ended December 31, 2023, KREF did not repurchase any of its common stock under the repurchase program. During the year ended December 31, 2022, KREF repurchased 2,085,370 shares of common stock under the repurchase program for a total of $35.8 million. As of December 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 year ended December 31, 2023, KREF did not issue or sell any shares of common stock under the ATM. During the year ended December 31, 2022 , KREF issued and sold 340,458 shares of common stock under the ATM, generating net proceeds totaling $6.7 million. As of December 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. 6.50% Series A Cumulative Redeemable Preferred Stock — In April 2021 and January 2022, KREF issued, respectively, 6,900,000 and 6,210,000 shares of 6.50% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), which included the exercise of the underwriters' option to purchase additional shares of Series A Preferred Stock, and received net proceeds after underwriting discount and commission of $167.1 million and $151.2 million, respectively. The perpetual Series A Preferred Stock is redeemable, at KREF's option, at a liquidation price of $25.00 per share plus accrued and unpaid dividends commencing in April 2026. Dividends on the Series A Preferred Stock are payable quarterly at a rate of 6.50% per annum of the $25.00 liquidation preference, which is equivalent to $1.625 per annum per share. With respect to dividend rights and liquidation, the Series A Preferred Stock ranks senior to KREF's common stock. Noncontrolling Interests — Noncontrolling interests represent a third party’s 10.0% interest in a joint venture, a consolidated VIE, that holds portion of KREF’s sole REO investment. KREF and the noncontrolling interest holder contribute to the joint venture’s ongoing operating shortfalls and capital expenditures on a pari passu basis. Distributions from the joint venture are allocated between KREF and the noncontrolling interest holder based on contractual terms and waterfalls as outlined in the joint venture agreement. Dividends — During the years ended December 31, 2023 and 2022, KREF's board of directors declared the following dividends on shares of its common 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 June 15, 2023 June 30, 2023 July 14, 2023 0.43 29,716 September 15, 2023 September 29, 2023 October 13, 2023 0.43 29,716 December 15, 2023 December 29, 2023 January 12, 2024 0.43 29,805 $ 118,948 2022 March 15, 2022 March 31, 2022 April 15, 2022 $ 0.43 $ 29,211 June 15, 2022 June 30, 2022 July 15, 2022 0.43 29,951 September 13, 2022 September 30, 2022 October 14, 2022 0.43 29,815 December 13, 2022 December 30, 2022 January 13, 2023 0.43 29,711 $ 118,688 During the years ended December 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 April 21, 2023 May 31, 2023 June 15, 2023 0.41 5,326 July 21, 2023 August 31, 2023 September 15, 2023 0.41 5,326 October 20, 2023 November 30, 2023 December 15, 2023 0.41 5,326 $ 21,304 2022 February 1, 2022 February 28, 2022 March 15, 2022 $ 0.41 $ 5,326 April 22, 2022 May 31, 2022 June 15, 2022 0.41 5,326 July 19, 2022 August 31, 2022 September 15, 2022 0.41 5,326 October 20, 2022 November 30, 2022 December 15, 2022 0.41 5,326 $ 21,304

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 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 December 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 December 31, 2023, KREF had 1,147,927 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 673,370 13.32 Vested (458,277) 17.46 Forfeited / cancelled (2,384) 17.31 Unvested as of December 31, 2023 1,147,927 $ 14.49 (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 2024 558,318 2025 381,275 2026 208,334 Total 1,147,927 KREF recognizes the compensation cost of RSUs awarded to employees of the Manager, or one or more of its affiliates, on a straight-line basis over the awards’ term at their grant date fair value, consistent with the RSUs awarded to certain members of KREF's board of directors. During the years ended December 31, 2023, 2022 and 2021, KREF recognized $8.1 million, $7.8 million and $7.4 million respectively, of stock-based compensation expense included in “General and administrative” expense in the Consolidated Statements of Income. As of December 31, 2023, there was $14.9 million of total unrecognized stock-based compensation expense related to unvested share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 1.2 years. During the years ended December 31, 2023, 2022 and 2021, KREF declared $1.8 million, $1.4 million and $0.2 million, respectively, of nonforfeitable dividends on unvested RSUs. Such nonforfeitable dividends were deducted from “Retained earnings (Accumulated deficit)” in the Consolidated Statement of Changes in Equity. Directors and Officers Deferral Plan — In March 2022, KREF's board of directors adopted the KKR Real Estate Finance Trust Inc. Directors and Officers Deferral Plan (the “Deferral Plan”). Pursuant to the Deferral Plan, participants may elect to defer receipt of all or a portion of any shares of KREF’s common stock issuable upon vesting of any RSU granted to such participant in 25% increments. Deferred stock units (“DSU”) credited to a participant are non-voting but shall be entitled to dividend equivalent payments upon payment of dividends on shares of KREF’s common stock in the same form and amount equal to the amount of such dividends and are not subject to deferral under the Deferral Plan. During the year ended December 31, 2023, 72,708 vested RSUs were deferred under the Deferral Plan. As of December 31, 2023, there were 72,708 DSUs outstanding. Upon any payment of shares as a result of restricted stock unit vesting, the related tax withholding obligation will generally be satisfied by KREF, reducing the number of shares to be delivered by a number of shares necessary to satisfy the related applicable tax withholding obligation. The amount results in a cash payment related to this tax liability and a corresponding reduction to additional paid-in capital in the Consolidated Statement of Changes in Equity. KREF delivered 218,849 shares of common stock for 458,277 vested RSUs during the year ended December 31, 2023 and paid $2.0 million of withholding tax in connection with employee RSUs vested in the fourth quarter of 2023. Refer to Note 14 for additional information regarding the Incentive Plan.

Earnings (Loss) per Share

Earnings (Loss) per Share	12 Months Ended
	Dec. 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 (for the periods in which such notes were outstanding). The numerator includes any changes in income (loss) that would result from the assumed conversion of these potential shares of common stock. For the years ended December 31, 2023, 2022 and 2021, 18,209, 171,111 and 13,043 weighted average unvested RSUs, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive. Since May 15, 2023, there were no convertible instruments outstanding. For the years ended December 31, 2022 and 2021, 6,316,174 potentially issuable shares related to the Convertible Notes were excluded from the calculation of diluted EPS because the effect was anti-dilutive. The following table illustrates the computation of basic and diluted EPS for the years ended December 31, 2023, 2022 and 2021: For the Year Ended December 31, 2023 2022 2021 Earnings Net Income (Loss) $ (30,851) $ 38,103 $ 137,183 Less: Preferred stock dividends 21,304 21,304 11,369 Less: Participating securities' share in earnings 1,764 1,428 179 Net income (loss) attributable to common stockholders, basic and diluted $ (53,919) $ 15,371 $ 125,635 Shares Weighted average common shares outstanding 69,154,447 67,553,578 56,571,200 Add: Deferred stock units 25,592 — — Add: Dilutive restricted stock units — — 212,188 Diluted weighted average common shares outstanding 69,180,039 67,553,578 56,783,388 Net income (loss) attributable to common stockholders, per: Basic common share $ (0.78) $ 0.23 $ 2.22 Diluted common share $ (0.78) $ 0.23 $ 2.21

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 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 December 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 December 31, 2023, KREF had future funding commitments of $816.4 million related to its investments in commercial real estate loans. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum credit metrics or executions of new leases before advances are made to the borrower. In January 2017, KREF committed $40.0 million to invest in an aggregator vehicle alongside RECOP I. The two-year investment period for RECOP I ended in April 2019. As of December 31, 2023, KREF had a remaining commitment of $4.3 million to RECOP I. Macroeconomic Environment — The Federal Reserve has raised intere st rates eleven times since January 2022. 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. The Federal Reserve has indicated that it may decrease in interest rates in 2024. In a period of declining interest rates, our interest income on floating-rate investments would generally decrease, while any decrease in the interest we are charged on our floating-rate debt may be subject to floors and may not compensate for such decrease in interest income.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 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 year ended December 31, 2023, 673,370 RSUs were granted to KREF's directors and employees of the Manager or its affiliates. During the year ended December 31, 2022, 547,625 RSUs were granted to KREF's directors and employees of the Manager or its affiliates. As of December 31, 2023, 1,852,009 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 Consolidated Balance Sheets that it owes to affiliates: December 31, 2023 December 31, 2022 Management fees $ 6,523 $ 6,578 Expense reimbursements — 100 KCM fees 1,747 2,044 $ 8,270 $ 8,722 Affiliates Expenses — The following table contains the amounts included in KREF's Consolidated Statements of Income that arose from transactions with the Manager: For the Year Ended December 31, 2023 2022 2021 Management fees $ 26,171 $ 25,680 $ 19,378 Incentive compensation 2,491 634 10,273 Expense reimbursements and other 6,581 4,385 1,551 $ 35,243 $ 30,699 $ 31,202 In connection with the ATM, KCM, in its capacity as one of the sales agents, will receive commissions for the shares of KREF’s common stock it sells. This amount is not to exceed, but may be less than, 2.0% of the gross sales price per share. KREF sold zero and 340,548 shares under the ATM through a third-party broker during the years ended December 31, 2023 and 2022, respectively. KREF did not incur or pay any commissions to KCM during the years ended December 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 paid zero and $0.5 million KCM structuring fees in connection with the facility during the years ended December 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 years ended December 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 consolidated financial statements. In connection with the KREF Lending IX Facility entered into in July 2021, and in consideration for structuring and sourcing this arrangement, KREF is obligated to pay KCM a structuring fee equal to 0.75% of the respective committed loan advances under the agreement. Such fees are capitalized as deferred financing cost and amortized to interest expense over the draw period of the facility. During the years ended December 31, 2023 and 2022, KREF paid KCM $0.3 million and $2.3 million in 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 2021 and 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 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 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 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 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 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	12 Months Ended
	Dec. 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 December 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 $ 135,898 $ 135,898 $ 135,898 $ 135,898 $ — $ — $ 135,898 Commercial real estate loans, held-for-investment, net (C) 7,369,425 7,343,548 7,133,078 — — 7,133,696 7,133,696 Equity method investments 35,076 35,076 35,076 — — 35,076 35,076 $ 7,540,399 $ 7,514,522 $ 7,304,052 $ 135,898 $ — $ 7,168,772 $ 7,304,670 Liabilities Secured financing agreements, net $ 3,794,066 $ 3,782,419 $ 3,782,419 $ — $ — $ 3,782,419 $ 3,782,419 Collateralized loan obligations, net 1,942,750 1,942,171 1,942,171 — — 1,893,350 1,893,350 Secured term loan, net 343,000 335,331 335,331 — 338,500 — 338,500 $ 6,079,816 $ 6,059,921 $ 6,059,921 $ — $ 338,500 $ 5,675,769 $ 6,014,269 (A) The amortized cost of commercial real estate loans is net of $20.8 million of unamortized origination discounts, cost recovery interest and deferred fees. The amortized cost of secured financing agreements is net of $11.6 million unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $0.6 million unamortized debt issuance costs. (B) The carrying value of commercial mortgage loans is net of $210.5 million allowance for credit losses. (C) Includes $2,295.0 million of CLO loan participations as of December 31, 2023. Excludes fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 million a s of December 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 loan. The amortized cost of secured financing agreements is net of $22.0 million of unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $7.2 million of 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 a fully written off risk-rated 5 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 December 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) $ 7,133,696 Discounted cash flow Discount margin 4.4% 3.3% - 17.2% Discount rate 10.7% 9.0% - 12.0% Capitalization rate 7.8% 7.0% - 8.7% $ 7,133,696 (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 $35.1 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. Assets and Liabilities for Which Fair Value is Only Disclosed KREF does not carry its secured financing agreements at fair value as management did not elect the fair value option for these liabilities. As of December 31, 2023 , the fair value of KREF's financing facilities approximated their respective carrying value.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 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 existing economic and market conditions. KREF consolidates subsidiaries that incur U.S. federal, state and local income taxes, based on the tax jurisdiction in which each subsidiary operates. During the years ended December 31, 2023, 2022 and 2021, KREF recorded an income tax expense of $0.7 million, $0.1 million and $0.7 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 December 31, 2023 and 2022. Common stock distributions treated as dividends for tax purposes were taxable as follows: Year Ordinary Qualified Long Term Return of 2023 91.5 % — % — % 8.5 % 2022 100.0 — — — 2021 99.1 1.2 0.9 — 2020 100.0 0.8 — —

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following events occurred subsequent to December 31, 2023: Loan Repayments In January 2024, KREF received $324.7 million in principal repayments, comprised of a full loan repayment of $173.4 million on a senior office loan in Washington, D.C. and a full loan repayment of $151.3 million on a senior condo loan in New York, NY. Corporate Activities Dividends In January 2024, KREF paid $29.8 million in dividends on its common stock, or $0.43 per share, with respect to the fourth quarter of 2023, to stockholders of record on December 29, 2023. On February 1, 2024, KREF’s Board of Directors declared a dividend of $0.25 per share of common stock with respect to the first quarter of 2024. The dividend is payable on April 15, 2024 to KREF’s common stockholders of record as of March 28, 2024.

Summary Quarterly Consolidated

Summary Quarterly Consolidated Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Summary Quarterly Consolidated Financial Information (Unaudited)	Summary Quarterly Consolidated Financial Information (Unaudited) The following tables summarize KREF's quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of KREF's results of operations for the years ended December 31, 2023 and 2022: 2023 Quarter Ended Year Ended March 31 June 30 September 30 December 31 December 31, 2023 Net Interest Income Interest income $ 152,530 $ 159,629 $ 163,229 $ 165,024 $ 640,412 Interest expense 105,976 115,677 118,617 118,532 458,802 Total net interest income 46,554 43,952 44,612 46,492 181,610 Other Income 4,610 6,972 5,443 4,174 21,199 Operating Expenses 76,249 70,871 23,056 63,580 233,756 Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends and Participating Securities' Share in Earnings (25,085) (19,947) 26,999 (12,914) (30,947) Income tax expense 169 177 165 199 710 Net Income (Loss) $ (25,254) $ (20,124) $ 26,834 $ (13,113) $ (31,657) Noncontrolling interests in income (loss) of consolidated joint venture (177) (96) (307) (226) (806) Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries $ (25,077) $ (20,028) $ 27,141 $ (12,887) $ (30,851) Preferred stock dividends 5,326 5,326 5,326 5,326 21,304 Participating securities' share in earnings 407 418 414 525 1,764 Net Income (Loss) Attributable to Common Stockholders $ (30,810) $ (25,772) $ 21,401 $ (18,738) $ (53,919) Net Income (Loss) Per Share of Common Stock Basic and Diluted $ (0.45) $ (0.37) $ 0.31 $ (0.27) $ (0.78) Weighted Average Number of Shares of Common Stock Outstanding Basic and Diluted 69,095,011 69,115,654 69,122,636 69,384,309 69,180,039 2022 Quarter Ended Year Ended March 31 June 30 September 30 December 31 December 31, 2022 Net Interest Income Interest income $ 73,230 $ 90,603 $ 114,627 $ 143,508 $ 421,968 Interest expense 32,459 44,733 67,311 91,592 236,095 Total net interest income 40,771 45,870 47,316 51,916 185,873 Other Income 6,430 4,105 3,846 4,813 19,194 Operating Expenses 11,789 24,980 94,077 36,570 167,416 Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends and Participating Securities' Share in Earnings 35,412 24,995 (42,915) 20,159 37,651 Income tax expense — — — 58 58 Net Income (Loss) $ 35,412 $ 24,995 $ (42,915) $ 20,101 $ 37,593 Noncontrolling interests in income (loss) of consolidated joint venture (56) (66) (161) (227) (510) Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries $ 35,468 $ 25,061 $ (42,754) $ 20,328 $ 38,103 Preferred stock dividends 5,326 5,326 5,326 5,326 21,304 Participating securities' share in earnings 346 341 341 400 1,428 Net Income (Loss) Attributable to Common Stockholders $ 29,796 $ 19,394 $ (48,421) $ 14,602 $ 15,371 Net Income (Loss) Per Share of Common Stock Basic $ 0.47 $ 0.28 $ (0.70) $ 0.21 $ 0.23 Diluted $ 0.46 $ 0.28 $ (0.70) $ 0.21 $ 0.23 Weighted Average Number of Shares of Common Stock Outstanding Basic 63,086,452 68,549,049 69,382,730 69,109,790 67,553,578 Diluted 69,402,626 68,549,049 69,382,730 69,109,790 67,553,578

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Commercial Real Estate Loans The following table summarizes KREF's investments in commercial real estate loans as of December 31, 2023 and 2022 : Weighted Average (C) Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % Coupon (D) Life (Years) (E) December 31, 2023 Loans held-for-investment (F) Senior loans (G) $ 7,324,758 $ 7,298,844 $ 7,089,930 67 98.9 % 8.7 % 2.7 Mezzanine loans 44,667 44,704 43,148 2 100.0 14.1 2.1 Total/Weighted Average $ 7,369,425 $ 7,343,548 $ 7,133,078 69 98.9 % 8.7 % 2.7 December 31, 2022 Loans held-for-investment (F) Senior loans (G) $ 7,463,459 $ 7,395,463 $ 7,288,635 73 100.0 % 7.7 % 3.3 Mezzanine and other loans (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-offs 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 Term SOFR and LIBOR, 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) Excludes three fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 million as of December 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. (G) Senior loans may include accommodation mezzanine loans in connection with the senior mortgage financing. (H) Includes one real estate corporate loan to a multifamily operator with a principal and a carrying value of $40.4 million and $40.1 million, respectively, as of December 31, 2022. This loan was fully repaid during the first quarter of 2023. Activity — For the years ended December 31, 2023 and 2022, the loan portfolio activity was as follows: Amortized Cost Allowance for Carrying Value Balance at December 31, 2021 $ 6,316,733 $ (22,244) $ 6,294,489 Originations and future fundings, net (A) 2,419,733 — 2,419,733 Proceeds from sales and loan repayments (1,244,262) — (1,244,262) Accretion of loan discount and other amortization, net 25,064 — 25,064 Payment-in-kind interest 1,870 — 1,870 (Provision for) Reversal of credit losses — (109,730) (109,730) Write-offs charged (B) (25,000) 25,000 — Balance at December 31, 2022 $ 7,494,138 $ (106,974) $ 7,387,164 Originations and future fundings, net (A)(C) 876,726 — 876,726 Proceeds from loan repayments and cost recovery interest (C)(D) (890,785) — (890,785) Accretion of loan discount and other amortization, net 23,597 — 23,597 (Provision for) Reversal of credit losses — (177,202) (177,202) Write-offs charged (B) (73,706) 73,706 — Transfer to real estate owned (86,422) — (86,422) Balance at December 31, 2023 $ 7,343,548 $ (210,470) $ 7,133,078 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes a $58.7 million write-off on a defaulted senior loan upon deed-in-lieu of foreclosure during the three months ended December 31, 2023, and a $15.0 million write-off of a subordinated loan during the three months ended September 30, 2023. Includes a $25.0 million partial write-off of a defaulted senior loan during the year ended December 31, 2022. (C) Includes $199.4 million of amortized cost for loan modifications accounted for as new loans for GAAP purposes. (D) Includes $9.8 million of cost recovery interest collections applied as a reduction to loan amortized cost during the year ended December 31, 2023 . As of December 31, 2023 and 2022, there wa s $20.8 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 Consolidated Balance Sheets. D uring the year ended December 31, 2023, KREF recognize d prepayment fee income of $3.0 million and net accelerated fee income of $1.9 million, relating to loan repayments. During the year ended December 31, 2022, KREF recognized prepayment fee income of $9.6 million and net accelerated fee income of $1.8 million. 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 risk-rated 5 senior office loan located in Philadelphia, PA, with an outstanding principal balance of $161.0 million. The terms of the modification included, among others, a $25.0 million principal repayment and a restructure of the $136.0 million senior loan (after the $25.0 million repayment) into (i) a $116.5 million committed senior mortgage loan (with $5.5 million in unfunded commitment) and (ii) a $25.0 million junior mezzanine note. The restructured senior loan earns a coupon rate of S+2.75% and has a new term of up to four years, assuming all extension options are exercised. The $25.0 million junior mezzanine note is subordinate to a new $41.5 million committed senior mezzanine note held by the sponsor (with $16.5 million in unfunded commitment). As of December 31, 2022, $25.0 million of the loan was deemed uncollectible and written off, which was applied to the junior mezzanine note upon completion of the modification. This loan modification was accounted for as a new loan for GAAP purposes. The restructured senior loan with an outstanding principal balance of $114.3 million was risk-rated 3 as of December 31, 2023. In June 2023, KREF completed the modification of a risk-rated 4 senior multifamily loan located in West Hollywood, CA, with an outstanding principal balance of $102.0 million as of March 31, 2023. The terms of the modification included, among others, an additional borrower deposit in escrow in exchange for an upsize in the loan commitment structured as (i) an accompanying senior mezzanine note with a commitment of $4.2 million, at a fixed interest rate of 10.0%, and (ii) an accompanying junior mezzanine note with a commitment of $0.8 million, at a fixed interest rate of 10.0% with certain profit share provisions, as defined in the loan agreement. As of December 31, 2023, the senior mezzanine note had an outstanding principal balance of $2.3 million, while the junior mezzanine note was fully funded. The restructured whole loan with an outstanding principal balance of $105.1 million was risk-rated 4 as of December 31, 2023. In June 2023, KREF completed the modification of a risk-rated 5 senior office loan located in Minneapolis, MN, with an outstanding principal balance of $194.4 million as of March 31, 2023. The terms of the modification included, among others, a restructure of the $194.4 million senior loan into (i) a $120.0 million senior mortgage loan (fully funded) and (ii) a $79.4 million mezzanine note (with $5.0 million in unfunded commitment). The restructured senior loan earns a coupon rate of S+2.25% and the mezzanine note earns a fixed 4.5% PIK interest rate. Post modification, the whole loan’s maximum maturity is July 2025, assuming all extension options are exercised. The restructured whole loan with an outstanding principal balance of $194.4 million was risk-rated 5 as of December 31, 2023. In September 2023, KREF completed the modification of a risk-rated 4 senior office loan located in Chicago, IL, with an outstanding principal balance of $118.4 million. The terms of the modification included, among others, a $15.0 million principal repayment, a $15.0 million reduction in unfunded loan commitment, and a restructure of the $103.4 million senior loan (after the $15.0 million repayment) into (i) a $105.0 million committed senior mortgage loan (with $16.6 million in unfunded commitment) and (ii) a $15.0 million subordinated note. The restructured senior loan earns a coupon rate of S+2.25% and has a new term of five years. The $15.0 million subordinated note is subordinate to a new $18.5 million sponsor interest and was deemed uncollectible and written off. This loan modification was accounted for as a new loan for GAAP purposes. The restructured senior loan with an outstanding principal balance of $88.4 million was risk-rated 3 as of December 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: December 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 2 19,392 57,925 1 — — — — 3 60 6,493,506 6,511,894 86 70 6,560,166 6,864,941 88 4 4 325,286 476,112 6 3 443,957 446,322 6 5 3 505,364 512,105 7 3 490,015 489,214 6 Total loan receivable 69 $ 7,343,548 $ 7,558,036 100 % 76 $ 7,494,138 $ 7,800,477 100 % Allowance for credit losses (210,470) (106,974) Loan receivable, net $ 7,133,078 $ 7,387,164 * Numbers presented may not foot due to rounding. (A) Excludes three fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 million as of December 31, 2023. Excludes a fully written off risk-rated 5 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 consolidated financial statements. Total loan exposure includes the entire loan KREF originated and financed, including $188.6 million and $263.1 million of such non-c onsolidated interests as of December 31, 2023 and 2022, respectively. As of December 31, 2023, the average risk rating of KREF's portfolio was 3.2 , weig hted by total loan exposure, consistent with that a s 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 December 31, 2023 and 2022 in the corresponding table. December 31, 2023 Amortized Cost by Year of Origination (A) Risk Rating Number of Loans (B) Outstanding Principal (B) 2023 2022 2021 2020 2019 Prior Total Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 2 19,314 — — — 19,392 — — 19,392 3 60 6,511,894 203,576 1,953,866 3,323,800 217,375 517,491 277,398 6,493,506 4 4 326,112 — 184,539 140,748 — — — 325,286 5 3 512,105 — — 315,240 — — 190,123 505,364 69 $ 7,369,425 $ 203,576 $ 2,138,405 $ 3,779,788 $ 236,767 $ 517,491 $ 467,521 $ 7,343,548 Current period gross write-offs $ — $ — $ — $ — $ 73,706 $ — $ 73,706 (A) Represents the d ate a loan was originated or acquired. Origination dates are subsequently updated to reflect material loan modifications. (B) Excludes three fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 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 Current period gross write-offs $ — $ — $ — $ — $ 25,000 $ — $ 25,000 (A) Excludes a fully written off risk-rated 5 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 years ended December 31, 2023 and 2022, respectively: Commercial Unfunded Loan Commitments Total Balance at December 31, 2021 $ 22,244 $ 1,495 $ 23,739 Provision for (reversal of) credit losses, net 109,730 2,643 112,373 Write-offs charged (25,000) — (25,000) Balance at December 31, 2022 $ 106,974 $ 4,138 $ 111,112 Provision for (reversal of) credit losses, net 177,202 (2,086) 175,116 Write-offs charged (73,706) — (73,706) Balance at December 31, 2023 $ 210,470 $ 2,052 $ 212,522 As of December 31, 2023, the allowance for credit losses was $212.5 million. The CECL provision of $175.1 million for the year ended December 31, 2023 was primarily due to additional reserves on risk-rated 5 senior loan predominantly in the office sector, as well as macroeconomic conditions. KREF had a risk-rated 5 senior office loan located in Mountain View, CA, originated in July 2021, with an outstanding principal balance of $200.9 million and an unfunded commitment of $49.1 million as of December 31, 2023. The loan had an amortized cost of $198.9 million as of December 31, 2023. The property is located in a challenged leasing market. In June 2023, this loan was placed on nonaccrual status and subsequent interest collections are accounted for under the cost recovery method. This loan's maximum maturity is August 2026, assuming all extension options are exercised. During the year ended December 31, 2023, KREF recognized $7.3 million of interest income on this loan. During the year ended December 31, 2023, an additional $0.8 million of contractual interest payments was received and applied as a reduction to the loan amortized cost under the cost recovery method of accounting. KREF had a risk-rated 5 senior office loan located in Minneapolis, MN, originated in November 2017, with an outstanding principal balance of $194.4 million and an unfunded commitment of $5.0 million as of December 31, 2023. The loan had an amortized cost of $190.1 million as of December 31, 2023. The property is located in a challenged leasing market. In June 2023, KREF restructured the $194.4 million senior loan into (i) a $120.0 million senior mortgage loan (fully funded) and (ii) a $79.4 million mezzanine note (with $5.0 million in unfunded commitment). The restructured senior loan earns a coupon rate of S+2.25% and the mezzanine note earns a fixed 4.5% PIK interest rate. Post modification, the whole loan’s maximum maturity is July 2025, assuming all extension options are exercised. During the year ended December 31, 2023, KREF recognized $7.9 million of interest income on this loan. During the year ended December 31, 2023, an additional $4.3 million of contractual interest payments was received and applied as a reduction to the loan amortized cost under the cost recovery method of accounting. Beginning in June 2023, the senior loan was solely on nonaccrual status. KREF had a risk-rated 5 senior life science loan located in Seattle, WA, originated in October 2021, with an outstanding principal balance of $116.8 million and an unfunded commitment of $23.5 million as of December 31, 2023. The loan had an amortized cost of $116.3 million as of December 31, 2023. The property is located in a challenged leasing market. In December 2023, this loan was placed on nonaccrual status and subsequent interest collections are accounted for under the cost recovery method. This loan's maximum maturity is October 2026, assuming all extension options are exercised. During the year ended December 31, 2023, KREF recognized $9.2 million of interest income on this loan. The 5-rated loans were determined to be collateral dependent as of December 31, 2023. KREF estimated expected losses based on each loan’ s collateral fair value, which was determined by applying a capitalization rate between 7.0% and 8.7% a nd a discount rate between 9.0% and 12.0%, respectively. As of December 31, 2022 , the allowance for credit losses was $111.1 million. The CECL provision of $112.4 million for the year ended December 31, 2022 was primarily due to increased uncertainty in the macroeconomic outlook, as well as volatility and reduced liquidity in the office sector. Concentration of Credit Risk — The following tables present the geographies and property types of collateral underlying KREF's commercial real estate loans as a percentage of the loans' principal amounts: December 31, 2023 December 31, 2022 (A) December 31, 2023 December 31, 2022 Geography Collateral Property Type California 17.7 % 16.9 % Multifamily 41.9 % 46.8 % Texas 15.3 16.1 Office 22.2 23.0 Massachusetts 10.4 8.3 Industrial 14.5 12.7 Florida 8.7 11.1 Life Science 10.2 7.7 Virginia 7.7 8.4 Hospitality 5.0 4.8 Washington D.C. 6.3 5.9 Condo (Residential) 2.0 2.6 New York 6.1 5.6 Self-Storage 1.7 0.3 Washington 4.2 2.9 Student Housing 1.5 1.5 North Carolina 4.1 4.0 Single Family Rental 0.9 0.5 Pennsylvania 3.5 5.7 Retail 0.1 0.1 Arizona 3.3 2.6 Total 100.0 % 100.0 % Georgia 2.7 2.5 Minnesota 2.6 2.7 Nevada 2.1 2.0 Illinois 1.4 1.6 Colorado 1.1 1.0 Other U.S. 2.8 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, representing 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. Type of Loan Description / Location Interest Rates (A) Maturity Date (B) Payment Terms (C) Principal Amount Carrying Amount Senior Loans (D) Senior Loans in excess of 3% of the carrying amount of total loans Senior Loan 1 Multifamily / Virginia + 3.3% October 2026 I/O $ 369.0 $ 367.7 Senior Loan 2 Industrial / Various + 2.7% May 2027 I/O 252.3 251.8 Senior Loan 3 Multifamily / California + 2.9% March 2026 I/O 220.0 219.5 Senior Loans less than 3% of the carrying amount of total loans Senior Loans Multifamily / Diversified + 2.6% — 4.0% 2024 - 2027 I/O 2,517.1 2,509.9 Senior Loans Office / Diversified + 2.3% — 3.7% 2025 - 2028 I/O 1,558.9 1,551.3 Senior Loans Industrial / Diversified + 2.7% — 5.5% 2024 - 2027 I/O 820.2 818.0 Senior Loans Life Science / Diversified + 3.1% — 4.5% 2026 - 2027 I/O 754.6 749.8 Senior Loans Hospitality / Diversified + 3.7% — 5.0% 2024 - 2027 I/O 373.1 372.8 Senior Loan Condo (Residential) / New York + 3.7% January 2024 I/O 149.9 149.9 Senior Loan Self-Storage / Various + 3.8% January 2028 I/O 129.6 128.4 Senior Loan Student Housing / Pennsylvania + 3.0% June 2026 I/O 112.5 112.0 Senior Loan Single Family Rental / Arizona + 4.9% May 2026 I/O 67.7 67.6 Total senior loans $ 7,324.7 $ 7,298.8 Mezzanine Loans Mezzanine Loans less than 3% of the carrying amount of total loans Mezzanine Loans Various / Diversified + 0.4% — 13.0% 2025 - 2028 I/O 90.2 44.7 Total mezzanine loans $ 90.2 $ 44.7 Total loans $ 7,414.9 $ 7,343.5 CECL reserve (210.5) Total loans, net $ 7,133.1 (A) Expressed as a spread over Term SOFR. (B) Maturity date assumes all extension options are exercised, if applicable. (C) I/O = interest only until final maturity unless otherwise noted. (D) Senior loans include senior mortgages and similar credit quality investments, including junior participations in our originated senior loans for which we have syndicated the senior participations and retained the junior participations for our portfolio and excludes vertical loan participations. For the activity within KREF's loan portfolio during the year ended December 31, 2023, refer to Note 3 of the consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,887)	$ 27,141	$ (20,028)	$ (25,077)	$ 20,328	$ (42,754)	$ 25,061	$ 35,468	$ (30,851)	$ 38,103	$ 137,183

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying consolidated financial statements and related notes of KREF are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of KREF and its consolidated subsidiaries, and all intercompany transactions and balances have been eliminated. 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.
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. Since its onset in 2020, the COVID-19 pandemic has 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 the global economy has 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 have adversely impacted and may continue to 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 eleven times since January 2022. 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. The Federal Reserve has indicated that it may decrease in interest rates in 2024. In a period of declining interest rates, our interest income on floating-rate investments would generally decrease, while any decrease in the interest we are charged on our floating-rate debt may be subject to floors and may not compensate for such decrease in interest income.
Use of Estimates	Use of Estimates — The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management makes subjective estimates to project cash flows KREF expects to receive on its investments in loans and securities as well as the related market discount rates, which significantly 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 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 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 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 Consolidated Statements of Income. Real Estate Owned Joint Venture — KREF consolidates a joint venture that holds the majority of KREF’s investment in a real estate owned (“REO”) retail property that was acquired in the fourth quarter of 2021, in which a third party owns 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 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. Noncontrolling Interests — Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than KREF. These noncontrolling interests do not include redemption features and are presented as "Noncontrolling interests in equity of consolidated joint venture" on the Consolidated Balance 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 Consolidated Balance Sheets and its share of unrealized gains or losses in “Income (loss) from equity method investments” in its Consolidated Statements of Income. Management elected the fair value option for KREF's investment in RECOP I. KREF classifies distributions received from equity method investees using the cumulative earnings approach. Distributions received up to the cumulative earnings from each equity method investee are considered returns on investment and presented within “Cash Flows from Operating Activities” in the Consolidated Statements of Cash Flows; excess distributions received are considered returns of investment and presented within “Cash Flows From Investing Activities” in the Consolidated Statements of Cash Flows.
Fair Value	Fair Value — GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 — Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. KREF follows this hierarchy for its financial instruments. The classifications are based on the lowest level of input that is significant to the fair value measurement. Valuation Process — The Manager reviews the valuation of Level 3 financial instruments as part of KKR's quarterly process. As of December 31, 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 considers KREF's commercial real estate loans to be 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 generally engages an independent valuation firm to estimate the fair value of each loan categorized as a Level 3 asset. These loans are generally valued using a discounted cash flow model based on assumptions regarding the collection of principal and interest and estimated market rates. Management reviews the quarterly loan valuation estimates provided by the independent valuation firm. For collateral dependent loans, KREF may apply alternative valuation methods based on the fair value of the underlying collateral. Determination of collateral value involves significant judgment, including assumptions regarding capitalization rates, discount rates, leasing, occupancy rates, and other factors. 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.
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 to the 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 Consolidated Balance Sheets. The allowance for credit losses attributed to unfunded loan commitments is included in “Other liabilities” on the Consolidated Balance Sheets. KREF has implemented loan loss forecasting models for estimating expected life-time credit losses, at the individual loan level, for its commercial real estate loan portfolio. The CECL forecasting methods used by KREF include (i) a probability of default and loss given default method using an underlying third-party CMBS/CRE loan database with historical loan losses from 1998 through 2023 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 vintage year, loan term, underlying property type, geographic location, most recent appraisal, 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 key credit quality indicator in assessing the CECL allowance. KREF may also consider relevant loan-specific qualitative factors for certain loans. 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 initially recognized at fair value in accordance with ASC 805 on KREF's Consolidated Balance Sheets as "Real Estate Owned" when KREF assumes either legal title or physical possession. KREF’s cost basis in REO equals the estimated fair value on the acquisition date. The value of acquired REO is allocated based on the relative fair values of assets acquired and liabilities assumed, including, but not limited to, land, building, furniture and fixtures, and intangibles. REO assets held for investment 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 (iv) 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. REO assets are classified as held for sale in the period when they meet the criteria under ASC 360. Once a REO is classified as held for sale, depreciation is suspended and the asset is reported at the lower of its carrying value or fair value less cost to sell. The actual sales price of the REO could differ from the estimated fair value. If circumstances arise that were previously considered unlikely and, as a result, KREF decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for investment, and (ii) its estimated fair value at the time of reclassification. For all REO assets, KREF may opportunistically transact as suitable opportunities emerge.
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 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
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 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 Consolidated Statements of Income. Other Income — KREF recognizes interest income earned on its cash balances and miscellaneous fee income in “Other income” on its Consolidated Statements of Income. Realized Gain (Loss) on Sale of Investments — KREF recognizes the excess, or deficiency, of net proceeds received, less the net carrying value of such investments, as realized gains or losses, respectively. KREF reverses cumulative, unrealized gains or losses previously reported in its Consolidated Statements of Income with respect to the investment sold at the time of sale.
Commercial Real Estate Loans, Held-For-Investment	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, 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 debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a five-point scale, KREF's loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows: 1 (Very Low Risk); 2 (Low Risk); 3 (Medium Risk); 4 (High Risk/Potential for Loss); and 5 (Impaired/Loss Likely).
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 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, 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 Consolidated Statements of Income .
Interest Expense	Interest Expense
Deferred Debt Issuance Costs	Deferred Debt Issuance Costs — KREF capitalizes and amortizes deferred financing costs incurred in connection with financing arrangements over their respective expected term using the interest method, or on a straight line basis when it approximates the interest method. KREF presents such expensed amounts, as well as deferred amounts written off, as additional interest expense in its Consolidated Statements of Income.
General and Administrative Expenses	General and Administrative Expenses — KREF expenses general and administrative costs, including legal and audit fees, 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 December 31, 2023 and 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.
Stock-Based Compensation	Stock-Based Compensation
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. As of December 31, 2023, KREF had no outstanding convertible instruments and, as a result, no potentially issuable shares related to convertible instruments have be en included in the dilutive EPS calculations for year ended December 31, 2023 . For the year ended December 31, 2022, 6,316,174 potentially issuable shares related to the Convertible Notes were excluded from the calculation of dilutive EPS as the effect was anti-dilutive.
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 December 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 consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for KREF in its 2024 annual reporting. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. KREF is evaluating the impact of ASU 2023-07.

Commercial Real Estate Loans (T

Commercial Real Estate Loans (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 and 2022 : Weighted Average (C) Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % Coupon (D) Life (Years) (E) December 31, 2023 Loans held-for-investment (F) Senior loans (G) $ 7,324,758 $ 7,298,844 $ 7,089,930 67 98.9 % 8.7 % 2.7 Mezzanine loans 44,667 44,704 43,148 2 100.0 14.1 2.1 Total/Weighted Average $ 7,369,425 $ 7,343,548 $ 7,133,078 69 98.9 % 8.7 % 2.7 December 31, 2022 Loans held-for-investment (F) Senior loans (G) $ 7,463,459 $ 7,395,463 $ 7,288,635 73 100.0 % 7.7 % 3.3 Mezzanine and other loans (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-offs 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 Term SOFR and LIBOR, 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) Excludes three fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 million as of December 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. (G) Senior loans may include accommodation mezzanine loans in connection with the senior mortgage financing. (H) Includes one real estate corporate loan to a multifamily operator with a principal and a carrying value of $40.4 million and $40.1 million, respectively, as of December 31, 2022. This loan was fully repaid during the first quarter of 2023. Amortized Cost Allowance for Carrying Value Balance at December 31, 2021 $ 6,316,733 $ (22,244) $ 6,294,489 Originations and future fundings, net (A) 2,419,733 — 2,419,733 Proceeds from sales and loan repayments (1,244,262) — (1,244,262) Accretion of loan discount and other amortization, net 25,064 — 25,064 Payment-in-kind interest 1,870 — 1,870 (Provision for) Reversal of credit losses — (109,730) (109,730) Write-offs charged (B) (25,000) 25,000 — Balance at December 31, 2022 $ 7,494,138 $ (106,974) $ 7,387,164 Originations and future fundings, net (A)(C) 876,726 — 876,726 Proceeds from loan repayments and cost recovery interest (C)(D) (890,785) — (890,785) Accretion of loan discount and other amortization, net 23,597 — 23,597 (Provision for) Reversal of credit losses — (177,202) (177,202) Write-offs charged (B) (73,706) 73,706 — Transfer to real estate owned (86,422) — (86,422) Balance at December 31, 2023 $ 7,343,548 $ (210,470) $ 7,133,078 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes a $58.7 million write-off on a defaulted senior loan upon deed-in-lieu of foreclosure during the three months ended December 31, 2023, and a $15.0 million write-off of a subordinated loan during the three months ended September 30, 2023. Includes a $25.0 million partial write-off of a defaulted senior loan during the year ended December 31, 2022. (C) Includes $199.4 million of amortized cost for loan modifications accounted for as new loans for GAAP purposes. (D) Includes $9.8 million of cost recovery interest collections applied as a reduction to loan amortized cost during the year ended December 31, 2023 . The following tables summarize the carrying value of the loan portfolio based on KREF's internal risk ratings: December 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 2 19,392 57,925 1 — — — — 3 60 6,493,506 6,511,894 86 70 6,560,166 6,864,941 88 4 4 325,286 476,112 6 3 443,957 446,322 6 5 3 505,364 512,105 7 3 490,015 489,214 6 Total loan receivable 69 $ 7,343,548 $ 7,558,036 100 % 76 $ 7,494,138 $ 7,800,477 100 % Allowance for credit losses (210,470) (106,974) Loan receivable, net $ 7,133,078 $ 7,387,164 * Numbers presented may not foot due to rounding. (A) Excludes three fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 million as of December 31, 2023. Excludes a fully written off risk-rated 5 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 consolidated financial statements. Total loan exposure includes the entire loan KREF originated and financed, including $188.6 million and $263.1 million of such non-c onsolidated interests as of December 31, 2023 and 2022, respectively. Type of Loan Description / Location Interest Rates (A) Maturity Date (B) Payment Terms (C) Principal Amount Carrying Amount Senior Loans (D) Senior Loans in excess of 3% of the carrying amount of total loans Senior Loan 1 Multifamily / Virginia + 3.3% October 2026 I/O $ 369.0 $ 367.7 Senior Loan 2 Industrial / Various + 2.7% May 2027 I/O 252.3 251.8 Senior Loan 3 Multifamily / California + 2.9% March 2026 I/O 220.0 219.5 Senior Loans less than 3% of the carrying amount of total loans Senior Loans Multifamily / Diversified + 2.6% — 4.0% 2024 - 2027 I/O 2,517.1 2,509.9 Senior Loans Office / Diversified + 2.3% — 3.7% 2025 - 2028 I/O 1,558.9 1,551.3 Senior Loans Industrial / Diversified + 2.7% — 5.5% 2024 - 2027 I/O 820.2 818.0 Senior Loans Life Science / Diversified + 3.1% — 4.5% 2026 - 2027 I/O 754.6 749.8 Senior Loans Hospitality / Diversified + 3.7% — 5.0% 2024 - 2027 I/O 373.1 372.8 Senior Loan Condo (Residential) / New York + 3.7% January 2024 I/O 149.9 149.9 Senior Loan Self-Storage / Various + 3.8% January 2028 I/O 129.6 128.4 Senior Loan Student Housing / Pennsylvania + 3.0% June 2026 I/O 112.5 112.0 Senior Loan Single Family Rental / Arizona + 4.9% May 2026 I/O 67.7 67.6 Total senior loans $ 7,324.7 $ 7,298.8 Mezzanine Loans Mezzanine Loans less than 3% of the carrying amount of total loans Mezzanine Loans Various / Diversified + 0.4% — 13.0% 2025 - 2028 I/O 90.2 44.7 Total mezzanine loans $ 90.2 $ 44.7 Total loans $ 7,414.9 $ 7,343.5 CECL reserve (210.5) Total loans, net $ 7,133.1 (A) Expressed as a spread over Term SOFR. (B) Maturity date assumes all extension options are exercised, if applicable. (C) I/O = interest only until final maturity unless otherwise noted. (D) Senior loans include senior mortgages and similar credit quality investments, including junior participations in our originated senior loans for which we have syndicated the senior participations and retained the junior participations for our portfolio and excludes vertical loan participations.
Amortized Cost of Loan Portfolio	The following tables present the amortized cost of the loan portfolio by KREF's internal risk rating and year of origination. The risk ratings are updated as of December 31, 2023 and 2022 in the corresponding table. December 31, 2023 Amortized Cost by Year of Origination (A) Risk Rating Number of Loans (B) Outstanding Principal (B) 2023 2022 2021 2020 2019 Prior Total Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 2 19,314 — — — 19,392 — — 19,392 3 60 6,511,894 203,576 1,953,866 3,323,800 217,375 517,491 277,398 6,493,506 4 4 326,112 — 184,539 140,748 — — — 325,286 5 3 512,105 — — 315,240 — — 190,123 505,364 69 $ 7,369,425 $ 203,576 $ 2,138,405 $ 3,779,788 $ 236,767 $ 517,491 $ 467,521 $ 7,343,548 Current period gross write-offs $ — $ — $ — $ — $ 73,706 $ — $ 73,706 (A) Represents the d ate a loan was originated or acquired. Origination dates are subsequently updated to reflect material loan modifications. (B) Excludes three fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 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 Current period gross write-offs $ — $ — $ — $ — $ 25,000 $ — $ 25,000 (A) Excludes a fully written off risk-rated 5 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 years ended December 31, 2023 and 2022, respectively: Commercial Unfunded Loan Commitments Total Balance at December 31, 2021 $ 22,244 $ 1,495 $ 23,739 Provision for (reversal of) credit losses, net 109,730 2,643 112,373 Write-offs charged (25,000) — (25,000) Balance at December 31, 2022 $ 106,974 $ 4,138 $ 111,112 Provision for (reversal of) credit losses, net 177,202 (2,086) 175,116 Write-offs charged (73,706) — (73,706) Balance at December 31, 2023 $ 210,470 $ 2,052 $ 212,522
Concentration of Risk, by Risk Factor	The following tables present the geographies and property types of collateral underlying KREF's commercial real estate loans as a percentage of the loans' principal amounts: December 31, 2023 December 31, 2022 (A) December 31, 2023 December 31, 2022 Geography Collateral Property Type California 17.7 % 16.9 % Multifamily 41.9 % 46.8 % Texas 15.3 16.1 Office 22.2 23.0 Massachusetts 10.4 8.3 Industrial 14.5 12.7 Florida 8.7 11.1 Life Science 10.2 7.7 Virginia 7.7 8.4 Hospitality 5.0 4.8 Washington D.C. 6.3 5.9 Condo (Residential) 2.0 2.6 New York 6.1 5.6 Self-Storage 1.7 0.3 Washington 4.2 2.9 Student Housing 1.5 1.5 North Carolina 4.1 4.0 Single Family Rental 0.9 0.5 Pennsylvania 3.5 5.7 Retail 0.1 0.1 Arizona 3.3 2.6 Total 100.0 % 100.0 % Georgia 2.7 2.5 Minnesota 2.6 2.7 Nevada 2.1 2.0 Illinois 1.4 1.6 Colorado 1.1 1.0 Other U.S. 2.8 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, representing 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)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Asset Acquisition	The following table presents the REO assets and liabilities included on KREF's Consolidated Balance Sheets: December 31, 2023 December 31, 2022 Real estate owned, held for investment Assets Real estate owned - land $ 78,569 $ 78,569 Real estate owned - land improvements 3,522 1,662 Real estate owned, net 82,091 80,231 Cash 2,152 781 In-place lease intangibles (A) 201 268 Tenant receivables (A) 692 541 Other assets (A) 1,256 1,304 Total $ 86,392 $ 83,125 Liabilities Unfavorable lease intangibles (B) $ 1,095 $ 1,460 Other liabilities (B) 4,268 2,254 Total $ 5,363 $ 3,714 Real estate owned, held for sale (C) Assets Real estate owned, held for sale $ 76,461 $ — In-place lease intangibles 15,928 — Favorable lease intangibles 3,885 — Other assets 4,743 — Total $ 101,017 $ — Liabilities Unfavorable lease intangibles $ 1,087 $ — Other liabilities 14,796 — Total $ 15,883 $ — (A) Included in “Other assets” on the Consolidated Balance Sheets. (B) Included in “Other liabilities” on the Consolidated Balance Sheets. (C) Represents assets acquired and liabilities assumed as of December 22, 2023.
Income (Loss) From Real Estate Owned	The following table presents the REO operations and related income (loss) included in KREF’s Consolidated Statements of Income: For the Year Ended December 31, 2023 2022 Rental income $ 7,038 $ 7,589 Other operating income 1,507 1,382 Revenue from rest estate owned operations 8,545 8,971 Expenses from real estate owned operations (11,190) (11,113) Other income 1,722 1,382 Total $ (923) $ (760)
Amortization of Lease Intangibles	The following table presents the amortization of lease intangibles included in KREF’s Consolidated Statements of Income: For the Year Ended December 31, Income Statement Location 2023 2022 Asset In-place lease intangibles Expenses from real estate owned operations $ 67 $ 67 Liability Unfavorable lease intangibles Revenue from real estate owned operations 365 365
Future Amortization of Lease Intangibles	The following table presents the amortization of lease intangibles related to REO, held for investment for each of the succeeding fiscal years: Year In-place Lease Intangible Assets Unfavorable Lease Intangible Liabilities 2024 67 365 2025 67 365 2026 67 365
Below Market Lease, Future Amortization Income	The following table presents the amortization of lease intangibles related to REO, held for investment for each of the succeeding fiscal years: Year In-place Lease Intangible Assets Unfavorable Lease Intangible Liabilities 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 2024 11,731 2025 8,030 2026 6,211 2027 4,618 2028 3,237 Thereafter 5,067

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Facility Collateral Facility Current Maturity Final Stated Maturity (A) Maximum Facility Size Outstanding Principal Carrying Value (B) Weighted Average Funding Cost (C) Outstanding Principal Carrying Value Carrying Value (B) Master Repurchase Agreements (D) Wells Fargo Sep 2024 Sep 2026 $ 1,000,000 $ 646,559 $ 645,091 7.1 % $ 981,708 $ 891,969 $ 670,824 Morgan Stanley Mar 2026 Mar 2026 600,000 483,339 483,055 7.6 730,304 684,371 593,136 Goldman Sachs Dec 2025 Dec 2027 400,000 347,329 346,464 8.2 519,711 513,900 168,369 Term Loan Facility KREF Lending VII (E) Match-term Match-term 1,000,000 561,377 560,945 7.3 718,739 709,760 630,757 Term Lending Agreements KREF Lending IX Match-term Match-term 1,000,000 696,605 693,458 7.7 872,516 862,127 719,000 KREF Lending V Jun 2024 Jun 2026 327,399 327,399 327,163 7.5 459,844 441,846 502,539 KREF Lending XII Match-term Match-term 350,000 166,771 166,308 7.2 225,470 223,442 159,784 BMO Facility Match-term Match-term 300,000 138,615 137,752 7.4 179,601 178,557 137,170 Warehouse Facility HSBC Facility Mar 2026 Mar 2026 500,000 — (11) — — — — Asset Specific Financing KREF Lending XIII Aug 2026 Aug 2027 265,625 166,072 163,836 8.7 195,379 193,123 69,777 KREF Lending XIV Oct 2026 Oct 2027 125,000 — (1,216) — — (999) (1,655) KREF Lending XI Sep 2024 Sep 2026 100,000 100,000 99,574 8.7 125,000 123,947 98,990 Revolving Credit Agreement Revolver (F) Mar 2027 Mar 2027 610,000 160,000 160,000 7.5 n.a. n.a. — Total / Weighted Average $ 6,578,024 $ 3,794,066 $ 3,782,419 7.6 % $ 3,748,691 (A) Final Stated Maturity is determined based on the maximum maturity of the underlying financing agreements or corresponding loans, assuming all extension options in KREF's discretion are exercised. The weighted average life of the match-term facilities was 1.2 and 3.0 years, based on the current and final stated maturities, respectively, of the average weighted outstanding principal of collateral loans as of December 31, 2023. (B) Net of $11.6 million and $22.0 million unamortized deferred financing costs as of December 31, 2023 and 2022, respectively. (C) Including deferred financing costs and applicable index in effect as of December 31, 2023. Average 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) Term SOFR, and (ii) a financing spread. As of December 31, 2023 and 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, was 33.8% an d 31.5%, respectively (or 32.2% and 25.6%, respectively, if KREF had borrowed the maximum amount approved by its repurchase agreement counterparties as of such dates). (E) The term loan facility provides asset-based financing on a non-mark-to-market basis with match-term up to five years, with additional two-year extension available to KREF. (F) As of December 31, 2023 , the revolver carrying value excluded $3.7 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Consolidated B alance Sheets. Secured Financing Agreements, Net Balance as of December 31, 2021 $ 3,726,593 Principal borrowings 2,483,907 Principal repayments/sales (2,451,099) Deferred debt issuance costs (22,181) Amortization of deferred debt issuance costs 11,471 Balance as of December 31, 2022 $ 3,748,691 Principal borrowings 811,119 Principal repayments/sales (787,754) Deferred debt issuance costs (4,889) Amortization of deferred debt issuance costs 15,252 Balance as of December 31, 2023 $ 3,782,419
Schedule of Repurchase Agreements	The following table summarizes certain characteristics of KREF's repurchase agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity as of December 31, 2023 and 2022: Outstanding Principal Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) December 31, 2023 Wells Fargo $ 646,559 $ 248,891 17.7 % 2.7 Morgan Stanley 483,339 203,080 14.5 1.6 KREF Lending IX 696,605 172,462 12.3 3.1 Goldman Sachs 347,329 170,236 12.1 2.9 Total / Weighted Average $ 2,173,832 $ 794,669 56.6 % 2.6 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 2.8% of the net counterparty exposure as a percent of stockholders' equity as of December 31, 2022.
Schedule of Maturities of Debt Obligations	KREF’s secured financing agreements, term loan facility and other consolidated debt obligations in place as of December 31, 2023 had contractual maturities as follows: Year Nonrecourse (A) Recourse (A)(B) Total 2024 $ 199,532 $ 45,861 $ 245,392 2025 241,231 63,660 304,892 2026 1,414,829 383,185 1,798,014 2027 976,514 368,948 1,345,462 Thereafter 100,305 — 100,305 $ 2,932,413 $ 861,654 $ 3,794,066 (A) Represents the earlier of (i) the maximum maturity of the underlying loans pledged as collateral or (ii) the maximum maturity of the respective financing agreements. (B) Except for the Revolver, which is full recourse, amounts borrowed are subject to a maximum 25.0% recourse limit. The Revolver matures in March 2027.

Collateralized Loan Obligatio_2

Collateralized Loan Obligations (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 and 2022: December 31, 2023 Count Outstanding Principal Amortized Cost Carrying Value Wtd. Avg. Yield/Cost (A) Wtd. Avg. Term (B) KREF 2021-FL2 Collateral assets (C) 18 $ 1,300,000 $ 1,300,000 $ 1,288,464 S + 3.1% July 2026 Financing provided 1 1,095,250 1,095,128 1,095,128 S + 1.5% February 2039 KREF 2022-FL3 Collateral assets (C)(D) 16 $ 1,000,000 $ 1,000,000 $ 990,320 S + 3.0% September 2026 Financing provided 1 847,500 847,043 847,043 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 Term SOFR and LIBOR, as applicable to each loan. As of December 31, 2023, 100.0% of the CLO collateral loan assets by principal balance earned a floating rate of interest indexed to Term SOFR. 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 Term SOFR and LIBOR, 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 31.0% and 28.4% of the principal of KREF's commercial real estate loans as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, 100% of KREF loans financed through the CLOs are floating-rate loans. (D) Including $5.0 million cash held in CLO 2022-FL3 as of December 31, 2023. Including $151.0 million cash held in CLO 2021-FL2 as of December 31, 2022
Schedule of Assets and Liabilities Included in Consolidated Balance Sheet	The following table presents the CLO assets and liabilities included in KREF’s Consolidated Balance Sheets: Assets December 31, 2023 December 31, 2022 Cash $ 5,000 $ 151,000 Commercial real estate loans, held-for-investment 2,295,000 2,149,000 Less: Allowance for credit losses (21,216) (25,387) Commercial real estate loans, held-for-investment, net 2,273,784 2,123,613 Accrued interest receivable 12,653 10,693 Other assets 155 155 Total $ 2,291,592 $ 2,285,461 Liabilities Collateralized loan obligations $ 1,942,750 $ 1,942,750 Deferred financing costs (579) (7,158) Collateralized loan obligations, net $ 1,942,171 $ 1,935,592 Accrued interest payable 5,666 4,442 Total $ 1,947,837 $ 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 Consolidated Statements of Income: For the Year Ended December 31, 2023 2022 Interest income $ 184,286 $ 110,043 Interest expense (A) 135,814 68,658 Net interest income $ 48,472 $ 41,385 (A) Inclu des $7.2 million and $7.9 million o f deferred financing costs amortization for the years ended December 31, 2023 and 2022, respectively.

Secured Term Loan, Net (Tables)

Secured Term Loan, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Secured Term Loan, Net [Abstract]
Summary of Secured Term Loan	The following table summarizes KREF’s secured term loan at December 31, 2023 and 2022, respectively: December 31, 2023 December 31, 2022 Principal $ 343,000 $ 346,500 Deferred financing costs (4,010) (5,016) Unamortized discount (3,659) (4,656) Carrying value $ 335,331 $ 336,828

Convertible Notes, Net (Tables)

Convertible Notes, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Net Book Value	The following table details the carrying value of the Convertible Notes on KREF's Consolidated Balance Sheets: December 31, 2023 December 31, 2022 Principal $ — $ 143,750 Deferred financing costs — (380) Unamortized discount — (133) Carrying value $ — $ 143,237
Interest Expense, Debt	The following table details the interest expense related to the Convertible Notes: For the Year Ended December 31, 2023 2022 Cash coupon $ 3,276 $ 8,805 Discount and issuance cost amortization 513 1,386 Total interest expense $ 3,789 $ 10,191

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 and 2023 74,343,813 $ 1,476,958 (A) Excludes 955,743 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 years ended December 31, 2023 and 2022, KREF's board of directors declared the following dividends on shares of its common 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 June 15, 2023 June 30, 2023 July 14, 2023 0.43 29,716 September 15, 2023 September 29, 2023 October 13, 2023 0.43 29,716 December 15, 2023 December 29, 2023 January 12, 2024 0.43 29,805 $ 118,948 2022 March 15, 2022 March 31, 2022 April 15, 2022 $ 0.43 $ 29,211 June 15, 2022 June 30, 2022 July 15, 2022 0.43 29,951 September 13, 2022 September 30, 2022 October 14, 2022 0.43 29,815 December 13, 2022 December 30, 2022 January 13, 2023 0.43 29,711 $ 118,688 During the years ended December 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 April 21, 2023 May 31, 2023 June 15, 2023 0.41 5,326 July 21, 2023 August 31, 2023 September 15, 2023 0.41 5,326 October 20, 2023 November 30, 2023 December 15, 2023 0.41 5,326 $ 21,304 2022 February 1, 2022 February 28, 2022 March 15, 2022 $ 0.41 $ 5,326 April 22, 2022 May 31, 2022 June 15, 2022 0.41 5,326 July 19, 2022 August 31, 2022 September 15, 2022 0.41 5,326 October 20, 2022 November 30, 2022 December 15, 2022 0.41 5,326 $ 21,304

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 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 673,370 13.32 Vested (458,277) 17.46 Forfeited / cancelled (2,384) 17.31 Unvested as of December 31, 2023 1,147,927 $ 14.49 (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 2024 558,318 2025 381,275 2026 208,334 Total 1,147,927

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2023, 2022 and 2021: For the Year Ended December 31, 2023 2022 2021 Earnings Net Income (Loss) $ (30,851) $ 38,103 $ 137,183 Less: Preferred stock dividends 21,304 21,304 11,369 Less: Participating securities' share in earnings 1,764 1,428 179 Net income (loss) attributable to common stockholders, basic and diluted $ (53,919) $ 15,371 $ 125,635 Shares Weighted average common shares outstanding 69,154,447 67,553,578 56,571,200 Add: Deferred stock units 25,592 — — Add: Dilutive restricted stock units — — 212,188 Diluted weighted average common shares outstanding 69,180,039 67,553,578 56,783,388 Net income (loss) attributable to common stockholders, per: Basic common share $ (0.78) $ 0.23 $ 2.22 Diluted common share $ (0.78) $ 0.23 $ 2.21

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Amounts Due to Affiliates	The following table contains the amounts presented in KREF's Consolidated Balance Sheets that it owes to affiliates: December 31, 2023 December 31, 2022 Management fees $ 6,523 $ 6,578 Expense reimbursements — 100 KCM fees 1,747 2,044 $ 8,270 $ 8,722 For the Year Ended December 31, 2023 2022 2021 Management fees $ 26,171 $ 25,680 $ 19,378 Incentive compensation 2,491 634 10,273 Expense reimbursements and other 6,581 4,385 1,551 $ 35,243 $ 30,699 $ 31,202

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 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 December 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 $ 135,898 $ 135,898 $ 135,898 $ 135,898 $ — $ — $ 135,898 Commercial real estate loans, held-for-investment, net (C) 7,369,425 7,343,548 7,133,078 — — 7,133,696 7,133,696 Equity method investments 35,076 35,076 35,076 — — 35,076 35,076 $ 7,540,399 $ 7,514,522 $ 7,304,052 $ 135,898 $ — $ 7,168,772 $ 7,304,670 Liabilities Secured financing agreements, net $ 3,794,066 $ 3,782,419 $ 3,782,419 $ — $ — $ 3,782,419 $ 3,782,419 Collateralized loan obligations, net 1,942,750 1,942,171 1,942,171 — — 1,893,350 1,893,350 Secured term loan, net 343,000 335,331 335,331 — 338,500 — 338,500 $ 6,079,816 $ 6,059,921 $ 6,059,921 $ — $ 338,500 $ 5,675,769 $ 6,014,269 (A) The amortized cost of commercial real estate loans is net of $20.8 million of unamortized origination discounts, cost recovery interest and deferred fees. The amortized cost of secured financing agreements is net of $11.6 million unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $0.6 million unamortized debt issuance costs. (B) The carrying value of commercial mortgage loans is net of $210.5 million allowance for credit losses. (C) Includes $2,295.0 million of CLO loan participations as of December 31, 2023. Excludes fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 million a s of December 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 loan. The amortized cost of secured financing agreements is net of $22.0 million of unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $7.2 million of 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.
Fair Value Level 3 Inputs, Liabilities	The following table contains the Level 3 inputs used to value assets and liabilities on a recurring and nonrecurring basis or where KREF discloses fair value as of December 31, 2023: Fair Value Valuation Methodologies Unobservable Inputs (A) Weighted Average (B) Range Assets and Liabilities (C) Commercial real estate loans, held-for-investment (D) $ 7,133,696 Discounted cash flow Discount margin 4.4% 3.3% - 17.2% Discount rate 10.7% 9.0% - 12.0% Capitalization rate 7.8% 7.0% - 8.7% $ 7,133,696 (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 $35.1 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.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Common Stock Distributions	Common stock distributions treated as dividends for tax purposes were taxable as follows: Year Ordinary Qualified Long Term Return of 2023 91.5 % — % — % 8.5 % 2022 100.0 — — — 2021 99.1 1.2 0.9 — 2020 100.0 0.8 — —

Summary Quarterly Consolidate_2

Summary Quarterly Consolidated Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following tables summarize KREF's quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of KREF's results of operations for the years ended December 31, 2023 and 2022: 2023 Quarter Ended Year Ended March 31 June 30 September 30 December 31 December 31, 2023 Net Interest Income Interest income $ 152,530 $ 159,629 $ 163,229 $ 165,024 $ 640,412 Interest expense 105,976 115,677 118,617 118,532 458,802 Total net interest income 46,554 43,952 44,612 46,492 181,610 Other Income 4,610 6,972 5,443 4,174 21,199 Operating Expenses 76,249 70,871 23,056 63,580 233,756 Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends and Participating Securities' Share in Earnings (25,085) (19,947) 26,999 (12,914) (30,947) Income tax expense 169 177 165 199 710 Net Income (Loss) $ (25,254) $ (20,124) $ 26,834 $ (13,113) $ (31,657) Noncontrolling interests in income (loss) of consolidated joint venture (177) (96) (307) (226) (806) Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries $ (25,077) $ (20,028) $ 27,141 $ (12,887) $ (30,851) Preferred stock dividends 5,326 5,326 5,326 5,326 21,304 Participating securities' share in earnings 407 418 414 525 1,764 Net Income (Loss) Attributable to Common Stockholders $ (30,810) $ (25,772) $ 21,401 $ (18,738) $ (53,919) Net Income (Loss) Per Share of Common Stock Basic and Diluted $ (0.45) $ (0.37) $ 0.31 $ (0.27) $ (0.78) Weighted Average Number of Shares of Common Stock Outstanding Basic and Diluted 69,095,011 69,115,654 69,122,636 69,384,309 69,180,039 2022 Quarter Ended Year Ended March 31 June 30 September 30 December 31 December 31, 2022 Net Interest Income Interest income $ 73,230 $ 90,603 $ 114,627 $ 143,508 $ 421,968 Interest expense 32,459 44,733 67,311 91,592 236,095 Total net interest income 40,771 45,870 47,316 51,916 185,873 Other Income 6,430 4,105 3,846 4,813 19,194 Operating Expenses 11,789 24,980 94,077 36,570 167,416 Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends and Participating Securities' Share in Earnings 35,412 24,995 (42,915) 20,159 37,651 Income tax expense — — — 58 58 Net Income (Loss) $ 35,412 $ 24,995 $ (42,915) $ 20,101 $ 37,593 Noncontrolling interests in income (loss) of consolidated joint venture (56) (66) (161) (227) (510) Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries $ 35,468 $ 25,061 $ (42,754) $ 20,328 $ 38,103 Preferred stock dividends 5,326 5,326 5,326 5,326 21,304 Participating securities' share in earnings 346 341 341 400 1,428 Net Income (Loss) Attributable to Common Stockholders $ 29,796 $ 19,394 $ (48,421) $ 14,602 $ 15,371 Net Income (Loss) Per Share of Common Stock Basic $ 0.47 $ 0.28 $ (0.70) $ 0.21 $ 0.23 Diluted $ 0.46 $ 0.28 $ (0.70) $ 0.21 $ 0.23 Weighted Average Number of Shares of Common Stock Outstanding Basic 63,086,452 68,549,049 69,382,730 69,109,790 67,553,578 Diluted 69,402,626 68,549,049 69,382,730 69,109,790 67,553,578

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 and 2022 : Weighted Average (C) Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % Coupon (D) Life (Years) (E) December 31, 2023 Loans held-for-investment (F) Senior loans (G) $ 7,324,758 $ 7,298,844 $ 7,089,930 67 98.9 % 8.7 % 2.7 Mezzanine loans 44,667 44,704 43,148 2 100.0 14.1 2.1 Total/Weighted Average $ 7,369,425 $ 7,343,548 $ 7,133,078 69 98.9 % 8.7 % 2.7 December 31, 2022 Loans held-for-investment (F) Senior loans (G) $ 7,463,459 $ 7,395,463 $ 7,288,635 73 100.0 % 7.7 % 3.3 Mezzanine and other loans (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-offs 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 Term SOFR and LIBOR, 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) Excludes three fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 million as of December 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. (G) Senior loans may include accommodation mezzanine loans in connection with the senior mortgage financing. (H) Includes one real estate corporate loan to a multifamily operator with a principal and a carrying value of $40.4 million and $40.1 million, respectively, as of December 31, 2022. This loan was fully repaid during the first quarter of 2023. Amortized Cost Allowance for Carrying Value Balance at December 31, 2021 $ 6,316,733 $ (22,244) $ 6,294,489 Originations and future fundings, net (A) 2,419,733 — 2,419,733 Proceeds from sales and loan repayments (1,244,262) — (1,244,262) Accretion of loan discount and other amortization, net 25,064 — 25,064 Payment-in-kind interest 1,870 — 1,870 (Provision for) Reversal of credit losses — (109,730) (109,730) Write-offs charged (B) (25,000) 25,000 — Balance at December 31, 2022 $ 7,494,138 $ (106,974) $ 7,387,164 Originations and future fundings, net (A)(C) 876,726 — 876,726 Proceeds from loan repayments and cost recovery interest (C)(D) (890,785) — (890,785) Accretion of loan discount and other amortization, net 23,597 — 23,597 (Provision for) Reversal of credit losses — (177,202) (177,202) Write-offs charged (B) (73,706) 73,706 — Transfer to real estate owned (86,422) — (86,422) Balance at December 31, 2023 $ 7,343,548 $ (210,470) $ 7,133,078 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes a $58.7 million write-off on a defaulted senior loan upon deed-in-lieu of foreclosure during the three months ended December 31, 2023, and a $15.0 million write-off of a subordinated loan during the three months ended September 30, 2023. Includes a $25.0 million partial write-off of a defaulted senior loan during the year ended December 31, 2022. (C) Includes $199.4 million of amortized cost for loan modifications accounted for as new loans for GAAP purposes. (D) Includes $9.8 million of cost recovery interest collections applied as a reduction to loan amortized cost during the year ended December 31, 2023 . The following tables summarize the carrying value of the loan portfolio based on KREF's internal risk ratings: December 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 2 19,392 57,925 1 — — — — 3 60 6,493,506 6,511,894 86 70 6,560,166 6,864,941 88 4 4 325,286 476,112 6 3 443,957 446,322 6 5 3 505,364 512,105 7 3 490,015 489,214 6 Total loan receivable 69 $ 7,343,548 $ 7,558,036 100 % 76 $ 7,494,138 $ 7,800,477 100 % Allowance for credit losses (210,470) (106,974) Loan receivable, net $ 7,133,078 $ 7,387,164 * Numbers presented may not foot due to rounding. (A) Excludes three fully written off risk-rated 5 loans with a combined outstanding principal balance of $45.5 million as of December 31, 2023. Excludes a fully written off risk-rated 5 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 consolidated financial statements. Total loan exposure includes the entire loan KREF originated and financed, including $188.6 million and $263.1 million of such non-c onsolidated interests as of December 31, 2023 and 2022, respectively. Type of Loan Description / Location Interest Rates (A) Maturity Date (B) Payment Terms (C) Principal Amount Carrying Amount Senior Loans (D) Senior Loans in excess of 3% of the carrying amount of total loans Senior Loan 1 Multifamily / Virginia + 3.3% October 2026 I/O $ 369.0 $ 367.7 Senior Loan 2 Industrial / Various + 2.7% May 2027 I/O 252.3 251.8 Senior Loan 3 Multifamily / California + 2.9% March 2026 I/O 220.0 219.5 Senior Loans less than 3% of the carrying amount of total loans Senior Loans Multifamily / Diversified + 2.6% — 4.0% 2024 - 2027 I/O 2,517.1 2,509.9 Senior Loans Office / Diversified + 2.3% — 3.7% 2025 - 2028 I/O 1,558.9 1,551.3 Senior Loans Industrial / Diversified + 2.7% — 5.5% 2024 - 2027 I/O 820.2 818.0 Senior Loans Life Science / Diversified + 3.1% — 4.5% 2026 - 2027 I/O 754.6 749.8 Senior Loans Hospitality / Diversified + 3.7% — 5.0% 2024 - 2027 I/O 373.1 372.8 Senior Loan Condo (Residential) / New York + 3.7% January 2024 I/O 149.9 149.9 Senior Loan Self-Storage / Various + 3.8% January 2028 I/O 129.6 128.4 Senior Loan Student Housing / Pennsylvania + 3.0% June 2026 I/O 112.5 112.0 Senior Loan Single Family Rental / Arizona + 4.9% May 2026 I/O 67.7 67.6 Total senior loans $ 7,324.7 $ 7,298.8 Mezzanine Loans Mezzanine Loans less than 3% of the carrying amount of total loans Mezzanine Loans Various / Diversified + 0.4% — 13.0% 2025 - 2028 I/O 90.2 44.7 Total mezzanine loans $ 90.2 $ 44.7 Total loans $ 7,414.9 $ 7,343.5 CECL reserve (210.5) Total loans, net $ 7,133.1 (A) Expressed as a spread over Term SOFR. (B) Maturity date assumes all extension options are exercised, if applicable. (C) I/O = interest only until final maturity unless otherwise noted. (D) Senior loans include senior mortgages and similar credit quality investments, including junior participations in our originated senior loans for which we have syndicated the senior participations and retained the junior participations for our portfolio and excludes vertical loan participations.

Business and Organization (Deta

Business and Organization (Details) - KREF - KKR - Common Stock - shares	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Common stock ( in shares)	10,000,001
Issued and outstanding common stock owned, percentage (as a percent)	14.40%	14.50%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)																	1 Months Ended				12 Months Ended
	Dec. 15, 2023	Oct. 20, 2023	Sep. 15, 2023	Jul. 21, 2023	Jun. 15, 2023	Apr. 21, 2023	Mar. 17, 2023	Feb. 03, 2023	Dec. 13, 2022	Oct. 20, 2022	Sep. 13, 2022	Jul. 19, 2022	Jun. 15, 2022	Apr. 22, 2022	Mar. 15, 2022	Feb. 01, 2022	Dec. 31, 2023	Oct. 31, 2023	Jan. 31, 2022	Apr. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 15, 2023	May 31, 2018
Related Party Transaction [Line Items]
Unrestricted cash and cash equivalents balance to satisfy liquidity covenants																	$ 60,200,000				$ 60,200,000	$ 54,400,000
Restricted cash																	12,400,000				12,400,000	10,800,000
Convertible notes, net																	0				0	143,237,000
Prepaids																						1,100,000
Expected loss reserve for unfunded loan commitments																	2,052,000				2,052,000	4,138,000	$ 1,495,000
Accrued expenses																	$ 1,800,000				$ 1,800,000	$ 2,100,000
Dividends declared per share of common stock (usd per share)	$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 0.43				$ 1.72	$ 1.72	$ 1.72
Potentially issuable shares related to the convertible notes (in shares)																						6,316,174
Real estate owned, held for investment
Related Party Transaction [Line Items]
REO liability																						$ 3,700,000
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		$ 0.41		$ 0.41		$ 0.41		$ 0.41			$ 1.63	$ 1.63	$ 1.08
Preferred stock, dividend rate (as a percent)																		6.50%	6.50%	6.50%
Annual dividend rate (usd per share)																		$ 1.625		$ 1.625
Convertible Notes Payable
Related Party Transaction [Line Items]
Principal																	$ 0				$ 0	$ 143,750,000
Convertible notes, net																	0				0	143,237,000
Facility | Revolving Credit Facility | Morgan Stanley
Related Party Transaction [Line Items]
Deferred financing/debt issuance costs																	$ 3,700,000				$ 3,700,000	$ 4,900,000
Notes Due in 2023 | Convertible Notes Payable
Related Party Transaction [Line Items]
Debt instrument, interest rate, stated percentage (as a percent)																	6.125%				6.125%				6.125%
Principal																									$ 143,750,000
Convertible notes, net																	$ 0				$ 0			$ 0
Primary beneficiary | Real estate owned
Related Party Transaction [Line Items]
Ownership percentage in VIE (as a percent)																					90%
Primary beneficiary | JV Partner | Real estate owned
Related Party Transaction [Line Items]
Ownership percentage of partner (as a percent)																					10%

Commercial Real Estate Loans -

Commercial Real Estate Loans - Loans Held-for-investment and Loans Held-for-sale (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Investment Holdings [Line Items]
Outstanding Principal	$ 7,414,900
Amortized Cost	7,343,548	$ 7,494,138	$ 6,316,733
Carrying value	7,133,078	7,387,164	$ 6,294,489
Carrying amount	7,343,500
Senior loans
Investment Holdings [Line Items]
Outstanding Principal	7,324,700
Carrying amount	7,298,800
Senior loans | Multifamily
Investment Holdings [Line Items]
Outstanding Principal	2,517,100
Carrying amount	2,509,900
Mezzanine loans
Investment Holdings [Line Items]
Outstanding Principal	90,200
Carrying amount	44,700
Loans held-for-investment
Investment Holdings [Line Items]
Outstanding Principal	7,369,425	7,562,392
Amortized Cost	7,343,548	7,494,138
Carrying value	$ 7,133,078	$ 7,387,164
Loan count (in loans) | loan	69	76
Floating Rate Loan %	98.90%	100%
Life (Years)	2 years 8 months 12 days	3 years 3 months 18 days
Loans held-for-investment | SOFR
Investment Holdings [Line Items]
Coupon	8.70%
Loans held-for-investment | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon		7.80%
Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Outstanding Principal	$ 7,324,758	$ 7,463,459
Amortized Cost	7,298,844	7,395,463
Carrying value	$ 7,089,930	$ 7,288,635
Loan count (in loans) | loan	67	73
Floating Rate Loan %	98.90%	100%
Life (Years)	2 years 8 months 12 days	3 years 3 months 18 days
Loans held-for-investment | Senior loans | SOFR
Investment Holdings [Line Items]
Coupon	8.70%
Loans held-for-investment | Senior loans | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon		7.70%
Loans held-for-investment | Mezzanine loans
Investment Holdings [Line Items]
Outstanding Principal	$ 44,667	$ 98,933
Amortized Cost	44,704	98,675
Carrying value	$ 43,148	$ 98,529
Loan count (in loans) | loan	2	3
Floating Rate Loan %	100%	100%
Life (Years)	2 years 1 month 6 days	3 years
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
Loans held-for-investment | Mezzanine loans | SOFR
Investment Holdings [Line Items]
Coupon	14.10%
Loans held-for-investment | Mezzanine loans | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon		15%
Commercial loans written off
Investment Holdings [Line Items]
Loan count (in loans) | loan	1
Carrying amount	$ 45,500	$ 5,500
Commercial loans written off | Mezzanine loans
Investment Holdings [Line Items]
Loan count (in loans) | loan	3

Commercial Real Estate Loans _2

Commercial Real Estate Loans - Activities Related to Carrying Value of Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance			$ 7,494,138	$ 6,316,733
Beginning balance			(106,974)	(22,244)
Beginning balance			7,387,164	6,294,489
Originations and future fundings, net			876,726	2,419,733
Proceeds from loan repayments and cost recovery interest			(890,785)	(1,244,262)
Accretion of loan discount and other amortization, net			23,597	25,064
Payment-in-kind interest				1,870
(Provision for) reversal of credit losses			(177,202)	(109,730)
Write-offs charged			(73,706)	(25,000)
Write-offs charged	$ 58,700	$ 15,000	73,706	25,000
Transfer to real estate owned			(86,422)	0	$ (77,516)
Ending balance	7,343,548		7,343,548	7,494,138	6,316,733
Ending balance	(210,470)		(210,470)	(106,974)	(22,244)
Ending balance	7,133,078		7,133,078	$ 7,387,164	$ 6,294,489
Loan modification for new loan	199,400		199,400
Interest collections on loan amortized cost	$ 9,800		$ 9,800

Commercial Real Estate Loans _3

Commercial Real Estate Loans - Narrative (Details) $ in Thousands	1 Months Ended			3 Months Ended								12 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jan. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)
Commercial Real Estate Loans [Line Items]
Prepayment fee income												$ 3,000	$ 9,600
Net accelerated fee income												1,900	1,800
Principal Amount				$ 7,414,900								7,414,900
Proceeds from principal repayments of commercial real estate loans												691,346	1,244,262	$ 2,362,442
Write-offs charged				$ 58,700	$ 15,000							$ 73,706	$ 25,000
Weighted average loan risk rating				3.2				3.2				3.2	3.2
Allowance for credit loss				$ 212,522				$ 111,112				$ 212,522	$ 111,112	23,739
CECL provision												175,116	112,373	(4,059)
Expected loss reserve for unfunded loan commitments				2,052				4,138				2,052	4,138	1,495
Commercial real estate loans, held-for-investment				7,343,548				7,494,138				7,343,548	7,494,138	6,316,733
Interest income				165,024	163,229	$ 159,629	$ 152,530	143,508	$ 114,627	$ 90,603	$ 73,230	$ 640,412	421,968	$ 279,950
Minimum
Commercial Real Estate Loans [Line Items]
Weighted average life (Years)												1 year 2 months 12 days
Maximum
Commercial Real Estate Loans [Line Items]
Weighted average life (Years)												3 years
Impaired/Loss Likely | Minimum
Commercial Real Estate Loans [Line Items]
Capitalization rate												7%
Discount rate												9%
Impaired/Loss Likely | Maximum
Commercial Real Estate Loans [Line Items]
Capitalization rate												8.70%
Discount rate												12%
Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount				7,369,425				7,562,392				$ 7,369,425	7,562,392
Year four, write-off								25,000					25,000
Commercial real estate loans, held-for-investment				7,343,548				7,494,138				7,343,548	7,494,138
Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Principal Amount				512,105				514,214				512,105	514,214
Commercial real estate loans, held-for-investment				505,364				490,015				505,364	490,015
Commercial Real Estate Loans | Average Risk
Commercial Real Estate Loans [Line Items]
Principal Amount				6,511,894				6,601,856				6,511,894	6,601,856
Commercial real estate loans, held-for-investment				6,493,506				6,560,166				6,493,506	6,560,166
Subordinated Note
Commercial Real Estate Loans [Line Items]
Write-offs charged												15,000
Philadelphia | Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount			$ 136,000												$ 182,600
Future funding			$ 5,500
Weighted average life (Years)			4 years
Philadelphia | Commercial Real Estate Loans | SOFR
Commercial Real Estate Loans [Line Items]
Interest rates (as a percent)			2.75%
Philadelphia | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Commercial real estate loans, held-for-investment	$ 151,100				151,100
Philadelphia | Commercial Real Estate Loans | Average Risk
Commercial Real Estate Loans [Line Items]
Principal Amount				114,300								114,300
Philadelphia | Junior Mezzanine Note
Commercial Real Estate Loans [Line Items]
Principal Amount			$ 25,000
Future funding			16,500
Philadelphia | Senior Mezzanine Note
Commercial Real Estate Loans [Line Items]
Principal Amount			41,500
West Hollywood, CA | Commercial Real Estate Loans | Average Risk
Commercial Real Estate Loans [Line Items]
Principal Amount				105,100								105,100
West Hollywood, CA | Junior Mezzanine Note
Commercial Real Estate Loans [Line Items]
Principal Amount				$ 800								$ 800
Fixed interest rate (as a percent)				10%								10%
West Hollywood, CA | Senior Mezzanine Note
Commercial Real Estate Loans [Line Items]
Principal Amount				$ 2,300								$ 2,300
Fixed interest rate (as a percent)				10%								10%
Minneapolis, MN | Commercial Real Estate Loans | SOFR
Commercial Real Estate Loans [Line Items]
Interest rates (as a percent)		2.25%
Minneapolis, MN | Commercial Real Estate Loans | Average Risk
Commercial Real Estate Loans [Line Items]
Principal Amount				$ 194,400								$ 194,400
Minneapolis, MN | Mezzanine Note
Commercial Real Estate Loans [Line Items]
Principal Amount		$ 79,400				$ 79,400
Debt instrument, interest rate, effective percentage		4.50%				4.50%
Chicago, IL | Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount	103,400				103,400
Future funding	$ 16,600				16,600
Weighted average life (Years)	5 years
Chicago, IL | Commercial Real Estate Loans | SOFR
Commercial Real Estate Loans [Line Items]
Interest rates (as a percent)	2.25%
Chicago, IL | Commercial Real Estate Loans | Average Risk
Commercial Real Estate Loans [Line Items]
Principal Amount				88,400								88,400
Chicago, IL | Subordinated Note
Commercial Real Estate Loans [Line Items]
Principal Amount	$ 18,500				18,500
Office | Philadelphia | Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount			116,500
Proceeds from principal repayments of commercial real estate loans			25,000
Office | Philadelphia | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Principal Amount			$ 161,000
Office | West Hollywood, CA | Senior Mezzanine Note
Commercial Real Estate Loans [Line Items]
Principal Amount				4,200								4,200
Office | Minneapolis, MN | Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount		$ 194,400				$ 194,400
Office | Minneapolis, MN | Senior Mezzanine Note
Commercial Real Estate Loans [Line Items]
Future funding		5,000				5,000
Office | Minneapolis, MN | Senior Mortgage Loan
Commercial Real Estate Loans [Line Items]
Principal Amount		120,000				120,000
Office | Chicago, IL | Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount	105,000				105,000
Proceeds from principal repayments of commercial real estate loans	15,000
Future funding	15,000				15,000
Office | Chicago, IL | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Principal Amount	$ 118,400				$ 118,400
Office | Mountain View, CA | Commercial Real Estate Loans | Cost recovery method interest
Commercial Real Estate Loans [Line Items]
Interest income												800
Office | Mountain View, CA | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Principal Amount				200,900								200,900
Future funding				49,100								49,100
Commercial real estate loans, held-for-investment				198,900								198,900
Interest income												7,300
Office | Minnesota | Commercial Real Estate Loans | Cost recovery method interest
Commercial Real Estate Loans [Line Items]
Interest income												4,300
Office | Minnesota | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Principal Amount				194,400								194,400
Future funding				5,000								5,000
Commercial real estate loans, held-for-investment				190,100								190,100
Interest income												7,900
Office | Seattle | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Principal Amount				116,800								116,800
Future funding				23,500								23,500
Commercial real estate loans, held-for-investment				116,300								116,300
Interest income												9,200
Multifamily | West Hollywood, CA | Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount		$ 102,000				$ 102,000
Loans held-for-investment
Commercial Real Estate Loans [Line Items]
Unamortized origination discounts and deferred nonrefundable fees				$ 20,800				$ 43,300				$ 20,800	43,300
Write-offs charged													$ 25,000

Commercial Real Estate Loans _4

Commercial Real Estate Loans - Loan Risk Ratings (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 7,343,548	$ 7,494,138	$ 6,316,733
Less: Allowance for credit losses	(210,470)	(106,974)	(22,244)
Loan receivable, net	7,133,078	$ 7,387,164	$ 6,294,489
Carrying amount	$ 7,343,500
Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	69	76
Carrying Value	$ 7,343,548	$ 7,494,138
Total Loan Exposure	$ 7,558,036	$ 7,800,477
Total Loan Exposure %	100%	100%
Less: Allowance for credit losses		$ (107,000)
Loan receivable, net	$ 7,133,078	7,387,164
Commercial loans written off
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	1
Carrying amount	$ 45,500	5,500
Non-consolidated senior interest
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loan Exposure	$ 188,600	$ 263,100
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	2	0
Carrying Value	$ 19,392	$ 0
Total Loan Exposure	$ 57,925	$ 0
Total Loan Exposure %	1%	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	60	70
Carrying Value	$ 6,493,506	$ 6,560,166
Total Loan Exposure	$ 6,511,894	$ 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	4	3
Carrying Value	$ 325,286	$ 443,957
Total Loan Exposure	$ 476,112	$ 446,322
Total Loan Exposure %	6%	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	3	3
Carrying Value	$ 505,364	$ 490,015
Total Loan Exposure	$ 512,105	$ 489,214
Total Loan Exposure %	7%	6%

Commercial Real Estate Loans _5

Commercial Real Estate Loans - Amortized Cost of Loan Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Principal	$ 7,414,900
Total	7,343,548	$ 7,494,138	$ 6,316,733
Carrying amount	$ 7,343,500
Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	69	76
Outstanding Principal	$ 7,369,425	$ 7,562,392
Current year	203,576	1,914,045
Year one	2,138,405	3,788,118
Year two	3,779,788	353,506
Year three	236,767	779,428
Year four	517,491	444,407
Prior	467,521	214,634
Total	7,343,548	7,494,138
Current year, write-off	0	0
Year one, write-off	0	0
Year two, write-off	0	0
Year three, write-off	0	0
Year four, write-off		25,000
Prior, write-off	0	0
Notes receivable, gross write-off	$ 73,706	25,000
Commercial loans written off
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans (in loans) | loan	1
Carrying amount	$ 45,500	$ 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	2	0
Outstanding Principal	$ 19,314	$ 0
Current year	0	0
Year one	0	0
Year two	0	0
Year three	19,392	0
Year four	0	0
Prior	0	0
Total	$ 19,392	$ 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	60	70
Outstanding Principal	$ 6,511,894	$ 6,601,856
Current year	203,576	1,812,576
Year one	1,953,866	3,594,235
Year two	3,323,800	353,506
Year three	217,375	472,125
Year four	517,491	307,582
Prior	277,398	20,142
Total	$ 6,493,506	$ 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	4	3
Outstanding Principal	$ 326,112	$ 446,322
Current year	0	101,469
Year one	184,539	193,883
Year two	140,748	0
Year three	0	148,605
Year four	0	0
Prior	0	0
Total	$ 325,286	$ 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	3	3
Outstanding Principal	$ 512,105	$ 514,214
Current year	0	0
Year one	0	0
Year two	315,240	0
Year three	0	158,698
Year four	0	136,825
Prior	190,123	194,492
Total	$ 505,364	$ 490,015

Commercial Real Estate Loans _6

Commercial Real Estate Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commercial Real Estate Loans
Beginning balance			$ 106,974	$ 22,244
Provision for (reversal of) credit losses, net			177,202	109,730
Write-offs charged	$ (58,700)	$ (15,000)	(73,706)	(25,000)
Ending balance	210,470		210,470	106,974	$ 22,244
Unfunded Loan Commitments
Beginning balance, unfunded loan commitments			4,138	1,495
Provision for (reversal of) credit losses, net, unfunded loan commitments			(2,086)	2,643
Write-offs charged, unfunded loan commitments			0	0
Ending balance, unfunded loan commitments	2,052		2,052	4,138	1,495
Total
Beginning balance, total			111,112	23,739
Provision for (reversal of) credit losses, net			175,116	112,373	(4,059)
Write-offs charged			(73,706)	(25,000)
Ending balance, total	$ 212,522		$ 212,522	$ 111,112	$ 23,739

Commercial Real Estate Loans _7

Commercial Real Estate Loans - Concentration of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Concentration Risk [Line Items]
Principal Amount	$ 7,414,900
Loans held-for-investment
Concentration Risk [Line Items]
Loan count (in loans) | loan	69	76
Principal Amount	$ 7,369,425	$ 7,562,392
Loans held-for-investment | Geographic concentration risk
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	100%	100%
Loans held-for-investment | Geographic concentration risk | California
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	17.70%	16.90%
Loans held-for-investment | Geographic concentration risk | Texas
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	15.30%	16.10%
Loans held-for-investment | Geographic concentration risk | Massachusetts
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	10.40%	8.30%
Loans held-for-investment | Geographic concentration risk | Florida
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	8.70%	11.10%
Loans held-for-investment | Geographic concentration risk | Virginia
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	7.70%	8.40%
Loans held-for-investment | Geographic concentration risk | Washington D.C.
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	6.30%	5.90%
Loans held-for-investment | Geographic concentration risk | New York
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	6.10%	5.60%
Loans held-for-investment | Geographic concentration risk | Washington
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	4.20%	2.90%
Loans held-for-investment | Geographic concentration risk | North Carolina
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	4.10%	4%
Loans held-for-investment | Geographic concentration risk | Pennsylvania
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	3.50%	5.70%
Loans held-for-investment | Geographic concentration risk | Arizona
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	3.30%	2.60%
Loans held-for-investment | Geographic concentration risk | Georgia
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2.70%	2.50%
Loans held-for-investment | Geographic concentration risk | Minnesota
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2.60%	2.70%
Loans held-for-investment | Geographic concentration risk | Nevada
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2.10%	2%
Loans held-for-investment | Geographic concentration risk | Illinois
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	1.40%	1.60%
Loans held-for-investment | Geographic concentration risk | Colorado
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	1.10%	1%
Loans held-for-investment | Geographic concentration risk | Other U.S.
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2.80%	2.70%
Loans held-for-investment | Product concentration risk
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	100%	100%
Loans held-for-investment | Product concentration risk | Multifamily
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	41.90%	46.80%
Loans held-for-investment | Product concentration risk | Office
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	22.20%	23%
Loans held-for-investment | Product concentration risk | Industrial
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	14.50%	12.70%
Loans held-for-investment | Product concentration risk | Life Science
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	10.20%	7.70%
Loans held-for-investment | Product concentration risk | Hospitality
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	5%	4.80%
Loans held-for-investment | Product concentration risk | Condo (Residential)
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2%	2.60%
Loans held-for-investment | Product concentration risk | Self-Storage
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	1.70%	0.30%
Loans held-for-investment | Product concentration risk | Student Housing
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	1.50%	1.50%
Loans held-for-investment | Product concentration risk | Single Family Rental
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	0.90%	0.50%
Loans held-for-investment | Product concentration risk | Retail
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	0.10%	0.10%
Loans held-for-investment, excluded | Product concentration risk | Multifamily
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)		0.50%
Loan count (in loans) | loan		1
Principal Amount		$ 40,400

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 22, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023	Jan. 31, 2023	Dec. 31, 2019	Dec. 31, 2015
Real Estate [Line Items]
Principal Amount		$ 7,414,900
Real estate owned, held for investment, net		82,091	$ 80,231
Commercial real estate loans, held-for-investment		7,343,548	7,494,138	$ 6,316,733
Net cash assumed from investment in real estate owned and related joint venture		1,288	0	1,302
Senior loans
Real Estate [Line Items]
Principal Amount		$ 7,324,700
Primary beneficiary | Real estate owned
Real Estate [Line Items]
Real estate owned, held for investment, net				68,900
Ownership percentage in VIE (as a percent)		90%
Primary beneficiary | Real estate owned | JV Partner
Real Estate [Line Items]
Ownership percentage of partner (as a percent)		10%
Commercial mortgage loan
Real Estate [Line Items]
Principal Amount		$ 7,369,425	7,562,392
Commercial real estate loans, held-for-investment		7,343,548	7,494,138
Commercial mortgage loan | Impaired/Loss Likely
Real Estate [Line Items]
Principal Amount		512,105	514,214
Commercial real estate loans, held-for-investment		$ 505,364	$ 490,015
Commercial mortgage loan | Portland, Oregon
Real Estate [Line Items]
Principal Amount								$ 177,000
Commercial mortgage loan | Portland, Oregon | Impaired/Loss Likely
Real Estate [Line Items]
Real estate owned, held for investment, net				$ 78,600
Commercial mortgage loan | Philadelphia
Real Estate [Line Items]
Principal Amount						$ 136,000	$ 182,600
Commercial mortgage loan | Philadelphia | Impaired/Loss Likely
Real Estate [Line Items]
Commercial real estate loans, held-for-investment					$ 151,100
Partial repayment received	$ 6,000
Estimated fair value	86,400
Loan write-off	58,700
Commercial mortgage loan | Philadelphia | Impaired/Loss Likely | Real estate owned, held for sale
Real Estate [Line Items]
Real estate owned, held for investment, net	76,500
Commercial mortgage loan | Philadelphia | Impaired/Loss Likely | Other assets
Real Estate [Line Items]
Real estate owned, held for investment, net	24,600
Commercial mortgage loan | Philadelphia | Impaired/Loss Likely | Other Liabilities
Real Estate [Line Items]
Real estate owned, held for investment, net	$ 15,900

Real Estate Owned - Assets and

Real Estate Owned - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Assets
Real estate owned - land	$ 82,091		$ 80,231
Cash	135,898	[1]	239,791	[1]	$ 271,487
Other assets	19,455		19,281
Total Assets	7,547,618		7,802,321
Liabilities
Total Liabilities	6,143,436		6,230,885
Real estate owned, held for investment
Assets
Real estate owned - land	78,569		78,569
Real estate owned - land improvements	3,522		1,662
Real estate owned, net	82,091		80,231
Cash	2,152		781
In-place lease intangibles	201		268
Tenant receivables	692		541
Other assets	1,256		1,304
Total Assets	86,392		83,125
Liabilities
Unfavorable lease intangibles	1,095		1,460
Other liabilities	4,268		2,254
Total Liabilities	5,363		3,714
Real estate owned, held for sale
Assets
Real estate owned, net	76,461		0
In-place lease intangibles	15,928		0
Favorable lease intangibles	3,885		0
Other assets	4,743		0
Total Assets	101,017		0
Liabilities
Unfavorable lease intangibles	1,087		0
Other liabilities	14,796		0
Total Liabilities	$ 15,883		$ 0
[1]Includes $5.0 million and $151.0 million of cash held in collateralized loan obligation as of December 31, 2023 and 2022, respectively.

Real Estate Owned - Income (Los

Real Estate Owned - Income (Loss) from Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Rental income	$ 7,038	$ 7,589
Other operating income	1,507	1,382
Revenue from rest estate owned operations	8,545	8,971
Expenses from real estate owned operations	(11,190)	(11,113)	$ 0
Other income	1,722	1,382
Total	$ (923)	$ (760)
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenue from real estate owned operations	Revenue from real estate owned operations

Real Estate Owned - Amortizatio

Real Estate Owned - Amortization of Lease Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset
In-place lease intangibles	$ 67	$ 67
Liability
Unfavorable lease intangibles	$ 365	$ 365

Real Estate Owned - Future Leas

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

Real Estate Owned - Future Mini

Real Estate Owned - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Real Estate [Abstract]
2024	$ 11,731
2025	8,030
2026	6,211
2027	4,618
2028	3,237
Thereafter	$ 5,067

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding Principal	$ 3,794,066,000
Outstanding Principal	7,414,900,000
Carrying Value	$ 7,343,500,000
Average haircut weighted by outstanding face amount of collateral	33.80%	31.50%
Average haircut weighted by outstanding face amount of collateral if maximum amount is borrowed	32.20%	25.60%
Commercial Real Estate Loans
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 11,600,000	$ 22,000,000
Minimum
Debt Instrument [Line Items]
Weighted average life (Years)	1 year 2 months 12 days
Maximum
Debt Instrument [Line Items]
Weighted average life (Years)	3 years
KREF Lending V LLC
Debt Instrument [Line Items]
Outstanding Principal		502,878,000
Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 11,600,000	22,000,000
Total Debt
Debt Instrument [Line Items]
Maximum Facility Size	6,578,024,000
Outstanding Principal	3,794,066,000
Carrying Value	$ 3,782,419,000	3,748,691,000
Weighted Average Funding Cost	7.60%
Secured Financing Agreements | Facility
Debt Instrument [Line Items]
Carrying Value	$ 3,782,419,000	3,748,691,000	$ 3,726,593,000
Secured Financing Agreements | KREF Lending IX | Facility
Debt Instrument [Line Items]
Maximum Facility Size	1,000,000,000
Outstanding Principal	696,605,000
Carrying Value	$ 693,458,000	719,000,000
Weighted Average Funding Cost	7.70%
Outstanding Principal	$ 872,516,000
Carrying Value	862,127,000
Secured Financing Agreements | KREF Lending V LLC | Facility
Debt Instrument [Line Items]
Maximum Facility Size	327,399,000
Outstanding Principal	327,399,000
Carrying Value	$ 327,163,000	502,539,000
Weighted Average Funding Cost	7.50%
Outstanding Principal	$ 459,844,000
Carrying Value	441,846,000
Secured Financing Agreements | KREF Lending XII | Facility
Debt Instrument [Line Items]
Maximum Facility Size	350,000,000
Outstanding Principal	166,771,000
Carrying Value	$ 166,308,000	159,784,000
Weighted Average Funding Cost	7.20%
Outstanding Principal	$ 225,470,000
Carrying Value	223,442,000
Secured Financing Agreements | Wells Fargo | Facility
Debt Instrument [Line Items]
Maximum Facility Size	1,000,000,000
Outstanding Principal	646,559,000
Carrying Value	$ 645,091,000	670,824,000
Weighted Average Funding Cost	7.10%
Outstanding Principal	$ 981,708,000
Carrying Value	891,969,000
Secured Financing Agreements | Morgan Stanley | Facility
Debt Instrument [Line Items]
Maximum Facility Size	600,000,000
Outstanding Principal	483,339,000
Carrying Value	$ 483,055,000	593,136,000
Weighted Average Funding Cost	7.60%
Outstanding Principal	$ 730,304,000
Carrying Value	684,371,000
Secured Financing Agreements | Goldman Sachs | Facility
Debt Instrument [Line Items]
Maximum Facility Size	400,000,000
Outstanding Principal	347,329,000
Carrying Value	$ 346,464,000	168,369,000
Weighted Average Funding Cost	8.20%
Outstanding Principal	$ 519,711,000
Carrying Value	513,900,000
Secured Financing Agreements | KREF Lending VII | Facility
Debt Instrument [Line Items]
Carrying Value		630,757,000
Outstanding Principal	718,739,000
Carrying Value	709,760,000
Secured Financing Agreements | BMO | Facility
Debt Instrument [Line Items]
Maximum Facility Size	300,000,000
Outstanding Principal	138,615,000
Carrying Value	$ 137,752,000	137,170,000
Weighted Average Funding Cost	7.40%
Outstanding Principal	$ 179,601,000
Carrying Value	178,557,000
Secured Financing Agreements | HSBC | Facility
Debt Instrument [Line Items]
Maximum Facility Size	500,000,000
Outstanding Principal	0
Carrying Value	$ (11,000)	0
Weighted Average Funding Cost	0%
Outstanding Principal	$ 0
Carrying Value	0
Secured Financing Agreements | KREF Lending XIII | Facility
Debt Instrument [Line Items]
Maximum Facility Size	265,625,000
Outstanding Principal	166,072,000
Carrying Value	$ 163,836,000	69,777,000
Weighted Average Funding Cost	8.70%
Outstanding Principal	$ 195,379,000
Carrying Value	193,123,000
Secured Financing Agreements | KREF Lending XIV | Facility
Debt Instrument [Line Items]
Maximum Facility Size	125,000,000
Outstanding Principal	0
Carrying Value	$ (1,216,000)	(1,655,000)
Weighted Average Funding Cost	0%
Outstanding Principal	$ 0
Carrying Value	(999,000)
Secured Financing Agreements | KREF Lending XI | Facility
Debt Instrument [Line Items]
Maximum Facility Size	100,000,000
Outstanding Principal	100,000,000
Carrying Value	$ 99,574,000	98,990,000
Weighted Average Funding Cost	8.70%
Outstanding Principal	$ 125,000,000
Carrying Value	123,947,000
Term Loan Facility | KREF Lending VII | Facility
Debt Instrument [Line Items]
Maximum Facility Size	1,000,000,000
Outstanding Principal	561,377,000
Carrying Value	$ 560,945,000
Weighted Average Funding Cost	7.30%
Revolving Credit Facility | Facility
Debt Instrument [Line Items]
Maximum Facility Size	$ 610,000,000
Outstanding Principal	160,000,000
Carrying Value	$ 160,000,000	0
Weighted Average Funding Cost	7.50%
Revolving Credit Facility | Morgan Stanley | Facility
Debt Instrument [Line Items]
Deferred financing/debt issuance costs	$ 3,700,000	$ 4,900,000
Loan Facility | BMO | Facility
Debt Instrument [Line Items]
Weighted average life (Years)	5 years
Loan Facility | KREF | Facility
Debt Instrument [Line Items]
Weighted average life (Years)	2 years

Debt Obligations - Repurchase A

Debt Obligations - Repurchase Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 3,794,066
Wells Fargo
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	646,559	$ 672,556
Net Counterparty Exposure	$ 248,891	$ 240,897
Percent of Stockholders' Equity	17.70%	15.30%
Weighted Average Life (Years)	2 years 8 months 12 days	2 years 6 months
Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 483,339	$ 594,537
Net Counterparty Exposure	$ 203,080	$ 199,485
Percent of Stockholders' Equity	14.50%	12.70%
Weighted Average Life (Years)	1 year 7 months 6 days	9 months 18 days
KREF Lending IX
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 696,605	$ 727,472
Net Counterparty Exposure	$ 172,462	$ 177,358
Percent of Stockholders' Equity	12.30%	11.30%
Weighted Average Life (Years)	3 years 1 month 6 days	2 years 2 months 12 days
Goldman Sachs
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 347,329	$ 169,073
Net Counterparty Exposure	$ 170,236	$ 190,917
Percent of Stockholders' Equity	12.10%	12.10%
Weighted Average Life (Years)	2 years 10 months 24 days	2 years 1 month 6 days
KREF Lending V
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		$ 502,878
Net Counterparty Exposure		$ 182,774
Percent of Stockholders' Equity		11.60%
Weighted Average Life (Years)		3 months 18 days
Total
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 2,173,832
Net Counterparty Exposure	$ 794,669
Percent of Stockholders' Equity	56.60%
Weighted Average Life (Years)	2 years 7 months 6 days
Total
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		$ 2,666,516
Net Counterparty Exposure		$ 991,431
Percent of Stockholders' Equity		63%
Weighted Average Life (Years)		1 year 7 months 6 days
KREF Lending V | Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Percent of Stockholders' Equity		2.80%

Debt Obligations - Debt Activit

Debt Obligations - Debt Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Deferred debt issuance costs	$ (5,811)	$ (32,870)	$ (24,192)
Facility | Secured Financing Agreements
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Beginning balance	3,748,691	3,726,593
Principal borrowings	811,119	2,483,907
Principal repayments/sales	(787,754)	(2,451,099)
Deferred debt issuance costs	(4,889)	(22,181)
Amortization of deferred debt issuance costs	15,252	11,471
Ending balance	$ 3,782,419	$ 3,748,691	$ 3,726,593

Debt Obligations - Maturities (

Debt Obligations - Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2024	$ 245,392
2025	304,892
2026	1,798,014
2027	1,345,462
Thereafter	100,305
Total	$ 3,794,066
Maximum
Debt Instrument [Line Items]
Recourse limit	25%
Nonrecourse
Debt Instrument [Line Items]
2024	$ 199,532
2025	241,231
2026	1,414,829
2027	976,514
Thereafter	100,305
Total	2,932,413
Recourse
Debt Instrument [Line Items]
2024	45,861
2025	63,660
2026	383,185
2027	368,948
Thereafter	0
Total	$ 861,654

Debt Obligations - Covenants (D

Debt Obligations - Covenants (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Interest income to interest expense ratio	1.4
Percent of aggregate cash proceeds and any capital contributions	75%
Amount of aggregate cash proceeds and any capital contributions	$ 1,307.7
Cash liquidity covenant amount (greater of)	$ 10
Cash liquidity covenant, percent of recourse indebtedness (greater of)	5%
Total indebtedness covenant, percent of total assets, net of VIE liabilities (as a percent)	83.30%

Collateralized Loan Obligatio_3

Collateralized Loan Obligations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2022	Aug. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Payments of debt issuance costs			$ 5,811	$ 32,870	$ 24,192
KREF 2021-FL2 | Primary beneficiary | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Payments of debt issuance costs		$ 8,900
KREF 2021-FL2 | Collateralized loan obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Term of reinvestment feature		2 years
KREF 2021-FL2 | Collateralized loan obligations | KKR Credit & Markets | Related party
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Placement agent fee		$ 900
KREF 2022-FL3 | Primary beneficiary | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Payments of debt issuance costs	$ 7,400
KREF 2022-FL3 | Collateralized loan obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Term of reinvestment feature	2 years
KREF 2022-FL3 | Collateralized loan obligations | KKR Credit & Markets | Related party
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Placement agent fee	$ 500

Collateralized Loan Obligatio_4

Collateralized Loan Obligations - Schedule of Collateral Assets and Respective Borrowings (Details)	Dec. 31, 2023 USD ($) borrowing collateralAsset	Dec. 31, 2022 USD ($) borrowing collateralAsset
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Percentage of commercial mortgage loans	31%	28.40%
Percentage of collateralized loan obligations under floating rate loans	100%	100%
SOFR | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Percentage of CLO loans earnings floating rate interest	100%	35.90%
LIBOR | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Percentage of CLO loans earnings floating rate interest		64.10%
Primary beneficiary | Collateralized loan obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Cash	$ 5,000,000	$ 151,000,000
KREF 2021-FL2 | Primary beneficiary | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Financing provided, count (in borrowings) | borrowing	1	1
Principal	$ 1,095,250,000	$ 1,095,250,000
Carrying value, financing provided	$ 1,095,128,000	$ 1,092,332,000
KREF 2021-FL2 | Primary beneficiary | SOFR | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Weighted average yield, financing provided	1.50%
KREF 2021-FL2 | Primary beneficiary | LIBOR | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Weighted average yield, financing provided		1.70%
KREF 2021-FL2 | Primary beneficiary | Collateralized loan obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Collateral assets, count (in collateral assets) | collateralAsset	18	17
Outstanding principal, collateral assets	$ 1,300,000,000	$ 1,300,000,000
KREF 2021-FL2 | Primary beneficiary | Collateralized loan obligations | SOFR
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Weighted average yield, collateral assets	3.10%
KREF 2021-FL2 | Primary beneficiary | Collateralized loan obligations | LIBOR and SOFR
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Weighted average yield, collateral assets		3.30%
KREF 2021-FL2 | Primary beneficiary | Collateralized loan obligations | Commercial Mortgage Loans, Held-For-Investment and Cash
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	$ 1,288,464,000	$ 1,283,162,000
KREF 2022-FL3 | Primary beneficiary | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Financing provided, count (in borrowings) | borrowing	1	1
Principal	$ 847,500,000	$ 847,500,000
Carrying value, financing provided	$ 847,043,000	$ 843,260,000
KREF 2022-FL3 | Primary beneficiary | SOFR | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Weighted average yield, financing provided	2.20%	2.20%
KREF 2022-FL3 | Primary beneficiary | Collateralized loan obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Collateral assets, count (in collateral assets) | collateralAsset	16	16
Outstanding principal, collateral assets	$ 1,000,000,000	$ 1,000,000,000
KREF 2022-FL3 | Primary beneficiary | Collateralized loan obligations | SOFR
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Weighted average yield, collateral assets	3%
KREF 2022-FL3 | Primary beneficiary | Collateralized loan obligations | LIBOR and SOFR
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Weighted average yield, collateral assets		3.10%
KREF 2022-FL3 | Primary beneficiary | Collateralized loan obligations | Commercial Mortgage Loans, Held-For-Investment and Cash
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	$ 990,320,000	$ 991,452,000

Collateralized Loan Obligatio_5

Collateralized Loan Obligations - Schedule of Assets and Liabilities Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 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	$ 7,343,548	$ 7,494,138	$ 6,316,733
Less: Allowance for credit losses	(210,470)	(106,974)	(22,244)
Commercial real estate loans, held-for-investment, net	7,133,078	7,387,164	$ 6,294,489
Accrued interest receivable	41,003	39,005
Other assets	19,455	19,281
Total Assets	7,547,618	7,802,321
Collateralized loan obligations	3,794,066
Collateralized loan obligations, net	1,942,171	1,935,592
Accrued interest payable	20,207	17,859
Total Liabilities	6,143,436	6,230,885
Recurring
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment	7,343,548	7,494,138
Commercial real estate loans, held-for-investment, net	7,133,078	7,387,164
Total Assets	7,304,052	7,663,804
Total Liabilities	6,059,921	6,164,348
Recurring | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Collateralized loan obligations	1,942,750	1,942,750
Collateralized loan obligations | Primary beneficiary
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Cash	5,000	151,000
Commercial real estate loans, held-for-investment	2,295,000	2,149,000
Less: Allowance for credit losses	(21,216)	(25,387)
Commercial real estate loans, held-for-investment, net	2,273,784	2,123,613
Accrued interest receivable	12,653	10,693
Other assets	155	155
Total Assets	2,291,592	2,285,461
Deferred financing costs	(579)	(7,158)
Collateralized loan obligations, net	1,942,171	1,935,592
Accrued interest payable	5,666	4,442
Total Liabilities	$ 1,947,837	$ 1,940,034

Collateralized Loan Obligatio_6

Collateralized Loan Obligations - Schedule of Net Interest Income Included in Consolidated Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Interest income	$ 165,024	$ 163,229	$ 159,629	$ 152,530	$ 143,508	$ 114,627	$ 90,603	$ 73,230	$ 640,412	$ 421,968	$ 279,950
Interest expense	118,532	118,617	115,677	105,976	91,592	67,311	44,733	32,459	458,802	236,095	114,439
Total net interest income	$ 46,492	$ 44,612	$ 43,952	$ 46,554	$ 51,916	$ 47,316	$ 45,870	$ 40,771	181,610	185,873	$ 165,511
Collateralized loan obligations | Primary beneficiary
Variable Interest Entity [Line Items]
Interest income									184,286	110,043
Interest expense									135,814	68,658
Total net interest income									48,472	41,385
Deferred financing costs amortization									$ 7,200	$ 7,900

Secured Term Loan, Net - Narrat

Secured Term Loan, Net - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	Nov. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total indebtedness covenant, percent of total assets (as a percent)				83.30%
Secured term loan | Secured debt
Debt Instrument [Line Items]
Principal	$ 350,000,000	$ 300,000,000
Issuance price (as a percent)		97.50%
Amortization rate (as a percent)		1%
Unamortized discount		$ 7,500,000		$ 3,659,000	$ 4,656,000
Deferred financing costs	2,000,000	$ 5,100,000
Carrying value, financing provided	297,800,000			335,331,000	$ 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 (as a percent)		83.30%
Secured term loan | Secured debt | Structuring fees | Related party | KKR Credit & Markets
Debt Instrument [Line Items]
Related party transaction expenses	$ 800,000	$ 1,100,000
Secured term loan | Secured debt | LIBOR
Debt Instrument [Line Items]
Interest rates (as a percent)	3.50%	4.75%
Variable rate floor (as a percent)	0.50%	1%
Secured term loan | Secured debt | SOFR
Debt Instrument [Line Items]
Effective basis spread on variable rate (as a percent)				4.10%

Secured Term Loan, Net - Summar

Secured Term Loan, Net - Summary of Secured Term Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Principal	$ 3,794,066
Secured term loan | Secured debt
Debt Instrument [Line Items]
Principal	343,000	$ 346,500
Deferred financing costs	(4,010)	(5,016)
Unamortized discount	(3,659)	(4,656)		$ (7,500)
Carrying value	$ 335,331	$ 336,828	$ 297,800

Convertible Notes, Net - Narrat

Convertible Notes, Net - Narrative (Details) - USD ($)	Dec. 31, 2023	May 15, 2023	Dec. 31, 2022	May 31, 2018
Debt Instrument [Line Items]
Convertible notes, net	$ 0		$ 143,237,000
Accrued interest payable	20,207,000		17,859,000
Convertible Notes Payable
Debt Instrument [Line Items]
Principal	0		143,750,000
Deferred financing costs	0		380,000
Convertible notes, net	$ 0		143,237,000
Notes Due in 2023 | Convertible Notes Payable
Debt Instrument [Line Items]
Principal				$ 143,750,000
Debt instrument, interest rate, stated percentage (as a percent)	6.125%			6.125%
Deferred financing costs				$ 5,100,000
Convertible notes, net	$ 0	$ 0
Accrued interest payable	$ 0		$ 1,100,000

Convertible Notes, Net - Net Bo

Convertible Notes, Net - Net Book Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying value	$ 0	$ 143,237
Convertible Notes Payable
Debt Instrument [Line Items]
Principal	0	143,750
Deferred financing costs	0	(380)
Unamortized discount	0	(133)
Carrying value	$ 0	$ 143,237

Convertible Notes, Net - Intere

Convertible Notes, Net - Interest Expense, Debt (Details) - Convertible Notes Payable - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Cash coupon	$ 3,276	$ 8,805
Discount and issuance cost amortization	513	1,386
Total interest expense	$ 3,789	$ 10,191

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Equity method investments	$ 35,076	$ 36,849
Primary beneficiary | Real estate owned
Variable Interest Entity [Line Items]
Ownership percentage in VIE (as a percent)	90%
Net assets	$ 72,400
Distribution priority	$ 78,100
Primary beneficiary | Real estate owned | JV Partner
Variable Interest Entity [Line Items]
Ownership percentage of partner (as a percent)	10%
Variable Interest Entity, Not Primary Beneficiary | RECOP I
Variable Interest Entity [Line Items]
Ownership percentage in VIE (as a percent)	3.50%
Variable Interest Entity, Not Primary Beneficiary | RECOP I | Level 3 | Discounted Cash Flow
Variable Interest Entity [Line Items]
Equity method investments	$ 35,100

Equity - Narrative (Details)

Equity - Narrative (Details)		1 Months Ended							12 Months Ended			24 Months Ended		80 Months Ended
	Nov. 01, 2021 shares	Oct. 31, 2023 $ / shares	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	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Feb. 03, 2023 USD ($)	Dec. 31, 2020 shares	Dec. 31, 2019 shares	Feb. 22, 2019 USD ($)	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					$ 0.01
Common stock authorized ( in shares)									300,000,000	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					50,000,000
Net proceeds from issuances of common stock | $									$ 0	$ 194,225,000	$ 120,711,000
Common stock issued ( in shares)									75,299,556	75,080,707		75,299,556		75,299,556
Common stock outstanding ( in shares)									69,313,860	69,095,011		69,313,860		69,313,860
Treasury stock, held ( in shares)									5,985,696	5,985,696		5,985,696		5,985,696
Repurchase of common stock (in shares)									0	2,085,370
Repurchase of common stock | $										$ 35,800,000
Stock repurchase program, remaining amount | $									$ 100,000,000			$ 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%		10%
Restricted stock units
Subsidiary, Sale of Stock [Line Items]
Common stock issued related to vesting RSUs (in shares)									458,277
ATM
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)									0
Common stock authorized | $																		$ 100,000,000
Remaining authorized amount | $									$ 93,200,000			$ 93,200,000		$ 93,200,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion ratio	1
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 (as a percent)									14.40%	14.50%		14.40%		14.40%
Common Stock | Underwritten offering
Subsidiary, Sale of Stock [Line Items]
Net proceeds from issuances of common stock | $			$ 53,700,000	$ 133,800,000
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 | ATM
Subsidiary, Sale of Stock [Line Items]
Net proceeds from issuances of common stock | $										$ 6,700,000
Sale of stock, number of shares issued in transaction (in shares)										340,458
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 (as a percent)		6.50%			6.50%		6.50%
Net proceeds from issuance of preferred stock | $					$ 151,200,000		$ 167,100,000
Preferred stock, redemption price (USD per share) | $ / shares					$ 25		$ 25
Preferred stock liquidation preference (usd per share) | $ / shares					$ 25		25		$ 25	$ 25	$ 25	$ 25	$ 25	$ 25
Annual dividend rate (usd per share) | $ / shares		$ 1.625					$ 1.625
Common stock, net
Subsidiary, Sale of Stock [Line Items]
Common stock issued ( in shares)									74,343,813	74,343,813	64,759,200	74,343,813	64,759,200	74,343,813			59,211,838
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock issued related to vesting RSUs (in shares)									955,743					955,743
Common stock outstanding ( in shares)									69,313,860	69,095,011	61,370,732	69,313,860	61,370,732	69,313,860		55,619,428
Common Stock | Restricted stock units
Subsidiary, Sale of Stock [Line Items]
Common stock issued related to vesting RSUs (in shares)									218,849	225,036
Common Stock | Common Stock
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (in shares)										9,584,613	5,547,361
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
November 2021 | Common stock, net
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (in shares)	5,000,000												5,000,000

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock Issued (Details) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended			24 Months Ended		80 Months Ended
	Nov. 01, 2021	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2023
Common Stock Issuance [Roll Forward]
Beginning balance ( in shares)				75,080,707
Ending balance ( in shares)				75,299,556	75,080,707		75,299,556		75,299,556
Beginning balance				$ 1,571,436
Ending balance				$ 1,404,182	$ 1,571,436		$ 1,404,182		$ 1,404,182
Common stock, net
Common Stock Issuance [Roll Forward]
Beginning balance ( in shares)				74,343,813	64,759,200		64,759,200	59,211,838
Ending balance ( in shares)				74,343,813	74,343,813	64,759,200	74,343,813	64,759,200	74,343,813
Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Beginning balance				$ 1,476,958	$ 1,282,734		$ 1,282,734	$ 1,162,023
Ending balance				1,476,958	1,476,958	$ 1,282,734	1,476,958	1,282,734	$ 1,476,958
Common Stock
Common Stock Issuance [Roll Forward]
Beginning balance				691	613	556	613
Ending balance				$ 693	$ 691	$ 613	$ 693	$ 613	$ 693
Common stock issued related to vesting RSUs (in shares)				955,743					955,743
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		12 Months Ended
	Dec. 15, 2023	Oct. 20, 2023	Sep. 15, 2023	Jul. 21, 2023	Jun. 15, 2023	Apr. 21, 2023	Mar. 17, 2023	Feb. 03, 2023	Dec. 13, 2022	Oct. 20, 2022	Sep. 13, 2022	Jul. 19, 2022	Jun. 15, 2022	Apr. 22, 2022	Mar. 15, 2022	Feb. 01, 2022	Dec. 31, 2023	Oct. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Dividends declared per share of common stock (usd per share)	$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 0.43		$ 1.72	$ 1.72	$ 1.72
Dividends paid	$ 29,805		$ 29,716		$ 29,716		$ 29,711		$ 29,711		$ 29,815		$ 29,951		$ 29,211				$ 118,948	$ 118,688
Preferred stock dividends declared																			$ 21,304	$ 21,304
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		$ 0.41		$ 0.41		$ 0.41		$ 0.41	$ 1.63	$ 1.63	$ 1.08
Preferred stock dividends declared		$ 5,326		$ 5,326		$ 5,326		$ 5,326		$ 5,326		$ 5,326		$ 5,326		$ 5,326

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended			80 Months Ended
	Mar. 31, 2022	Dec. 31, 2021 shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) period shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period				1 year 2 months 12 days
Tax withholding on stock-based compensation | $				$ 1,979	$ 2,656	$ 5,581
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued related to vesting RSUs (in shares)				955,743			955,743
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $				$ 8,100	$ 7,800	7,400
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding			1,147,927	1,147,927	935,218		1,147,927
Number of consecutive vesting periods (in periods) | period				3
Vesting period				1 year
Units granted (in shares)		400,000		673,370	547,625
Dividend, share-based payment arrangement | $				$ 1,800	$ 1,400	$ 200
Vesting percentage	25%
Common stock issued related to vesting RSUs (in shares)				458,277
Tax withholding on stock-based compensation | $			$ 2,000
Restricted Stock Units (RSUs) | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued related to vesting RSUs (in shares)				218,849	225,036
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 | $			$ 14,900	$ 14,900			$ 14,900
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)			72,708	72,708			72,708

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Unit Activity (Details) - Restricted stock units - $ / shares	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units
Unvested, beginning balance (in shares)		935,218
Units granted (in shares)	400,000	673,370	547,625
Units vested (in shares)		(458,277)
Units Forfeited/ cancelled (in shares)		(2,384)
Unvested, ending balance (in shares)		1,147,927	935,218
Weighted Average Grant Date Fair Value Per RSU
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)		13.32
Units vested, weighted average grant date fair value (usd per share)		17.46
Units forfeited/ cancelled, weighted average grant date fair value (usd per share)		17.31
Unvested. ending balance, weighted average grant date fair value (usd per share)		$ 14.49	$ 16.80

Stock-based Compensation - RSU

Stock-based Compensation - RSU Vesting (Details) - Restricted stock units - shares	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2024 (in shares)	558,318
2025 (in shares)	381,275
2026 (in shares)	208,334
Total	1,147,927	935,218

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 15, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average unvested RSUs (in shares)	18,209	171,111	13,043
Convertible notes, net	$ 0	$ 143,237,000
Potentially issuable shares related to the convertible notes (in shares)		6,316,174
Convertible Notes Payable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Convertible notes, net	0	$ 143,237,000
Notes Due in 2023 | Convertible Notes Payable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Convertible notes, net	$ 0			$ 0

Earnings (Loss) per Share - Com

Earnings (Loss) per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings
Net Income (Loss)	$ (12,887)	$ 27,141	$ (20,028)	$ (25,077)	$ 20,328	$ (42,754)	$ 25,061	$ 35,468	$ (30,851)	$ 38,103	$ 137,183
Less: Preferred stock dividends									21,304	21,304	11,369
Less: Participating securities' share in earnings	525	414	418	407	400	341	341	346	1,764	1,428	179
Net Income (Loss) Attributable to Common Stockholders	(18,738)	21,401	(25,772)	(30,810)	$ 14,602	$ (48,421)	$ 19,394	$ 29,796	(53,919)	15,371	125,635
Net Income (Loss) Attributable to Common Stockholders	$ (18,738)	$ 21,401	$ (25,772)	$ (30,810)					$ (53,919)	$ 15,371	$ 125,635
Shares
Weighted average common shares outstanding (in shares)									69,154,447	67,553,578	56,571,200
Add: Deferred stock units (in shares)									25,592	0	0
Add: Dilutive restricted stock units (in shares)									0	0	212,188
Diluted weighted average common shares outstanding (in shares)	69,384,309	69,122,636	69,115,654	69,095,011	69,109,790	69,382,730	68,549,049	69,402,626	69,180,039	67,553,578	56,783,388
Net income (loss) attributable to common stockholders, per:
Basic common share (usd per share)	$ (0.27)	$ 0.31	$ (0.37)	$ (0.45)	$ 0.21	$ (0.70)	$ 0.28	$ 0.47	$ (0.78)	$ 0.23	$ 2.22
Diluted common share (usd per share)	$ (0.27)	$ 0.31	$ (0.37)	$ (0.45)	$ 0.21	$ (0.70)	$ 0.28	$ 0.46	$ (0.78)	$ 0.23	$ 2.21

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended		12 Months Ended
	Jan. 31, 2022 time	Jan. 31, 2017 USD ($)	Dec. 31, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Number of times interest rates raised by the Federal Reserve | time	11
Future funding commitment related to commercial mortgage loan investments
Long-term Purchase Commitment [Line Items]
Capital commitment			$ 816.4
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									12 Months Ended
	Aug. 31, 2022	Jun. 30, 2022	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	Dec. 31, 2023 USD ($) calendarQuarter shares	Dec. 31, 2022 USD ($) shares
ATM
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares										0
Restricted stock units
Related Party Transaction [Line Items]
Units granted (in shares) | shares					400,000					673,370	547,625
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
Management Incentive Plan | Common Stock
Related Party Transaction [Line Items]
Number of shares available for awards ( in shares) | shares										1,852,009
Management Incentive Plan | Non-Employee Director
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
KKR Credit & Markets | BMO Facility
Related Party Transaction [Line Items]
Structuring fee, percent										0.35%
KKR Credit & Markets | Related party | KREF 2021-FL2 | Collateralized loan obligations
Related Party Transaction [Line Items]
Placement agent fee						$ 900,000
KKR Credit & Markets | Related party | KREF 2022-FL3 | Collateralized loan obligations
Related Party Transaction [Line Items]
Placement agent fee			$ 500,000
KKR Credit & Markets | Related party | 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
KKR Credit & Markets | Related party | ATM
Related Party Transaction [Line Items]
Maximum commissions to be paid to sales agent as a percentage of gross sales price										2%
Sale of stock, number of shares issued in transaction (in shares) | shares										0	340,548
Payments for equity offering discounts and commissions										$ 0	$ 0
KKR Credit & Markets | Related party | HSBC Facility
Related Party Transaction [Line Items]
Structuring fee, percent									0.25%
KKR Credit & Markets | Related party | KREF Lending IX Facility
Related Party Transaction [Line Items]
Structuring fee, percent							75%
KKR Credit & Markets | Related party | KREF Lending XI Facility
Related Party Transaction [Line Items]
Management fee to affiliate											500,000
KKR Credit & Markets | Related party | KREF Lending XII
Related Party Transaction [Line Items]
Structuring fee, percent		0.35%
KKR Credit & Markets | Related party | KREF Lending XIII
Related Party Transaction [Line Items]
Structuring fee, percent	0.50%
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
Related Party Transaction [Line Items]
Related party transaction expenses										$ 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
Structuring fees | KREF Lending IX Facility
Related Party Transaction [Line Items]
Related party transaction amount										$ 300,000	2,300,000
Structuring fees | KKR Credit & Markets | Related party | BMO Facility
Related Party Transaction [Line Items]
Management fee to affiliate										$ 0	500,000
Structuring fees | KKR Credit & Markets | Related party | KREF Lending XII
Related Party Transaction [Line Items]
Management fee to affiliate											600,000
Structuring fees | KKR Credit & Markets | Related party | KREF Lending XIII
Related Party Transaction [Line Items]
Management fee to affiliate											1,300,000
Structuring fees | KKR Credit & Markets | Related party | KREF Lending XIV
Related Party Transaction [Line Items]
Management fee to affiliate											600,000
Arrangement fee | KKR Credit & Markets | Related party | Revolving Credit Facility | Facility
Related Party Transaction [Line Items]
Management fee to affiliate											$ 3,300,000
Arrangement fee on existing commitments | KKR Credit & Markets | Related party | Revolving Credit Facility | Facility
Related Party Transaction [Line Items]
Related party transaction, rate										0.375%
Arrangement fee on new commitments | KKR Credit & Markets | Related party | Revolving Credit Facility | Facility
Related Party Transaction [Line Items]
Related party transaction, rate										0.75%

Related Party Transactions - Ex

Related Party Transactions - Expenses Incurred and Amounts Owed to Affiliates (Details) - Related party - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Other liabilities	$ 8,270	$ 8,722
Affiliate expenses	35,243	30,699	$ 31,202
Management fees
Related Party Transaction [Line Items]
Other liabilities	6,523	6,578
Affiliate expenses	26,171	25,680	19,378
Expense reimbursements
Related Party Transaction [Line Items]
Other liabilities	0	100
KCM fees
Related Party Transaction [Line Items]
Other liabilities	1,747	2,044
Incentive compensation
Related Party Transaction [Line Items]
Affiliate expenses	2,491	634	10,273
Expense reimbursements and other
Related Party Transaction [Line Items]
Affiliate expenses	$ 6,581	$ 4,385	$ 1,551

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2023		Sep. 30, 2023	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 135,898	[1]		$ 135,898	[1]	$ 239,791	[1]	$ 271,487
Principal Amount	7,414,900			7,414,900
Commercial real estate loans, held-for-investment	7,343,548			7,343,548		7,494,138		6,316,733
Carrying value	7,133,078			7,133,078		7,387,164		6,294,489
Equity method investments, fair value	35,076			35,076		36,849
Total Assets	7,547,618			7,547,618		7,802,321
Assets, fair value	7,133,696			7,133,696
Outstanding Principal	3,794,066			3,794,066
Total Liabilities	6,143,436			6,143,436		6,230,885
Write-offs charged	58,700		$ 15,000	73,706		25,000
Carrying amount	210,470			210,470		106,974		$ 22,244
Carrying amount	7,343,500			7,343,500
Mezzanine loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	90,200			90,200
Carrying amount	44,700			44,700
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	2,295,000			2,295,000		2,149,000
Carrying value	2,273,784			2,273,784		2,123,613
Total Assets	2,291,592			2,291,592		2,285,461
Total Liabilities	1,947,837			1,947,837		1,940,034
Unamortized debt issuance costs	579			579		7,158
Carrying amount	21,216			21,216		25,387
Loans held-for-investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized origination discounts and deferred nonrefundable fees	20,800			20,800		43,300
Write-offs charged						25,000
Loans held-for-investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	7,369,425			7,369,425		7,562,392
Commercial real estate loans, held-for-investment	7,343,548			7,343,548		7,494,138
Carrying value	7,133,078			7,133,078		7,387,164
Loans held-for-investment | Mezzanine loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	44,667			44,667		98,933
Commercial real estate loans, held-for-investment	44,704			44,704		98,675
Carrying value	43,148			43,148		98,529
Commercial loans written off
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount	45,500			45,500		5,500
Commercial Real Estate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	7,369,425			7,369,425		7,562,392
Commercial real estate loans, held-for-investment	7,343,548			7,343,548		7,494,138
Carrying value	7,133,078			7,133,078		7,387,164
Carrying amount						107,000
Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized debt issuance costs	11,600			11,600		22,000
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	135,898			135,898		239,791
Cash and cash equivalents, fair value	135,898			135,898		239,791
Principal Amount	7,369,425			7,369,425		7,562,392
Commercial real estate loans, held-for-investment	7,343,548			7,343,548		7,494,138
Carrying value	7,133,078			7,133,078		7,387,164
Commercial mortgage loans, held-for-investment, net, fair value	7,133,696			7,133,696		7,393,279
Equity method investments	35,076			35,076		36,849
Equity method investments, fair value	35,076			35,076		36,849
Assets, principal balance	7,540,399			7,540,399		7,839,032
Net Assets	7,514,522			7,514,522		7,770,778
Total Assets	7,304,052			7,304,052		7,663,804
Assets, fair value	7,304,670			7,304,670		7,669,919
Liabilities, principal balance	6,079,816			6,079,816		6,203,701
Total Liabilities	6,059,921			6,059,921		6,164,348
Liabilities, fair value	6,014,269			6,014,269		6,086,487
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	135,898			135,898		239,791
Commercial mortgage loans, held-for-investment, net, fair value	0			0		0
Equity method investments, fair value	0			0		0
Assets, fair value	135,898			135,898		239,791
Liabilities, fair value	0			0		0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0			0		0
Commercial mortgage loans, held-for-investment, net, fair value	0			0		0
Equity method investments, fair value	0			0		0
Assets, fair value	0			0		0
Liabilities, fair value	338,500			338,500		480,754
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0			0		0
Commercial mortgage loans, held-for-investment, net, fair value	7,133,696			7,133,696		7,393,279
Equity method investments, fair value	35,076			35,076		36,849
Assets, fair value	7,168,772			7,168,772		7,430,128
Liabilities, fair value	5,675,769			5,675,769		5,605,733
Recurring | Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	3,794,066			3,794,066		3,770,701
Carrying value, financing provided	3,782,419			3,782,419		3,748,691
Secured financing agreements, net, fair value	3,782,419			3,782,419		3,748,691
Recurring | Facility | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0			0		0
Recurring | Facility | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0			0		0
Recurring | Facility | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	3,782,419			3,782,419		3,748,691
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		1,942,750
Carrying value, financing provided	1,942,171			1,942,171		1,935,592
Secured financing agreements, net, fair value	1,893,350			1,893,350		1,857,042
Recurring | Collateralized loan obligations, net | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0			0		0
Recurring | Collateralized loan obligations, net | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0			0		0
Recurring | Collateralized loan obligations, net | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	1,893,350			1,893,350		1,857,042
Recurring | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	343,000			343,000		346,500
Carrying value, financing provided	335,331			335,331		336,828
Secured financing agreements, net, fair value	338,500			338,500		339,137
Recurring | Secured debt | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0			0		0
Recurring | Secured debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	338,500			338,500		339,137
Recurring | Secured debt | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	$ 0			$ 0		0
Recurring | Convertible debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal						143,750
Carrying value, financing provided						143,237
Secured financing agreements, net, fair value						141,617
Recurring | Convertible debt | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value						0
Recurring | Convertible debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value						141,617
Recurring | Convertible debt | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value						$ 0
[1]Includes $5.0 million and $151.0 million of cash held in collateralized loan obligation as of December 31, 2023 and 2022, respectively.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Unobservable Inputs (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Assets, fair value	$ 7,133,696
Equity method investments	$ 35,076	$ 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	0.033
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	0.172
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	0.044
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	0.107
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	$ 35,100

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current income tax provision	$ 700,000	$ 100,000	$ 700,000
Deferred tax assets, net	$ 0	$ 0

Income Taxes - Common Stock Dis

Income Taxes - Common Stock Distributions (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Ordinary Dividends	91.50%	100%	99.10%	100%
Qualified Dividends	0%	0%	1.20%	0.80%
Long Term Capital Gain	0%	0%	0.90%	0%
Return of Capital	8.50%	0%	0%	0%

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands										1 Months Ended		12 Months Ended
	Feb. 01, 2024	Dec. 15, 2023	Sep. 15, 2023	Jun. 15, 2023	Mar. 17, 2023	Dec. 13, 2022	Sep. 13, 2022	Jun. 15, 2022	Mar. 15, 2022	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Dividends paid		$ 29,805	$ 29,716	$ 29,716	$ 29,711	$ 29,711	$ 29,815	$ 29,951	$ 29,211			$ 118,948	$ 118,688
Dividends declared per share of common stock (usd per share)		$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 0.43		$ 0.43	$ 1.72	$ 1.72	$ 1.72
Subsequent event
Subsequent Event [Line Items]
Dividends paid										$ 29,800
Dividend paid (usd per share)										$ 0.43
Dividends declared per share of common stock (usd per share)	$ 0.25
Subsequent event | Senior Loan
Subsequent Event [Line Items]
Proceeds from principal repayments										$ 324,700
Subsequent event | Washington | Senior Loan
Subsequent Event [Line Items]
Proceeds from principal repayments										173,400
Subsequent event | New York, NY | Senior Loan
Subsequent Event [Line Items]
Proceeds from principal repayments										$ 151,300

Summary Quarterly Consolidate_3

Summary Quarterly Consolidated Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Interest income	$ 165,024	$ 163,229	$ 159,629	$ 152,530	$ 143,508	$ 114,627	$ 90,603	$ 73,230	$ 640,412	$ 421,968	$ 279,950
Interest expense	118,532	118,617	115,677	105,976	91,592	67,311	44,733	32,459	458,802	236,095	114,439
Total net interest income	46,492	44,612	43,952	46,554	51,916	47,316	45,870	40,771	181,610	185,873	165,511
Other Income	4,174	5,443	6,972	4,610	4,813	3,846	4,105	6,430	21,199	19,194	12,183
Operating Expenses	63,580	23,056	70,871	76,249	36,570	94,077	24,980	11,789	233,756	167,416	39,827
Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends, Redemption Value Adjustment and Participating Securities' Share in Earnings	(12,914)	26,999	(19,947)	(25,085)	20,159	(42,915)	24,995	35,412	(30,947)	37,651	137,867
Income tax expense	199	165	177	169	58	0	0	0	710	58	684
Net Income (Loss)	(13,113)	26,834	(20,124)	(25,254)	20,101	(42,915)	24,995	35,412	(31,657)	37,593	137,183
Net income (loss) attributable to noncontrolling interests	(226)	(307)	(96)	(177)	(227)	(161)	(66)	(56)	(806)	(510)	0
Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries	(12,887)	27,141	(20,028)	(25,077)	20,328	(42,754)	25,061	35,468	(30,851)	38,103	137,183
Preferred stock dividends	5,326	5,326	5,326	5,326	5,326	5,326	5,326	5,326	21,304	21,304
Participating securities' share in earnings	525	414	418	407	400	341	341	346	1,764	1,428	179
Net Income (Loss) Attributable to Common Stockholders	(18,738)	21,401	(25,772)	(30,810)	$ 14,602	$ (48,421)	$ 19,394	$ 29,796	(53,919)	15,371	125,635
Net Income (Loss) Attributable to Common Stockholders	$ (18,738)	$ 21,401	$ (25,772)	$ (30,810)					$ (53,919)	$ 15,371	$ 125,635
Basic (usd per share)	$ (0.27)	$ 0.31	$ (0.37)	$ (0.45)	$ 0.21	$ (0.70)	$ 0.28	$ 0.47	$ (0.78)	$ 0.23	$ 2.22
Diluted (usd per share)	$ (0.27)	$ 0.31	$ (0.37)	$ (0.45)	$ 0.21	$ (0.70)	$ 0.28	$ 0.46	$ (0.78)	$ 0.23	$ 2.21
Basic weighted average number of shares of common stock outstanding (in shares)	69,384,309	69,122,636	69,115,654	69,095,011	69,109,790	69,382,730	68,549,049	63,086,452	69,180,039	67,553,578	56,571,200
Diluted weighted average number of shares of common stock outstanding (in shares)	69,384,309	69,122,636	69,115,654	69,095,011	69,109,790	69,382,730	68,549,049	69,402,626	69,180,039	67,553,578	56,783,388

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 7,414,900
Carrying Amount	7,343,500
CECL reserve	(210,500)
Total loans, net	7,133,100
Loans held-for-investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	7,369,425	$ 7,562,392
Senior loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	7,324,700
Carrying Amount	7,298,800
Senior loans | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	2,517,100
Carrying Amount	$ 2,509,900
Senior loans | Multifamily | Minimum | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	2.60%
Senior loans | Multifamily | Maximum | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	4%
Senior loans | Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 1,558,900
Carrying Amount	$ 1,551,300
Senior loans | Office | Minimum | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	2.30%
Senior loans | Office | Maximum | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	3.70%
Senior loans | Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 820,200
Carrying Amount	$ 818,000
Senior loans | Industrial | Minimum | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	2.70%
Senior loans | Industrial | Maximum | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	5.50%
Senior loans | Life Science
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 754,600
Carrying Amount	$ 749,800
Senior loans | Life Science | Minimum | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	3.10%
Senior loans | Life Science | Maximum | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	4.50%
Senior loans | Hospitality
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 373,100
Carrying Amount	$ 372,800
Senior loans | Hospitality | Minimum | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	3.70%
Senior loans | Hospitality | Maximum | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	5%
Senior loans | Condo (Residential) / New York
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 149,900
Carrying Amount	$ 149,900
Senior loans | Condo (Residential) / New York | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	3.70%
Senior loans | Student Housing
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 112,500
Carrying Amount	$ 112,000
Senior loans | Student Housing | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	3%
Senior loans | Single Family Rental
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 67,700
Carrying Amount	$ 67,600
Senior loans | Single Family Rental | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	4.90%
Senior loans | Self-Storage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 129,600
Carrying Amount	$ 128,400
Senior loans | Self-Storage | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	3.80%
Senior loans | Loans held-for-investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 7,324,758	7,463,459
Senior loans | Senior Loan 1 | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	369,000
Carrying Amount	$ 367,700
Senior loans | Senior Loan 1 | Multifamily | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	3.30%
Senior loans | Senior Loan 2 | Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 252,300
Carrying Amount	$ 251,800
Senior loans | Senior Loan 2 | Industrial | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	2.70%
Senior loans | Senior Loan 3 | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 220,000
Carrying Amount	$ 219,500
Senior loans | Senior Loan 3 | Multifamily | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	2.90%
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 90,200
Carrying Amount	44,700
Mezzanine loans | Loans held-for-investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	44,667	98,933
Mezzanine loans | Loans held-for-investment | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount		40,400
Carrying Amount		$ 40,100
Mezzanine loans | Mezzanine Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	90,200
Carrying Amount	$ 44,700
Mezzanine loans | Mezzanine Loans | Minimum | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	0.40%
Mezzanine loans | Mezzanine Loans | Maximum | SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	13%