KKR Real Estate Finance Trust (KREF) 10-Q 23 Apr 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Document Information [Line Items]
Document Type	10-Q
Document Annual Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38082
Entity Registrant Name	KKR Real Estate Finance Trust Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-2009094
Entity Address, Address Line One	30 Hudson Yards,
Entity Address, Address Line Two	Suite 7500
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	750-8300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,313,860
Entity Central Index Key	0001631596
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	KREF
Security Exchange Name	NYSE
6.5% Series A Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	KREF PRA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 106,517	$ 135,898
Commercial real estate loans, held-for-investment	7,113,256	7,343,548
Less: Allowance for credit losses	(243,634)	(210,470)
Commercial real estate loans, held-for-investment, net	6,869,622	7,133,078
Real estate owned assets, held for sale	99,977	101,017
Real estate owned, held for investment, net	82,669	82,091
Accrued interest receivable	40,602	41,003
Equity method investments	35,108	35,076
Other assets	22,200	19,455
Total Assets	7,256,695	7,547,618
Liabilities
Secured financing agreements, net	3,521,796	3,782,419
Collateralized loan obligations, net	1,942,569	1,942,171
Secured term loan, net	334,977	335,331
Accrued interest payable	19,247	20,207
Real estate owned liabilities, held for sale	16,334	15,883
Dividends payable	17,328	29,805
Total Liabilities	5,876,605	6,143,436
Commitments and Contingencies (Note 13)	0	0
Equity
Common stock, $0.01 par value, 300,000,000 authorized (75,299,556 shares issued and 69,313,860 shares outstanding; as of March 31, 2024 and December 31, 2023, respectively)	693	693
Additional paid-in capital	1,817,373	1,815,077
Accumulated deficit	(340,437)	(314,370)
Repurchased stock (5,985,696 shares repurchased as of March 31, 2024 and December 31, 2023)	(96,764)	(96,764)
Total KKR Real Estate Finance Trust Inc. Stockholders’ Equity	1,380,996	1,404,767
Noncontrolling interests in equity of consolidated joint venture	(906)	(585)
Total Equity	1,380,090	1,404,182
Total Liabilities and Equity	7,256,695	7,547,618
Related party
Liabilities
Other liabilities	8,087	8,270
Nonrelated party
Liabilities
Other liabilities	16,267	9,350
6.5% Series A Cumulative Redeemable Preferred Stock
Equity
Series A cumulative redeemable preferred stock, (13,110,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023); liquidation preference of $25.00 per share	$ 131	$ 131

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
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	75,299,556
Common stock outstanding ( in shares)	69,313,860	69,313,860
Treasury stock, held ( in shares)	5,985,696	5,985,696
Primary beneficiary | Collateralized loan obligations
Cash	$ 0	$ 5
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Interest Income
Interest income	$ 151,620	$ 152,530
Interest expense	112,476	105,976
Total net interest income	39,144	46,554
Other Income
Income (loss) from equity method investments	845	(347)
Other miscellaneous income	1,792	2,711
Revenue from real estate owned operations	4,978	2,246
Total other income	7,615	4,610
Operating Expenses
Provision for credit losses, net	33,266	60,467
Management fees to affiliate	6,340	6,523
Incentive compensation to affiliate	0	1,811
General and administrative	4,992	4,690
Expenses from real estate owned operations	5,549	2,758
Total operating expenses	50,147	76,249
Income (Loss) Before Income Taxes	(3,388)	(25,085)
Income tax expense	41	169
Net Income (Loss)	(3,429)	(25,254)
Net income (loss) attributable to noncontrolling interests	(321)	(177)
Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries	(3,108)	(25,077)
Preferred stock dividends and redemption value adjustment	5,326	5,326
Participating securities' share in earnings	305	407
Net Income (Loss) Attributable to Common Stockholders	(8,739)	(30,810)
Net Income (Loss) Attributable to Common Stockholders	$ (8,739)	$ (30,810)
Net Income (Loss) Per Share of Common Stock
Basic (usd per share)	$ (0.13)	$ (0.45)
Diluted (usd per share)	$ (0.13)	$ (0.45)
Weighted Average Number of Shares of Common Stock Outstanding
Basic ( in shares)	69,386,568	69,095,011
Diluted ( in shares)	69,386,568	69,095,011
Dividends declared per share of common stock (usd per share)	$ 0.25	$ 0.43

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	6.5% Series A Cumulative Redeemable Preferred Stock	Total Equity	Total Equity 6.5% Series A Cumulative Redeemable Preferred Stock	Series A Preferred Stock 6.5% Series A Cumulative Redeemable Preferred Stock	Common Stock	Additional Paid-In Capital	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	Noncontrolling Interests in Equity of Consolidated Joint Venture
Beginning balance ( in shares) at Dec. 31, 2022					13,110,000
Beginning balance at Dec. 31, 2022			$ 1,571,436		$ 131	$ 691	$ 1,808,983	$ (141,503)		$ (96,764)	$ 1,571,538		$ (102)
Beginning balance (in shares) at Dec. 31, 2022						69,095,011
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A preferred dividends declared	$ (5,326)			$ (5,326)					$ (5,326)			$ (5,326)
Common dividends declared	(29,711)		(29,711)					(29,711)			(29,711)
Participating security dividends declared			(407)					(407)			(407)
Stock-based compensation, net			2,152				2,152				2,152
Net income (loss)			(25,254)					(25,077)			(25,077)		(177)
Contribution by noncontrolling interests			255										255
Ending balance ( in shares) at Mar. 31, 2023					13,110,000
Ending balance ( in shares) at Mar. 31, 2023						69,095,011
Ending balance at Mar. 31, 2023			1,513,145		$ 131	$ 691	1,811,135	(202,024)		(96,764)	1,513,169		(24)
Beginning balance ( in shares) at Dec. 31, 2023		13,110,000			13,110,000
Beginning balance at Dec. 31, 2023	$ 1,404,182		1,404,182		$ 131	$ 693	1,815,077	(314,370)		(96,764)	1,404,767		(585)
Beginning balance (in shares) at Dec. 31, 2023	69,313,860					69,313,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A preferred dividends declared	$ (5,326)			$ (5,326)					$ (5,326)			$ (5,326)
Common dividends declared	$ (17,328)		(17,328)					(17,328)			(17,328)
Participating security dividends declared			(305)					(305)			(305)
Stock-based compensation, net			2,296				2,296				2,296
Net income (loss)			(3,429)					(3,108)			(3,108)		(321)
Ending balance ( in shares) at Mar. 31, 2024		13,110,000			13,110,000
Ending balance ( in shares) at Mar. 31, 2024	69,313,860					69,313,860
Ending balance at Mar. 31, 2024	$ 1,380,090		$ 1,380,090		$ 131	$ 693	$ 1,817,373	$ (340,437)		$ (96,764)	$ 1,380,996		$ (906)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Dividends declared per share of common stock (usd per share)	$ 0.25	$ 0.43
Participating security dividends declared per share (usd per share)	0.25	0.43
6.5% Series A Cumulative Redeemable Preferred Stock
Dividends declared per share of preferred stock (usd per share)	$ 0.41	$ 0.41

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities
Net income (loss)	$ (3,429)	$ (25,254)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Accretion of deferred loan fees and discounts	(4,724)	(5,888)
Payment-in-kind interest	(25)	0
Amortization of deferred debt issuance costs and discounts	5,029	6,796
(Income) loss from equity method investments	(32)	1,130
Provision for credit losses, net	33,266	60,467
Stock-based compensation expense	2,296	2,152
Changes in operating assets and liabilities:
Assets related to real estate owned, held for sale, net of liabilities	3,023	0
Accrued interest receivable, net	401	(1,507)
Other assets	499	658
Accrued interest payable	(960)	3,841
Due to affiliates	(183)	(155)
Other liabilities	(673)	(605)
Net cash provided by (used in) operating activities	34,488	41,635
Cash Flows From Investing Activities
Proceeds from principal repayments of commercial real estate loans	334,680	89,669
Originations and fundings of commercial real estate loans	(95,814)	(201,881)
Capital expenditures on real estate owned	(2,110)	(868)
Net cash provided by (used in) investing activities	236,756	(113,080)
Cash Flows From Financing Activities
Proceeds from borrowings under secured financing agreements	118,754	162,436
Proceeds from noncontrolling interest contributions	0	255
Principal repayments on borrowings under secured financing agreements	(382,144)	(39,592)
Payments of debt and collateralized debt obligation issuance costs	(2,249)	(919)
Payments of common stock dividends	(29,805)	(29,711)
Payments of preferred stock dividends	(5,326)	(5,326)
Net cash provided by (used in) financing activities	(300,770)	87,143
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(29,526)	15,698
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	148,313	250,621
Cash, Cash Equivalents and Restricted Cash at End of Period	118,787	266,319
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	106,517	254,096
Restricted cash (Note 8)	12,270	12,223
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	118,787	266,319
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	108,407	95,339
Supplemental Schedule of Non-Cash Investing and Financing Activities
Dividend declared, not yet paid	17,328	29,711
Loan funding held in escrow	7,325	0
Loan principal payments held by servicer	3,500	0
Deferred financing costs, not yet paid	2,060	2,331
Modifications accounted for as repayments and new loans, net of write-offs	$ 0	$ 111,000

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization KKR Real Estate Finance Trust Inc. (together with its consolidated subsidiaries, referred to throughout this report as the "Company" or "KREF") is a Maryland corporation that was formed and commenced operations on October 2, 2014 as a mortgage real estate investment trust ("REIT") that focuses primarily on originating and acquiring transitional senior loans secured by commercial real estate ("CRE") assets. KREF has elected and intends to maintain its qualification to be taxed as a REIT under the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), for U.S. federal income tax purposes. As such, KREF will generally not be subject to U.S. federal income tax on that portion of its income that it distributes to stockholders if it distributes at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains. See Note 16 regarding taxes applicable to KREF. KREF is externally managed by KKR Real Estate Finance Manager LLC ("Manager"), an indirect subsidiary of KKR & Co. Inc. (together with its subsidiaries, "KKR"), through a management agreement ("Management Agreement") pursuant to which the Manager provides a management team and other professionals who are responsible for implementing KREF’s business strategy, subject to the supervision of KREF’s board of directors. For its services, the Manager is entitled to management fees and incentive compensation, both defined in, and in accordance with the terms of, the Management Agreement (Note 14). As of March 31, 2024, 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	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation — The accompanying unaudited condensed consolidated financial statements and related notes of KREF are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and instructions to Form 10-Q. The condensed consolidated financial statements, including the accompanying notes, are unaudited and exclude some of the disclosures required in annual financial statements. The condensed consolidated financial statements include the accounts of KREF and its consolidated subsidiaries, and all intercompany transactions and balances have been eliminated. In the opinion of management, all adjustments considered necessary for a fair presentation of KREF’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with KREF's Annual Report on Form 10-K. Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management makes subjective estimates to project cash flows KREF expects to receive on its investments in loans and securities as well as the related market discount rates, which significantly impact the interest income, impairments, allowance for loan loss and fair values recorded or disclosed. Actual results could materially differ from those estimates. Consolidation — KREF consolidates those entities that (i) it controls through either majority ownership or voting rights or (ii) management determines that KREF is the primary beneficiary of entities deemed to be variable interest entities ("VIEs"). Variable Interest Entities — VIEs are entities (i) in which equity investors do not have an interest with the characteristics of a controlling financial interest, (ii) that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or (iii) established with non-substantive voting rights. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party that has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and that has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could be potentially significant to the VIE (Note 9). To assess whether KREF has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, KREF considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power to direct those activities. To assess whether KREF has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE, KREF considers all of its economic interests and applies judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Collateralized Loan Obligations — KREF consolidates collateralized loan obligations (“CLOs”) when it determines that the CLO issuers are VIEs and that KREF is the primary beneficiary of such VIEs. The collateral assets of KREF's CLOs, comprised of a pool of loan participations, are included in “Commercial real estate loans, held-for-investment, net” on the Condensed Consolidated Balance Sheets. The liabilities of KREF's consolidated CLOs consist solely of obligations to the senior CLO noteholders, excluding subordinated CLO tranches held by KREF as such interests are eliminated in consolidation, and are presented in “Collateralized loan obligations, net” on the Condensed Consolidated Balance Sheets. The collateral assets of the CLOs can only be used to settle the obligations of the consolidated CLOs. The interest income from the CLOs’ collateral assets and the interest expense on the CLOs’ liabilities are presented on a gross basis in “Interest income” and “Interest expense”, respectively, in KREF's Condensed Consolidated Statements of Income. Real Estate Owned Joint Venture — KREF consolidates a joint venture that holds the majority of KREF’s investment in a real estate owned (“REO”) retail property that was acquired in 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 Condensed Consolidated Balance Sheets. Equity Method Investments — Investments are accounted for under the equity method when KREF has significant influence over the operations of an investee but does not consolidate that investment. Equity method investments, for which management has not elected a fair value option, are initially recorded at cost and subsequently adjusted for KREF's share of net income or loss and cash contributions and distributions each period. Management determined that KREF's investment in an aggregator vehicle alongside KKR Real Estate Credit Opportunity Partners L.P. ("RECOP I ") is an interest in a VIE, however KREF is not the primary beneficiary and does not have substantive participating or kick-out rights. KREF records its share of net asset value in RECOP I in “Equity method investments” on its Condensed Consolidated Balance Sheets and its share of unrealized gains or losses in “Income (loss) from equity method investments” in its Condensed Consolidated Statements of Income. Management elected the fair value option for KREF's investment in RECOP I. KREF classifies distributions received from equity method investees using the cumulative earnings approach. Distributions received up to the cumulative earnings from each equity method investee are considered returns on investment and presented within “Cash Flows from Operating Activities” in the Condensed Consolidated Statements of Cash Flows; excess distributions received are considered returns of investment and presented within “Cash Flows From Investing Activities” in the Condensed Consolidated Statements of Cash Flows. Fair Value — GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 — Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. KREF follows this hierarchy for its financial instruments. The classifications are based on the lowest level of input that is significant to the fair value measurement. Valuation Process — The Manager reviews the valuation of Level 3 financial instruments as part of KKR's quarterly process. As of March 31, 2024, 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 March 31, 2024 and December 31, 2023, KREF was required to maintain unrestricted cash and cash equivalents of at least $56.5 million and $60.2 million, respectively, to satisfy its liquidity covenants (Note 5). As of March 31, 2024 and December 31, 2023, KREF had $12.3 million and $12.4 million of restricted cash held in lender-controlled bank accounts, respectively. Such amounts are presented within "Other Assets" in the Condensed Consolidated Balance Sheets (Note 8). 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 Condensed Consolidated Balance Sheets. The allowance for credit losses attributed to unfunded loan commitments is included in “Other liabilities” on the Condensed Consolidated Balance Sheets (Note 8). 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 2024 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 Condensed 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 (Note 4), 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 Condensed Consolidated Balance Sheets. Any original issuance discount or deferred financing costs are amortized through the maturity date of the secured term loan as additional non-cash interest expense. Dividends Payable — K REF records dividends payable on its common stock and preferred stock upon declaration of such d ividends. In February 2024, KREF's board of directors declared a dividend of $0.25 per share of common stock to stockholders of record as of March 28, 2024, which was accrued in “Dividends payable” on KREF’s Condensed Consolidated Balance Sheets as of March 31, 2024 and was subsequently paid on April 15, 2024. In February 2024, KREF's board of directors declared a dividend of $0.41 per each issued and outstanding share of the Company’s 6.50% Series A Cumulative Redeemable Preferred Stock, which represents an annual dividend of $1.625 per share. The dividend was paid on March 15, 2024 to KREF’s preferred stockholders of record as of February 29, 2024. Repurchased Stock — KREF accounts for repurchases of its common stock based on the settlement date and presents repurchased stock in “Repurchased stock” on its Condensed Consolidated Balance Sheets (Note 10). Payments for stock repurchases that are not yet settled as of the reporting date are presented within “Other assets” on the Condensed Consolidated Balance Sheets. As of March 31, 2024, 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 Condensed Consolidated Balance Sheets. Reimbursement of property operating expenses arises from tenant leases which provide for the recovery of certain operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred. Rental income is presented within “ Revenue from real estate owned operations ” in the Condensed Consolidated Statements of Income. Other Income — KREF recognizes interest income earned on its cash balances and miscellaneous fee income in “Other miscellaneous income” on its Condensed Consolidated Statements of Income. Realized Gain (Loss) on Sale of Investments — KREF recognizes the excess, or deficiency, of net proceeds received, less the net carrying value of such investments, as realized gains or losses, respectively. KREF reverses cumulative, unrealized gains or losses previously reported in its Condensed Consolidated Statements of Income with respect to the investment sold at the time of sale. Expense Recognition 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, KREF evaluates its 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). 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. 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 w

Commercial Real Estate Loans

Commercial Real Estate Loans	3 Months Ended
	Mar. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Commercial Real Estate Loans	Commercial Real Estate Loans The following table summarizes KREF's investments in commercial real estate loans as of March 31, 2024 and December 31, 2023: Weighted Average (C) Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % Coupon (D) Life (Years) (E) March 31, 2024 Loans held-for-investment (F) Senior loans (G) $ 7,092,599 $ 7,068,558 $ 6,854,924 65 98.9 % 8.7 % 2.5 Mezzanine loans 44,667 44,698 14,698 2 100.0 18.3 1.8 Total/Weighted Average $ 7,137,266 $ 7,113,256 $ 6,869,622 67 98.9 % 8.7 % 2.5 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 (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, 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 fully written off risk-rated 5 loans. (G) Senior loans may include accommodation mezzanine loans in connection with the senior mortgage financing. Activity — For the three months ended March 31, 2024, the loan portfolio activity was as follows: Amortized Cost Allowance for Carrying Value Balance at December 31, 2023 $ 7,343,548 $ (210,470) $ 7,133,078 Originations and future fundings, net (A)(B) 103,139 — 103,139 Proceeds from loan repayments and cost recovery interest (C) (338,180) — (338,180) Accretion of loan discount and other amortization, net 4,724 — 4,724 Payment-in-kind interest 25 — 25 (Provision for) Reversal of credit losses — (33,164) (33,164) Balance at March 31, 2024 $ 7,113,256 $ (243,634) $ 6,869,622 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes $7.3 million of loan funding held in escrow. (C) Includes $2.5 million of cost recovery interest collections applied as a reduction to loan amortized cost during the three months ended March 31, 2024. As of March 31, 2024 and December 31, 2023, there wa s $16.4 million and $20.8 million, respectively, of unamortized origination discounts and deferred fees included in "Commercial real estate loans, held-for-investment, net" on the Condensed Consolidated Balance Sheets. D uring the three months ended March 31, 2024, KREF recognized no prepayment fee income or net accelerated fee income, relating to loan repayments. During the three months ended March 31, 2023, KREF recognized prepayment fee income of $0.4 million and net accelerated fee income of $0.3 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 modified 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) and was deemed uncollectible and written off in December 2022. The 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 March 31, 2024. In June 2023, KREF modified a risk-rated 5 senior office loan located in Minneapolis, MN, with an outstanding principal balance of $194.4 million. 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 March 31, 2024. In September 2023, KREF modified 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. The 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 March 31, 2024. Loan Risk Ratings — As further described in Note 2, KREF evaluates its commercial real estate loan portfolio at least once per quarter. In conjunction with its commercial real estate loan portfolio review, KREF assesses the risk factors of each loan and assigns a risk rating based on a variety of factors. Loans are rated “1” (Very Low Risk) through “5” (Impaired/Loss Likely), which ratings are defined in Note 2. The following tables summarize the carrying value of the loan portfolio based on KREF's internal risk ratings: March 31, 2024 December 31, 2023 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 19,845 58,386 1 2 19,392 57,925 1 3 57 6,158,113 6,172,095 84 60 6,493,506 6,511,894 86 4 4 394,585 395,480 5 4 325,286 476,112 6 5 4 540,713 699,916 10 3 505,364 512,105 7 Total loan receivable 67 $ 7,113,256 $ 7,325,877 100 % 69 $ 7,343,548 $ 7,558,036 100 % Allowance for credit losses (243,634) (210,470) Loan receivable, net $ 6,869,622 $ 7,133,078 * Numbers presented may not foot due to rounding. (A) Excludes fully written off risk-rated 5 loans. (B) In certain instances, KREF finances its loans through the non-recourse sale of a senior interest that is not included in the condensed consolidated financial statements. Total loan exposure includes the entire loan KREF originated and financed, including $188.6 million of such non-c onsolidated interests as of March 31, 2024 and December 31, 2023. As of March 31, 2024, 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, 2023. Loan Vintage — The following tables present the amortized cost of the loan portfolio by KREF's internal risk rating and year of origination. The risk ratings are updated as of March 31, 2024 and December 31, 2023 in the corresponding table. March 31, 2024 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 19,775 — — — 19,845 — — 19,845 3 57 6,172,095 203,569 1,912,616 3,355,075 217,092 344,179 125,582 6,158,113 4 4 395,480 — 290,010 104,575 — — — 394,585 5 4 549,916 — — 350,595 — — 190,118 540,713 67 $ 7,137,266 $ 203,569 $ 2,202,626 $ 3,810,245 $ 236,937 $ 344,179 $ 315,700 $ 7,113,256 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — 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 fully written off risk-rated 5 loans. Allowance for Credit Losses — The following tables present the changes to the allowance for credit losses for the three months ended March 31, 2024 and 2023, respectively: Commercial Unfunded Loan Commitments Total Balance at December 31, 2023 $ 210,470 $ 2,052 $ 212,522 Provision for (reversal of) credit losses, net 33,164 102 33,266 Balance at March 31, 2024 $ 243,634 $ 2,154 $ 245,788 Commercial Unfunded Loan Commitments Total Balance at December 31, 2022 $ 106,974 $ 4,138 $ 111,112 Provision for (reversal of) credit losses, net 60,386 81 60,467 Balance at March 31, 2023 $ 167,360 $ 4,219 $ 171,579 As of March 31, 2024, the allowance for credit losses was $245.8 million. The CECL provision of $33.3 million for the three months ended March 31, 2024 was primarily due to additional reserves on risk-rated 5 senior loans 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. The property is located in a challenged leasing market. As of March 31, 2024, the loan had an outstanding principal balance of $200.9 million, an unfunded commitment of $49.1 million and an amortized cost of $198.9 million. This loan's maximum maturity is August 2026, assuming all extension options are exercised. Since June 2023, the loan has been on nonaccrual status and subsequent interest collections are accounted for under the cost recovery method. During the three months ended March 31, 2024, no interest income was received on this loan. KREF had a risk-rated 5 senior office loan located in Minneapolis, MN, originated in November 2017. The property is located in a challenged leasing market. As of March 31, 2024, the loan had an outstanding principal balance of $194.4 million, an unfunded commitment of $5.0 million and an amortized cost of $190.1 million. 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. Since June 2023, the senior loan has been on nonaccrual status. During the three months ended March 31, 2024 , KREF recognize d $2.3 million of interest income on this loan. KREF had a risk-rated 5 senior life science loan located in Seattle, WA, originated in October 2021. The property is located in a challenged leasing market. As of March 31, 2024, the loan had an outstanding principal balance of $117.1 million, an unfunded commitment of $23.2 million and an amortized cost of $114.2 million. The loan's maximum maturity is October 2026, assuming all extension options are exercised. Since December 2023, this loan has been on nonaccrual status and subsequent interest collections are accounted for under the cost recovery method. During the three months ended March 31, 2024, $2.5 million of contractual interest payments were received and applied as a reduction to this loan's amortized cost. KREF had a risk-rated 5 mezzanine office loan located in Boston, MA, originated in February 2021.The property is located in a market with weakened office leasing activity. As of March 31, 2024, the loan had an outstanding principal balance and amortized cost of $37.5 million. The loan's maximum maturity is February 2026, assuming all extension options are exercised. In March 2024, this loan was placed on nonaccrual status and subsequent interest collections are accounted for under the cost recovery method. During the three months ended March 31, 2024, KREF recognize d $0.1 million of interest income on this loan. The 5-rated loans were determined to be collateral dependent as of March 31, 2024. KREF estimated expected losses based on each loan’ s collateral fair value, which was determined by applying a capitalization rate between 7.0% and 9.0% a nd a discount rate betwe en 9.0% and 12.0%, re spectively. As of March 31, 2023, the allowance for credit losses was $171.6 million. The CECL provision of $60.5 million for the three months ended March 31, 2023 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: March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Geography Collateral Property Type California 18.9 % 17.7 % Multifamily 43.4 % 41.9 % Texas 15.8 15.3 Office 20.7 22.2 Massachusetts 11.0 10.4 Industrial 15.1 14.5 Florida 9.0 8.7 Life Science 11.0 10.2 Virginia 8.0 7.7 Hospitality 5.1 5.0 Washington 4.4 4.2 Self-Storage 2.1 1.7 North Carolina 4.3 4.1 Student Housing 1.6 1.5 Washington D.C. 4.3 6.3 Single Family Rental 0.9 0.9 New York 4.2 6.1 Condo (Residential) — 2.0 Pennsylvania 3.6 3.5 Retail 0.1 0.1 Arizona 3.4 3.3 Total 100.0 % 100.0 % Georgia 2.9 2.7 Minnesota 2.7 2.6 Nevada 2.1 2.1 Illinois 1.4 1.4 Colorado 1.2 1.1 Other U.S. 2.8 2.8 Total 100.0 % 100.0 %

Real Estate Owned

Real Estate Owned	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Real Estate Owned	Real Estate Owned As of March 31, 2024, REO assets and liabilities consisted of a retail property in Portland, OR and an office portfolio 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 Condensed 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 portfolio in Philadelphia, PA. 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 portfolio with its net assets on the Condensed 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 March 31, 2024, 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 Condensed Consolidated Balance Sheets: March 31, 2024 December 31, 2023 Real estate owned, held for investment Assets Real estate owned - land $ 78,569 $ 78,569 Real estate owned - land improvements 4,100 3,522 Real estate owned, net 82,669 82,091 Cash 253 2,152 In-place lease intangibles (A) 184 201 Tenant receivables (A) 337 692 Other assets (A) 1,141 1,256 Total $ 84,584 $ 86,392 Liabilities Unfavorable lease intangibles (B) $ 1,004 $ 1,095 Other liabilities (B) 3,948 4,268 Total $ 4,952 $ 5,363 Real estate owned, held for sale Assets Real estate owned, held for sale $ 77,994 $ 76,461 In-place lease intangibles 15,928 15,928 Favorable lease intangibles 3,885 3,885 Tenant receivables 931 — Other assets 1,239 4,743 Total $ 99,977 $ 101,017 Liabilities Unfavorable lease intangibles $ 1,087 $ 1,087 Other liabilities 15,247 14,796 Total $ 16,334 $ 15,883 (A) Included in “Other assets” on the Condensed Consolidated Balance Sheets. (B) Included in “Other liabilities” on the Condensed Consolidated Balance Sheets. The following table presents the REO operations and related income (loss) included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended March 31, 2024 March 31, 2023 Rental income $ 4,370 $ 1,670 Other operating income 608 576 Revenue from REO operations 4,978 2,246 Expenses from REO operations (5,549) (2,758) Other income 13 288 Total $ (558) $ (224) The following table presents the amortization of lease intangibles included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended Income Statement Location March 31, 2024 March 31, 2023 Asset In-place lease intangibles Expenses from real estate owned operations $ 17 $ 17 Liability Unfavorable lease intangibles Revenue from real estate owned operations 91 91 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 50 274 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 $ 11,105 2025 10,950 2026 8,968 2027 7,558 2028 5,913 Thereafter 19,991

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations The following table summarizes KREF's secured master repurchase agreements and other financing arrangements in place as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 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 $ 617,344 $ 616,332 7.1 % $ 958,308 $ 869,439 $ 645,091 Morgan Stanley Mar 2026 Mar 2026 600,000 387,389 385,988 7.6 550,526 513,706 483,055 Goldman Sachs Dec 2025 Dec 2027 400,000 330,379 329,663 8.2 508,424 505,900 346,464 Term Loan Facility KREF Lending VII (E) Match-term Match-term 1,000,000 572,323 572,031 7.3 749,125 735,321 560,945 Term Lending Agreements KREF Lending IX Match-term Match-term 1,000,000 692,605 690,743 7.7 876,111 864,557 693,458 KREF Lending V Jun 2024 Jun 2026 177,494 177,494 177,380 7.6 309,939 290,686 327,163 KREF Lending XII Match-term Match-term 350,000 166,771 166,550 7.1 225,696 224,006 166,308 BMO Facility Match-term Match-term 300,000 138,615 137,897 7.4 179,601 178,697 137,752 Warehouse Facility HSBC Facility Mar 2026 Mar 2026 500,000 — (19) — — — (11) Asset Specific Financing KREF Lending XIII Aug 2026 Aug 2027 265,625 175,614 173,592 8.7 206,605 204,554 163,836 KREF Lending XIV Oct 2026 Oct 2027 125,000 13,017 11,910 8.4 16,357 15,394 (1,216) KREF Lending XI Sep 2024 Sep 2026 100,000 100,000 99,729 8.7 125,000 123,987 99,574 Revolving Credit Agreement Revolver (F\) Mar 2027 Mar 2027 610,000 160,000 160,000 7.5 n.a. n.a. 160,000 Total / Weighted Average $ 6,428,119 $ 3,531,551 $ 3,521,796 7.6 % $ 3,782,419 (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 1.1 and 2.8 years, based on the current and final stated maturities, respectively, of the average weighted outstanding principal of collateral loans as of March 31, 2024. (B) Net of $9.8 million and $11.6 million unamortized deferred financing costs as of March 31, 2024 and December 31, 2023, respectively. (C) Including deferred financing costs and applicable index in effect as of March 31, 2024. Average weighted by the outstanding principal of the facility. (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 March 31, 2024 and December 31, 2023, 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% and 33.8%, respectively (or 31.2% and 32.2%, 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 March 31, 2024 , the revolver carrying value excluded $3.6 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. As of March 31, 2024 and December 31, 2023, KREF had outstanding repurchase agreements and term lending agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity. The amount at risk under these agreements is the net counterparty exposure, defined as the excess of the carrying amount (or market value, if higher than the carrying amount, for repurchase agreements) of the assets sold under agreement to repurchase, including accrued interest plus any cash or other assets on deposit to secure the repurchase obligation, over the amount of the repurchase liability, adjusted for accrued interest. The following table summarizes certain characteristics of KREF's repurchase agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity as of March 31, 2024 and December 31, 2023: Outstanding Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) March 31, 2024 Wells Fargo $ 617,344 $ 254,636 18.4 % 2.5 KREF Lending IX 692,605 178,338 12.9 2.9 Goldman Sachs 330,379 177,149 12.8 2.6 Total / Weighted Average $ 1,640,328 $ 610,123 44.1 % 2.7 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 (A) Average weighted by the outstanding principal of borrowings under the secured financing agreement. 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 three months ended March 31, 2024, 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, 2023 $ 3,782,419 Principal borrowings 118,754 Principal repayments/sales (381,269) Deferred debt issuance costs (1,718) Amortization of deferred debt issuance costs 3,610 Balance as of March 31, 2024 $ 3,521,796 Maturities — KREF’s secured financing agreements, term loan facility and other consolidated debt obligations in place as of March 31, 2024 had contractual maturities as follows: Year Nonrecourse (A) Recourse (A)(B) Total 2024 $ 127,498 $ 22,296 $ 149,794 2025 144,258 31,336 175,594 2026 1,367,285 370,307 1,737,592 2027 983,542 363,710 1,347,252 Thereafter 121,319 — 121,319 $ 2,743,902 $ 787,649 $ 3,531,551 (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 March 31, 2024 and December 31, 2023, 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. 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. 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 March 31, 2024. The following table summarizes KREF’s secured term loan as of March 31, 2024 and December 31, 2023, respectively: March 31, 2024 December 31, 2023 Principal $ 342,125 $ 343,000 Deferred financing costs (3,737) (4,010) Unamortized discount (3,411) (3,659) Carrying value $ 334,977 $ 335,331 Covenants — KREF is required to comply with customary loan covenants and event of default provisions related to its secured term loan that include, but are not limited to, negative covenants relating to restrictions on operations with respect to KREF’s status as a REIT, and financial covenants. Such financial covenants include a minimum consolidated tangible net worth of $650.0 million and a maximum Total Debt to Total Assets ratio, as defined in the secured term loan agreements, of 83.3% (the “Leverage Covenant”). KREF was in compliance with such covenants as of March 31, 2024 and December 31, 2023.

Collateralized Loan Obligations

Collateralized Loan Obligations	3 Months Ended
	Mar. 31, 2024
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 had a two-year reinvestment feature that allowed 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. 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 had a two-year reinvestment feature. The CLO issuance costs are netted against the outstanding principal balance of the CLO notes in "Collateralized loan obligations, net" in the Condensed Consolidated B alance Sheets. The following tables outline CLO collateral assets and respective borrowing as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Facility Collateral (A) Facility Wtd. Avg. Term (B) Maximum Facility Size Outstanding Principal Carrying Value Wtd. Avg. Funding Cost (C) Outstanding Principal Carrying Value Carrying Value KREF 2021-FL2 February 2039 $ 1,095,250 $ 1,095,250 $ 1,095,189 6.8% $ 1,300,000 $ 1,285,619 $ 1,095,128 KREF 2022-FL3 February 2039 847,500 847,500 847,380 7.1 1,000,000 991,272 847,043 Total $ 1,942,750 $ 1,942,750 $ 1,942,569 6.9% $ 2,300,000 $ 2,276,891 $ 1,942,171 (A) Collateral loan assets represent 32.0% of the principal of KREF's commercial real estate loans as of March 31, 2024. As of March 31, 2024, 100% of loans financed through the CLOs are floating-rate loans. (B) The term of the CLO notes represents the rated final distribution date. Repayments of CLO notes are dependent on timing of underlying collateral loan asset repayments post reinvestment period. (C) Including deferred financing costs and applicable index in effect as of March 31, 2024. Average weighted by the outstanding principal of the facility. The following table presents the CLO assets and liabilities included in KREF’s Condensed Consolidated Balance Sheets: Assets March 31, 2024 December 31, 2023 Cash $ — $ 5,000 Commercial real estate loans, held-for-investment 2,298,580 2,295,000 Less: Allowance for credit losses (23,109) (21,216) Commercial real estate loans, held-for-investment, net 2,275,471 2,273,784 Accrued interest receivable 13,498 12,653 Other assets 1,575 155 Total $ 2,290,544 $ 2,291,592 Liabilities Collateralized loan obligations $ 1,942,750 $ 1,942,750 Deferred financing costs (181) (579) Collateralized loan obligations, net 1,942,569 1,942,171 Accrued interest payable 5,638 5,666 Total $ 1,948,207 $ 1,947,837 The following table presents the components of net interest income of CLOs included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended March 31, 2024 2023 Interest income $ 48,860 $ 41,746 Interest expense (A) 34,365 31,223 Net interest income $ 14,495 $ 10,523 (A) Inclu des $0.6 million and $2.1 million o f deferred financing costs amortization for the three months ended March 31, 2024 and 2023, respectively.

Secured Term Loan, Net

Secured Term Loan, Net	3 Months Ended
	Mar. 31, 2024
Secured Term Loan, Net [Abstract]
Secured Term Loan, Net	Debt Obligations The following table summarizes KREF's secured master repurchase agreements and other financing arrangements in place as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 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 $ 617,344 $ 616,332 7.1 % $ 958,308 $ 869,439 $ 645,091 Morgan Stanley Mar 2026 Mar 2026 600,000 387,389 385,988 7.6 550,526 513,706 483,055 Goldman Sachs Dec 2025 Dec 2027 400,000 330,379 329,663 8.2 508,424 505,900 346,464 Term Loan Facility KREF Lending VII (E) Match-term Match-term 1,000,000 572,323 572,031 7.3 749,125 735,321 560,945 Term Lending Agreements KREF Lending IX Match-term Match-term 1,000,000 692,605 690,743 7.7 876,111 864,557 693,458 KREF Lending V Jun 2024 Jun 2026 177,494 177,494 177,380 7.6 309,939 290,686 327,163 KREF Lending XII Match-term Match-term 350,000 166,771 166,550 7.1 225,696 224,006 166,308 BMO Facility Match-term Match-term 300,000 138,615 137,897 7.4 179,601 178,697 137,752 Warehouse Facility HSBC Facility Mar 2026 Mar 2026 500,000 — (19) — — — (11) Asset Specific Financing KREF Lending XIII Aug 2026 Aug 2027 265,625 175,614 173,592 8.7 206,605 204,554 163,836 KREF Lending XIV Oct 2026 Oct 2027 125,000 13,017 11,910 8.4 16,357 15,394 (1,216) KREF Lending XI Sep 2024 Sep 2026 100,000 100,000 99,729 8.7 125,000 123,987 99,574 Revolving Credit Agreement Revolver (F\) Mar 2027 Mar 2027 610,000 160,000 160,000 7.5 n.a. n.a. 160,000 Total / Weighted Average $ 6,428,119 $ 3,531,551 $ 3,521,796 7.6 % $ 3,782,419 (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 1.1 and 2.8 years, based on the current and final stated maturities, respectively, of the average weighted outstanding principal of collateral loans as of March 31, 2024. (B) Net of $9.8 million and $11.6 million unamortized deferred financing costs as of March 31, 2024 and December 31, 2023, respectively. (C) Including deferred financing costs and applicable index in effect as of March 31, 2024. Average weighted by the outstanding principal of the facility. (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 March 31, 2024 and December 31, 2023, 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% and 33.8%, respectively (or 31.2% and 32.2%, 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 March 31, 2024 , the revolver carrying value excluded $3.6 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. As of March 31, 2024 and December 31, 2023, KREF had outstanding repurchase agreements and term lending agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity. The amount at risk under these agreements is the net counterparty exposure, defined as the excess of the carrying amount (or market value, if higher than the carrying amount, for repurchase agreements) of the assets sold under agreement to repurchase, including accrued interest plus any cash or other assets on deposit to secure the repurchase obligation, over the amount of the repurchase liability, adjusted for accrued interest. The following table summarizes certain characteristics of KREF's repurchase agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity as of March 31, 2024 and December 31, 2023: Outstanding Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) March 31, 2024 Wells Fargo $ 617,344 $ 254,636 18.4 % 2.5 KREF Lending IX 692,605 178,338 12.9 2.9 Goldman Sachs 330,379 177,149 12.8 2.6 Total / Weighted Average $ 1,640,328 $ 610,123 44.1 % 2.7 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 (A) Average weighted by the outstanding principal of borrowings under the secured financing agreement. 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 three months ended March 31, 2024, 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, 2023 $ 3,782,419 Principal borrowings 118,754 Principal repayments/sales (381,269) Deferred debt issuance costs (1,718) Amortization of deferred debt issuance costs 3,610 Balance as of March 31, 2024 $ 3,521,796 Maturities — KREF’s secured financing agreements, term loan facility and other consolidated debt obligations in place as of March 31, 2024 had contractual maturities as follows: Year Nonrecourse (A) Recourse (A)(B) Total 2024 $ 127,498 $ 22,296 $ 149,794 2025 144,258 31,336 175,594 2026 1,367,285 370,307 1,737,592 2027 983,542 363,710 1,347,252 Thereafter 121,319 — 121,319 $ 2,743,902 $ 787,649 $ 3,531,551 (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 March 31, 2024 and December 31, 2023, 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. 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. 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 March 31, 2024. The following table summarizes KREF’s secured term loan as of March 31, 2024 and December 31, 2023, respectively: March 31, 2024 December 31, 2023 Principal $ 342,125 $ 343,000 Deferred financing costs (3,737) (4,010) Unamortized discount (3,411) (3,659) Carrying value $ 334,977 $ 335,331 Covenants — KREF is required to comply with customary loan covenants and event of default provisions related to its secured term loan that include, but are not limited to, negative covenants relating to restrictions on operations with respect to KREF’s status as a REIT, and financial covenants. Such financial covenants include a minimum consolidated tangible net worth of $650.0 million and a maximum Total Debt to Total Assets ratio, as defined in the secured term loan agreements, of 83.3% (the “Leverage Covenant”). KREF was in compliance with such covenants as of March 31, 2024 and December 31, 2023.

Other Assets and Liabilities

Other Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets and Liabilities	Other Assets and Liabilities The following tables present the components of KREF's other assets and other liabilities as of March 31, 2024 and December 31, 2023, respectively: March 31, 2024 December 31, 2023 Other assets Restricted cash $ 12,270 $ 12,415 Deferred financing cost, Revolver 3,636 3,747 Loan principal payments held by servicer 3,500 — Other 2,794 3,293 Total $ 22,200 $ 19,455 Other liabilities Real estate owned liabilities, held for investment (Note 4) $ 4,952 $ 5,363 Allowance for credit losses on unfunded commitments 2,153 2,052 Loan funding held in escrow 7,325 — Other 1,837 1,935 Total $ 16,267 $ 9,350
Other Assets and Liabilities	Other Assets and Liabilities The following tables present the components of KREF's other assets and other liabilities as of March 31, 2024 and December 31, 2023, respectively: March 31, 2024 December 31, 2023 Other assets Restricted cash $ 12,270 $ 12,415 Deferred financing cost, Revolver 3,636 3,747 Loan principal payments held by servicer 3,500 — Other 2,794 3,293 Total $ 22,200 $ 19,455 Other liabilities Real estate owned liabilities, held for investment (Note 4) $ 4,952 $ 5,363 Allowance for credit losses on unfunded commitments 2,153 2,052 Loan funding held in escrow 7,325 — Other 1,837 1,935 Total $ 16,267 $ 9,350

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the REO JV held REO assets with a net carrying value of $72.8 million. KREF has priority of distributions up to $79.8 million before the JV Partner can participate in the economics of the REO JV . Equity Method Investments — As of March 31, 2024, 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 Condensed Consolidated Balance Sheets, presented as “Equity method investments” and its share of net income, presented as “Income (loss) from equity method investments” in the Condensed Consolidated Statements of Income.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
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, 2021, KREF issued the following shares of common stock: Pricing Date Shares Issued (A) Net Proceeds As of December 31, 2021 64,759,200 $ 1,282,734 February 2022 (B) 68,817 1,426 March 2022 6,494,155 133,845 June 2022 2,750,000 53,653 August 2022 (B) 271,641 5,300 As of December 31, 2023 and March 31, 2024 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) 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 three months ended March 31, 2024 and 2023, no shares of common stock were issued related to the vesting of restricted stock units. Upon any payment of shares as a result of restricted stock unit vesting, the related tax withholding obligation will generally be satisfied by KREF, reducing the number of shares to be delivered by a number of shares necessary to satisfy the related applicable tax withholding obligation. Refer to Note 11 for further detail. Of the 75,299,556 common shares KREF issued, there were 69,313,860 common shares outstanding as of March 31, 2024, 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. KKR and affiliates beneficially owned 10,000,001 shares, or 14.4% of KREF's outstanding common stock as of March 31, 2024 and December 31, 2023. Share Repurchase Program — Under KREF's current share repurchase program, which has no expiration date, KREF may repurchase up to an aggregate of $100.0 million of its common stock effective as of February 3, 2023, of which up to $50.0 million may be repurchased under a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act, and provide for repurchases of common stock when the market price per share is below book value per share (calculated in accordance with GAAP as of the end of the most recent quarterly period for which financial statements are available), and the remaining $50.0 million may be used for repurchases in the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act, in privately negotiated transactions or otherwise. The timing, manner, price and amount of any common stock repurchases will be determined by KREF in its discretion and will depend on a variety of factors, including legal requirements, price, liquidity and economic considerations, and market conditions. The program does not require KREF to repurchase any specific number of shares of common stock. The program does not have an expiration date and may be suspended, modified or discontinued at any time. During the three months ended March 31, 2024, KREF did not repurchase any of its common stock under the repurchase program. As of March 31, 2024, KREF had $100.0 million of remaining capacity to repurchase shares under the program. At the Market Stock Offering Program — In February 2019, KREF entered into an equity distribution agreement with certain sales agents, pursuant to which KREF may sell, from time to time, up to an aggregate sales price of $100.0 million of its common stock pursuant to a continuous offering program (the “ATM”). Sales of KREF’s common stock made pursuant to the ATM may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. The timing and amount of actual sales will depend on a variety of factors including market conditions, the trading price of KREF’s common stock, KREF’s capital needs, and KREF’s determination of the appropriate sources of funding to meet such needs. During the three months ended March 31, 2024, KREF did not issue or sell any shares of common stock under the ATM. As of March 31, 2024, $93.2 million remained available for issuance under the ATM. 6.50% Series A Cumulative Redeemable Preferred Stock — 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 three months ended March 31, 2024 and 2023, 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 2024 February 1, 2024 March 28, 2024 April 15, 2024 $ 0.25 $ 17,328 $ 17,328 2023 March 17, 2023 March 31, 2023 April 14, 2023 $ 0.43 $ 29,711 $ 29,711 During the three months ended March 31, 2024 and 2023, 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 2024 February 1, 2024 February 29, 2024 March 15, 2024 $ 0.41 $ 5,326 $ 5,326 2023 February 3, 2023 February 28, 2023 March 15, 2023 $ 0.41 $ 5,326 $ 5,326

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation KREF is externally managed by the Manager and does not currently have any employees. However, as of March 31, 2024, certain individuals employed by the Manager and affiliates of the Manager and certain members of KREF's board of directors were compensated, in part, through the issuance of stock-based awards. As of March 31, 2024, KREF had 1,145,977 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, 2023 1,147,927 $ 14.49 Granted — — Vested — — Forfeited / cancelled (1,950) 14.46 Unvested as of March 31, 2024 1,145,977 $ 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 557,452 2025 380,608 2026 207,917 Total 1,145,977 KREF recognizes the compensation cost of RSUs awarded to employees of the Manager, or one or more of its affiliates, on a straight-line basis over the awards’ term at their grant date fair value, consistent with the RSUs awarded to certain members of KREF's board of directors. During the three months ended March 31, 2024 and 2023, KREF recognized $2.3 million and $2.2 million respectively, of stock-based compensation expense included in “General and administrative” expense in the Condensed Consolidated Statements of Income. As of March 31, 2024, there was $12.5 million of total unrecognized stock-based compensation expense related to unvested share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 1.1 years. During the three months ended March 31, 2024 and 2023, KREF declared $0.3 million and $0.4 million, respectively, of nonforfeitable dividends on unvested RSUs. Such nonforfeitable dividends were deducted from “Retained earnings (Accumulated deficit)” in the Condensed Consolidated Statement of Changes in Equity. 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 three months ended March 31, 2024, no vested RSUs were deferred under the Deferral Plan. As of March 31, 2024, 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 Condensed Consolidated Statement of Changes in Equity. No shares were delivered for vested RSUs during the three months ended March 31, 2024. Refer to Note 14 for additional information regarding the Incentive Plan.

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023, 39,369 and 20,426 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 three months ended March 31, 2023, 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 three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Earnings Net Income (Loss) $ (3,108) $ (25,077) Less: Preferred stock dividends 5,326 5,326 Less: Participating securities' share in earnings 305 407 Net income (loss) attributable to common stockholders, basic and diluted $ (8,739) $ (30,810) Shares Weighted average common shares outstanding 69,313,860 69,095,011 Add: Deferred stock units 72,708 — Add: Dilutive restricted stock units — — Diluted weighted average common shares outstanding 69,386,568 69,095,011 Net income (loss) attributable to common stockholders, per: Basic common share $ (0.13) $ (0.45) Diluted common share $ (0.13) $ (0.45)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2024, KREF was subject to the following commitments and contingencies: Litigation — From time to time, KREF may be involved in various claims and legal actions arising in the ordinary course of business. KREF establishes an accrued liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. As of March 31, 2024, KREF was not involved in any material legal proceedings regarding claims or legal actions against KREF. Indemnifications — In the normal course of business, KREF enters into contracts that contain a variety of representations and warranties that provide general indemnifications and other indemnities relating to contractual performance. In addition, certain of KREF’s subsidiaries have provided certain indemnities relating to environmental and other matters and has provided nonrecourse carve-out guarantees for fraud, willful misconduct and other customary wrongful acts, each in connection with the financing of certain real estate investments that KREF has made. KREF’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against KREF that have not yet occurred. However, KREF expects the risk of material loss to be low. Capital Commitments — As of March 31, 2024, KREF had future funding commitments of $725.0 million related to its investments in commercial real estate loans. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum credit metrics or executions of new leases before advances are made to the borrower. In January 2017, KREF committed $40.0 million to invest in an aggregator vehicle alongside RECOP I. The two-year investment period for RECOP I ended in April 2019. As of March 31, 2024, KREF had a remaining commitment of $4.3 million to RECOP I. Macroeconomic Environment — The Federal Reserve has raised interest rates eleven time s 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 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	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Agreement — The Management Agreement between KREF and the Manager is a three-year agreement that provides for automatic one-year renewal periods starting October 8, 2017, subject to certain termination and nonrenewal rights, which in the case of KREF are exercisable by a two-thirds vote by the independent directors of KREF's board of directors. If the independent directors of KREF's board of directors decline to renew the Management Agreement other than for cause, KREF is required to pay the Manager a termination fee equal to three times the total 24-month trailing average annual management fee and incentive compensation earned by the Manager through the most recently completed calendar quarter. For administrative efficiency purposes, the Management Agreement was amended in August 2019 to change the expiration date of each automatic renewal period from October 7th to December 31st. Pursuant to the Management Agreement, the Manager, as agent to KREF and under the supervision of KREF's board of directors, manages the investments, subject to investment guidelines approved by KREF's board of directors; financing activities; and day-to-day business and affairs of KREF and its subsidiaries. For its services to KREF, the Manager is entitled to a quarterly management fee equal to the greater of $62,500 or 0.375% of weighted average adjusted equity and quarterly incentive compensation equal to 20.0% of the excess of (a) the trailing 12-month distributable earnings (before incentive compensation payable to the Manager) over (b) 7.0% of the trailing 12-month weighted average adjusted equity (“Hurdle Rate”), less incentive compensation KREF already paid to the Manager with respect to the first three calendar quarters of such trailing 12-month period. The quarterly incentive compensation is calculated and paid in arrears with a one-quarter lag. Adjusted equity generally represents the proceeds received by KREF and its subsidiaries from equity issuances, without duplication and net of offering costs, and distributable earnings, reduced by distributions, equity repurchases, and incentive compensation paid. Distributable earnings generally represent the net income, or loss, attributable to equity interests in KREF and its subsidiaries, without duplication, as well as realized losses not otherwise included in such net income, or loss, excluding non-cash equity compensation expense, incentive compensation, depreciation and amortization and unrealized gains or losses, from and after the effective date to the end of the most recently completed calendar quarter. KREF's board of directors, after majority approval by independent directors, may also exclude one-time events pursuant to changes in GAAP and certain material non-cash income or expense items from distributable earnings. For purposes of calculating incentive compensation, adjusted equity excludes: (i) the effects of equity issued by KREF and its subsidiaries that provides for fixed distributions or other debt characteristics and (ii) unrealized provision for (reversal of) credit losses. KREF is also required to reimburse the Manager or its affiliates for documented costs and expenses incurred by it and its affiliates on behalf of KREF, except those specifically required to be borne by the Manager under the Management Agreement. The Manager is responsible for, and KREF does not reimburse the Manager or its affiliates for, the expenses related to investment personnel of the Manager and its affiliates who provide services to KREF. However, KREF does reimburse the Manager for KREF's allocable share of compensation paid to certain of the Manager’s non-investment personnel, based on the percentage of time devoted by such personnel to KREF's affairs. Incentive Plan — KREF's compensation committee or board of directors may administer the Incentive Plan, which provides for awards of stock options; stock appreciation rights; restricted stock; RSUs; limited partnership interests of KKR Real Estate Finance Holdings L.P. (the "Operating Partnership"), a wholly owned subsidiary of KREF, that are directly or indirectly convertible into or exchangeable or redeemable for shares of KREF's common stock pursuant to the limited partnership agreement of the Operating Partnership (“OP Interests”); awards payable by (i) delivery of KREF's common stock or other equity interests, or (ii) reference to the value of KREF's common stock or other equity interests, including OP Interests; cash-based awards; or performance compensation awards. No more than 7.5% of the issued and outstanding shares of common stock on a fully diluted basis, assuming the exercise of all outstanding stock options granted under the Incentive Plan and the conversion of all warrants and convertible securities into shares of common stock, or a total of 4,028,387 shares of common stock, will be available for awards under the Incentive Plan. In addition, (i) the maximum number of shares of common stock subject to awards granted during a single fiscal year to any non-employee director (as defined in the Incentive Plan), taken together with any cash fees paid to such non-employee director during the fiscal year, may not exceed $1.0 million and (ii) the maximum amount that can be paid to any participant for a single fiscal year during a performance period (or with respect to each single fiscal year if a performance period extends beyond a single fiscal year) pursuant to a performance compensation award denominated in cash may not exceed $10.0 million. No awards may be granted under the Incentive Plan on and after February 12, 2026. The Incentive Plan will continue to apply to awards granted prior to such date. During the three months ended March 31, 2024 and 2023, no awards were granted to KREF's directors and employees of the Manager or its affiliates. As of March 31, 2024, 1,853,959 shares of common stock remained available for awards under the Incentive Plan. Due to Affiliates — The following table contains the amounts presented in KREF's Condensed Consolidated Balance Sheets that it owes to affiliates: March 31, 2024 December 31, 2023 Management fees $ 6,340 $ 6,523 KCM fees 1,747 1,747 $ 8,087 $ 8,270 Affiliates Expenses — The following table contains the amounts included in KREF's Condensed Consolidated Statements of Income that arose from transactions with the Manager: Three Months Ended March 31, 2024 2023 Management fees $ 6,340 $ 6,523 Incentive compensation — 1,811 Expense reimbursements and other 1,210 1,153 $ 7,550 $ 9,487 In connection with the ATM, KCM, in its capacity as one of the sales agents, will receive commissions for the shares of KREF’s common stock it sells. This amount is not to exceed, but may be less than, 2.0% of the gross sales price per share. KREF did not sell shares under the ATM and did not incur or pay any commissions to KCM during the three months ended March 31, 2024 and 2023. 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. No KCM structuring fees in connection with the facility were paid during the three months ended March 31, 2024 and 2023. 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 three months ended March 31, 2024 and 2023, KREF paid KCM zero and $0.1 million in structuring fees in connection with the facility, respectively. In connection with the KREF Lending XII Facility entered into in 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. Such fees are capitalized as deferred financing cost and amortized to interest expense over the draw period of the facility. No KCM structuring fees in connection with the facility were paid during the three months ended March 31, 2024 and 2023.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values and fair values of KREF’s financi al assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments not carried at fair value, as of March 31, 2024, 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 $ 106,517 $ 106,517 $ 106,517 $ 106,517 $ — $ — $ 106,517 Commercial real estate loans, held-for-investment, net (C) 7,137,266 7,113,256 6,869,622 — — 6,851,540 6,851,540 Equity method investments 35,108 35,108 35,108 — — 35,108 35,108 $ 7,278,891 $ 7,254,881 $ 7,011,247 $ 106,517 $ — $ 6,886,648 $ 6,993,165 Liabilities Secured financing agreements, net $ 3,531,551 $ 3,521,796 $ 3,521,796 $ — $ — $ 3,521,796 $ 3,521,796 Collateralized loan obligations, net 1,942,750 1,942,569 1,942,569 — — 1,915,915 1,915,915 Secured term loan, net 342,125 334,977 334,977 — 329,723 — 329,723 $ 5,816,426 $ 5,799,342 $ 5,799,342 $ — $ 329,723 $ 5,437,711 $ 5,767,434 (A) The amortized cost of commercial real estate loans is net of $16.4 million of unamortized origination discounts, cost recovery interest and deferred fees. The amortized cost of secured financing agreements is net of $9.8 million unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $0.2 million unamortized debt issuance costs. (B) The carrying value of commercial mortgage loans is net of $243.6 million allowance for credit losses. (C) Excludes fully written off risk-rated 5 loans. Includes $2,298.6 million of CLO loan participations. 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, 2023, 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 $ 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 of unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $0.6 million of unamortized debt issuance costs. (B) The carrying value of commercial mortgage loans is net of $210.5 million allowance for credit losses. (C) Excludes fully written off risk-rated 5 loans. Includes $2,295.0 million of CLO loan participations. The following table contains the Level 3 inputs used to value assets and liabilities on a recurring and nonrecurring basis or where KREF discloses fair value as of March 31, 2024: Fair Value Valuation Methodologies Unobservable Inputs (A) Weighted Average (B) Range Assets and Liabilities (C) Commercial real estate loans, held-for-investment (D) $ 6,851,540 Discounted cash flow Discount margin 4.4% 3.3% - 17.2% Discount rate 10.8% 9.0% - 12.0% Capitalization rate 7.9% 7.0% - 9.0% $ 6,851,540 (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 March 31, 2024 , the fair value of KREF's financing facilities approximated their respective carrying value.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023, KREF recorded an income tax expense of approximately zero and $0.2 million, respectively, related to the operations of its taxable REIT subsidiaries and various other state and local taxes. There were no material deferred tax assets or liabilities as of March 31, 2024 and December 31, 2023.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following events occurred subsequent to March 31, 2024: Corporate Activities Dividends In April 2024, KREF paid $17.3 million in dividends on its common stock, or $0.25 per share, with respect to the first quarter of 2024, to stockholders of record on March 28, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying unaudited condensed consolidated financial statements and related notes of KREF are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and instructions to Form 10-Q. The condensed consolidated financial statements, including the accompanying notes, are unaudited and exclude some of the disclosures required in annual financial statements. The condensed consolidated financial statements include the accounts of KREF and its consolidated subsidiaries, and all intercompany transactions and balances have been eliminated. In the opinion of management, all adjustments considered necessary for a fair presentation of KREF’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with KREF's Annual Report on Form 10-K.
Use of Estimates	Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management makes subjective estimates to project cash flows KREF expects to receive on its investments in loans and securities as well as the related market discount rates, which significantly impact the interest income, impairments, allowance for loan loss and fair values recorded or disclosed. Actual results could materially differ from those estimates.
Consolidation	Consolidation — KREF consolidates those entities that (i) it controls through either majority ownership or voting rights or (ii) management determines that KREF is the primary beneficiary of entities deemed to be variable interest entities ("VIEs"). Variable Interest Entities — VIEs are entities (i) in which equity investors do not have an interest with the characteristics of a controlling financial interest, (ii) that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or (iii) established with non-substantive voting rights. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party that has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and that has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could be potentially significant to the VIE (Note 9). To assess whether KREF has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, KREF considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power to direct those activities. To assess whether KREF has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE, KREF considers all of its economic interests and applies judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Collateralized Loan Obligations — KREF consolidates collateralized loan obligations (“CLOs”) when it determines that the CLO issuers are VIEs and that KREF is the primary beneficiary of such VIEs. The collateral assets of KREF's CLOs, comprised of a pool of loan participations, are included in “Commercial real estate loans, held-for-investment, net” on the Condensed Consolidated Balance Sheets. The liabilities of KREF's consolidated CLOs consist solely of obligations to the senior CLO noteholders, excluding subordinated CLO tranches held by KREF as such interests are eliminated in consolidation, and are presented in “Collateralized loan obligations, net” on the Condensed Consolidated Balance Sheets. The collateral assets of the CLOs can only be used to settle the obligations of the consolidated CLOs. The interest income from the CLOs’ collateral assets and the interest expense on the CLOs’ liabilities are presented on a gross basis in “Interest income” and “Interest expense”, respectively, in KREF's Condensed Consolidated Statements of Income. Real Estate Owned Joint Venture — KREF consolidates a joint venture that holds the majority of KREF’s investment in a real estate owned (“REO”) retail property that was acquired in 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 Condensed Consolidated Balance Sheets.
Equity Method Investments	Equity Method Investments — Investments are accounted for under the equity method when KREF has significant influence over the operations of an investee but does not consolidate that investment. Equity method investments, for which management has not elected a fair value option, are initially recorded at cost and subsequently adjusted for KREF's share of net income or loss and cash contributions and distributions each period. Management determined that KREF's investment in an aggregator vehicle alongside KKR Real Estate Credit Opportunity Partners L.P. ("RECOP I ") is an interest in a VIE, however KREF is not the primary beneficiary and does not have substantive participating or kick-out rights. KREF records its share of net asset value in RECOP I in “Equity method investments” on its Condensed Consolidated Balance Sheets and its share of unrealized gains or losses in “Income (loss) from equity method investments” in its Condensed Consolidated Statements of Income. Management elected the fair value option for KREF's investment in RECOP I. KREF classifies distributions received from equity method investees using the cumulative earnings approach. Distributions received up to the cumulative earnings from each equity method investee are considered returns on investment and presented within “Cash Flows from Operating Activities” in the Condensed Consolidated Statements of Cash Flows; excess distributions received are considered returns of investment and presented within “Cash Flows From Investing Activities” in the Condensed Consolidated Statements of Cash Flows.
Fair Value	Fair Value — GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 — Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. KREF follows this hierarchy for its financial instruments. The classifications are based on the lowest level of input that is significant to the fair value measurement. Valuation Process — The Manager reviews the valuation of Level 3 financial instruments as part of KKR's quarterly process. As of March 31, 2024, 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 Condensed Consolidated Balance Sheets. The allowance for credit losses attributed to unfunded loan commitments is included in “Other liabilities” on the Condensed Consolidated Balance Sheets (Note 8). 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 2024 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 Condensed 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 (Note 4), KREF may opportunistically transact as suitable opportunities emerge.
Secured Financing Agreements and Secured Term Loan, Net	Secured Financing Agreements — KREF's secured financing agreements, including uncommitted repurchase facilities, term lending agreements, warehouse facility, asset specific financings and term loan facility, are treated as floating-rate collateralized financing arrangements carried at their contractual amounts, net of unamortized debt issuance costs (Note 5). Included within KREF's secured financing agreements is KREF's corporate revolving credit agreement ("Revolver"), which is full recourse to certain guarantor wholly-owned subsidiaries of KREF. Secured Term Loan, Net — KREF records its secured term loan at its contractual amount, net of unamortized original issuance discount and deferred financing costs (Note 7) on its Condensed Consolidated Balance Sheets. Any original issuance discount or deferred financing costs are amortized through the maturity date of the secured term loan as additional non-cash interest expense.
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 Condensed Consolidated Balance Sheets. Reimbursement of property operating expenses arises from tenant leases which provide for the recovery of certain operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred. Rental income is presented within “ Revenue from real estate owned operations ” in the Condensed Consolidated Statements of Income. Other Income — KREF recognizes interest income earned on its cash balances and miscellaneous fee income in “Other miscellaneous income” on its Condensed Consolidated Statements of Income. Realized Gain (Loss) on Sale of Investments — KREF recognizes the excess, or deficiency, of net proceeds received, less the net carrying value of such investments, as realized gains or losses, respectively. KREF reverses cumulative, unrealized gains or losses previously reported in its Condensed Consolidated Statements of Income with respect to the investment sold at the time of sale.
Commercial Real Estate Loans, Held-For-Investment	Commercial Real Estate Loans, Held-For-Investment — For each loan in KREF's portfolio, management performs an evaluation, at least quarterly, of credit quality indicators of loans classified as held - for-investment using applicable loan, property, market and sponsor information obtained from borrowers, loan servicers and local market participants. Such indicators may include the net present value of the underlying collateral, property operating cash flows, the sponsor’s financial wherewithal and competency in managing the property, macroeconomic trends, and property submarket—specific economic factors. The evaluation of these credit quality indicators requires significant judgment by management to determine whether failure to collect contractual amounts is probable. If management deems that it is probable that KREF will be unable to collect all amounts owed according to the contractual terms of a loan, deterioration in credit quality of that loan is indicated. Management evaluates all available facts and circumstances that might impact KREF’s ability to collect outstanding loan balances when determining loan write-offs. These facts and circumstances may vary and may include, but are not limited to, (i) the underlying collateral performance and/or value, (ii) communications with the borrower, (iii) compliance with debt covenants, (iv) events of default by the borrower, or (v) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If management considers a loan to be impaired, management writes off the loan through a charge to "Allowance for credit losses" based on the present value of expected future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if repayment is expected solely from the collateral. Significant judgment is required in determining impairment and in estimating the resulting credit loss allowance, and actual losses, if any, could materially differ from those estimates. In certain circumstances, KREF may also modify terms of a loan agreement to accommodate a borrower experiencing financial difficulty. Such modifications typically include interest rate reductions, payment extension and modification of loan covenants. In conjunction with reviewing commercial real estate loans held-for-investment for impairment, KREF evaluates its 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 Condensed Consolidated Statements of Income.
Tenant Receivables	Tenant Receivables — KREF periodically reviews its REO tenant receivables for collectability, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. Tenant receivables, including receivables arising from the straight-lining of rents, are written-off directly when management deems that the collectability of substantially all future lease payments from a specified lease is not probable, at which point, KREF will begin recognizing revenue on a cash basis, based on actual amounts received. (Note 4) Any receivables that are deemed to be uncollectible are recognized as a reduction to “ Revenue from real estate owned operations ” in the Condensed Consolidated Statements of Income .
Interest Expense	Interest Expense
Deferred Debt Issuance Costs	Deferred Debt Issuance Costs — KREF capitalizes and amortizes deferred financing costs incurred in connection with financing arrangements over their respective expected term using the interest method, or on a straight line basis when it approximates the interest method. KREF presents such expensed amounts, as well as deferred amounts written off, as additional interest expense in its Condensed Consolidated Statements of Income.
General and Administrative Expenses	General and Administrative Expenses — KREF expenses general and administrative costs, including legal 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 March 31, 2024 and December 31, 2023, 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In 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)	3 Months Ended
	Mar. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Summary and Activity of Loans Held-for-investment and Held-for-sale	The following table summarizes KREF's investments in commercial real estate loans as of March 31, 2024 and December 31, 2023: Weighted Average (C) Loan Type Outstanding Principal Amortized Cost (A) Carrying Value (B) Loan Count Floating Rate Loan % Coupon (D) Life (Years) (E) March 31, 2024 Loans held-for-investment (F) Senior loans (G) $ 7,092,599 $ 7,068,558 $ 6,854,924 65 98.9 % 8.7 % 2.5 Mezzanine loans 44,667 44,698 14,698 2 100.0 18.3 1.8 Total/Weighted Average $ 7,137,266 $ 7,113,256 $ 6,869,622 67 98.9 % 8.7 % 2.5 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 (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, 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 fully written off risk-rated 5 loans. (G) Senior loans may include accommodation mezzanine loans in connection with the senior mortgage financing. Amortized Cost Allowance for Carrying Value Balance at December 31, 2023 $ 7,343,548 $ (210,470) $ 7,133,078 Originations and future fundings, net (A)(B) 103,139 — 103,139 Proceeds from loan repayments and cost recovery interest (C) (338,180) — (338,180) Accretion of loan discount and other amortization, net 4,724 — 4,724 Payment-in-kind interest 25 — 25 (Provision for) Reversal of credit losses — (33,164) (33,164) Balance at March 31, 2024 $ 7,113,256 $ (243,634) $ 6,869,622 (A) Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans. (B) Includes $7.3 million of loan funding held in escrow. (C) Includes $2.5 million of cost recovery interest collections applied as a reduction to loan amortized cost during the three months ended March 31, 2024. The following tables summarize the carrying value of the loan portfolio based on KREF's internal risk ratings: March 31, 2024 December 31, 2023 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 19,845 58,386 1 2 19,392 57,925 1 3 57 6,158,113 6,172,095 84 60 6,493,506 6,511,894 86 4 4 394,585 395,480 5 4 325,286 476,112 6 5 4 540,713 699,916 10 3 505,364 512,105 7 Total loan receivable 67 $ 7,113,256 $ 7,325,877 100 % 69 $ 7,343,548 $ 7,558,036 100 % Allowance for credit losses (243,634) (210,470) Loan receivable, net $ 6,869,622 $ 7,133,078 * Numbers presented may not foot due to rounding. (A) Excludes fully written off risk-rated 5 loans. (B) In certain instances, KREF finances its loans through the non-recourse sale of a senior interest that is not included in the condensed consolidated financial statements. Total loan exposure includes the entire loan KREF originated and financed, including $188.6 million of such non-c onsolidated interests as of March 31, 2024 and December 31, 2023.
Amortized Cost of Loan Portfolio	The following tables present the amortized cost of the loan portfolio by KREF's internal risk rating and year of origination. The risk ratings are updated as of March 31, 2024 and December 31, 2023 in the corresponding table. March 31, 2024 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 19,775 — — — 19,845 — — 19,845 3 57 6,172,095 203,569 1,912,616 3,355,075 217,092 344,179 125,582 6,158,113 4 4 395,480 — 290,010 104,575 — — — 394,585 5 4 549,916 — — 350,595 — — 190,118 540,713 67 $ 7,137,266 $ 203,569 $ 2,202,626 $ 3,810,245 $ 236,937 $ 344,179 $ 315,700 $ 7,113,256 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — 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 fully written off risk-rated 5 loans.
Allowance for Credit Losses	The following tables present the changes to the allowance for credit losses for the three months ended March 31, 2024 and 2023, respectively: Commercial Unfunded Loan Commitments Total Balance at December 31, 2023 $ 210,470 $ 2,052 $ 212,522 Provision for (reversal of) credit losses, net 33,164 102 33,266 Balance at March 31, 2024 $ 243,634 $ 2,154 $ 245,788 Commercial Unfunded Loan Commitments Total Balance at December 31, 2022 $ 106,974 $ 4,138 $ 111,112 Provision for (reversal of) credit losses, net 60,386 81 60,467 Balance at March 31, 2023 $ 167,360 $ 4,219 $ 171,579
Concentration of Risk, by Risk Factor	The following tables present the geographies and property types of collateral underlying KREF's commercial real estate loans as a percentage of the loans' principal amounts: March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Geography Collateral Property Type California 18.9 % 17.7 % Multifamily 43.4 % 41.9 % Texas 15.8 15.3 Office 20.7 22.2 Massachusetts 11.0 10.4 Industrial 15.1 14.5 Florida 9.0 8.7 Life Science 11.0 10.2 Virginia 8.0 7.7 Hospitality 5.1 5.0 Washington 4.4 4.2 Self-Storage 2.1 1.7 North Carolina 4.3 4.1 Student Housing 1.6 1.5 Washington D.C. 4.3 6.3 Single Family Rental 0.9 0.9 New York 4.2 6.1 Condo (Residential) — 2.0 Pennsylvania 3.6 3.5 Retail 0.1 0.1 Arizona 3.4 3.3 Total 100.0 % 100.0 % Georgia 2.9 2.7 Minnesota 2.7 2.6 Nevada 2.1 2.1 Illinois 1.4 1.4 Colorado 1.2 1.1 Other U.S. 2.8 2.8 Total 100.0 % 100.0 %

Real Estate Owned (Tables)

Real Estate Owned (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Asset Acquisition	The following table presents the REO assets and liabilities included on KREF's Condensed Consolidated Balance Sheets: March 31, 2024 December 31, 2023 Real estate owned, held for investment Assets Real estate owned - land $ 78,569 $ 78,569 Real estate owned - land improvements 4,100 3,522 Real estate owned, net 82,669 82,091 Cash 253 2,152 In-place lease intangibles (A) 184 201 Tenant receivables (A) 337 692 Other assets (A) 1,141 1,256 Total $ 84,584 $ 86,392 Liabilities Unfavorable lease intangibles (B) $ 1,004 $ 1,095 Other liabilities (B) 3,948 4,268 Total $ 4,952 $ 5,363 Real estate owned, held for sale Assets Real estate owned, held for sale $ 77,994 $ 76,461 In-place lease intangibles 15,928 15,928 Favorable lease intangibles 3,885 3,885 Tenant receivables 931 — Other assets 1,239 4,743 Total $ 99,977 $ 101,017 Liabilities Unfavorable lease intangibles $ 1,087 $ 1,087 Other liabilities 15,247 14,796 Total $ 16,334 $ 15,883 (A) Included in “Other assets” on the Condensed Consolidated Balance Sheets. (B) Included in “Other liabilities” on the Condensed Consolidated Balance Sheets.
Income (Loss) From Real Estate Owned	The following table presents the REO operations and related income (loss) included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended March 31, 2024 March 31, 2023 Rental income $ 4,370 $ 1,670 Other operating income 608 576 Revenue from REO operations 4,978 2,246 Expenses from REO operations (5,549) (2,758) Other income 13 288 Total $ (558) $ (224)
Amortization of Lease Intangibles	The following table presents the amortization of lease intangibles included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended Income Statement Location March 31, 2024 March 31, 2023 Asset In-place lease intangibles Expenses from real estate owned operations $ 17 $ 17 Liability Unfavorable lease intangibles Revenue from real estate owned operations 91 91
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 50 274 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 50 274 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 $ 11,105 2025 10,950 2026 8,968 2027 7,558 2028 5,913 Thereafter 19,991

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt Instruments	The following table summarizes KREF's secured master repurchase agreements and other financing arrangements in place as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 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 $ 617,344 $ 616,332 7.1 % $ 958,308 $ 869,439 $ 645,091 Morgan Stanley Mar 2026 Mar 2026 600,000 387,389 385,988 7.6 550,526 513,706 483,055 Goldman Sachs Dec 2025 Dec 2027 400,000 330,379 329,663 8.2 508,424 505,900 346,464 Term Loan Facility KREF Lending VII (E) Match-term Match-term 1,000,000 572,323 572,031 7.3 749,125 735,321 560,945 Term Lending Agreements KREF Lending IX Match-term Match-term 1,000,000 692,605 690,743 7.7 876,111 864,557 693,458 KREF Lending V Jun 2024 Jun 2026 177,494 177,494 177,380 7.6 309,939 290,686 327,163 KREF Lending XII Match-term Match-term 350,000 166,771 166,550 7.1 225,696 224,006 166,308 BMO Facility Match-term Match-term 300,000 138,615 137,897 7.4 179,601 178,697 137,752 Warehouse Facility HSBC Facility Mar 2026 Mar 2026 500,000 — (19) — — — (11) Asset Specific Financing KREF Lending XIII Aug 2026 Aug 2027 265,625 175,614 173,592 8.7 206,605 204,554 163,836 KREF Lending XIV Oct 2026 Oct 2027 125,000 13,017 11,910 8.4 16,357 15,394 (1,216) KREF Lending XI Sep 2024 Sep 2026 100,000 100,000 99,729 8.7 125,000 123,987 99,574 Revolving Credit Agreement Revolver (F\) Mar 2027 Mar 2027 610,000 160,000 160,000 7.5 n.a. n.a. 160,000 Total / Weighted Average $ 6,428,119 $ 3,531,551 $ 3,521,796 7.6 % $ 3,782,419 (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 1.1 and 2.8 years, based on the current and final stated maturities, respectively, of the average weighted outstanding principal of collateral loans as of March 31, 2024. (B) Net of $9.8 million and $11.6 million unamortized deferred financing costs as of March 31, 2024 and December 31, 2023, respectively. (C) Including deferred financing costs and applicable index in effect as of March 31, 2024. Average weighted by the outstanding principal of the facility. (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 March 31, 2024 and December 31, 2023, 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% and 33.8%, respectively (or 31.2% and 32.2%, 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 March 31, 2024 , the revolver carrying value excluded $3.6 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. Secured Financing Agreements, Net Balance as of December 31, 2023 $ 3,782,419 Principal borrowings 118,754 Principal repayments/sales (381,269) Deferred debt issuance costs (1,718) Amortization of deferred debt issuance costs 3,610 Balance as of March 31, 2024 $ 3,521,796
Schedule of Repurchase Agreements	The following table summarizes certain characteristics of KREF's repurchase agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity as of March 31, 2024 and December 31, 2023: Outstanding Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) March 31, 2024 Wells Fargo $ 617,344 $ 254,636 18.4 % 2.5 KREF Lending IX 692,605 178,338 12.9 2.9 Goldman Sachs 330,379 177,149 12.8 2.6 Total / Weighted Average $ 1,640,328 $ 610,123 44.1 % 2.7 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 (A) Average weighted by the outstanding principal of borrowings under the secured financing agreement.
Schedule of Maturities of Debt Obligations	KREF’s secured financing agreements, term loan facility and other consolidated debt obligations in place as of March 31, 2024 had contractual maturities as follows: Year Nonrecourse (A) Recourse (A)(B) Total 2024 $ 127,498 $ 22,296 $ 149,794 2025 144,258 31,336 175,594 2026 1,367,285 370,307 1,737,592 2027 983,542 363,710 1,347,252 Thereafter 121,319 — 121,319 $ 2,743,902 $ 787,649 $ 3,531,551 (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)	3 Months Ended
	Mar. 31, 2024
Transfers and Servicing [Abstract]
Schedule of Collateral Assets and Respective Borrowings	The following tables outline CLO collateral assets and respective borrowing as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Facility Collateral (A) Facility Wtd. Avg. Term (B) Maximum Facility Size Outstanding Principal Carrying Value Wtd. Avg. Funding Cost (C) Outstanding Principal Carrying Value Carrying Value KREF 2021-FL2 February 2039 $ 1,095,250 $ 1,095,250 $ 1,095,189 6.8% $ 1,300,000 $ 1,285,619 $ 1,095,128 KREF 2022-FL3 February 2039 847,500 847,500 847,380 7.1 1,000,000 991,272 847,043 Total $ 1,942,750 $ 1,942,750 $ 1,942,569 6.9% $ 2,300,000 $ 2,276,891 $ 1,942,171 (A) Collateral loan assets represent 32.0% of the principal of KREF's commercial real estate loans as of March 31, 2024. As of March 31, 2024, 100% of loans financed through the CLOs are floating-rate loans. (B) The term of the CLO notes represents the rated final distribution date. Repayments of CLO notes are dependent on timing of underlying collateral loan asset repayments post reinvestment period. (C) Including deferred financing costs and applicable index in effect as of March 31, 2024. Average weighted by the outstanding principal of the facility.
Schedule of Assets and Liabilities Included in Consolidated Balance Sheet	The following table presents the CLO assets and liabilities included in KREF’s Condensed Consolidated Balance Sheets: Assets March 31, 2024 December 31, 2023 Cash $ — $ 5,000 Commercial real estate loans, held-for-investment 2,298,580 2,295,000 Less: Allowance for credit losses (23,109) (21,216) Commercial real estate loans, held-for-investment, net 2,275,471 2,273,784 Accrued interest receivable 13,498 12,653 Other assets 1,575 155 Total $ 2,290,544 $ 2,291,592 Liabilities Collateralized loan obligations $ 1,942,750 $ 1,942,750 Deferred financing costs (181) (579) Collateralized loan obligations, net 1,942,569 1,942,171 Accrued interest payable 5,638 5,666 Total $ 1,948,207 $ 1,947,837
Schedule of Net Interest Income Included in Consolidated Statement of Income	The following table presents the components of net interest income of CLOs included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended March 31, 2024 2023 Interest income $ 48,860 $ 41,746 Interest expense (A) 34,365 31,223 Net interest income $ 14,495 $ 10,523 (A) Inclu des $0.6 million and $2.1 million o f deferred financing costs amortization for the three months ended March 31, 2024 and 2023, respectively.

Secured Term Loan, Net (Tables)

Secured Term Loan, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Secured Term Loan, Net [Abstract]
Summary of Secured Term Loan	The following table summarizes KREF’s secured term loan as of March 31, 2024 and December 31, 2023, respectively: March 31, 2024 December 31, 2023 Principal $ 342,125 $ 343,000 Deferred financing costs (3,737) (4,010) Unamortized discount (3,411) (3,659) Carrying value $ 334,977 $ 335,331

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets and Other Liabilities	The following tables present the components of KREF's other assets and other liabilities as of March 31, 2024 and December 31, 2023, respectively: March 31, 2024 December 31, 2023 Other assets Restricted cash $ 12,270 $ 12,415 Deferred financing cost, Revolver 3,636 3,747 Loan principal payments held by servicer 3,500 — Other 2,794 3,293 Total $ 22,200 $ 19,455 Other liabilities Real estate owned liabilities, held for investment (Note 4) $ 4,952 $ 5,363 Allowance for credit losses on unfunded commitments 2,153 2,052 Loan funding held in escrow 7,325 — Other 1,837 1,935 Total $ 16,267 $ 9,350

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Common Stock Issued	As further described below, since December 31, 2021, KREF issued the following shares of common stock: Pricing Date Shares Issued (A) Net Proceeds As of December 31, 2021 64,759,200 $ 1,282,734 February 2022 (B) 68,817 1,426 March 2022 6,494,155 133,845 June 2022 2,750,000 53,653 August 2022 (B) 271,641 5,300 As of December 31, 2023 and March 31, 2024 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) Represents shares issued under the ATM.
Schedule of Dividends Declared	During the three months ended March 31, 2024 and 2023, 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 2024 February 1, 2024 March 28, 2024 April 15, 2024 $ 0.25 $ 17,328 $ 17,328 2023 March 17, 2023 March 31, 2023 April 14, 2023 $ 0.43 $ 29,711 $ 29,711 During the three months ended March 31, 2024 and 2023, 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 2024 February 1, 2024 February 29, 2024 March 15, 2024 $ 0.41 $ 5,326 $ 5,326 2023 February 3, 2023 February 28, 2023 March 15, 2023 $ 0.41 $ 5,326 $ 5,326

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2023 1,147,927 $ 14.49 Granted — — Vested — — Forfeited / cancelled (1,950) 14.46 Unvested as of March 31, 2024 1,145,977 $ 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 557,452 2025 380,608 2026 207,917 Total 1,145,977

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The following table illustrates the computation of basic and diluted EPS for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Earnings Net Income (Loss) $ (3,108) $ (25,077) Less: Preferred stock dividends 5,326 5,326 Less: Participating securities' share in earnings 305 407 Net income (loss) attributable to common stockholders, basic and diluted $ (8,739) $ (30,810) Shares Weighted average common shares outstanding 69,313,860 69,095,011 Add: Deferred stock units 72,708 — Add: Dilutive restricted stock units — — Diluted weighted average common shares outstanding 69,386,568 69,095,011 Net income (loss) attributable to common stockholders, per: Basic common share $ (0.13) $ (0.45) Diluted common share $ (0.13) $ (0.45)

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Amounts Due to Affiliates	The following table contains the amounts presented in KREF's Condensed Consolidated Balance Sheets that it owes to affiliates: March 31, 2024 December 31, 2023 Management fees $ 6,340 $ 6,523 KCM fees 1,747 1,747 $ 8,087 $ 8,270 Three Months Ended March 31, 2024 2023 Management fees $ 6,340 $ 6,523 Incentive compensation — 1,811 Expense reimbursements and other 1,210 1,153 $ 7,550 $ 9,487

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Assets and Liabilities Recorded at Fair Value on Recurring Basis	The carrying values and fair values of KREF’s financi al assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments not carried at fair value, as of March 31, 2024, 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 $ 106,517 $ 106,517 $ 106,517 $ 106,517 $ — $ — $ 106,517 Commercial real estate loans, held-for-investment, net (C) 7,137,266 7,113,256 6,869,622 — — 6,851,540 6,851,540 Equity method investments 35,108 35,108 35,108 — — 35,108 35,108 $ 7,278,891 $ 7,254,881 $ 7,011,247 $ 106,517 $ — $ 6,886,648 $ 6,993,165 Liabilities Secured financing agreements, net $ 3,531,551 $ 3,521,796 $ 3,521,796 $ — $ — $ 3,521,796 $ 3,521,796 Collateralized loan obligations, net 1,942,750 1,942,569 1,942,569 — — 1,915,915 1,915,915 Secured term loan, net 342,125 334,977 334,977 — 329,723 — 329,723 $ 5,816,426 $ 5,799,342 $ 5,799,342 $ — $ 329,723 $ 5,437,711 $ 5,767,434 (A) The amortized cost of commercial real estate loans is net of $16.4 million of unamortized origination discounts, cost recovery interest and deferred fees. The amortized cost of secured financing agreements is net of $9.8 million unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $0.2 million unamortized debt issuance costs. (B) The carrying value of commercial mortgage loans is net of $243.6 million allowance for credit losses. (C) Excludes fully written off risk-rated 5 loans. Includes $2,298.6 million of CLO loan participations. 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, 2023, 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 $ 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 of unamortized debt issuance costs. The amortized cost of collateralized loan obligations is net of $0.6 million of unamortized debt issuance costs. (B) The carrying value of commercial mortgage loans is net of $210.5 million allowance for credit losses. (C) Excludes fully written off risk-rated 5 loans. Includes $2,295.0 million of CLO loan participations.
Fair Value Level 3 Inputs, Liabilities	The following table contains the Level 3 inputs used to value assets and liabilities on a recurring and nonrecurring basis or where KREF discloses fair value as of March 31, 2024: Fair Value Valuation Methodologies Unobservable Inputs (A) Weighted Average (B) Range Assets and Liabilities (C) Commercial real estate loans, held-for-investment (D) $ 6,851,540 Discounted cash flow Discount margin 4.4% 3.3% - 17.2% Discount rate 10.8% 9.0% - 12.0% Capitalization rate 7.9% 7.0% - 9.0% $ 6,851,540 (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.

Business and Organization (Deta

Business and Organization (Details) - KREF - KKR - Common Stock	Mar. 31, 2024 shares
Related Party Transaction [Line Items]
Common stock ( in shares)	10,000,001
Issued and outstanding common stock owned, percentage (as a percent)	14.40%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)				1 Months Ended			3 Months Ended
	Feb. 01, 2024	Mar. 17, 2023	Feb. 03, 2023	Feb. 29, 2024	Jan. 31, 2022	Apr. 30, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	May 15, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Unrestricted cash and cash equivalents balance to satisfy liquidity covenants							$ 56,500,000		$ 60,200,000
Restricted cash							12,270,000		12,415,000
Expected loss reserve for unfunded loan commitments							$ 2,154,000	$ 4,219,000	$ 2,052,000		$ 4,138,000
Dividends declared per share of common stock (usd per share)	$ 0.25	$ 0.43					$ 0.25	$ 0.43
Potentially issuable shares related to the convertible notes (in shares)								6,316,174
6.5% Series A Cumulative Redeemable Preferred Stock
Related Party Transaction [Line Items]
Dividends declared per share of preferred stock (usd per share)	$ 0.41		$ 0.41	$ 0.41			$ 0.41	$ 0.41
Preferred stock, dividend rate (as a percent)				6.50%	6.50%	6.50%
Annual dividend rate (usd per share)				$ 1.625		$ 1.625
Facility | Revolving Credit Facility | Morgan Stanley
Related Party Transaction [Line Items]
Deferred financing/debt issuance costs							$ 3,600,000
Notes Due in 2023 | Convertible Notes Payable
Related Party Transaction [Line Items]
Convertible notes, net										$ 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	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Investment Holdings [Line Items]
Amortized Cost	$ 7,113,256	$ 7,343,548
Carrying value	6,869,622	7,133,078
Loans held-for-investment
Investment Holdings [Line Items]
Outstanding Principal	7,137,266	7,369,425
Amortized Cost	7,113,256	7,343,548
Carrying value	$ 6,869,622	$ 7,133,078
Loan count (in loans) | loan	67	69
Floating Rate Loan %	98.90%	98.90%
Life (Years)	2 years 6 months	2 years 8 months 12 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		8.70%
Loans held-for-investment | Senior loans
Investment Holdings [Line Items]
Outstanding Principal	$ 7,092,599	$ 7,324,758
Amortized Cost	7,068,558	7,298,844
Carrying value	$ 6,854,924	$ 7,089,930
Loan count (in loans) | loan	65	67
Floating Rate Loan %	98.90%	98.90%
Life (Years)	2 years 6 months	2 years 8 months 12 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		8.70%
Loans held-for-investment | Mezzanine loans
Investment Holdings [Line Items]
Outstanding Principal	$ 44,667	$ 44,667
Amortized Cost	44,698	44,704
Carrying value	$ 14,698	$ 43,148
Loan count (in loans) | loan	2	2
Floating Rate Loan %	100%	100%
Life (Years)	1 year 9 months 18 days	2 years 1 month 6 days
Loans held-for-investment | Mezzanine loans | SOFR
Investment Holdings [Line Items]
Coupon	18.30%
Loans held-for-investment | Mezzanine loans | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon		14.10%

Commercial Real Estate Loans _2

Commercial Real Estate Loans - Activities Related to Carrying Value of Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 7,343,548
Beginning balance	(210,470)	$ (106,974)
Beginning balance	7,133,078
Originations and future fundings, net	103,139
Proceeds from loan repayments and cost recovery interest	(338,180)
Accretion of loan discount and other amortization, net	4,724
Payment-in-kind interest	25
(Provision for) reversal of credit losses	(33,164)	(60,386)
Ending balance	7,113,256
Ending balance	(243,634)	$ (167,360)
Ending balance	6,869,622
Loan funding held in escrow	7,300
Interest collections on loan amortized cost	$ 2,500

Commercial Real Estate Loans _3

Commercial Real Estate Loans - Narrative (Details)	1 Months Ended			3 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2019 USD ($)
Commercial Real Estate Loans [Line Items]
Prepayment fee income				$ 0	$ 400,000
Net accelerated fee income				0	300,000
Proceeds from principal repayments of commercial real estate loans				334,680,000	89,669,000
Write-offs charged				$ 0
Weighted average loan risk rating				3.2		3.2
Allowance for credit loss				$ 245,788,000	171,579,000	$ 212,522,000	$ 111,112,000
Provision for credit losses, net				33,266,000	60,467,000
Expected loss reserve for unfunded loan commitments				2,154,000	4,219,000	2,052,000	$ 4,138,000
Commercial real estate loans, held-for-investment				7,113,256,000		7,343,548,000
Interest income				$ 151,620,000	$ 152,530,000
Minimum
Commercial Real Estate Loans [Line Items]
Weighted average life (Years)				1 year 1 month 6 days
Maximum
Commercial Real Estate Loans [Line Items]
Weighted average life (Years)				2 years 9 months 18 days
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				9%
Discount rate				12%
Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount				$ 7,137,266,000		7,369,425,000
Year four, write-off						73,706,000
Commercial real estate loans, held-for-investment				7,113,256,000		7,343,548,000
Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Principal Amount				549,916,000		512,105,000
Commercial real estate loans, held-for-investment				540,713,000		505,364,000
Commercial Real Estate Loans | Average Risk
Commercial Real Estate Loans [Line Items]
Principal Amount				6,172,095,000		6,511,894,000
Commercial real estate loans, held-for-investment				6,158,113,000		6,493,506,000
Subordinated Note
Commercial Real Estate Loans [Line Items]
Write-offs charged				15,000,000
Philadelphia | Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount			$ 136,000,000					$ 182,600,000
Future funding			$ 5,500,000
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	$ 151,100,000
Philadelphia | Commercial Real Estate Loans | Average Risk
Commercial Real Estate Loans [Line Items]
Principal Amount				114,300,000
Philadelphia | Junior Mezzanine Note
Commercial Real Estate Loans [Line Items]
Principal Amount			$ 25,000,000
Future funding			16,500,000
Philadelphia | Senior Mezzanine Note
Commercial Real Estate Loans [Line Items]
Principal Amount			41,500,000
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				194,400,000
Minneapolis, MN | Mezzanine Note
Commercial Real Estate Loans [Line Items]
Principal Amount		$ 79,400,000
Debt instrument, interest rate, effective percentage		4.50%
Chicago, IL | Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount	103,400,000
Future funding	$ 16,600,000
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				88,400,000
Chicago, IL | Subordinated Note
Commercial Real Estate Loans [Line Items]
Principal Amount	$ 18,500,000
Office | Philadelphia | Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount			116,500,000
Proceeds from principal repayments of commercial real estate loans			25,000,000
Office | Philadelphia | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Principal Amount			$ 161,000,000
Office | Minneapolis, MN | Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount		$ 194,400,000
Office | Minneapolis, MN | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Interest income				2,300,000
Office | Minneapolis, MN | Senior Mezzanine Note
Commercial Real Estate Loans [Line Items]
Future funding		5,000,000
Office | Minneapolis, MN | Senior Mortgage Loan
Commercial Real Estate Loans [Line Items]
Principal Amount		$ 120,000,000
Office | Chicago, IL | Commercial Real Estate Loans
Commercial Real Estate Loans [Line Items]
Principal Amount	105,000,000
Proceeds from principal repayments of commercial real estate loans	15,000,000
Future funding	15,000,000
Office | Chicago, IL | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Principal Amount	$ 118,400,000
Office | Mountain View, CA | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Principal Amount				200,900,000
Future funding				49,100,000
Commercial real estate loans, held-for-investment				198,900,000
Interest income				0
Office | Minnesota | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Principal Amount				194,400,000
Future funding				5,000,000
Commercial real estate loans, held-for-investment				190,100,000
Office | Seattle | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Principal Amount				117,100,000
Future funding				23,200,000
Commercial real estate loans, held-for-investment				114,200,000
Interest income				2,500,000
Office | Boston, Ma | Commercial Real Estate Loans | Impaired/Loss Likely
Commercial Real Estate Loans [Line Items]
Commercial real estate loans, held-for-investment				37,500,000
Interest income				100,000
Loans held-for-investment
Commercial Real Estate Loans [Line Items]
Unamortized origination discounts and deferred nonrefundable fees				$ 16,400,000		$ 20,800,000

Commercial Real Estate Loans _4

Commercial Real Estate Loans - Loan Risk Ratings (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 7,113,256	$ 7,343,548
Less: Allowance for credit losses	(243,634)	(210,470)	$ (167,360)	$ (106,974)
Loan receivable, net	$ 6,869,622	$ 7,133,078
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	67	69
Carrying Value	$ 7,113,256	$ 7,343,548
Total Loan Exposure	$ 7,325,877	$ 7,558,036
Total Loan Exposure %	100%	100%
Less: Allowance for credit losses		$ (210,500)
Loan receivable, net	$ 6,869,622	$ 7,133,078
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
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	2
Carrying Value	$ 19,845	$ 19,392
Total Loan Exposure	$ 58,386	$ 57,925
Total Loan Exposure %	1%	1%
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	57	60
Carrying Value	$ 6,158,113	$ 6,493,506
Total Loan Exposure	$ 6,172,095	$ 6,511,894
Total Loan Exposure %	84%	86%
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	4
Carrying Value	$ 394,585	$ 325,286
Total Loan Exposure	$ 395,480	$ 476,112
Total Loan Exposure %	5%	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	4	3
Carrying Value	$ 540,713	$ 505,364
Total Loan Exposure	$ 699,916	$ 512,105
Total Loan Exposure %	10%	7%

Commercial Real Estate Loans _5

Commercial Real Estate Loans - Amortized Cost of Loan Portfolio (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total	$ 7,113,256	$ 7,343,548
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	67	69
Outstanding Principal	$ 7,137,266	$ 7,369,425
Current year	203,569	203,576
Year one	2,202,626	2,138,405
Year two	3,810,245	3,779,788
Year three	236,937	236,767
Year four	344,179	517,491
Prior	315,700	467,521
Total	7,113,256	7,343,548
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		73,706
Prior, write-off	0	0
Notes receivable, gross write-off	$ 0	$ 73,706
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	2
Outstanding Principal	$ 19,775	$ 19,314
Current year	0	0
Year one	0	0
Year two	0	0
Year three	19,845	19,392
Year four	0	0
Prior	0	0
Total	$ 19,845	$ 19,392
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	57	60
Outstanding Principal	$ 6,172,095	$ 6,511,894
Current year	203,569	203,576
Year one	1,912,616	1,953,866
Year two	3,355,075	3,323,800
Year three	217,092	217,375
Year four	344,179	517,491
Prior	125,582	277,398
Total	$ 6,158,113	$ 6,493,506
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	4
Outstanding Principal	$ 395,480	$ 326,112
Current year	0	0
Year one	290,010	184,539
Year two	104,575	140,748
Year three	0	0
Year four	0	0
Prior	0	0
Total	$ 394,585	$ 325,286
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	4	3
Outstanding Principal	$ 549,916	$ 512,105
Current year	0	0
Year one	0	0
Year two	350,595	315,240
Year three	0	0
Year four	0	0
Prior	190,118	190,123
Total	$ 540,713	$ 505,364

Commercial Real Estate Loans _6

Commercial Real Estate Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commercial Real Estate Loans
Beginning balance	$ 210,470	$ 106,974
Provision for (reversal of) credit losses, net	33,164	60,386
Ending balance	243,634	167,360
Unfunded Loan Commitments
Beginning balance, unfunded loan commitments	2,052	4,138
Provision for (reversal of) credit losses, net, unfunded loan commitments	102	81
Ending balance, unfunded loan commitments	2,154	4,219
Total
Beginning balance, total	212,522	111,112
Provision for (reversal of) credit losses, net	33,266	60,467
Ending balance, total	$ 245,788	$ 171,579

Commercial Real Estate Loans _7

Commercial Real Estate Loans - Concentration of Credit Risk (Details) - Loans held-for-investment	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Geographic concentration risk
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	100%	100%
Geographic concentration risk | California
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	18.90%	17.70%
Geographic concentration risk | Texas
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	15.80%	15.30%
Geographic concentration risk | Massachusetts
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	11%	10.40%
Geographic concentration risk | Florida
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	9%	8.70%
Geographic concentration risk | Virginia
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	8%	7.70%
Geographic concentration risk | Washington
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	4.40%	4.20%
Geographic concentration risk | North Carolina
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	4.30%	4.10%
Geographic concentration risk | Washington D.C.
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	4.30%	6.30%
Geographic concentration risk | New York
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	4.20%	6.10%
Geographic concentration risk | Pennsylvania
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	3.60%	3.50%
Geographic concentration risk | Arizona
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	3.40%	3.30%
Geographic concentration risk | Georgia
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2.90%	2.70%
Geographic concentration risk | Minnesota
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2.70%	2.60%
Geographic concentration risk | Nevada
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2.10%	2.10%
Geographic concentration risk | Illinois
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	1.40%	1.40%
Geographic concentration risk | Colorado
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	1.20%	1.10%
Geographic concentration risk | Other U.S.
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2.80%	2.80%
Product concentration risk
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	100%	100%
Product concentration risk | Multifamily
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	43.40%	41.90%
Product concentration risk | Office
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	20.70%	22.20%
Product concentration risk | Industrial
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	15.10%	14.50%
Product concentration risk | Life Science
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	11%	10.20%
Product concentration risk | Hospitality
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	5.10%	5%
Product concentration risk | Self-Storage
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2.10%	1.70%
Product concentration risk | Student Housing
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	1.60%	1.50%
Product concentration risk | Single Family Rental
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	0.90%	0.90%
Product concentration risk | Condo (Residential)
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	0%	2%
Product concentration risk | Retail
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	0.10%	0.10%

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Dec. 22, 2023	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jan. 31, 2023	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2015
Real Estate [Line Items]
Real estate owned, held for investment, net		$ 82,669	$ 82,091
Commercial real estate loans, held-for-investment		7,113,256	7,343,548
Net cash assumed from investment in real estate owned and related joint venture		$ 1,300
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		$ 7,137,266	7,369,425
Commercial real estate loans, held-for-investment		7,113,256	7,343,548
Commercial mortgage loan | Impaired/Loss Likely
Real Estate [Line Items]
Principal Amount		549,916	512,105
Commercial real estate loans, held-for-investment		$ 540,713	$ 505,364
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	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Assets
Real estate owned - land	$ 82,669	$ 82,091
Cash	106,517	135,898	$ 254,096
Other assets	22,200	19,455
Total Assets	7,256,695	7,547,618
Liabilities
Total Liabilities	5,876,605	6,143,436
Real estate owned, held for investment
Assets
Real estate owned - land	78,569	78,569
Real estate owned - land improvements	4,100	3,522
Real estate owned, net	82,669	82,091
Cash	253	2,152
In-place lease intangibles	184	201
Tenant receivables	337	692
Other assets	1,141	1,256
Total Assets	84,584	86,392
Liabilities
Unfavorable lease intangibles	1,004	1,095
Other liabilities	3,948	4,268
Total Liabilities	4,952	5,363
Real estate owned, held for sale
Assets
Real estate owned, net	77,994	76,461
In-place lease intangibles	15,928	15,928
Tenant receivables	931	0
Favorable lease intangibles	3,885	3,885
Other assets	1,239	4,743
Total Assets	99,977	101,017
Liabilities
Unfavorable lease intangibles	1,087	1,087
Other liabilities	15,247	14,796
Total Liabilities	$ 16,334	$ 15,883

Real Estate Owned - Income (Los

Real Estate Owned - Income (Loss) from Real Estate Owned (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real Estate [Abstract]
Rental income	$ 4,370	$ 1,670
Other operating income	608	576
Revenue from REO operations	4,978	2,246
Expenses from real estate owned operations	(5,549)	(2,758)
Other income	13	288
Total	$ (558)	$ (224)
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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset
In-place lease intangibles	$ 17	$ 17
Liability
Unfavorable lease intangibles	$ 91	$ 91

Real Estate Owned - Future Leas

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

Real Estate Owned - Future Mini

Real Estate Owned - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Real Estate [Abstract]
2024	$ 11,105
2025	10,950
2026	8,968
2027	7,558
2028	5,913
Thereafter	$ 19,991

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding Principal	$ 3,531,551,000
Unamortized debt issuance costs	$ 3,636,000	$ 3,747,000
Average haircut weighted by outstanding face amount of collateral	33.80%	33.80%
Average haircut weighted by outstanding face amount of collateral if maximum amount is borrowed	31.20%	32.20%
Commercial Real Estate Loans
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 9,800,000	$ 11,600,000
Minimum
Debt Instrument [Line Items]
Weighted average life (Years)	1 year 1 month 6 days
Maximum
Debt Instrument [Line Items]
Weighted average life (Years)	2 years 9 months 18 days
Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 9,800,000	11,600,000
Total Debt
Debt Instrument [Line Items]
Maximum Facility Size	6,428,119,000
Outstanding Principal	3,531,551,000
Carrying Value	$ 3,521,796,000	3,782,419,000
Weighted Average Funding Cost	7.60%
Secured Financing Agreements | Facility
Debt Instrument [Line Items]
Carrying Value	$ 3,521,796,000	3,782,419,000
Secured Financing Agreements | KREF Lending IX | Facility
Debt Instrument [Line Items]
Maximum Facility Size	1,000,000,000
Outstanding Principal	692,605,000
Carrying Value	$ 690,743,000	693,458,000
Weighted Average Funding Cost	7.70%
Outstanding Principal	$ 876,111,000
Carrying Value	864,557,000
Secured Financing Agreements | KREF Lending V LLC | Facility
Debt Instrument [Line Items]
Maximum Facility Size	177,494,000
Outstanding Principal	177,494,000
Carrying Value	$ 177,380,000	327,163,000
Weighted Average Funding Cost	7.60%
Outstanding Principal	$ 309,939,000
Carrying Value	290,686,000
Secured Financing Agreements | KREF Lending XII | Facility
Debt Instrument [Line Items]
Maximum Facility Size	350,000,000
Outstanding Principal	166,771,000
Carrying Value	$ 166,550,000	166,308,000
Weighted Average Funding Cost	7.10%
Outstanding Principal	$ 225,696,000
Carrying Value	224,006,000
Secured Financing Agreements | Wells Fargo | Facility
Debt Instrument [Line Items]
Maximum Facility Size	1,000,000,000
Outstanding Principal	617,344,000
Carrying Value	$ 616,332,000	645,091,000
Weighted Average Funding Cost	7.10%
Outstanding Principal	$ 958,308,000
Carrying Value	869,439,000
Secured Financing Agreements | Morgan Stanley | Facility
Debt Instrument [Line Items]
Maximum Facility Size	600,000,000
Outstanding Principal	387,389,000
Carrying Value	$ 385,988,000	483,055,000
Weighted Average Funding Cost	7.60%
Outstanding Principal	$ 550,526,000
Carrying Value	513,706,000
Secured Financing Agreements | Goldman Sachs | Facility
Debt Instrument [Line Items]
Maximum Facility Size	400,000,000
Outstanding Principal	330,379,000
Carrying Value	$ 329,663,000	346,464,000
Weighted Average Funding Cost	8.20%
Outstanding Principal	$ 508,424,000
Carrying Value	505,900,000
Secured Financing Agreements | KREF Lending VII | Facility
Debt Instrument [Line Items]
Carrying Value		560,945,000
Carrying Value	735,321,000
Secured Financing Agreements | BMO | Facility
Debt Instrument [Line Items]
Maximum Facility Size	300,000,000
Outstanding Principal	138,615,000
Carrying Value	$ 137,897,000	137,752,000
Weighted Average Funding Cost	7.40%
Outstanding Principal	$ 179,601,000
Carrying Value	178,697,000
Secured Financing Agreements | HSBC | Facility
Debt Instrument [Line Items]
Maximum Facility Size	500,000,000
Outstanding Principal	0
Carrying Value	$ (19,000)	(11,000)
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	175,614,000
Carrying Value	$ 173,592,000	163,836,000
Weighted Average Funding Cost	8.70%
Outstanding Principal	$ 206,605,000
Carrying Value	204,554,000
Secured Financing Agreements | KREF Lending XIV | Facility
Debt Instrument [Line Items]
Maximum Facility Size	125,000,000
Outstanding Principal	13,017,000
Carrying Value	$ 11,910,000	(1,216,000)
Weighted Average Funding Cost	8.40%
Outstanding Principal	$ 16,357,000
Carrying Value	15,394,000
Secured Financing Agreements | KREF Lending XI | Facility
Debt Instrument [Line Items]
Maximum Facility Size	100,000,000
Outstanding Principal	100,000,000
Carrying Value	$ 99,729,000	99,574,000
Weighted Average Funding Cost	8.70%
Outstanding Principal	$ 125,000,000
Carrying Value	123,987,000
Term Loan Facility | KREF Lending VII | Facility
Debt Instrument [Line Items]
Maximum Facility Size	1,000,000,000
Outstanding Principal	572,323,000
Carrying Value	$ 572,031,000
Weighted Average Funding Cost	7.30%
Outstanding Principal	$ 749,125,000
Revolving Credit Facility | Facility
Debt Instrument [Line Items]
Maximum Facility Size	610,000,000
Outstanding Principal	160,000,000
Carrying Value	$ 160,000,000	$ 160,000,000
Weighted Average Funding Cost	7.50%
Revolving Credit Facility | Morgan Stanley | Facility
Debt Instrument [Line Items]
Deferred financing/debt issuance costs	$ 3,600,000
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	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 3,531,551
Wells Fargo
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	617,344	$ 646,559
Net Counterparty Exposure	$ 254,636	$ 248,891
Percent of Stockholders' Equity	18.40%	17.70%
Weighted Average Life (Years)	2 years 6 months	2 years 8 months 12 days
Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		$ 483,339
Net Counterparty Exposure		$ 203,080
Percent of Stockholders' Equity		14.50%
Weighted Average Life (Years)		1 year 7 months 6 days
KREF Lending IX
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 692,605	$ 696,605
Net Counterparty Exposure	$ 178,338	$ 172,462
Percent of Stockholders' Equity	12.90%	12.30%
Weighted Average Life (Years)	2 years 10 months 24 days	3 years 1 month 6 days
Goldman Sachs
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 330,379	$ 347,329
Net Counterparty Exposure	$ 177,149	$ 170,236
Percent of Stockholders' Equity	12.80%	12.10%
Weighted Average Life (Years)	2 years 7 months 6 days	2 years 10 months 24 days
Total
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 1,640,328
Net Counterparty Exposure	$ 610,123
Percent of Stockholders' Equity	44.10%
Weighted Average Life (Years)	2 years 8 months 12 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

Debt Obligations - Debt Activit

Debt Obligations - Debt Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Deferred debt issuance costs	$ (2,249)	$ (919)
Facility | Secured Financing Agreements
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Beginning balance	3,782,419
Principal borrowings	118,754
Principal repayments/sales	(381,269)
Deferred debt issuance costs	(1,718)
Amortization of deferred debt issuance costs	3,610
Ending balance	$ 3,521,796

Debt Obligations - Maturities (

Debt Obligations - Maturities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
2024	$ 149,794
2025	175,594
2026	1,737,592
2027	1,347,252
Thereafter	121,319
Total	$ 3,531,551
Maximum
Debt Instrument [Line Items]
Recourse limit	25%
Nonrecourse
Debt Instrument [Line Items]
2024	$ 127,498
2025	144,258
2026	1,367,285
2027	983,542
Thereafter	121,319
Total	2,743,902
Recourse
Debt Instrument [Line Items]
2024	22,296
2025	31,336
2026	370,307
2027	363,710
Thereafter	0
Total	$ 787,649

Debt Obligations - Covenants (D

Debt Obligations - Covenants (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 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) - Collateralized loan obligations	1 Months Ended
	Feb. 28, 2022	Aug. 31, 2021
KREF 2021-FL2
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Term of reinvestment feature		2 years
KREF 2022-FL3
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Term of reinvestment feature	2 years

Collateralized Loan Obligatio_4

Collateralized Loan Obligations - Schedule of Collateral Assets and Respective Borrowings (Details)	Mar. 31, 2024 USD ($) collateralAsset borrowing	Dec. 31, 2023 USD ($)
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Percentage of commercial mortgage loans	32%
Percentage of collateralized loan obligations under floating rate loans	100%
Primary beneficiary | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Principal	$ 1,942,750,000
Carrying value, financing provided	$ 1,942,569,000	$ 1,942,171,000
Weighted average yield, financing provided	6.90%
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	1,942,750,000
Outstanding principal, collateral assets	$ 2,300,000,000
Cash	0	5,000,000
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]
Carrying value, collateral assets	$ 2,276,891,000
KREF 2021-FL2 | Primary beneficiary | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Collateral assets, count (in collateral assets) | borrowing	1,095,250,000
Principal	$ 1,095,250,000
Carrying value, financing provided	$ 1,095,189,000	1,095,128,000
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	6.80%
KREF 2021-FL2 | Primary beneficiary | Collateralized loan obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Outstanding principal, collateral assets	$ 1,300,000,000
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]
Carrying value, collateral assets	1,285,619,000
KREF 2022-FL3 | Primary beneficiary | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Principal	847,500,000
Carrying value, financing provided	$ 847,380,000	$ 847,043,000
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	7.10%
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	847,500,000
Outstanding principal, collateral assets	$ 1,000,000,000
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]
Carrying value, collateral assets	$ 991,272,000

Collateralized Loan Obligatio_5

Collateralized Loan Obligations - Schedule of Assets and Liabilities Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment	$ 7,113,256	$ 7,343,548
Less: Allowance for credit losses	(243,634)	(210,470)	$ (167,360)	$ (106,974)
Commercial real estate loans, held-for-investment, net	6,869,622	7,133,078
Accrued interest receivable	40,602	41,003
Other assets	22,200	19,455
Total Assets	7,256,695	7,547,618
Collateralized loan obligations	3,531,551
Deferred financing costs	(3,636)	(3,747)
Collateralized loan obligations, net	1,942,569	1,942,171
Accrued interest payable	19,247	20,207
Total Liabilities	5,876,605	6,143,436
Recurring
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment	7,113,256	7,343,548
Commercial real estate loans, held-for-investment, net	6,869,622	7,133,078
Total Assets	7,011,247	7,304,052
Total Liabilities	5,799,342	6,059,921
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	0	5,000
Commercial real estate loans, held-for-investment	2,298,580	2,295,000
Less: Allowance for credit losses	(23,109)	(21,216)
Commercial real estate loans, held-for-investment, net	2,275,471	2,273,784
Accrued interest receivable	13,498	12,653
Other assets	1,575	155
Total Assets	2,290,544	2,291,592
Deferred financing costs	(181)	(579)
Collateralized loan obligations, net	1,942,569	1,942,171
Accrued interest payable	5,638	5,666
Total Liabilities	$ 1,948,207	$ 1,947,837

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
	Mar. 31, 2024	Mar. 31, 2023
Variable Interest Entity [Line Items]
Interest income	$ 151,620	$ 152,530
Interest expense	112,476	105,976
Total net interest income	39,144	46,554
Collateralized loan obligations | Primary beneficiary
Variable Interest Entity [Line Items]
Interest income	48,860	41,746
Interest expense	34,365	31,223
Total net interest income	14,495	10,523
Deferred financing costs amortization	$ 600	$ 2,100

Secured Term Loan, Net - Narrat

Secured Term Loan, Net - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended
	Nov. 30, 2021	Sep. 30, 2020	Mar. 31, 2024	Dec. 31, 2021	Dec. 31, 2023
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	$ 3,411,000		$ 3,659,000
Deferred financing costs	2,000,000	$ 5,100,000
Carrying value, financing provided	297,800,000		334,977,000		$ 335,331,000
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 | 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	Mar. 31, 2024	Dec. 31, 2023	Nov. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Principal	$ 3,531,551
Deferred financing costs	(3,636)	$ (3,747)
Secured term loan | Secured debt
Debt Instrument [Line Items]
Principal	342,125	343,000
Deferred financing costs	(3,737)	(4,010)
Unamortized discount	(3,411)	(3,659)		$ (7,500)
Carrying value	$ 334,977	$ 335,331	$ 297,800

Other Assets and Liabilities -

Other Assets and Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other assets
Restricted cash	$ 12,270	$ 12,415
Deferred financing costs	3,636	3,747
Loan principal payments held by servicer	3,500	0
Other	2,794	3,293
Total	22,200	19,455
Other liabilities
Real estate owned liabilities, held for investment (Note 4)	4,952	5,363
Allowance for credit loss	2,153	2,052
Loan funding held in escrow	7,325	0
Other	1,837	1,935
Nonrelated party
Other liabilities
Total	$ 16,267	$ 9,350

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Equity method investments	$ 35,108	$ 35,076
Primary beneficiary | Real estate owned
Variable Interest Entity [Line Items]
Ownership percentage in VIE (as a percent)	90%
Net assets	$ 72,800
Distribution priority	$ 79,800
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) - USD ($)	1 Months Ended					3 Months Ended		24 Months Ended	27 Months Ended	83 Months Ended
	Feb. 29, 2024	Jun. 30, 2022	Mar. 31, 2022	Jan. 31, 2022	Apr. 30, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2024	Feb. 03, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 22, 2019	Oct. 02, 2014
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)						$ 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
Common stock issued ( in shares)						75,299,556		75,299,556	75,299,556	75,299,556
Common stock outstanding ( in shares)						69,313,860		69,313,860	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
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%
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 | 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%			14.40%	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
6.5% Series A Cumulative Redeemable Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate (as a percent)	6.50%			6.50%	6.50%
Preferred stock, redemption price (USD per share)				$ 25	$ 25
Preferred stock liquidation preference (usd per share)				$ 25	25	$ 25		$ 25	$ 25	$ 25
Annual dividend rate (usd per share)	$ 1.625				$ 1.625
Common stock, net
Subsidiary, Sale of Stock [Line Items]
Common stock issued ( in shares)						74,343,813		74,343,813	74,343,813	74,343,813			64,759,200
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	69,313,860	69,313,860	69,313,860		69,095,011
Common Stock | Restricted stock units
Subsidiary, Sale of Stock [Line Items]
Common stock issued related to vesting RSUs (in shares)						0	0
March 2022 | Common stock, net
Subsidiary, Sale of Stock [Line Items]
Issuance of stock (in shares)			6,494,155					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	2,750,000

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock Issued (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		24 Months Ended	27 Months Ended	83 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2024
Common Stock Issuance [Roll Forward]
Beginning balance ( in shares)			75,299,556
Ending balance ( in shares)			75,299,556		75,299,556	75,299,556	75,299,556
Beginning balance			$ 1,404,182
Ending balance			$ 1,380,090		$ 1,404,182	$ 1,380,090	$ 1,380,090
Common stock, net
Common Stock Issuance [Roll Forward]
Beginning balance ( in shares)			74,343,813		64,759,200	64,759,200
Ending balance ( in shares)			74,343,813		74,343,813	74,343,813	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
Ending balance			1,476,958		1,476,958	1,476,958	$ 1,476,958
Common Stock
Common Stock Issuance [Roll Forward]
Beginning balance			693	$ 691
Ending balance			$ 693	$ 691	$ 693	$ 693	$ 693
Common stock issued related to vesting RSUs (in shares)			955,743				955,743
February 2022 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (in shares)					68,817	68,817
February 2022 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock					$ 1,426	$ 1,426
March 2022 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (in shares)		6,494,155			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	$ 133,845
June 2022 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (in shares)	2,750,000				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	$ 53,653
August 2022 | Common stock, net
Common Stock Issuance [Roll Forward]
Issuance of stock (in shares)					271,641	271,641
August 2022 | Common stock Including additional paid in capital & offering costs
Common Stock Issuance [Roll Forward]
Issuance of stock					$ 5,300	$ 5,300

Equity - Schedule of Dividends

Equity - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended
	Feb. 01, 2024	Mar. 17, 2023	Feb. 03, 2023	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Dividends declared per share of common stock (usd per share)	$ 0.25	$ 0.43			$ 0.25	$ 0.43
Dividends paid	$ 17,328	$ 29,711			$ 17,328	$ 29,711
Preferred stock dividends declared					$ 5,326	$ 5,326
6.5% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (usd per share)	$ 0.41		$ 0.41	$ 0.41	$ 0.41	$ 0.41
Preferred stock dividends declared	$ 5,326		$ 5,326

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) $ in Millions	1 Months Ended		3 Months Ended		83 Months Ended
	Mar. 31, 2022	Dec. 31, 2021 shares	Mar. 31, 2024 USD ($) period shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2024 USD ($) shares	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period			1 year 1 month 6 days
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 | $			$ 2.3	$ 2.2
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding			1,145,977		1,145,977	1,147,927
Number of consecutive vesting periods (in periods) | period			3
Vesting period			1 year
Units granted (in shares)		400,000	0
Dividend, share-based payment arrangement | $			$ 0.3	$ 0.4
Vesting percentage	25%
Units vested (in shares)			0
Restricted Stock Units (RSUs) | Deferral Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units vested (in shares)			0
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)			0	0
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 | $			$ 12.5		$ 12.5
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)			72,708		72,708

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Unit Activity (Details) - Restricted stock units - $ / shares	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2024
Restricted Stock Units
Unvested, beginning balance (in shares)		1,147,927
Units granted (in shares)	400,000	0
Units vested (in shares)		0
Units Forfeited/ cancelled (in shares)		(1,950)
Unvested, ending balance (in shares)		1,145,977
Weighted Average Grant Date Fair Value Per RSU
Unvested, beginning balance, weighted average grant date fair value (usd per share)		$ 14.49
Units granted, weighted average grant date fair value (usd per share)		0
Units vested, weighted average grant date fair value (usd per share)		0
Units forfeited/ cancelled, weighted average grant date fair value (usd per share)		14.46
Unvested. ending balance, weighted average grant date fair value (usd per share)		$ 14.49

Stock-based Compensation - RSU

Stock-based Compensation - RSU Vesting (Details) - Restricted stock units - shares	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2024 (in shares)	557,452
2025 (in shares)	380,608
2026 (in shares)	207,917
Total	1,145,977	1,147,927

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	May 15, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average unvested RSUs (in shares)	39,369	20,426
Potentially issuable shares related to the convertible notes (in shares)		6,316,174
Notes Due in 2023 | Convertible Notes Payable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Convertible notes, net			$ 0

Earnings (Loss) per Share - Com

Earnings (Loss) per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings
Net Income (Loss)	$ (3,108)	$ (25,077)
Less: Preferred stock dividends	5,326	5,326
Less: Participating securities' share in earnings	305	407
Net Income (Loss) Attributable to Common Stockholders	(8,739)	(30,810)
Net Income (Loss) Attributable to Common Stockholders	$ (8,739)	$ (30,810)
Shares
Weighted average common shares outstanding (in shares)	69,313,860	69,095,011
Add: Deferred stock units (in shares)	72,708	0
Add: Dilutive restricted stock units (in shares)	0	0
Diluted weighted average common shares outstanding (in shares)	69,386,568	69,095,011
Net income (loss) attributable to common stockholders, per:
Basic common share (usd per share)	$ (0.13)	$ (0.45)
Diluted common share (usd per share)	$ (0.13)	$ (0.45)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended		3 Months Ended
	Jan. 31, 2022 time	Jan. 31, 2017 USD ($)	Mar. 31, 2024 USD ($)
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			$ 725
Commitment to invest in aggregator vehicle | RECOP I | Variable Interest Entity, Not Primary Beneficiary
Long-term Purchase Commitment [Line Items]
Capital commitment		$ 40	$ 4.3
Long-term purchase commitment period		2 years

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	1 Months Ended		3 Months Ended
	Jun. 30, 2022	Jul. 31, 2021	Mar. 31, 2024 USD ($) calendarQuarter shares	Mar. 31, 2023 USD ($) shares
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			1,853,959
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
KREF Manager
Related Party Transaction [Line Items]
Shares granted (in shares) | shares			0	0
KKR Credit & Markets | BMO Facility
Related Party Transaction [Line Items]
Structuring fee, percent			0.35%
Related party transaction amount			$ 0	$ 0
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	0
Payments for equity offering discounts and commissions			$ 0	$ 0
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 XII
Related Party Transaction [Line Items]
Structuring fee, percent	0.35%
Related party transaction amount			$ 0	0
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			$ 0	$ 100,000

Related Party Transactions - Ex

Related Party Transactions - Expenses Incurred and Amounts Owed to Affiliates (Details) - Related party - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Other liabilities	$ 8,087		$ 8,270
Affiliate expenses	7,550	$ 9,487
Management fees
Related Party Transaction [Line Items]
Other liabilities	6,340		6,523
Affiliate expenses	6,340	6,523
KCM fees
Related Party Transaction [Line Items]
Other liabilities	1,747		$ 1,747
Incentive compensation
Related Party Transaction [Line Items]
Affiliate expenses	0	1,811
Expense reimbursements and other
Related Party Transaction [Line Items]
Affiliate expenses	$ 1,210	$ 1,153

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	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 106,517	$ 135,898	$ 254,096
Commercial real estate loans, held-for-investment	7,113,256	7,343,548
Carrying value	6,869,622	7,133,078
Equity method investments, fair value	35,108	35,076
Total Assets	7,256,695	7,547,618
Assets, fair value	6,851,540
Outstanding Principal	3,531,551
Total Liabilities	5,876,605	6,143,436
Unamortized debt issuance costs	3,636	3,747
Carrying amount	243,634	210,470	$ 167,360	$ 106,974
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	2,298,580	2,295,000
Carrying value	2,275,471	2,273,784
Total Assets	2,290,544	2,291,592
Total Liabilities	1,948,207	1,947,837
Unamortized debt issuance costs	181	579
Carrying amount	23,109	21,216
Loans held-for-investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized origination discounts and deferred nonrefundable fees	16,400	20,800
Loans held-for-investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	7,137,266	7,369,425
Commercial real estate loans, held-for-investment	7,113,256	7,343,548
Carrying value	6,869,622	7,133,078
Commercial Real Estate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	7,137,266	7,369,425
Commercial real estate loans, held-for-investment	7,113,256	7,343,548
Carrying value	6,869,622	7,133,078
Carrying amount		210,500
Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized debt issuance costs	9,800	11,600
Collateralized loan obligations, net | Primary beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, financing provided	1,942,569	1,942,171
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	106,517	135,898
Cash and cash equivalents, fair value	106,517	135,898
Principal Amount	7,137,266	7,369,425
Commercial real estate loans, held-for-investment	7,113,256	7,343,548
Carrying value	6,869,622	7,133,078
Commercial mortgage loans, held-for-investment, net, fair value	6,851,540	7,133,696
Equity method investments	35,108	35,076
Equity method investments, fair value	35,108	35,076
Assets, principal balance	7,278,891	7,540,399
Net Assets	7,254,881	7,514,522
Total Assets	7,011,247	7,304,052
Assets, fair value	6,993,165	7,304,670
Liabilities, principal balance	5,816,426	6,079,816
Total Liabilities	5,799,342	6,059,921
Liabilities, fair value	5,767,434	6,014,269
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	106,517	135,898
Commercial mortgage loans, held-for-investment, net, fair value	0	0
Equity method investments, fair value	0	0
Assets, fair value	106,517	135,898
Liabilities, fair value	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
Commercial mortgage loans, held-for-investment, net, fair value	0	0
Equity method investments, fair value	0	0
Assets, fair value	0	0
Liabilities, fair value	329,723	338,500
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Commercial mortgage loans, held-for-investment, net, fair value	6,851,540	7,133,696
Equity method investments, fair value	35,108	35,076
Assets, fair value	6,886,648	7,168,772
Liabilities, fair value	5,437,711	5,675,769
Recurring | Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	3,531,551	3,794,066
Carrying value, financing provided	3,521,796	3,782,419
Secured financing agreements, net, fair value	3,521,796	3,782,419
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
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
Recurring | Facility | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	3,521,796	3,782,419
Recurring | Collateralized loan obligations, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	1,942,750	1,942,750
Carrying value, financing provided	1,942,569	1,942,171
Secured financing agreements, net, fair value	1,915,915	1,893,350
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
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
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	1,915,915	1,893,350
Recurring | Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	342,125	343,000
Carrying value, financing provided	334,977	335,331
Secured financing agreements, net, fair value	329,723	338,500
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
Recurring | Secured debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	329,723	338,500
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

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Unobservable Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Assets, fair value	$ 6,851,540
Equity method investments	$ 35,108	$ 35,076
Minimum | Impaired/Loss Likely
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Discount rate	9%
Capitalization rate	7%
Maximum | Impaired/Loss Likely
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Discount rate	12%
Capitalization rate	9%
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	0.108
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	0.079
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 ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Current income tax provision	$ 0	$ 200,000
Deferred tax assets, net	$ 0		$ 0

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
	Feb. 01, 2024	Mar. 17, 2023	Apr. 23, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Dividends paid	$ 17,328	$ 29,711		$ 17,328	$ 29,711
Subsequent event
Subsequent Event [Line Items]
Dividends paid			$ 17,300
Dividend paid (usd per share)			$ 0.25