KKR Real Estate Finance Trust (KREF) 10-Q 21 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 17, 2024
Document Information [Line Items]
Document Type	10-Q
Document Annual Report	true
Document Period End Date	Sep. 30, 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		69,572,651
Entity Central Index Key	0001631596
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	KREF
Security Exchange Name	NYSE
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	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 108,795	$ 135,898
Commercial real estate loans, held-for-investment	6,188,679	7,343,548
Less: Allowance for credit losses	(148,013)	(210,470)
Commercial real estate loans, held-for-investment, net	6,040,666	7,133,078
Commercial real estate loan, held-for-sale	137,916	0
Real estate owned, held for investment, net	262,267	82,091
Real estate owned assets, held for sale	57,589	101,017
Accrued interest receivable	32,282	41,003
Other assets	17,601	19,455
Total Assets	6,774,042	7,547,618
Liabilities
Secured financing agreements, net	3,017,564	3,782,419
Collateralized loan obligations, net	1,941,128	1,942,171
Secured term loan, net	334,193	335,331
Accrued interest payable	22,763	20,207
Dividends payable	17,333	29,805
Real estate owned liabilities, held for sale	3,356	15,883
Total Liabilities	5,362,661	6,143,436
Commitments and Contingencies (Note 13)	0	0
Equity
Common stock, $0.01 par value, 300,000,000 authorized (69,333,208 shares issued and outstanding as of September 30, 2024; 75,299,556 shares issued and 69,313,860 shares outstanding as of December 31, 2023)	693	693
Additional paid-in capital	1,725,014	1,815,077
Accumulated deficit	(367,871)	(314,370)
Repurchased stock (5,985,696 shares repurchased as of December 31, 2023)	0	(96,764)
Total KKR Real Estate Finance Trust Inc. Stockholders’ Equity	1,357,967	1,404,767
Noncontrolling interests in equity of consolidated joint ventures	53,414	(585)
Total Equity	1,411,381	1,404,182
Total Liabilities and Equity	$ 6,774,042	$ 7,547,618
Common Stock, Shares, Issued	69,333,208	75,299,556
6.5% Series A Cumulative Redeemable Preferred Stock
Equity
Series A cumulative redeemable preferred stock, (13,110,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023); liquidation preference of $327,750, or $25.00 per share	$ 131	$ 131
Related party
Liabilities
Other liabilities	7,648	8,270
Nonrelated party
Liabilities
Other liabilities	18,676	9,350
Real Estate Asset
Assets
Equity method investments	81,493	0
CMBS B-Pieces
Assets
Equity method investments	$ 35,433	$ 35,076

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 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)	69,333,208	75,299,556
Common stock outstanding (in shares)	69,333,208	69,313,860
Treasury stock, held (in shares)		5,985,696
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	$ 327,750	$ 327,750
Preferred stock liquidation preference (usd per share)	$ 25	$ 25

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Interest Income
Interest income	$ 140,150	$ 163,229	$ 441,019	$ 475,388
Interest expense	103,145	118,617	324,437	340,270
Total net interest income	37,005	44,612	116,582	135,118
Other Income
Income (loss) from equity method investments	156	839	1,619	1,043
Other miscellaneous income	1,320	2,809	4,544	9,957
Revenue from real estate owned operations	8,539	1,795	19,302	6,025
Gain (loss) on sale of investments	0	0	(615)	0
Total other income	10,015	5,443	24,850	17,025
Operating Expenses
Provision for credit losses, net	38,200	8,814	76,011	125,616
Management fee to affiliate	5,901	6,566	18,614	19,648
Incentive compensation to affiliate	0	69	0	2,491
General and administrative	4,668	4,788	14,455	14,188
Expenses from real estate owned operations	5,488	2,819	17,378	8,233
Total operating expenses	54,257	23,056	126,458	170,176
Income (Loss) Before Income Taxes	(7,237)	26,999	14,974	(18,033)
Income tax expense	91	165	203	511
Net Income (Loss)	(7,328)	26,834	14,771	(18,544)
Net income (loss) attributable to noncontrolling interests	60	(307)	(565)	(580)
Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries	(7,388)	27,141	15,336	(17,964)
Preferred stock dividends	5,326	5,326	15,978	15,978
Participating securities' share in earnings	277	414	865	1,239
Net Income (Loss) Attributable to Common Stockholders	(12,991)	21,401	(1,507)	(35,181)
Net Income (Loss) Attributable to Common Stockholders	$ (12,991)	$ 21,401	$ (1,507)	$ (35,181)
Net Income (Loss) Per Share of Common Stock
Basic (usd per share)	$ (0.19)	$ 0.31	$ (0.02)	$ (0.51)
Diluted (usd per share)	$ (0.19)	$ 0.31	$ (0.02)	$ (0.51)
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	69,434,938	69,122,636	69,414,990	69,111,201
Diluted (in shares)	69,434,938	69,122,636	69,414,990	69,111,201
Dividends declared per share of common stock (usd per share)	$ 0.25	$ 0.43	$ 0.75	$ 1.29

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	Accumulated Deficit	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 Ventures
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, 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	(15,978)
Common dividends declared	(89,143)
Ending balance (in shares) at Sep. 30, 2023					13,110,000
Ending balance (in shares) at Sep. 30, 2023						69,106,061
Ending balance at Sep. 30, 2023			1,453,297		$ 131	$ 691	1,815,493	(265,827)		(96,764)	1,453,724		(427)
Beginning balance (in shares) at Mar. 31, 2023					13,110,000
Beginning 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 Mar. 31, 2023						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	(29,716)		(29,716)					(29,716)			(29,716)
Participating security dividends declared			(418)					(418)			(418)
Stock-based compensation, net (in shares)						11,050
Stock-based compensation, net			2,174				2,174				2,174
Net income (loss)			(20,124)					(20,028)			(20,028)		(96)
Ending balance (in shares) at Jun. 30, 2023					13,110,000
Ending balance (in shares) at Jun. 30, 2023						69,106,061
Ending balance at Jun. 30, 2023			1,459,735		$ 131	$ 691	1,813,309	(257,512)		(96,764)	1,459,855		(120)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A preferred dividends declared		$ (5,326)		(5,326)					(5,326)			(5,326)
Common dividends declared	(29,716)		(29,716)					(29,716)			(29,716)
Participating security dividends declared			(414)					(414)			(414)
Stock-based compensation, net			2,184				2,184				2,184
Net income (loss)			26,834					27,141			27,141		(307)
Ending balance (in shares) at Sep. 30, 2023					13,110,000
Ending balance (in shares) at Sep. 30, 2023						69,106,061
Ending balance at Sep. 30, 2023			1,453,297		$ 131	$ 691	1,815,493	(265,827)		(96,764)	1,453,724		(427)
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
Ending balance (in shares) at Mar. 31, 2024						69,313,860
Ending balance at Mar. 31, 2024			1,380,090		$ 131	$ 693	1,817,373	(340,437)		(96,764)	1,380,996		(906)
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	$ (15,978)
Common dividends declared	$ (51,994)
Ending balance (in shares) at Sep. 30, 2024		13,110,000			13,110,000
Ending balance (in shares) at Sep. 30, 2024	69,333,208					69,333,208
Ending balance at Sep. 30, 2024	$ 1,411,381		1,411,381		$ 131	$ 693	1,725,014	(367,871)		0	1,357,967		53,414
Beginning balance (in shares) at Mar. 31, 2024					13,110,000
Beginning balance at Mar. 31, 2024			1,380,090		$ 131	$ 693	1,817,373	(340,437)		(96,764)	1,380,996		(906)
Beginning balance (in shares) at Mar. 31, 2024						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	(17,333)		(17,333)					(17,333)			(17,333)
Participating security dividends declared			(283)					(283)			(283)
Stock-based compensation, net (in shares)						19,348
Stock-based compensation, net			2,225				2,225				2,225
Retirement of repurchased stock			0				(96,764)			96,764
Net income (loss)			25,528					25,832			25,832		(304)
Contribution by noncontrolling interests			54,331										54,331
Ending balance (in shares) at Jun. 30, 2024					13,110,000
Ending balance (in shares) at Jun. 30, 2024						69,333,208
Ending balance at Jun. 30, 2024			1,439,232		$ 131	$ 693	1,722,834	(337,547)		0	1,386,111		53,121
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A preferred dividends declared		$ (5,326)		$ (5,326)					$ (5,326)			$ (5,326)
Common dividends declared	$ (17,333)		(17,333)					(17,333)			(17,333)
Participating security dividends declared			(277)					(277)			(277)
Stock-based compensation, net			2,180				2,180				2,180
Net income (loss)			(7,328)					(7,388)			(7,388)		60
Contribution by noncontrolling interests			233										233
Ending balance (in shares) at Sep. 30, 2024		13,110,000			13,110,000
Ending balance (in shares) at Sep. 30, 2024	69,333,208					69,333,208
Ending balance at Sep. 30, 2024	$ 1,411,381		$ 1,411,381		$ 131	$ 693	$ 1,725,014	$ (367,871)		$ 0	$ 1,357,967		$ 53,414

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Dividends declared per share of common stock (usd per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.43	$ 0.43	$ 0.43
Participating security dividends declared per share (usd per share)	$ 0.25	$ 0.25	0.25	0.43	0.43	$ 0.43
Noncontrolling Interests in Equity of Consolidated Joint Ventures
Contribution by noncontrolling interests	$ 233	$ 54,331				$ 255
Total Equity
Contribution by noncontrolling interests	$ 233	$ 54,331				$ 255
6.5% Series A Cumulative Redeemable Preferred Stock
Dividends declared per share of preferred stock (usd per share)	$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.41

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities
Net income (loss)	$ 14,771	$ (18,544)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Accretion of deferred loan fees and discounts	(13,448)	(17,714)
Payment-in-kind interest	(603)	0
Amortization of deferred debt issuance costs and discounts	13,073	20,448
(Income) loss from equity method investment	642	1,309
Provision for credit losses, net	76,011	125,616
Depreciation and amortization	488	0
Stock-based compensation expense	6,702	6,510
(Gain) loss on sale of investments	615	0
Changes in operating assets and liabilities:
Assets related to real estate owned, held for sale, net of liabilities	3,239	0
Accrued interest receivable, net	8,650	(925)
Other assets	1,400	313
Accrued interest payable	2,556	1,530
Due to affiliates	(622)	(112)
Other liabilities	767	443
Net cash provided by (used in) operating activities	114,241	118,874
Cash Flows From Investing Activities
Proceeds from principal repayments of commercial real estate loans	959,175	477,890
Originations and fundings of commercial real estate loans	(239,883)	(539,489)
Capital expenditures on real estate owned	(8,086)	(1,387)
Payment to acquire real estate owned	(363)	0
Net payment on sale of real estate owned, held for sale	(1,092)	0
Payment to acquire equity method investment, real estate asset	(627)	0
Contributions to equity method investment, real estate asset	(484)	0
Net cash provided by (used in) investing activities	708,640	(62,986)
Cash Flows From Financing Activities
Proceeds from borrowings under secured financing agreements	464,387	656,554
Proceeds from noncontrolling interest contributions	233	255
Principal repayments on borrowings under secured financing agreements	(1,237,963)	(588,475)
Payments of debt and collateralized debt obligation issuance costs	(6,264)	(4,349)
Payments of common stock dividends	(64,466)	(89,138)
Payments of preferred stock dividends	(15,978)	(15,978)
Principal repayments on borrowings under convertible notes	0	(143,750)
Net cash provided by (used in) financing activities	(860,051)	(184,881)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(37,170)	(128,993)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	148,313	250,621
Cash, Cash Equivalents and Restricted Cash at End of Period	111,143	121,628
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	108,795	108,038
Restricted cash (Note 8)	2,348	13,590
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	111,143	121,628
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	308,807	318,292
Cash paid during the period for income taxes	248	296
Supplemental Schedule of Non-Cash Investing and Financing Activities
Dividend declared, not yet paid	17,333	29,716
Loan funding held in escrow	7,325	0
Loan principal repayments held by a servicer	10,000	30,000
Deferred financing costs, not yet paid	1,747	0
Acquisition of real estate owned	175,000	0
Acquisition of other assets related to real estate owned	240	0
Assumption of other liabilities related to real estate owned	(807)	0
Transfer of senior loan to real estate owned	120,052	0
Noncontrolling interest contribution to real estate owned	54,331	0
Transfer of senior loan to equity method investment, real estate asset	82,008	0
Sale of real estate owned, held for sale, net of closing costs	28,948	0
Seller financing provided on sale of real estate owned, held for sale, net	30,040	0
Modifications accounted for as repayments and new loans, net of write-offs	$ 0	$ 199,439

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation — The unaudited condensed consolidated financial statements and accompanying 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. Such estimates include, but are not limited to, the determination of allowance for credit loss, asset impairment or loan write-off, and fair value 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 has two joint ventures that hold the majority of KREF’s investments in real estate owned (“REO”) and determined the joint ventures to be VIEs (Note 9). KREF owns a majority of the equity interests in the joint ventures and participates in the profits and losses. Management concluded that KREF is the primary beneficiary of the joint ventures as KREF holds decision-making power over the activities that most significantly impact the economic performance and has the obligation to absorb losses or the right to receive benefits that could be potentially significant to the joint ventures. 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 ventures" 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. KREF classifies distributions received from equity method investees using the cumulative earnings approach. Distributions received up to the cumulative earnings from each equity method investee are considered returns on investment and presented within “Cash Flows from Operating Activities” in the Condensed Consolidated Statements of Cash Flows; excess distributions received are considered returns of investment and presented within “Cash Flows From Investing Activities” in the Condensed Consolidated Statements of Cash Flows. Fair Value — GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 — Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. KREF follows this hierarchy for its financial instruments. The classifications are based on the lowest level of input that is significant to the fair value measurement. Valuation Process — The Manager reviews the valuation of Level 3 financial instruments as part of KKR's quarterly process. As of September 30, 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. Refer to Note 15 for additional information regarding the valuation of KREF's financial assets and liabilities. Transfer 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. As of September 30, 2024 and December 31, 2023, KREF had $2.3 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 uncollectible loans . If a loan is determined to be uncollectible, management writes off the uncollectible portion of the loan balance through a charge to "Allowance for credit losses" and 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. KREF recognizes and measures the allowance for credit losses under the Current Expected Credit Loss ("CECL") model, which requires a reporting entity to estimate 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 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). Commencing in the second quarter of 2024, KREF estimated CECL reserves using the Weighted-Average Remaining Maturity, or the WARM method, which has been identified as a loss-rate method for estimating CECL reserves under GAAP. Under the WARM method, KREF references historical loan loss data across a comparable data set and applies such loss rate to each loan over its expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. To arrive at a CECL reserve using the WARM method, KREF considers various factors including (i) historical loss experience in the commercial real estate lending market, (ii) timing of expected repayments and expected loan future funding, and (iii) KREF’s view of the current and future macroeconomic environment for a reasonable and supportable forecast period. KREF derives a historical loss rate predominately based on a commercial mortgage-backed securities (“CMBS”) database with historical losses from 1998 through 2024 provided by a third party. KREF focuses on the most relevant subset of CMBS data that is determined to be the most comparable to its own portfolio. The historical loss rate is further adjusted to consider expected macroeconomic conditions, such as commercial real estate price indices, unemployment rates and market liquidity, over reasonable and supportable forecast periods. There is significant uncertainty related to future macroeconomic conditions. Therefore, KREF also considers other loan specific credit quality factors such as the risk rating of the loan, a near-term maturity, nature of construction loans, and economic conditions specific to the property type of the underlying collateral. 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. KREF may adopt other acceptable alternative approaches to estimate the CECL reserve in the future based on factors such as, but not limited to, the type of loan, the underlying collateral and the availability of relevant historical market loan loss data. 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 market 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 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 or amortized using the straight-line method over estimated useful lives of up to 40 years for buildings, up to 15 years for land and building improvements, and the remaining lease terms for lease intangibles. 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 — KREF records dividends payable on its common stock and preferred stock upon declaration of such dividends. In September 2024, KREF's board of directors declared a dividend of $0.25 per share of common stock to stockholders of record as of September 30, 2024, which was accrued in “Dividends payable” on KREF’s Condensed Consolidated Balance Sheets as of September 30, 2024 and was subsequently paid on October 15, 2024. In July 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 September 13, 2024 to KREF’s preferred stockholders of record as of August 30, 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. Retirement of repurchased stock is recorded as an offset to “Additional paid-in capital” on the Condensed Consolidated Balance Sheets. As of September 30, 2024 , all shares repurchased by KREF were retired. 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. Gain (Loss) on Sale of Investments — KREF recognizes the excess, or deficiency, of net proceeds received less the net carrying value of investments sold, as gains or losses, respectively. 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 uncollectible, 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 collectibility and in estimating the resulting credit loss, 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 market value, 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 well secured and in the process of collection. Write-offs of accrued interest receivable are recognized as "Provision for (reversal of) credit losses, net" in the Condensed Consolidated Statements of Income. 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 — KREF expenses contractual interest due in accordance with KREF's financing agreements as incurred. Deferred Debt Issuance Costs — KREF capitalizes and amortizes deferred fi

Commercial Real Estate Loans

Commercial Real Estate Loans	9 Months Ended
	Sep. 30, 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 September 30, 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) September 30, 2024 Loans held-for-investment (F) Senior loans $ 6,201,666 $ 6,188,679 $ 6,040,666 56 98.7 % 8.1 % 2.2 Loan held-for-sale (G) Senior loan 138,000 137,916 137,916 1 100.0 8.5 2.2 Total/Weighted Average $ 6,339,666 $ 6,326,595 $ 6,178,582 57 98.7 % 8.1 % 2.2 December 31, 2023 Loans held-for-investment (F) Senior loans $ 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 loan principal, net of applicable unamortized discounts, loan origination fees, cost recovery interest and write-offs on uncollectible loan balances. (B) Carrying value represents the loan amortized cost, 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 loans. (G) The senior loan was subsequently sold at par in October 2024. Activity — For the nine months ended September 30, 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) 277,248 — 277,248 Proceeds from loan repayments and cost recovery interest (C) (969,175) — (969,175) Accretion of loan discount and other amortization, net 13,448 — 13,448 Payment-in-kind interest 603 — 603 (Provision for) Reversal of credit losses — (75,187) (75,187) Write-offs charged (D) (137,869) 137,869 — Write-offs recovered 225 (225) — Transfer to real estate owned (201,433) — (201,433) Balance at September 30, 2024 $ 6,326,595 $ (148,013) $ 6,178,582 (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 first quarter of 2024. (D) Includes a $1.8 million write-off on a senior loan repaid during the third quarter of 2024. Includes a combined $98.5 million write-off on two senior loans and a $37.5 million write-off of a mezzanine loan during the second quarter of 2024. As of September 30, 2024 and December 31, 2023, there were $8.8 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. 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 of coupon as payment-in-kind interest (“PIK Interest”), 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 September 30, 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 September 30, 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 which is subordinate to a new $18.5 million sponsor interest. 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 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 $90.1 million was risk-rated 3 as of September 30, 2024. In June 2024, KREF modified a risk-rated 5 mezzanine office loan located in Boston, MA, with an outstanding principal balance of $37.5 million. The terms of the modification included, among others, a restructure of the mezzanine loan into (i) a $12.5 million senior mezzanine note and (ii) a $25.0 million junior mezzanine note which is subordinate to a new $10.0 million sponsor interest. The senior and junior mezzanine notes earn a PIK interest rate of S+7.0% and have a maximum maturity of February 2028. Both mezzanine notes were deemed uncollectible and written off in June 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: September 30, 2024 December 31, 2023 Risk Rating Number of Loans (A) Carrying Value Total Loan Exposure Total Loan Exposure % Number of Loans (A) Carrying Value Total Loan Exposure (B) Total Loan Exposure % 1 — $ — $ — — % — $ — $ — — % 2 1 12,722 12,685 — 2 19,392 57,925 1 3 51 5,719,457 5,728,017 90 60 6,493,506 6,511,894 86 4 2 191,199 191,341 3 4 325,286 476,112 6 5 3 403,217 407,623 6 3 505,364 512,105 7 Total loan receivable 57 $ 6,326,595 $ 6,339,666 100 % 69 $ 7,343,548 $ 7,558,036 100 % Allowance for credit losses (148,013) (210,470) Loan receivable, net $ 6,178,582 $ 7,133,078 * Numbers presented may not foot due to rounding. (A) Excludes fully written off 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 December 31, 2023. As of September 30, 2024, the average risk rating of KREF's portfolio was 3.2, weighted by total loan exposure, consistent with that as 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 September 30, 2024 and December 31, 2023 in the corresponding table. September 30, 2024 Amortized Cost by Year of Origination (A) Risk Rating Number of Loans (B) Outstanding Principal (B) 2024 2023 2022 2021 2020 Prior Total Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 1 12,685 — — — — 12,722 — 12,722 3 51 5,728,017 30,081 205,195 1,709,813 3,279,814 150,545 344,009 5,719,457 4 2 191,341 — — 83,335 107,864 — — 191,199 5 3 407,623 — — 213,105 — — 190,112 403,217 57 $ 6,339,666 $ 30,081 $ 205,195 $ 2,006,253 $ 3,387,678 $ 163,267 $ 534,121 $ 6,326,595 Year-to-date gross write-offs charged $ — $ — $ — $ 136,037 $ 1,832 $ — $ 137,869 Year-to-date gross write-offs recovered $ — $ — $ — $ — $ — $ 225 $ 225 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 Year-to-date gross write-offs charged $ — $ — $ — $ — $ 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 loans. Allowance for Credit Losses — The following tables present the changes to the allowance for credit losses for the nine months ended September 30, 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 75,187 824 76,011 Write-offs charged (137,869) — (137,869) Write-off recovered 225 — 225 Balance at September 30, 2024 $ 148,013 $ 2,876 $ 150,889 Commercial Unfunded Loan Commitments Total Balance at December 31, 2022 $ 106,974 $ 4,138 $ 111,112 Provision for (reversal of) credit losses, net 127,018 (1,402) 125,616 Write-offs charged (15,000) — (15,000) Balance at September 30, 2023 $ 218,992 $ 2,736 $ 221,728 As of September 30, 2024, the allowance for credit losses was $150.9 million. The CECL provision of $76.0 million for the nine months ended September 30, 2024 was primarily due to additional reserves for risk-rated 5 loans in the office and life science sectors. 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 September 30, 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 loan has been on nonaccrual status. During the three and nine months ended September 30, 2024, KREF recognized $2.3 million and $6.9 million, respectively, of interest income on this loan. KREF had a risk-rated 5 senior life science loan located in San Carlos, CA, originated in February 2022. Construction at the property is complete and the lease-up activity is lagging due to challenging market dynamics. As of September 30, 2024, the loan had an outstanding principal balance of $103.2 million, an unfunded commitment of $21.8 million and an amortized cost of $103.1 million. The loan's maximum maturity is February 2027, assuming all extension options are exercised. In September 2024, this loan was placed on nonaccrual status. During the three and nine months ended September 30, 2024, KREF recognized $1.8 million and $6.6 million, respectively, of interest income on this loan. KREF had a risk-rated 5 senior multifamily loan located in West Hollywood, CA, originated in January 2022. While occupancy levels have improved, rent premiums in the luxury multifamily sector have softened. As of September 30, 2024, the loan had an outstanding principal balance and amortized cost of $110.0 million and an unfunded commitment of $0.7 million. The loan's maximum maturity is February 2027, assuming all extension options are exercised. In September 2024, this loan was placed on nonaccrual status. During the three and nine months ended September 30, 2024, KREF recognized $1.8 million and $6.4 million, respectively, of interest income on this loan. The 5-rated loans were determined to be collateral dependent as of September 30, 2024. KREF estimated expected losses based on the loan’s collateral fair value, which was determined by applying a capitalization rate between 7.9% and 9.8% and a discount rate between 10.0% and 11.5%, respectively. As of September 30, 2023, the allowance for credit losses was $221.7 million. The CECL provision of $125.6 million for the nine months ended September 30, 2023 was primarily due to additional reserves on risk-rated 5 senior loans predominantly in the office sector, as well as macroeconomic conditions. Concentration of Credit Risk — The following tables present the geographies and property types of collateral underlying KREF's commercial real estate loans as a percentage of the loans' principal amounts: September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Geography Collateral Property Type California 18.6 % 17.7 % Multifamily 44.9 % 41.9 % Texas 16.1 15.3 Office 20.9 22.2 Massachusetts 12.6 10.4 Industrial 14.5 14.5 Florida 8.0 8.7 Life Science 11.3 10.2 Virginia 7.9 7.7 Hospitality 3.8 5.0 North Carolina 4.9 4.1 Self-Storage 2.4 1.7 Pennsylvania 4.5 3.5 Student Housing 1.8 1.5 Washington D.C. 4.1 6.3 Mixed Use 0.4 — New York 3.9 6.1 Single Family Rental — 0.9 Washington 3.7 4.2 Condo (Residential) — 2.0 Minnesota 3.0 2.6 Retail — 0.1 Georgia 2.8 2.7 Total 100.0 % 100.0 % Nevada 2.4 2.1 Arizona 1.8 3.3 Illinois 1.6 1.4 Colorado 1.3 1.1 Other U.S. 2.8 2.8 Total 100.0 % 100.0 %

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Owned	Real Estate Owned Real Estate Owned, Held For Investment Portland Retail / Redevelopment — 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 and accounted for the property on a consolidated basis (Note 9). The transaction was accounted for as an asset acquisition under ASC 805. Accordingly, KREF recorded the property on the Condensed Consolidated Balance Sheets as REO with a carrying value of $78.6 million, which included the estimated fair value of the property. 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 (“JV Partner”), whereby KREF had a 90% interest and the JV Partner had a 10% interest. The JV Partner's interest in the property was presented within "Noncontrolling interests in equity of consolidated joint ventures" on the Condensed Consolidated Balance Sheets. 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. Mountain View Office — In 2021, KREF co-originated with a KKR affiliate a $362.8 million senior loan secured by an office property in Mountain View, CA. KREF's interest was 68.9% of the loan or $250.0 million. As of March 31, 2024, the KREF loan had a risk rating of 5 with an amortized cost of $198.9 million. In June 2024, KREF and the KKR affiliate took title to the office property through a deed-in-lieu of foreclosure ("DIL") and KREF accounted for the property on a consolidated basis (Note 9). The transaction was accounted for as an asset acquisition under ASC 805. Accordingly, KREF recorded the property and its net assets on the Condensed Consolidated Balance Sheets with an estimated fair value of $174.7 million, which included $175.0 million of REO held for investment and ($0.3) million of net working capital. As a result, KREF recognized a $79.9 million loan write-off for the difference between KREF's interest in the amortized cost of the foreclosed loan and KREF's share of the fair value of the REO’s net assets and closing costs. The KKR affiliate's interest in the property was 31.1%, or $54.3 million, upon DIL and was presented within "Noncontrolling interests in equity of consolidated joint ventures" on the Condensed Consolidated Balance Sheets. Real Estate Owned, Held For Sale Philadelphia Office / Garage — 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. In December 2023, KREF received a $6.0 million partial repayment and then took title to the office property through a DIL. The transaction was accounted for as an asset acquisition under ASC 805. Accordingly, KREF recorded the portfolio and its net assets on the Condensed Consolidated Balance Sheets 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 amortized cost of the foreclosed loan and the fair value of the REO’s net assets. In June 2024, KREF sold a portion of the portfolio for a gross sales price of $41.0 million and recognized a realized loss of $0.6 million after buyer credits and closing costs. Concurrently, KREF provided financing to the buyer through a senior loan with an initial principal balance of $30.1 million ($83.7 million total commitment). The senior loan earns a coupon rate of S+4.3% and has a maximum maturity of June 2029, assuming all extension options are exercised. The senior loan is presented within “Commercial real estate loans, held-for-investment, net” on the Condensed Consolidated Balance Sheets. As of September 30, 2024, the remaining REO 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. Leases — 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: September 30, 2024 December 31, 2023 Real estate owned, held for investment Assets Real estate owned - land $ 192,652 $ 78,569 Real estate owned - land improvements 9,141 3,522 Real estate owned - buildings 58,642 — Real estate owned - building improvements 2,320 — Real estate owned 262,755 82,091 Less: Accumulated depreciation (488) — Real estate owned, net 262,267 82,091 Cash (A) 1,549 2,152 In-place lease intangibles (B) 151 201 Tenant receivables (B) 398 692 Other assets (B) 648 1,256 Total $ 265,013 $ 86,392 Liabilities Unfavorable lease intangibles (C) $ 821 $ 1,095 Other liabilities (C) 5,649 4,268 Total $ 6,470 $ 5,363 Real estate owned, held for sale Assets Real estate owned, held for sale $ 45,813 $ 76,461 In-place lease intangibles 7,887 15,928 Favorable lease intangibles 2,663 3,885 Tenant receivables 445 — Other assets 781 4,743 Total $ 57,589 $ 101,017 Liabilities Unfavorable lease intangibles $ 378 $ 1,087 Other liabilities 2,978 14,796 Total $ 3,356 $ 15,883 (A) Included in “Cash and cash equivalents” on the Condensed Consolidated Balance Sheets. (B) Included in “Other assets” on the Condensed Consolidated Balance Sheets. (C) 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Rental income $ 2,430 $ 1,651 $ 11,634 $ 5,103 Other operating income (A) 6,109 144 7,668 922 Revenue from REO operations 8,539 1,795 19,302 6,025 Expenses from REO operations (5,488) (2,819) (17,378) (8,233) Other income (loss) (B) 43 43 37 1,709 Total $ 3,094 $ (981) $ 1,961 $ (499) (A) Included $5.3 million of insurance proceeds received during the third quarter of 2024. (B) Included in "Other miscellaneous income" in the Condensed Consolidated Statements of Income. The following table presents the amortization of lease intangibles included in KREF’s Condensed Consolidated Statements of Income: Three Months Ended September 30, Nine Months Ended September 30, Income Statement Location 2024 2023 2024 2023 Asset In-place lease intangibles Expenses from real estate owned operations $ 17 $ 17 $ 51 $ 51 Liability Unfavorable lease intangibles Revenue from real estate owned operations 91 91 274 274 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 Unfavorable Lease 2024 17 91 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 $ 1,830 2025 5,980 2026 5,346 2027 4,455 2028 3,461 Thereafter 7,425

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations The following table summarizes KREF's secured financing arrangements in place as of September 30, 2024 and December 31, 2023: September 30, 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 2027 Sep 2029 $ 1,000,000 $ 608,821 $ 607,353 6.5 % $ 879,300 $ 866,139 $ 645,091 Morgan Stanley Mar 2026 Mar 2026 600,000 321,225 320,516 7.2 469,040 431,040 483,055 Goldman Sachs Dec 2025 Dec 2027 400,000 208,921 208,593 8.2 338,741 336,232 346,464 Term Loan Facility KREF Lending VII (E) Match-term Match-term 1,000,000 528,652 528,451 6.9 684,779 676,120 560,945 Term Lending Agreements KREF Lending IX (F) Match-term Match-term 568,121 541,653 540,268 6.7 701,909 697,516 693,458 KREF Lending V Jun 2025 Jun 2026 177,494 177,494 177,364 7.4 311,579 295,396 327,163 KREF Lending XII Match-term Match-term 350,000 99,271 99,271 6.2 149,596 146,516 166,308 BMO Facility Match-term Match-term 300,000 74,899 74,643 6.8 94,954 94,116 137,752 Warehouse Facility HSBC Facility Mar 2026 Mar 2026 500,000 — (14) — — — (11) Asset Specific Financing KREF Lending XIII Aug 2026 Aug 2027 265,625 192,887 191,295 8.2 226,926 222,273 163,836 KREF Lending XIV Oct 2026 Oct 2027 125,000 35,711 34,824 7.9 44,868 43,474 (1,216) KREF Lending XI Sep 2025 Sep 2026 100,000 100,000 100,000 7.6 125,000 123,822 99,574 Revolving Credit Agreement Revolver (G) Mar 2027 Mar 2027 610,000 135,000 135,000 7.0 n.a. n.a. 160,000 Total / Weighted Average $ 5,996,240 $ 3,024,534 $ 3,017,564 7.0 % $ 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 1.0 and 2.5 years, based on the current and final stated maturities, respectively, of the average weighted outstanding principal of collateral loans as of September 30, 2024. (B) Net of $7.0 million and $11.6 million unamortized deferred financing costs as of September 30, 2024 and December 31, 2023, respectively. (C) Including deferred financing costs and applicable index in effect as of September 30, 2024. Average weighted by the outstanding principal of the facility. (D) Borrowings under these repurchase agreements are collateralized by senior loans and bear interest equal to the sum of (i) Term SOFR, and (ii) a financing spread. As of September 30, 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 32.5% and 33.8%, respectively (or 30.1% 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) In May 2024, the lender assigned its rights and obligations under the KREF Lending IX Facility to another financial institution. (G) As of September 30, 2024 , the revolver carrying value excluded $3.0 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. As of September 30, 2024 and December 31, 2023, KREF had outstanding master repurchase agreements, term lending agreements and warehouse facility 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 arrangements 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 receivable plus any cash or other assets on deposit to secure the repurchase obligation, over the amount of the repurchase liability, adjusted for accrued interest payable. The following table summarizes certain characteristics of KREF's repurchase agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity as of September 30, 2024 and December 31, 2023: Outstanding Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) September 30, 2024 Morgan Stanley $ 862,878 $ 272,862 20.1 % 2.0 Wells Fargo 608,821 260,621 19.2 2.5 Total / Weighted Average $ 1,471,699 $ 533,482 39.3 % 2.2 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 nine months ended September 30, 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 467,832 Principal repayments/sales (1,237,363) Deferred debt issuance costs (5,159) Amortization of deferred debt issuance costs 9,835 Balance as of September 30, 2024 $ 3,017,564 Maturities — KREF’s secured financing agreements, term loan facility and other consolidated debt obligations in place as of September 30, 2024 had contractual maturities as follows: Year Nonrecourse (A) Recourse (A)(B) Total 2025 $ 211,317 $ 53,689 $ 265,006 2026 852,335 198,656 1,050,991 2027 1,179,555 390,726 1,570,281 2028 138,256 — 138,256 $ 2,381,463 $ 643,071 $ 3,024,534 (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 (1.3 to 1.0 beginning September 30, 2024 through June 30, 2025, then 1.4 to 1.0 thereafter); 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 total indebtedness covenant (83.3% of KREF's Total Assets, as defined in the applicable financing agreements) and a cash liquidity covenant (the greater of (i) $10.0 million or (ii) 5.0% of KREF's recourse indebtedness; from September 30, 2024 and through June 30, 2025 the Revolver has a minimum cash liquidity covenant of $75.0 million). As of September 30, 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%. 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 in September 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. In November 2021, KREF completed the repricing of a $297.8 million then-existing secured term loan and a $52.2 million add-on, which was issued at par, for an aggregate principal amount of $350.0 million due September 2027. In June 2023, KREF transitioned the secured term loan from LIBOR to Term SOFR. The loan issuance discount and issuance costs are capitalized and amortized into interest expense over the term of the secured term loan. Inclusive of the amortization of the discount and issuance costs, KREF’s total cost of the secured term loan is Adjusted Term SOFR secured term loan agreements , plus a 4.1% margin per annum, subject to the applicable SOFR floor, as of September 30, 2024. The following table summarizes KREF’s secured term loan as of September 30, 2024 and December 31, 2023, respectively: September 30, 2024 December 31, 2023 Principal $ 340,375 $ 343,000 Deferred financing costs (3,271) (4,010) Unamortized discount (2,911) (3,659) Carrying value $ 334,193 $ 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%. KREF was in compliance with such covenants as of September 30, 2024 and December 31, 2023.

Collateralized Loan Obligations

Collateralized Loan Obligations	9 Months Ended
	Sep. 30, 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"). In Feb ruary 2022, KREF financed a pool of loan participations from its existing multifamily loan portfolio through a managed CLO ("KREF 2022-FL3"). The CLOs provide KREF with match-term financing on a non-mark-to-market and non-recourse basis. The following tables outline CLO collateral assets and respective borrowing as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Facility Collateral Facility Wtd. Avg. Term (A) Maximum Facility Size Outstanding Principal Carrying Value Wtd. Avg. Funding Cost (B) Outstanding Principal Carrying Value Carrying Value KREF 2021-FL2 February 2039 $ 1,093,830 $ 1,093,830 $ 1,093,697 6.3 % $ 1,298,580 $ 1,288,056 $ 1,095,128 KREF 2022-FL3 February 2039 847,500 847,500 847,431 6.6 1,000,000 993,290 847,043 Total $ 1,941,330 $ 1,941,330 $ 1,941,128 6.4 % $ 2,298,580 $ 2,281,346 $ 1,942,171 (A) 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. (B) Including deferred financing costs and applicable index in effect as of September 30, 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 September 30, 2024 December 31, 2023 Cash $ — $ 5,000 Commercial real estate loans, held-for-investment 2,257,907 2,295,000 Less: Allowance for credit losses (17,234) (21,216) Commercial real estate loans, held-for-investment, net 2,240,673 2,273,784 Commercial real estate loans, held-for-sale 34,500 — Accrued interest receivable 11,079 12,653 Other assets 6,328 155 Total $ 2,292,580 $ 2,291,592 Liabilities Collateralized loan obligations $ 1,941,330 $ 1,942,750 Deferred financing costs (202) (579) Collateralized loan obligations, net 1,941,128 1,942,171 Accrued interest payable 4,649 5,666 Total $ 1,945,777 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest income $ 48,468 $ 48,753 $ 146,163 $ 134,741 Interest expense (A) 34,009 35,378 102,127 100,463 Net interest income $ 14,459 $ 13,375 $ 44,036 $ 34,278 (A) Includes $0.1 million and $0.8 million of deferred financing costs amortization for the three and nine months ended September 30, 2024, respectively. Includes $1.7 million and $6.0 million of deferred financing costs amortization for the three and nine months ended September 30, 2023, respectively.

Secured Term Loan, Net

Secured Term Loan, Net	9 Months Ended
	Sep. 30, 2024
Secured Term Loan, Net [Abstract]
Secured Term Loan, Net	Debt Obligations The following table summarizes KREF's secured financing arrangements in place as of September 30, 2024 and December 31, 2023: September 30, 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 2027 Sep 2029 $ 1,000,000 $ 608,821 $ 607,353 6.5 % $ 879,300 $ 866,139 $ 645,091 Morgan Stanley Mar 2026 Mar 2026 600,000 321,225 320,516 7.2 469,040 431,040 483,055 Goldman Sachs Dec 2025 Dec 2027 400,000 208,921 208,593 8.2 338,741 336,232 346,464 Term Loan Facility KREF Lending VII (E) Match-term Match-term 1,000,000 528,652 528,451 6.9 684,779 676,120 560,945 Term Lending Agreements KREF Lending IX (F) Match-term Match-term 568,121 541,653 540,268 6.7 701,909 697,516 693,458 KREF Lending V Jun 2025 Jun 2026 177,494 177,494 177,364 7.4 311,579 295,396 327,163 KREF Lending XII Match-term Match-term 350,000 99,271 99,271 6.2 149,596 146,516 166,308 BMO Facility Match-term Match-term 300,000 74,899 74,643 6.8 94,954 94,116 137,752 Warehouse Facility HSBC Facility Mar 2026 Mar 2026 500,000 — (14) — — — (11) Asset Specific Financing KREF Lending XIII Aug 2026 Aug 2027 265,625 192,887 191,295 8.2 226,926 222,273 163,836 KREF Lending XIV Oct 2026 Oct 2027 125,000 35,711 34,824 7.9 44,868 43,474 (1,216) KREF Lending XI Sep 2025 Sep 2026 100,000 100,000 100,000 7.6 125,000 123,822 99,574 Revolving Credit Agreement Revolver (G) Mar 2027 Mar 2027 610,000 135,000 135,000 7.0 n.a. n.a. 160,000 Total / Weighted Average $ 5,996,240 $ 3,024,534 $ 3,017,564 7.0 % $ 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 1.0 and 2.5 years, based on the current and final stated maturities, respectively, of the average weighted outstanding principal of collateral loans as of September 30, 2024. (B) Net of $7.0 million and $11.6 million unamortized deferred financing costs as of September 30, 2024 and December 31, 2023, respectively. (C) Including deferred financing costs and applicable index in effect as of September 30, 2024. Average weighted by the outstanding principal of the facility. (D) Borrowings under these repurchase agreements are collateralized by senior loans and bear interest equal to the sum of (i) Term SOFR, and (ii) a financing spread. As of September 30, 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 32.5% and 33.8%, respectively (or 30.1% 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) In May 2024, the lender assigned its rights and obligations under the KREF Lending IX Facility to another financial institution. (G) As of September 30, 2024 , the revolver carrying value excluded $3.0 million unamortized d ebt issuance costs presented within "Other assets" on KREF's Condensed Consolidated B alance Sheets. As of September 30, 2024 and December 31, 2023, KREF had outstanding master repurchase agreements, term lending agreements and warehouse facility 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 arrangements 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 receivable plus any cash or other assets on deposit to secure the repurchase obligation, over the amount of the repurchase liability, adjusted for accrued interest payable. The following table summarizes certain characteristics of KREF's repurchase agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity as of September 30, 2024 and December 31, 2023: Outstanding Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) September 30, 2024 Morgan Stanley $ 862,878 $ 272,862 20.1 % 2.0 Wells Fargo 608,821 260,621 19.2 2.5 Total / Weighted Average $ 1,471,699 $ 533,482 39.3 % 2.2 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 nine months ended September 30, 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 467,832 Principal repayments/sales (1,237,363) Deferred debt issuance costs (5,159) Amortization of deferred debt issuance costs 9,835 Balance as of September 30, 2024 $ 3,017,564 Maturities — KREF’s secured financing agreements, term loan facility and other consolidated debt obligations in place as of September 30, 2024 had contractual maturities as follows: Year Nonrecourse (A) Recourse (A)(B) Total 2025 $ 211,317 $ 53,689 $ 265,006 2026 852,335 198,656 1,050,991 2027 1,179,555 390,726 1,570,281 2028 138,256 — 138,256 $ 2,381,463 $ 643,071 $ 3,024,534 (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 (1.3 to 1.0 beginning September 30, 2024 through June 30, 2025, then 1.4 to 1.0 thereafter); 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 total indebtedness covenant (83.3% of KREF's Total Assets, as defined in the applicable financing agreements) and a cash liquidity covenant (the greater of (i) $10.0 million or (ii) 5.0% of KREF's recourse indebtedness; from September 30, 2024 and through June 30, 2025 the Revolver has a minimum cash liquidity covenant of $75.0 million). As of September 30, 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%. 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 in September 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. In November 2021, KREF completed the repricing of a $297.8 million then-existing secured term loan and a $52.2 million add-on, which was issued at par, for an aggregate principal amount of $350.0 million due September 2027. In June 2023, KREF transitioned the secured term loan from LIBOR to Term SOFR. The loan issuance discount and issuance costs are capitalized and amortized into interest expense over the term of the secured term loan. Inclusive of the amortization of the discount and issuance costs, KREF’s total cost of the secured term loan is Adjusted Term SOFR secured term loan agreements , plus a 4.1% margin per annum, subject to the applicable SOFR floor, as of September 30, 2024. The following table summarizes KREF’s secured term loan as of September 30, 2024 and December 31, 2023, respectively: September 30, 2024 December 31, 2023 Principal $ 340,375 $ 343,000 Deferred financing costs (3,271) (4,010) Unamortized discount (2,911) (3,659) Carrying value $ 334,193 $ 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%. KREF was in compliance with such covenants as of September 30, 2024 and December 31, 2023.

Other Assets and Liabilities

Other Assets and Liabilities	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023, respectively: September 30, 2024 December 31, 2023 Other assets Restricted cash $ 2,348 $ 12,415 Loan principal repayments held by a servicer 10,000 — Deferred financing cost, Revolver 3,020 3,747 Other 2,233 3,293 Total $ 17,601 $ 19,455 Other liabilities Liabilities related to real estate owned, held for investment $ 6,470 $ 5,363 Allowance for credit losses on unfunded commitments 2,876 2,052 Loan funding held in escrow 7,325 — Other 2,005 1,935 Total $ 18,676 $ 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 September 30, 2024 and December 31, 2023, respectively: September 30, 2024 December 31, 2023 Other assets Restricted cash $ 2,348 $ 12,415 Loan principal repayments held by a servicer 10,000 — Deferred financing cost, Revolver 3,020 3,747 Other 2,233 3,293 Total $ 17,601 $ 19,455 Other liabilities Liabilities related to real estate owned, held for investment $ 6,470 $ 5,363 Allowance for credit losses on unfunded commitments 2,876 2,052 Loan funding held in escrow 7,325 — Other 2,005 1,935 Total $ 18,676 $ 9,350

Consolidation and Equity Method

Consolidation and Equity Method Investments	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation and Equity Method Investments	Consolidation and Equity Method Investments 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. Consolidated Real Estate Owned Joint Ventures Portland Retail / Redevelopment — In December 2021, KREF took title to a Portland retail property and contributed a portion of the REO asset to a REO JV with a JV Partner, where KREF had a 90% interest and the JV Partner had 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 and has the obligation to absorb losses, or the right to receive benefits, that could be potentially significant to the REO JV. As of September 30, 2024, KREF had a priority of distributions up to $78.4 million before the JV Partner can participate in the economics of the REO JV. Mountain View Office — In June 2024, KREF and a KKR affiliate took title to a Mountain View office property. The property was held in a joint venture where KREF and the KKR affiliate held a 68.9% and 31.1% interest, respectively and shared decision-making. Management determined the joint venture to be a VIE as the joint venture was established with non-substantive voting rights and concluded that KREF is the primary beneficiary of the joint venture as KREF holds decision-making power over the activities that most significantly impact the economic performance and has the obligation to absorb losses, or the right to receive benefits, that could be potentially significant to the joint venture. Equity Method Investment — Real Estate Asset In 2021, KREF co-originated with a KKR affiliate a $188.0 million senior loan secured by a life science property in Seattle, WA. KREF's interest was 74.6% of the loan or $140.3 million. As of March 31, 2024, the KREF loan had a risk rating of 5 with an amortized cost of $114.2 million. In June 2024, KREF received a $14.3 million partial repayment, then along with the KKR affiliate, took title to the life science property through a deed-in-lieu of foreclosure under a Tenant-in-Common ("TIC") agreement. Under the TIC agreement, KREF and the KKR affiliate held an economic interest of 74.6% and 25.4%, respectively, and shared decision-making. Under ASC 970-810, KREF accounted for the TIC agreement as an undivided interest in the property and recorded an $82.0 million equity method investment based on KREF’s share of the fair value of the property’s net assets. As a result, KREF recognized a $18.6 million loan write-off for the difference between the amortized cost of the foreclosed loan and KREF’s share of the fair value of the property’s net assets and closing costs. Equity Method Investment — CMBS B-Pieces As of September 30, 2024, KREF held a 3.5% interest in RECOP I, an unconsolidated VIE of which KREF is not the primary beneficiary. 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 investment, CMBS B-Pieces” and its share of net income, presented as “Income (loss) from equity method investment” in the Condensed Consolidated Statements of Income.

Equity

Equity	9 Months Ended
	Sep. 30, 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 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 nine months ended September 30, 2024, KREF did not repurchase any of its common stock under the repurchase program. As of September 30, 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 nine months ended September 30, 2024, KREF did not issue or sell any shares of common stock under the ATM. As of September 30, 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 $327.8 million, or $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 an interest held by investors other than KREF in consolidated joint ventures that hold KREF’s REO investments. KREF and the noncontrolling interest holders typically contribute to the joint ventures' ongoing operating shortfalls and capital expenditures on a pari passu basis. Distributions from the joint ventures are allocated between KREF and the noncontrolling interest holders based on contractual terms and waterfalls as outlined in the joint venture agreements. Dividends — During the nine months ended September 30, 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 June 13, 2024 June 28, 2024 July 15, 2024 0.25 17,333 September 13, 2024 September 30, 2024 October 15, 2024 0.25 17,333 $ 51,994 2023 March 17, 2023 March 31, 2023 April 14, 2023 $ 0.43 $ 29,711 June 15, 2023 June 30, 2023 July 14, 2023 0.43 29,716 September 15, 2023 September 29, 2023 October 13, 2023 0.43 29,716 $ 89,143 During the nine months ended September 30, 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 April 19, 2024 May 31, 2024 June 14, 2024 0.41 5,326 July 19, 2024 August 30, 2024 September 13, 2024 0.41 5,326 $ 15,978 2023 February 3, 2023 February 28, 2023 March 15, 2023 $ 0.41 $ 5,326 April 21, 2023 May 31, 2023 June 15, 2023 0.41 5,326 July 21, 2023 August 31, 2023 September 15, 2023 0.41 5,326 $ 15,978

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2024, KREF had 1,127,021 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. As of September 30, 2024, all outstanding RSU awards were entitled to nonforfeitable dividends during the vesting periods, at the same rate as those declared on the common stock. The following table summarizes the activity in KREF’s outstanding RSUs and the weighted-average grant date fair value per RSU: Restricted Stock Units Weighted Average Grant Date Fair Value Per RSU (A) Unvested as of December 31, 2023 1,147,927 $ 14.49 Granted 56,350 9.76 Vested (48,370) 11.37 Forfeited / cancelled (28,886) 14.96 Unvested as of September 30, 2024 1,127,021 $ 14.38 (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 495,367 2025 426,988 2026 204,666 Total 1,127,021 KREF recognizes the compensation cost of RSUs awarded to employees of the Manager, or one or more of its affiliates, on a straight-line basis over the awards’ term at their grant date fair value, consistent with the RSUs awarded to certain members of KREF's board of directors. During the three and nine months ended September 30, 2024, KREF recognized $2.2 million and $6.7 million respectively, of stock-based compensation expense included in “General and administrative” expense in the Condensed Consolidated Statements of Income. During the three and nine months ended September 30, 2023, KREF recognized $2.2 million and $6.5 million respectively, of stock-based compensation expense included in “General and administrative” expense in the Condensed Consolidated Statements of Income. As of September 30, 2024, there was $8.3 million of total unrecognized stock-based compensation expense related to unvested share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 1.0 year. During the nine months ended September 30, 2024 and 2023, KREF declared $0.9 million and $1.2 million, respectively, of nonforfeitable dividends on unvested RSUs. Such nonforfeitable dividends were deducted from “Retained earnings (Accumulated deficit)” in the Condensed Consolidated Statement of Changes in Equity. Upon any payment of shares as a result of restricted stock unit vesting, the related personal 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 personal tax withholding obligation. The amount results in a cash payment related to this personal tax liability and a corresponding reduction to “Additional paid-in capital” in the Condensed Consolidated Statement of Changes in Equity. 19,348 net shares of common stock were delivered for vested RSUs during the nine months ended September 30, 2024. Refer to Note 14 for additional information regarding the Incentive Plan. 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 nine months ended September 30, 2024, 29,022 vested RSUs were deferred under the Deferral Plan. As of September 30, 2024, there were 101,730 DSUs outstanding.

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024 and 2023, 47,314 and 48,513 weighted average unvested RSUs, respectively, 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 and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Earnings Net Income (Loss) $ (7,388) $ 27,141 $ 15,336 $ (17,964) Less: Preferred stock dividends 5,326 5,326 15,978 15,978 Less: Participating securities' share in earnings 277 414 865 1,239 Net income (loss) attributable to common stockholders, basic and diluted $ (12,991) $ 21,401 $ (1,507) $ (35,181) Shares Weighted average common shares outstanding 69,333,208 69,106,061 69,325,229 69,101,487 Add: Deferred stock units 101,730 16,575 89,761 9,714 Diluted weighted average common shares outstanding 69,434,938 69,122,636 69,414,990 69,111,201 Net income (loss) attributable to common stockholders, per: Basic and diluted common share $ (0.19) $ 0.31 $ (0.02) $ (0.51)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 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 September 30, 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 September 30, 2024, KREF had future funding commitments of $508.9 million related to its investments in commercial real estate loans. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum credit metrics or executions of new leases before advances are made to the borrower. In January 2017, KREF committed $40.0 million to invest in an aggregator vehicle alongside RECOP I. The two-year investment period for RECOP I ended in April 2019. As of September 30, 2024, KREF had a remaining commitment of $4.3 million to RECOP I.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Agreement — The Management Agreement between KREF and the Manager is 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. Pursuant to the Management Agreement, the Manager, as agent to KREF and under the supervision of KREF's board of directors, manages the investments, subject to investment guidelines approved by KREF's board of directors; financing activities; and day-to-day business and affairs of KREF and its subsidiaries. For its services to KREF, the Manager is entitled to a quarterly management fee equal to the greater of $62,500 or 0.375% of weighted average adjusted equity and quarterly incentive compensation equal to 20.0% of the excess of (a) the trailing 12-month distributable earnings (before incentive compensation payable to the Manager) over (b) 7.0% of the trailing 12-month weighted average adjusted equity (“Hurdle Rate”), less incentive compensation KREF already paid to the Manager with respect to the first three calendar quarters of such trailing 12-month period. The quarterly incentive compensation is calculated and paid in arrears with a one-quarter lag. Adjusted equity generally represents the proceeds received by KREF and its subsidiaries from equity issuances, without duplication and net of offering costs, and distributable earnings, reduced by distributions, equity repurchases, and incentive compensation paid. Distributable earnings generally represent the net income, or loss, attributable to equity interests in KREF and its subsidiaries, without duplication, as well as realized losses not otherwise included in such net income, or loss, excluding non-cash equity compensation expense, incentive compensation, depreciation and amortization and unrealized gains or losses, from and after the effective date to the end of the most recently completed calendar quarter. KREF's board of directors, after majority approval by independent directors, may also exclude one-time events pursuant to changes in GAAP and certain material non-cash income or expense items from distributable earnings. For purposes of calculating incentive compensation, adjusted equity excludes: (i) the effects of equity issued by KREF and its subsidiaries that provides for fixed distributions or other debt characteristics and (ii) unrealized provision for (reversal of) credit losses. KREF is also required to reimburse the Manager or its affiliates for documented costs and expenses incurred by it and its affiliates on behalf of KREF, except those specifically required to be borne by the Manager under the Management Agreement. The Manager is responsible for, and KREF does not reimburse the Manager or its affiliates for, the expenses related to investment personnel of the Manager and its affiliates who provide services to KREF. However, KREF does reimburse the Manager for KREF's allocable share of compensation paid to certain of the Manager’s non-investment personnel, based on the percentage of time devoted by such personnel to KREF's affairs. Incentive Plan — KREF's compensation committee or board of directors may administer the Incentive Plan, which provides for awards of stock options; stock appreciation rights; restricted stock; RSUs; limited partnership interests of KKR Real Estate Finance Holdings L.P. (the "Operating Partnership"), a wholly owned subsidiary of KREF, that are directly or indirectly convertible into or exchangeable or redeemable for shares of KREF's common stock pursuant to the limited partnership agreement of the Operating Partnership (“OP Interests”); awards payable by (i) delivery of KREF's common stock or other equity interests, or (ii) reference to the value of KREF's common stock or other equity interests, including OP Interests; cash-based awards; or performance compensation awards. No more than 7.5% of the issued and outstanding shares of common stock on a fully diluted basis, assuming the exercise of all outstanding stock options granted under the Incentive Plan and the conversion of all warrants and convertible securities into shares of common stock, or a total of 4,028,387 shares of common stock, will be available for awards under the Incentive Plan. In addition, (i) the maximum number of shares of common stock subject to awards granted during a single fiscal year to any non-employee director (as defined in the Incentive Plan), taken together with any cash fees paid to such non-employee director during the fiscal year, may not exceed $1.0 million and (ii) the maximum amount that can be paid to any participant for a single fiscal year during a performance period (or with respect to each single fiscal year if a performance period extends beyond a single fiscal year) pursuant to a performance compensation award denominated in cash may not exceed $10.0 million. No awards may be granted under the Incentive Plan on and after February 12, 2026. The Incentive Plan will continue to apply to awards granted prior to such date. During the three and nine months ended September 30, 2024, zero and 56,350 RSU awards were granted to KREF's directors and employees of the Manager or its affiliates. As of September 30, 2024, 1,824,545 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: September 30, 2024 December 31, 2023 Management fees $ 5,901 $ 6,523 KCM fees 1,747 1,747 $ 7,648 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Management fees $ 5,901 $ 6,566 $ 18,614 $ 19,648 Incentive compensation — 69 — 2,491 Expense reimbursements and other 890 1,234 2,967 3,680 $ 6,791 $ 7,869 $ 21,581 $ 25,819 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 and nine months ended September 30, 2024. 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 and nine months ended September 30, 2024. 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. No KCM structuring fees in connection with the facility were paid during the three and nine months ended September 30, 2024. 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 and nine months ended September 30, 2024. Real Estate Owned and Equity Method Investment, Real Estate Asset In June 2024, KREF and a KKR affiliate took title to a Mountain View office property. The property was held in a joint venture where KREF and the KKR affiliate held a 68.9% and 31.1% interest, respectively, and shared decision-making (Note 9). In June 2024, KREF along with a KKR affiliate, took title to a Seattle life science property through a deed-in-lieu of foreclosure under a Tenant-in-Common ("TIC") agreement. Under the TIC agreement, KREF and the KKR affiliate held an economic interest of 74.6% and 25.4%, respectively, and shared decision-making (Note 9).

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 2024, we re as follows: Fair Value Principal Balance Amortized Cost Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 108,795 $ 108,795 $ 108,795 $ 108,795 $ — $ — $ 108,795 Commercial real estate loans, held-for-investment, net 6,201,666 6,188,679 6,040,666 — — 6,030,040 6,030,040 Commercial real estate loan, held-for-sale 138,000 137,916 137,916 — 138,000 — 138,000 $ 6,448,461 $ 6,435,390 $ 6,287,377 $ 108,795 $ 138,000 $ 6,030,040 $ 6,276,835 Liabilities Secured financing agreements, net $ 3,024,534 $ 3,017,564 $ 3,017,564 $ — $ — $ 3,017,564 $ 3,017,564 Collateralized loan obligations, net 1,941,330 1,941,128 1,941,128 — — 1,914,040 1,914,040 Secured term loan, net 340,375 334,193 334,193 — 338,248 — 338,248 $ 5,306,239 $ 5,292,885 $ 5,292,885 $ — $ 338,248 $ 4,931,604 $ 5,269,852 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 Carrying Value 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 7,369,425 7,343,548 7,133,078 — — 7,133,696 7,133,696 $ 7,505,323 $ 7,479,446 $ 7,268,976 $ 135,898 $ — $ 7,133,696 $ 7,269,594 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 The following table contains the Level 3 inputs used to value assets and liabilities on a recurring and nonrecurring basis or where KREF discloses fair value as of September 30, 2024: Fair Value Valuation Methodologies Unobservable Inputs Weighted Average (A) Range Assets and Liabilities Commercial real estate loans, held-for-investment $ 6,030,040 Discounted cash flow Discount margin 4.1% 3.0% - 9.5% Discount rate 10.6% 10.0% - 11.5% Capitalization rate 9.1% 7.9% - 9.8% $ 6,030,040 (A) Represents the average of the input value, weighted by the unpaid principal balance of the financial instrument. 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 CECL allowance. Assets and Liabilities for Which Fair Value is Only Disclosed KREF does not carry its secured financing agreements at fair value as management did not elect the fair value option for these liabilities. As of September 30, 2024 , the fair value of KREF's financing facilities approximated their respective carrying value.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024, KREF recorded income tax expense of $0.1 million and $0.2 million, respectively, related to the operations of its taxable REIT subsidiaries and various other state and local taxes. During the three and nine months ended September 30, 2023, KREF recorded income tax expense of $0.2 million and $0.5 million. There were no material deferred tax assets or liabilities as of September 30, 2024 and December 31, 2023.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event The following events occurred subsequent to September 30, 2024: Dividends In October 2024, KREF paid $17.3 million in dividends on its common stock, or $0.25 per share, with respect to the third quarter of 2024, to stockholders of record on September 30, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The unaudited condensed consolidated financial statements and accompanying 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. Such estimates include, but are not limited to, the determination of allowance for credit loss, asset impairment or loan write-off, and fair value recorded or disclosed. Actual results could materially differ from those estimates.
Consolidation and Variable Interest Entities and Noncontrolling Interests	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 has two joint ventures that hold the majority of KREF’s investments in real estate owned (“REO”) and determined the joint ventures to be VIEs (Note 9). KREF owns a majority of the equity interests in the joint ventures and participates in the profits and losses. Management concluded that KREF is the primary beneficiary of the joint ventures as KREF holds decision-making power over the activities that most significantly impact the economic performance and has the obligation to absorb losses or the right to receive benefits that could be potentially significant to the joint ventures. 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 ventures" 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. KREF classifies distributions received from equity method investees using the cumulative earnings approach. Distributions received up to the cumulative earnings from each equity method investee are considered returns on investment and presented within “Cash Flows from Operating Activities” in the Condensed Consolidated Statements of Cash Flows; excess distributions received are considered returns of investment and presented within “Cash Flows From Investing Activities” in the Condensed Consolidated Statements of Cash Flows.
Fair Value	Fair Value — GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 — Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. KREF follows this hierarchy for its financial instruments. The classifications are based on the lowest level of input that is significant to the fair value measurement. Valuation Process — The Manager reviews the valuation of Level 3 financial instruments as part of KKR's quarterly process. As of September 30, 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.
Transfer of Financial Assets and Financing Agreements	Transfer 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 uncollectible loans . If a loan is determined to be uncollectible, management writes off the uncollectible portion of the loan balance through a charge to "Allowance for credit losses" and the respective loan balance. KREF recognizes and measures the allowance for credit losses under the Current Expected Credit Loss ("CECL") model, which requires a reporting entity to estimate 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 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). Commencing in the second quarter of 2024, KREF estimated CECL reserves using the Weighted-Average Remaining Maturity, or the WARM method, which has been identified as a loss-rate method for estimating CECL reserves under GAAP. Under the WARM method, KREF references historical loan loss data across a comparable data set and applies such loss rate to each loan over its expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. To arrive at a CECL reserve using the WARM method, KREF considers various factors including (i) historical loss experience in the commercial real estate lending market, (ii) timing of expected repayments and expected loan future funding, and (iii) KREF’s view of the current and future macroeconomic environment for a reasonable and supportable forecast period. KREF derives a historical loss rate predominately based on a commercial mortgage-backed securities (“CMBS”) database with historical losses from 1998 through 2024 provided by a third party. KREF focuses on the most relevant subset of CMBS data that is determined to be the most comparable to its own portfolio. The historical loss rate is further adjusted to consider expected macroeconomic conditions, such as commercial real estate price indices, unemployment rates and market liquidity, over reasonable and supportable forecast periods. There is significant uncertainty related to future macroeconomic conditions. Therefore, KREF also considers other loan specific credit quality factors such as the risk rating of the loan, a near-term maturity, nature of construction loans, and economic conditions specific to the property type of the underlying collateral. 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. KREF may adopt other acceptable alternative approaches to estimate the CECL reserve in the future based on factors such as, but not limited to, the type of loan, the underlying collateral and the availability of relevant historical market loan loss data.
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 market value. Commercial Real Estate Loans, Held-For-Sale — For commercial real estate loans held-for-sale, KREF applies the lower of cost or fair market value, 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 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
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. Gain (Loss) on Sale of Investments
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 uncollectible, 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 collectibility and in estimating the resulting credit loss, 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 accrued 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 September 30, 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. KREF recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in KREF's Condensed Consolidated Statements of Income. As of September 30, 2024, KREF did not have any material uncertain tax positions.
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 has not early adopted ASU 2023-07 and does not expect the adoption to have a material impact on its condensed consolidated financial statements.

Commercial Real Estate Loans (T

Commercial Real Estate Loans (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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) September 30, 2024 Loans held-for-investment (F) Senior loans $ 6,201,666 $ 6,188,679 $ 6,040,666 56 98.7 % 8.1 % 2.2 Loan held-for-sale (G) Senior loan 138,000 137,916 137,916 1 100.0 8.5 2.2 Total/Weighted Average $ 6,339,666 $ 6,326,595 $ 6,178,582 57 98.7 % 8.1 % 2.2 December 31, 2023 Loans held-for-investment (F) Senior loans $ 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 loan principal, net of applicable unamortized discounts, loan origination fees, cost recovery interest and write-offs on uncollectible loan balances. (B) Carrying value represents the loan amortized cost, 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 loans. (G) The senior loan was subsequently sold at par in October 2024. 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) 277,248 — 277,248 Proceeds from loan repayments and cost recovery interest (C) (969,175) — (969,175) Accretion of loan discount and other amortization, net 13,448 — 13,448 Payment-in-kind interest 603 — 603 (Provision for) Reversal of credit losses — (75,187) (75,187) Write-offs charged (D) (137,869) 137,869 — Write-offs recovered 225 (225) — Transfer to real estate owned (201,433) — (201,433) Balance at September 30, 2024 $ 6,326,595 $ (148,013) $ 6,178,582 (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 first quarter of 2024. (D) Includes a $1.8 million write-off on a senior loan repaid during the third quarter of 2024. Includes a combined $98.5 million write-off on two senior loans and a $37.5 million write-off of a mezzanine loan during the second quarter of 2024. The following tables summarize the carrying value of the loan portfolio based on KREF's internal risk ratings: September 30, 2024 December 31, 2023 Risk Rating Number of Loans (A) Carrying Value Total Loan Exposure Total Loan Exposure % Number of Loans (A) Carrying Value Total Loan Exposure (B) Total Loan Exposure % 1 — $ — $ — — % — $ — $ — — % 2 1 12,722 12,685 — 2 19,392 57,925 1 3 51 5,719,457 5,728,017 90 60 6,493,506 6,511,894 86 4 2 191,199 191,341 3 4 325,286 476,112 6 5 3 403,217 407,623 6 3 505,364 512,105 7 Total loan receivable 57 $ 6,326,595 $ 6,339,666 100 % 69 $ 7,343,548 $ 7,558,036 100 % Allowance for credit losses (148,013) (210,470) Loan receivable, net $ 6,178,582 $ 7,133,078 * Numbers presented may not foot due to rounding. (A) Excludes fully written off 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 December 31, 2023.
Schedule of Amortized Cost of Loan Portfolio	The following tables present the amortized cost of the loan portfolio by KREF's internal risk rating and year of origination. The risk ratings are updated as of September 30, 2024 and December 31, 2023 in the corresponding table. September 30, 2024 Amortized Cost by Year of Origination (A) Risk Rating Number of Loans (B) Outstanding Principal (B) 2024 2023 2022 2021 2020 Prior Total Commercial Real Estate Loans 1 — $ — $ — $ — $ — $ — $ — $ — $ — 2 1 12,685 — — — — 12,722 — 12,722 3 51 5,728,017 30,081 205,195 1,709,813 3,279,814 150,545 344,009 5,719,457 4 2 191,341 — — 83,335 107,864 — — 191,199 5 3 407,623 — — 213,105 — — 190,112 403,217 57 $ 6,339,666 $ 30,081 $ 205,195 $ 2,006,253 $ 3,387,678 $ 163,267 $ 534,121 $ 6,326,595 Year-to-date gross write-offs charged $ — $ — $ — $ 136,037 $ 1,832 $ — $ 137,869 Year-to-date gross write-offs recovered $ — $ — $ — $ — $ — $ 225 $ 225 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 Year-to-date gross write-offs charged $ — $ — $ — $ — $ 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 loans.
Schedule of Allowance for Credit Losses	The following tables present the changes to the allowance for credit losses for the nine months ended September 30, 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 75,187 824 76,011 Write-offs charged (137,869) — (137,869) Write-off recovered 225 — 225 Balance at September 30, 2024 $ 148,013 $ 2,876 $ 150,889 Commercial Unfunded Loan Commitments Total Balance at December 31, 2022 $ 106,974 $ 4,138 $ 111,112 Provision for (reversal of) credit losses, net 127,018 (1,402) 125,616 Write-offs charged (15,000) — (15,000) Balance at September 30, 2023 $ 218,992 $ 2,736 $ 221,728
Schedule of Concentration of Risk, by Risk Factor	The following tables present the geographies and property types of collateral underlying KREF's commercial real estate loans as a percentage of the loans' principal amounts: September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Geography Collateral Property Type California 18.6 % 17.7 % Multifamily 44.9 % 41.9 % Texas 16.1 15.3 Office 20.9 22.2 Massachusetts 12.6 10.4 Industrial 14.5 14.5 Florida 8.0 8.7 Life Science 11.3 10.2 Virginia 7.9 7.7 Hospitality 3.8 5.0 North Carolina 4.9 4.1 Self-Storage 2.4 1.7 Pennsylvania 4.5 3.5 Student Housing 1.8 1.5 Washington D.C. 4.1 6.3 Mixed Use 0.4 — New York 3.9 6.1 Single Family Rental — 0.9 Washington 3.7 4.2 Condo (Residential) — 2.0 Minnesota 3.0 2.6 Retail — 0.1 Georgia 2.8 2.7 Total 100.0 % 100.0 % Nevada 2.4 2.1 Arizona 1.8 3.3 Illinois 1.6 1.4 Colorado 1.3 1.1 Other U.S. 2.8 2.8 Total 100.0 % 100.0 %

Real Estate Owned (Tables)

Real Estate Owned (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Asset Acquisition	The following table presents the REO assets and liabilities included on KREF's Condensed Consolidated Balance Sheets: September 30, 2024 December 31, 2023 Real estate owned, held for investment Assets Real estate owned - land $ 192,652 $ 78,569 Real estate owned - land improvements 9,141 3,522 Real estate owned - buildings 58,642 — Real estate owned - building improvements 2,320 — Real estate owned 262,755 82,091 Less: Accumulated depreciation (488) — Real estate owned, net 262,267 82,091 Cash (A) 1,549 2,152 In-place lease intangibles (B) 151 201 Tenant receivables (B) 398 692 Other assets (B) 648 1,256 Total $ 265,013 $ 86,392 Liabilities Unfavorable lease intangibles (C) $ 821 $ 1,095 Other liabilities (C) 5,649 4,268 Total $ 6,470 $ 5,363 Real estate owned, held for sale Assets Real estate owned, held for sale $ 45,813 $ 76,461 In-place lease intangibles 7,887 15,928 Favorable lease intangibles 2,663 3,885 Tenant receivables 445 — Other assets 781 4,743 Total $ 57,589 $ 101,017 Liabilities Unfavorable lease intangibles $ 378 $ 1,087 Other liabilities 2,978 14,796 Total $ 3,356 $ 15,883 (A) Included in “Cash and cash equivalents” on the Condensed Consolidated Balance Sheets. (B) Included in “Other assets” on the Condensed Consolidated Balance Sheets. (C) Included in “Other liabilities” on the Condensed Consolidated Balance Sheets.
Schedule of 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Rental income $ 2,430 $ 1,651 $ 11,634 $ 5,103 Other operating income (A) 6,109 144 7,668 922 Revenue from REO operations 8,539 1,795 19,302 6,025 Expenses from REO operations (5,488) (2,819) (17,378) (8,233) Other income (loss) (B) 43 43 37 1,709 Total $ 3,094 $ (981) $ 1,961 $ (499) (A) Included $5.3 million of insurance proceeds received during the third quarter of 2024. (B) Included in "Other miscellaneous income" in the Condensed Consolidated Statements of Income.
Schedule of 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 September 30, Nine Months Ended September 30, Income Statement Location 2024 2023 2024 2023 Asset In-place lease intangibles Expenses from real estate owned operations $ 17 $ 17 $ 51 $ 51 Liability Unfavorable lease intangibles Revenue from real estate owned operations 91 91 274 274
Schedule of 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 Unfavorable Lease 2024 17 91 2025 67 365 2026 67 365
Schedule of 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 Unfavorable Lease 2024 17 91 2025 67 365 2026 67 365
Schedule of 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 $ 1,830 2025 5,980 2026 5,346 2027 4,455 2028 3,461 Thereafter 7,425

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Instruments	The following table summarizes KREF's secured financing arrangements in place as of September 30, 2024 and December 31, 2023: September 30, 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 2027 Sep 2029 $ 1,000,000 $ 608,821 $ 607,353 6.5 % $ 879,300 $ 866,139 $ 645,091 Morgan Stanley Mar 2026 Mar 2026 600,000 321,225 320,516 7.2 469,040 431,040 483,055 Goldman Sachs Dec 2025 Dec 2027 400,000 208,921 208,593 8.2 338,741 336,232 346,464 Term Loan Facility KREF Lending VII (E) Match-term Match-term 1,000,000 528,652 528,451 6.9 684,779 676,120 560,945 Term Lending Agreements KREF Lending IX (F) Match-term Match-term 568,121 541,653 540,268 6.7 701,909 697,516 693,458 KREF Lending V Jun 2025 Jun 2026 177,494 177,494 177,364 7.4 311,579 295,396 327,163 KREF Lending XII Match-term Match-term 350,000 99,271 99,271 6.2 149,596 146,516 166,308 BMO Facility Match-term Match-term 300,000 74,899 74,643 6.8 94,954 94,116 137,752 Warehouse Facility HSBC Facility Mar 2026 Mar 2026 500,000 — (14) — — — (11) Asset Specific Financing KREF Lending XIII Aug 2026 Aug 2027 265,625 192,887 191,295 8.2 226,926 222,273 163,836 KREF Lending XIV Oct 2026 Oct 2027 125,000 35,711 34,824 7.9 44,868 43,474 (1,216) KREF Lending XI Sep 2025 Sep 2026 100,000 100,000 100,000 7.6 125,000 123,822 99,574 Revolving Credit Agreement Revolver (G) Mar 2027 Mar 2027 610,000 135,000 135,000 7.0 n.a. n.a. 160,000 Total / Weighted Average $ 5,996,240 $ 3,024,534 $ 3,017,564 7.0 % $ 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 1.0 and 2.5 years, based on the current and final stated maturities, respectively, of the average weighted outstanding principal of collateral loans as of September 30, 2024. (B) Net of $7.0 million and $11.6 million unamortized deferred financing costs as of September 30, 2024 and December 31, 2023, respectively. (C) Including deferred financing costs and applicable index in effect as of September 30, 2024. Average weighted by the outstanding principal of the facility. (D) Borrowings under these repurchase agreements are collateralized by senior loans and bear interest equal to the sum of (i) Term SOFR, and (ii) a financing spread. As of September 30, 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 32.5% and 33.8%, respectively (or 30.1% 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) In May 2024, the lender assigned its rights and obligations under the KREF Lending IX Facility to another financial institution. (G) As of September 30, 2024 , the revolver carrying value excluded $3.0 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 467,832 Principal repayments/sales (1,237,363) Deferred debt issuance costs (5,159) Amortization of deferred debt issuance costs 9,835 Balance as of September 30, 2024 $ 3,017,564
Schedule of Repurchase Agreements	The following table summarizes certain characteristics of KREF's repurchase agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity as of September 30, 2024 and December 31, 2023: Outstanding Net Counterparty Exposure Percent of Stockholders' Equity Weighted Average Life (Years) (A) September 30, 2024 Morgan Stanley $ 862,878 $ 272,862 20.1 % 2.0 Wells Fargo 608,821 260,621 19.2 2.5 Total / Weighted Average $ 1,471,699 $ 533,482 39.3 % 2.2 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 September 30, 2024 had contractual maturities as follows: Year Nonrecourse (A) Recourse (A)(B) Total 2025 $ 211,317 $ 53,689 $ 265,006 2026 852,335 198,656 1,050,991 2027 1,179,555 390,726 1,570,281 2028 138,256 — 138,256 $ 2,381,463 $ 643,071 $ 3,024,534 (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)	9 Months Ended
	Sep. 30, 2024
Transfers and Servicing [Abstract]
Schedule of Collateral Assets and Respective Borrowings	The following tables outline CLO collateral assets and respective borrowing as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Facility Collateral Facility Wtd. Avg. Term (A) Maximum Facility Size Outstanding Principal Carrying Value Wtd. Avg. Funding Cost (B) Outstanding Principal Carrying Value Carrying Value KREF 2021-FL2 February 2039 $ 1,093,830 $ 1,093,830 $ 1,093,697 6.3 % $ 1,298,580 $ 1,288,056 $ 1,095,128 KREF 2022-FL3 February 2039 847,500 847,500 847,431 6.6 1,000,000 993,290 847,043 Total $ 1,941,330 $ 1,941,330 $ 1,941,128 6.4 % $ 2,298,580 $ 2,281,346 $ 1,942,171 (A) 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. (B) Including deferred financing costs and applicable index in effect as of September 30, 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 September 30, 2024 December 31, 2023 Cash $ — $ 5,000 Commercial real estate loans, held-for-investment 2,257,907 2,295,000 Less: Allowance for credit losses (17,234) (21,216) Commercial real estate loans, held-for-investment, net 2,240,673 2,273,784 Commercial real estate loans, held-for-sale 34,500 — Accrued interest receivable 11,079 12,653 Other assets 6,328 155 Total $ 2,292,580 $ 2,291,592 Liabilities Collateralized loan obligations $ 1,941,330 $ 1,942,750 Deferred financing costs (202) (579) Collateralized loan obligations, net 1,941,128 1,942,171 Accrued interest payable 4,649 5,666 Total $ 1,945,777 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest income $ 48,468 $ 48,753 $ 146,163 $ 134,741 Interest expense (A) 34,009 35,378 102,127 100,463 Net interest income $ 14,459 $ 13,375 $ 44,036 $ 34,278 (A) Includes $0.1 million and $0.8 million of deferred financing costs amortization for the three and nine months ended September 30, 2024, respectively. Includes $1.7 million and $6.0 million of deferred financing costs amortization for the three and nine months ended September 30, 2023, respectively.

Secured Term Loan, Net (Tables)

Secured Term Loan, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Secured Term Loan, Net [Abstract]
Summary of Secured Term Loan	The following table summarizes KREF’s secured term loan as of September 30, 2024 and December 31, 2023, respectively: September 30, 2024 December 31, 2023 Principal $ 340,375 $ 343,000 Deferred financing costs (3,271) (4,010) Unamortized discount (2,911) (3,659) Carrying value $ 334,193 $ 335,331

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023, respectively: September 30, 2024 December 31, 2023 Other assets Restricted cash $ 2,348 $ 12,415 Loan principal repayments held by a servicer 10,000 — Deferred financing cost, Revolver 3,020 3,747 Other 2,233 3,293 Total $ 17,601 $ 19,455 Other liabilities Liabilities related to real estate owned, held for investment $ 6,470 $ 5,363 Allowance for credit losses on unfunded commitments 2,876 2,052 Loan funding held in escrow 7,325 — Other 2,005 1,935 Total $ 18,676 $ 9,350

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Dividends Declared	During the nine months ended September 30, 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 June 13, 2024 June 28, 2024 July 15, 2024 0.25 17,333 September 13, 2024 September 30, 2024 October 15, 2024 0.25 17,333 $ 51,994 2023 March 17, 2023 March 31, 2023 April 14, 2023 $ 0.43 $ 29,711 June 15, 2023 June 30, 2023 July 14, 2023 0.43 29,716 September 15, 2023 September 29, 2023 October 13, 2023 0.43 29,716 $ 89,143 During the nine months ended September 30, 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 April 19, 2024 May 31, 2024 June 14, 2024 0.41 5,326 July 19, 2024 August 30, 2024 September 13, 2024 0.41 5,326 $ 15,978 2023 February 3, 2023 February 28, 2023 March 15, 2023 $ 0.41 $ 5,326 April 21, 2023 May 31, 2023 June 15, 2023 0.41 5,326 July 21, 2023 August 31, 2023 September 15, 2023 0.41 5,326 $ 15,978

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 56,350 9.76 Vested (48,370) 11.37 Forfeited / cancelled (28,886) 14.96 Unvested as of September 30, 2024 1,127,021 $ 14.38 (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 495,367 2025 426,988 2026 204,666 Total 1,127,021

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Earnings Net Income (Loss) $ (7,388) $ 27,141 $ 15,336 $ (17,964) Less: Preferred stock dividends 5,326 5,326 15,978 15,978 Less: Participating securities' share in earnings 277 414 865 1,239 Net income (loss) attributable to common stockholders, basic and diluted $ (12,991) $ 21,401 $ (1,507) $ (35,181) Shares Weighted average common shares outstanding 69,333,208 69,106,061 69,325,229 69,101,487 Add: Deferred stock units 101,730 16,575 89,761 9,714 Diluted weighted average common shares outstanding 69,434,938 69,122,636 69,414,990 69,111,201 Net income (loss) attributable to common stockholders, per: Basic and diluted common share $ (0.19) $ 0.31 $ (0.02) $ (0.51)

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Expenses and Amounts Due to Affiliates	The following table contains the amounts presented in KREF's Condensed Consolidated Balance Sheets that it owes to affiliates: September 30, 2024 December 31, 2023 Management fees $ 5,901 $ 6,523 KCM fees 1,747 1,747 $ 7,648 $ 8,270 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Management fees $ 5,901 $ 6,566 $ 18,614 $ 19,648 Incentive compensation — 69 — 2,491 Expense reimbursements and other 890 1,234 2,967 3,680 $ 6,791 $ 7,869 $ 21,581 $ 25,819

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of 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 September 30, 2024, we re as follows: Fair Value Principal Balance Amortized Cost Carrying Value Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 108,795 $ 108,795 $ 108,795 $ 108,795 $ — $ — $ 108,795 Commercial real estate loans, held-for-investment, net 6,201,666 6,188,679 6,040,666 — — 6,030,040 6,030,040 Commercial real estate loan, held-for-sale 138,000 137,916 137,916 — 138,000 — 138,000 $ 6,448,461 $ 6,435,390 $ 6,287,377 $ 108,795 $ 138,000 $ 6,030,040 $ 6,276,835 Liabilities Secured financing agreements, net $ 3,024,534 $ 3,017,564 $ 3,017,564 $ — $ — $ 3,017,564 $ 3,017,564 Collateralized loan obligations, net 1,941,330 1,941,128 1,941,128 — — 1,914,040 1,914,040 Secured term loan, net 340,375 334,193 334,193 — 338,248 — 338,248 $ 5,306,239 $ 5,292,885 $ 5,292,885 $ — $ 338,248 $ 4,931,604 $ 5,269,852 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 Carrying Value 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 7,369,425 7,343,548 7,133,078 — — 7,133,696 7,133,696 $ 7,505,323 $ 7,479,446 $ 7,268,976 $ 135,898 $ — $ 7,133,696 $ 7,269,594 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
Schedule of Fair Value Level 3 Inputs, Liabilities	The following table contains the Level 3 inputs used to value assets and liabilities on a recurring and nonrecurring basis or where KREF discloses fair value as of September 30, 2024: Fair Value Valuation Methodologies Unobservable Inputs Weighted Average (A) Range Assets and Liabilities Commercial real estate loans, held-for-investment $ 6,030,040 Discounted cash flow Discount margin 4.1% 3.0% - 9.5% Discount rate 10.6% 10.0% - 11.5% Capitalization rate 9.1% 7.9% - 9.8% $ 6,030,040 (A) Represents the average of the input value, weighted by the unpaid principal balance of the financial instrument.

Business and Organization (Deta

Business and Organization (Details) - KREF - KKR - Common Stock - shares	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Common stock (in shares)	10,000,001	10,000,001
Issued and outstanding common stock owned, percentage (as a percent)	14.40%	14.40%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Jul. 31, 2024

Jan. 31, 2022

Apr. 30, 2021

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2024

Dec. 31, 2023

Related Party Transaction [Line Items]

Restricted cash

$ 2,348

$ 2,348

$ 12,415

Dividends declared per share of common stock (usd per share)

$ 0.25

$ 0.25

$ 0.25

$ 0.43

$ 0.43

$ 0.43

$ 0.75

$ 1.29

6.5% Series A Cumulative Redeemable Preferred Stock

Related Party Transaction [Line Items]

Dividends declared per share of preferred stock (usd per share)

$ 0.41

$ 0.41

$ 0.41

$ 0.41

$ 0.41

$ 0.41

Preferred stock, dividend rate (as a percent)

6.50%

6.50%

6.50%

6.5% Series A Cumulative Redeemable Preferred Stock | Forecast

Related Party Transaction [Line Items]

Dividends declared per share of preferred stock (usd per share)

$ 1.625

Building

Related Party Transaction [Line Items]

Useful life

40 years

40 years

Land And Building Improvements

Related Party Transaction [Line Items]

Useful life

15 years

15 years

Commercial Real Estate Loans -

Commercial Real Estate Loans - Loans Held-for-investment and Loans Held-for-sale (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Investment Holdings [Line Items]
Amortized cost	$ 6,188,679	$ 7,343,548
Carrying value	6,040,666	7,133,078
Commercial real estate loans, held-for-investment, net
Investment Holdings [Line Items]
Outstanding Principal		7,369,425
Amortized cost		7,343,548
Carrying value		$ 7,133,078
Loan count (in loans) | loan		69
Floating Rate Loan %		98.90%
Life (Years)		2 years 8 months 12 days
Commercial real estate loans, held-for-investment, net | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon		8.70%
Commercial real estate loans, held-for-investment, net | Senior loans
Investment Holdings [Line Items]
Outstanding Principal	6,201,666	$ 7,324,758
Amortized cost	6,188,679	7,298,844
Carrying value	$ 6,040,666	$ 7,089,930
Loan count (in loans) | loan	56	67
Floating Rate Loan %	98.70%	98.90%
Life (Years)	2 years 2 months 12 days	2 years 8 months 12 days
Commercial real estate loans, held-for-investment, net | Senior loans | SOFR
Investment Holdings [Line Items]
Coupon	8.10%
Commercial real estate loans, held-for-investment, net | Senior loans | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon		8.70%
Commercial real estate loans, held-for-investment, net | Mezzanine loans
Investment Holdings [Line Items]
Outstanding Principal		$ 44,667
Amortized cost		44,704
Carrying value		$ 43,148
Loan count (in loans) | loan		2
Floating Rate Loan %		100%
Life (Years)		2 years 1 month 6 days
Commercial real estate loans, held-for-investment, net | Mezzanine loans | LIBOR and SOFR
Investment Holdings [Line Items]
Coupon		14.10%
Commercial real estate loan, held-for-sale | Senior loans
Investment Holdings [Line Items]
Outstanding Principal	$ 138,000
Amortized cost	137,916
Carrying value	$ 137,916
Loan count (in loans) | loan	1
Floating Rate Loan %	100%
Life (Years)	2 years 2 months 12 days
Commercial real estate loan, held-for-sale | Senior loans | SOFR
Investment Holdings [Line Items]
Coupon	8.50%
Commercial Loans Held For Investment and For Sale
Investment Holdings [Line Items]
Outstanding Principal	$ 6,339,666
Amortized cost	6,326,595	$ 7,343,548
Carrying value	$ 6,178,582	$ 7,133,078
Loan count (in loans) | loan	57
Floating Rate Loan %	98.70%
Life (Years)	2 years 2 months 12 days
Commercial Loans Held For Investment and For Sale | SOFR
Investment Holdings [Line Items]
Coupon	8.10%

Commercial Real Estate Loans _2

Commercial Real Estate Loans - Activities Related to Carrying Value of Mortgage Loans (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)
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)	$ (106,974)
Beginning balance			7,133,078
(Provision for) Reversal of credit losses			(75,187)	(127,018)
Write-offs charged			137,869	15,000
Write-offs recovered			225
Ending balance	$ 6,188,679		6,188,679		7,343,548
Ending balance	(148,013)		(148,013)	$ (218,992)	(210,470)
Ending balance	6,040,666		6,040,666		7,133,078
Loan funding held in escrow	7,300		7,300
Interest collections on loan amortized cost						$ 2,500
Loan write-off		$ 37,500	$ 98,500
Number of loans written off | loan			2
Commercial Loans Held For Investment and For Sale
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)
Beginning balance			7,133,078
Originations and future fundings, net			277,248
Proceeds from loan repayments and cost recovery interest			(969,175)
Accretion of loan discount and other amortization, net			13,448
Payment-in-kind interest			603
(Provision for) Reversal of credit losses			(75,187)
Write-offs charged			(137,869)
Write-offs charged			137,869
Write-offs recovered			225
Write-offs recovered			(225)
Transfer to real estate owned			(201,433)
Ending balance	6,326,595		6,326,595		7,343,548
Ending balance	(148,013)		(148,013)		(210,470)
Ending balance	6,178,582		$ 6,178,582		$ 7,133,078
Commercial Loans Held For Investment and For Sale | Senior Notes
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Write-offs charged	$ 1,800

Commercial Real Estate Loans _3

Commercial Real Estate Loans - Narrative (Details) $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended
	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jan. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from principal repayments of commercial real estate loans							$ 959,175	$ 477,890
Write-offs charged							$ 137,869	15,000
Weighted average loan risk rating					3.2		3.2
Allowance for credit loss		$ 221,728			$ 150,889	$ 221,728	$ 150,889	221,728	$ 212,522	$ 111,112
Provision for credit losses, net					38,200	8,814	76,011	125,616
Commercial real estate loans, held-for-investment					6,188,679		6,188,679		7,343,548
Interest income					140,150	163,229	$ 441,019	475,388
Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted average life (Years)							1 year
Minimum | Commercial real estate loans, held-for-investment, net | Level 3 | Capitalization rate | Discounted Cash Flow
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Capitalization rate (as a percent)							7.90%
Minimum | Commercial real estate loans, held-for-investment, net | Level 3 | Discount rate | Discounted Cash Flow
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Discount rate (as a percent)							10%
Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted average life (Years)							2 years 6 months
Maximum | Commercial real estate loans, held-for-investment, net | Level 3 | Capitalization rate | Discounted Cash Flow
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Capitalization rate (as a percent)							9.80%
Maximum | Commercial real estate loans, held-for-investment, net | Level 3 | Discount rate | Discounted Cash Flow
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Discount rate (as a percent)							11.50%
Impaired/Loss Likely
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Provision for credit losses, net							$ 76,000
Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount					6,339,666		6,339,666		7,369,425
Commercial real estate loans, held-for-investment					6,326,595		6,326,595		7,343,548
Commercial Real Estate Loans | Impaired/Loss Likely
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount					407,623		407,623		512,105
Commercial real estate loans, held-for-investment					403,217		403,217		505,364
Commercial Real Estate Loans | Average Risk
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount					5,728,017		5,728,017		6,511,894
Commercial real estate loans, held-for-investment					5,719,457		5,719,457		6,493,506
Subordinated Note
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Write-offs charged		15,000
Philadelphia | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 30,100			$ 136,000							$ 182,600
Future funding				$ 5,500
Interest rates (as a percent)	4.30%			2.75%
Weighted average life (Years)				4 years
Philadelphia | Commercial Real Estate Loans | Impaired/Loss Likely
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial real estate loans, held-for-investment		151,100				151,100		151,100
Philadelphia | Commercial Real Estate Loans | Average Risk
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount					114,300		114,300
Philadelphia | Junior Mezzanine Note
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount				$ 25,000
Future funding				16,500
Philadelphia | Senior Mezzanine Note
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount				41,500
Minneapolis, MN | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)			2.25%
Minneapolis, MN | Commercial Real Estate Loans | Average Risk
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount					194,400		194,400
Minneapolis, MN | Mezzanine Note
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount			$ 79,400
Debt instrument, interest rate, effective percentage (as a percent)			4.50%
Chicago, IL | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount		103,400				103,400		103,400
Future funding		$ 16,600				16,600		16,600
Interest rates (as a percent)		2.25%
Weighted average life (Years)		5 years
Chicago, IL | Commercial Real Estate Loans | Average Risk
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount					90,100		90,100
Chicago, IL | Subordinated Note
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount		$ 18,500				18,500		18,500
Boston, Ma | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rates (as a percent)	7%
Boston, Ma | Subordinated Note
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 10,000
West Hollywood, CA | Senior Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commercial real estate loans, held-for-investment					110,000		110,000
Office | Philadelphia | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount				116,500
Proceeds from principal repayments of commercial real estate loans				25,000
Office | Philadelphia | Commercial Real Estate Loans | Impaired/Loss Likely
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount				$ 161,000
Office | Minneapolis, MN | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount			$ 194,400
Office | Minneapolis, MN | Commercial Real Estate Loans | Impaired/Loss Likely
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest income					2,300		6,900
Office | Minneapolis, MN | Senior Mezzanine Note
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Future funding			5,000
Office | Minneapolis, MN | Senior Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount			$ 120,000
Office | Chicago, IL | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount		105,000				105,000		105,000
Proceeds from principal repayments of commercial real estate loans		15,000
Future funding		15,000				15,000		15,000
Office | Chicago, IL | Commercial Real Estate Loans | Impaired/Loss Likely
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount		$ 118,400				$ 118,400		$ 118,400
Office | Boston, Ma | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	37,500
Office | Boston, Ma | Junior Mezzanine Note
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	25,000
Office | Boston, Ma | Senior Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 12,500
Office | Minnesota | Commercial Real Estate Loans | Impaired/Loss Likely
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount					194,400		194,400
Future funding					5,000		5,000
Commercial real estate loans, held-for-investment					190,100		190,100
Office | San Carlos, CA | Commercial Real Estate Loans | Impaired/Loss Likely
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount					103,200		103,200
Future funding					21,800		21,800
Commercial real estate loans, held-for-investment					103,100		103,100
Interest income					1,800		6,600
Office | West Hollywood, CA | Senior Mortgage Loan | Impaired/Loss Likely
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Future funding					700		700
Office | West Hollywood, CA | Senior Multifamily Loan | Impaired/Loss Likely
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest income					1,800		6,400
Commercial real estate loans, held-for-investment, net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unamortized origination discounts and deferred nonrefundable fees					$ 8,800		$ 8,800		$ 20,800

Commercial Real Estate Loans _4

Commercial Real Estate Loans - Loan Risk Ratings (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 6,188,679	$ 7,343,548
Allowance for credit losses	(148,013)	(210,470)	$ (218,992)	$ (106,974)
Loan receivable, net	$ 6,040,666	$ 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	57	69
Carrying Value	$ 6,326,595	$ 7,343,548
Total Loan Exposure	$ 6,339,666	$ 7,558,036
Total Loan Exposure %	100%	100%
Loan receivable, net	$ 6,178,582	$ 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	1	2
Carrying Value	$ 12,722	$ 19,392
Total Loan Exposure	$ 12,685	$ 57,925
Total Loan Exposure %	0%	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	51	60
Carrying Value	$ 5,719,457	$ 6,493,506
Total Loan Exposure	$ 5,728,017	$ 6,511,894
Total Loan Exposure %	90%	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	2	4
Carrying Value	$ 191,199	$ 325,286
Total Loan Exposure	$ 191,341	$ 476,112
Total Loan Exposure %	3%	6%
Impaired/Loss Likely | Commercial Real Estate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans (in loans) | loan	3	3
Carrying Value	$ 403,217	$ 505,364
Total Loan Exposure	$ 407,623	$ 512,105
Total Loan Exposure %	6%	7%

Commercial Real Estate Loans _5

Commercial Real Estate Loans - Amortized Cost of Loan Portfolio (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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	$ 6,188,679	$ 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	57	69
Outstanding Principal	$ 6,339,666	$ 7,369,425
Current year	30,081	203,576
Year one	205,195	2,138,405
Year two	2,006,253	3,779,788
Year three	3,387,678	236,767
Year four	163,267	517,491
Prior	534,121	467,521
Total	6,326,595	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	136,037	0
Year four, write-off	1,832	73,706
Prior, write-off	0	0
Notes receivable, gross write-off	137,869	$ 73,706
Current year, gross recovery	0
Year one, gross recovery	0
Year two, gross recovery	0
Year three, gross recovery	0
Year four, gross recovery	0
Prior, gross recovery	225
Notes receivable, gross recovery	$ 225
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	1	2
Outstanding Principal	$ 12,685	$ 19,314
Current year	0	0
Year one	0	0
Year two	0	0
Year three	0	19,392
Year four	12,722	0
Prior	0	0
Total	$ 12,722	$ 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	51	60
Outstanding Principal	$ 5,728,017	$ 6,511,894
Current year	30,081	203,576
Year one	205,195	1,953,866
Year two	1,709,813	3,323,800
Year three	3,279,814	217,375
Year four	150,545	517,491
Prior	344,009	277,398
Total	$ 5,719,457	$ 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	2	4
Outstanding Principal	$ 191,341	$ 326,112
Current year	0	0
Year one	0	184,539
Year two	83,335	140,748
Year three	107,864	0
Year four	0	0
Prior	0	0
Total	$ 191,199	$ 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	3	3
Outstanding Principal	$ 407,623	$ 512,105
Current year	0	0
Year one	0	0
Year two	213,105	315,240
Year three	0	0
Year four	0	0
Prior	190,112	190,123
Total	$ 403,217	$ 505,364

Commercial Real Estate Loans _6

Commercial Real Estate Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commercial Real Estate Loans
Beginning balance			$ 210,470	$ 106,974
Provision for (reversal of) credit losses, net			75,187	127,018
Write-offs charged			(137,869)	(15,000)
Write-off recovered			225
Ending balance	$ 148,013	$ 218,992	148,013	218,992
Unfunded Loan Commitments
Beginning balance, unfunded loan commitments			2,052	4,138
Provision for (reversal of) credit losses, net			824	(1,402)
Write-offs charged			0	0
Write-off recovered			0
Ending balance, unfunded loan commitments	2,876	2,736	2,876	2,736
Total
Beginning balance, total			212,522	111,112
Provision for (reversal of) credit losses, net	38,200	8,814	76,011	125,616
Write-offs charged			(137,869)	(15,000)
Write-off recovered			225
Ending balance, total	$ 150,889	$ 221,728	$ 150,889	$ 221,728

Commercial Real Estate Loans _7

Commercial Real Estate Loans - Concentration of Credit Risk (Details) - Commercial real estate loans, held-for-investment, net	9 Months Ended	12 Months Ended
	Sep. 30, 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)	18.60%	17.70%
Geographic concentration risk | Texas
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	16.10%	15.30%
Geographic concentration risk | Massachusetts
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	12.60%	10.40%
Geographic concentration risk | Florida
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	8%	8.70%
Geographic concentration risk | Virginia
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	7.90%	7.70%
Geographic concentration risk | North Carolina
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	4.90%	4.10%
Geographic concentration risk | Pennsylvania
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	4.50%	3.50%
Geographic concentration risk | Washington D.C.
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	4.10%	6.30%
Geographic concentration risk | New York
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	3.90%	6.10%
Geographic concentration risk | Washington
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	3.70%	4.20%
Geographic concentration risk | Minnesota
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	3%	2.60%
Geographic concentration risk | Georgia
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2.80%	2.70%
Geographic concentration risk | Nevada
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2.40%	2.10%
Geographic concentration risk | Arizona
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	1.80%	3.30%
Geographic concentration risk | Illinois
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	1.60%	1.40%
Geographic concentration risk | Colorado
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	1.30%	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)	44.90%	41.90%
Product concentration risk | Office
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	20.90%	22.20%
Product concentration risk | Industrial
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	14.50%	14.50%
Product concentration risk | Life Science
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	11.30%	10.20%
Product concentration risk | Hospitality
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	3.80%	5%
Product concentration risk | Self-Storage
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	2.40%	1.70%
Product concentration risk | Student Housing
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	1.80%	1.50%
Product concentration risk | Mixed Use
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	0.40%	0%
Product concentration risk | Single Family Rental
Concentration Risk [Line Items]
Concentration of credit risk (as a percent)	0%	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%	0.10%

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jan. 31, 2023	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2021	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2019	Dec. 31, 2015
Real Estate [Line Items]
Commercial real estate loans, held-for-investment		$ 7,343,548			$ 6,188,679	$ 7,343,548
Loan write-off				$ 37,500	$ 98,500
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 Real Estate Loans
Real Estate [Line Items]
Principal Amount		7,369,425			$ 6,339,666	7,369,425
Commercial real estate loans, held-for-investment		7,343,548			6,326,595	7,343,548
Commercial Real Estate Loans | Impaired/Loss Likely
Real Estate [Line Items]
Principal Amount		512,105			407,623	512,105
Commercial real estate loans, held-for-investment		505,364			$ 403,217	505,364
Portland, Oregon | Commercial Real Estate Loans
Real Estate [Line Items]
Principal Amount											$ 177,000
Portland, Oregon | Commercial Real Estate Loans | Impaired/Loss Likely
Real Estate [Line Items]
Real estate owned, held for investment, net							78,600
Mountain View, CA
Real Estate [Line Items]
Net working capital	$ 300
Mountain View, CA | Real estate owned
Real Estate [Line Items]
Estimated fair value	$ 175,000			175,000
Mountain View, CA | Primary beneficiary | KKR Affiliate
Real Estate [Line Items]
Ownership percentage of partner (as a percent)	31.10%
Mountain View, CA | Commercial Real Estate Loans
Real Estate [Line Items]
Principal Amount							362,800
Investment amount	$ 54,300			54,300			$ 250,000
Mountain View, CA | Commercial Real Estate Loans | Primary beneficiary
Real Estate [Line Items]
Ownership percentage in VIE (as a percent)							68.90%
Mountain View, CA | Commercial Real Estate Loans | Impaired/Loss Likely
Real Estate [Line Items]
Commercial real estate loans, held-for-investment								$ 198,900
Estimated fair value	174,700			174,700
Loan write-off	79,900
Philadelphia | Commercial Real Estate Loans
Real Estate [Line Items]
Principal Amount	30,100		$ 136,000	30,100						$ 182,600
Investment amount	83,700			$ 83,700
Proceeds from Sale of Real Estate	41,000
Loss on sale of property	$ 600
Interest rates (as a percent)	4.30%		2.75%
Philadelphia | Commercial Real Estate Loans | Impaired/Loss Likely
Real Estate [Line Items]
Commercial real estate loans, held-for-investment									$ 151,100
Estimated fair value		86,400				86,400
Loan write-off						58,700
Partial repayment received		6,000
Philadelphia | Commercial Real Estate Loans | Impaired/Loss Likely | Real estate owned, held for sale
Real Estate [Line Items]
Real estate owned, held for investment, net		76,500				76,500
Philadelphia | Commercial Real Estate Loans | Impaired/Loss Likely | Other assets
Real Estate [Line Items]
Real estate owned, held for investment, net		24,600				24,600
Philadelphia | Commercial Real Estate Loans | Impaired/Loss Likely | Other Liabilities
Real Estate [Line Items]
Real estate owned, held for investment, net		$ 15,900				$ 15,900

Real Estate Owned - Assets and

Real Estate Owned - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Assets
Cash	$ 108,795	$ 135,898	$ 108,038
Other assets	17,601	19,455
Total Assets	6,774,042	7,547,618
Liabilities
Total Liabilities	5,362,661	6,143,436
Real estate owned, held for investment
Assets
Real estate owned - land	192,652	78,569
Real estate owned - land improvements	9,141	3,522
Real estate owned - buildings	58,642	0
Real estate owned - building improvements	2,320	0
Real estate owned	262,755	82,091
Less: Accumulated depreciation	(488)	0
Real estate owned, net	262,267	82,091
Cash	1,549	2,152
In-place lease intangibles	151	201
Tenant receivables	398	692
Other assets	648	1,256
Total Assets	265,013	86,392
Liabilities
Unfavorable lease intangibles	821	1,095
Other liabilities	5,649	4,268
Total Liabilities	6,470	5,363
Real estate owned, held for sale
Assets
Real estate owned, net	45,813	76,461
In-place lease intangibles	7,887	15,928
Tenant receivables	445	0
Other assets	781	4,743
Favorable lease intangibles	2,663	3,885
Total Assets	57,589	101,017
Liabilities
Unfavorable lease intangibles	378	1,087
Other liabilities	2,978	14,796
Total Liabilities	$ 3,356	$ 15,883

Real Estate Owned - Income (Los

Real Estate Owned - Income (Loss) from Real Estate Owned (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Abstract]
Rental income	$ 2,430	$ 1,651	$ 11,634	$ 5,103
Other operating income	6,109	144	7,668	922
Revenue from REO operations	8,539	1,795	19,302	6,025
Expenses from REO operations	(5,488)	(2,819)	(17,378)	(8,233)
Other income (loss)	43	43	37	1,709
Total	$ 3,094	$ (981)	$ 1,961	$ (499)
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenue from real estate owned operations	Revenue from real estate owned operations	Revenue from real estate owned operations	Revenue from real estate owned operations
Proceeds from insurance	$ 5,300

Real Estate Owned - Amortizatio

Real Estate Owned - Amortization of Lease Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Asset
In-place lease intangibles	$ 17	$ 17	$ 51	$ 51
Liability
Unfavorable lease intangibles	$ 91	$ 91	$ 274	$ 274

Real Estate Owned - Future Leas

Real Estate Owned - Future Lease Intangible Amortization (Details) $ in Thousands	Sep. 30, 2024 USD ($)
In-place Lease Intangible Assets
2024	$ 17
2025	67
2026	67
Unfavorable Lease Intangible Liabilities
2024	91
2025	365
2026	$ 365

Real Estate Owned - Future Mini

Real Estate Owned - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Real Estate [Abstract]
2024	$ 1,830
2025	5,980
2026	5,346
2027	4,455
2028	3,461
Thereafter	$ 7,425

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding Principal	$ 3,024,534,000
Unamortized debt issuance costs	$ 3,020,000	$ 3,747,000
Average haircut weighted by outstanding face amount of collateral	32.50%	33.80%
Average haircut weighted by outstanding face amount of collateral if maximum amount is borrowed	30.10%	32.20%
Commercial Real Estate Loans
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 7,000,000	$ 11,600,000
Minimum
Debt Instrument [Line Items]
Weighted average life (Years)	1 year
Maximum
Debt Instrument [Line Items]
Weighted average life (Years)	2 years 6 months
Total Debt
Debt Instrument [Line Items]
Maximum Facility Size	$ 5,996,240,000
Outstanding Principal	3,024,534,000
Carrying Value	$ 3,017,564,000	3,782,419,000
Weighted Average Funding Cost	7%
Secured Financing Agreements | Secured financing agreements, net
Debt Instrument [Line Items]
Carrying Value	$ 3,017,564,000	3,782,419,000
Secured Financing Agreements | KREF Lending IX | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	568,121,000
Outstanding Principal	541,653,000
Carrying Value	$ 540,268,000	693,458,000
Weighted Average Funding Cost	6.70%
Outstanding Principal	$ 701,909,000
Carrying Value	697,516,000
Secured Financing Agreements | KREF Lending V | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	177,494,000
Outstanding Principal	177,494,000
Carrying Value	$ 177,364,000	327,163,000
Weighted Average Funding Cost	7.40%
Outstanding Principal	$ 311,579,000
Carrying Value	295,396,000
Secured Financing Agreements | KREF Lending XII | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	350,000,000
Outstanding Principal	99,271,000
Carrying Value	$ 99,271,000	166,308,000
Weighted Average Funding Cost	6.20%
Outstanding Principal	$ 149,596,000
Carrying Value	146,516,000
Secured Financing Agreements | Wells Fargo | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	1,000,000,000
Outstanding Principal	608,821,000
Carrying Value	$ 607,353,000	645,091,000
Weighted Average Funding Cost	6.50%
Outstanding Principal	$ 879,300,000
Carrying Value	866,139,000
Secured Financing Agreements | Morgan Stanley | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	600,000,000
Outstanding Principal	321,225,000
Carrying Value	$ 320,516,000	483,055,000
Weighted Average Funding Cost	7.20%
Outstanding Principal	$ 469,040,000
Carrying Value	431,040,000
Secured Financing Agreements | Goldman Sachs | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	400,000,000
Outstanding Principal	208,921,000
Carrying Value	$ 208,593,000	346,464,000
Weighted Average Funding Cost	8.20%
Outstanding Principal	$ 338,741,000
Carrying Value	336,232,000
Secured Financing Agreements | Goldman Sachs | Secured financing agreements, net
Debt Instrument [Line Items]
Carrying Value		560,945,000
Carrying Value	676,120,000
Secured Financing Agreements | BMO Facility | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	300,000,000
Outstanding Principal	74,899,000
Carrying Value	$ 74,643,000	137,752,000
Weighted Average Funding Cost	6.80%
Outstanding Principal	$ 94,954,000
Carrying Value	94,116,000
Secured Financing Agreements | HSBC Facility | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	500,000,000
Outstanding Principal	0
Carrying Value	$ (14,000)	(11,000)
Weighted Average Funding Cost	0%
Outstanding Principal	$ 0
Carrying Value	0
Secured Financing Agreements | KREF Lending XIII | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	265,625,000
Outstanding Principal	192,887,000
Carrying Value	$ 191,295,000	163,836,000
Weighted Average Funding Cost	8.20%
Outstanding Principal	$ 226,926,000
Carrying Value	222,273,000
Secured Financing Agreements | KREF Lending XIV | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	125,000,000
Outstanding Principal	35,711,000
Carrying Value	$ 34,824,000	(1,216,000)
Weighted Average Funding Cost	7.90%
Outstanding Principal	$ 44,868,000
Carrying Value	43,474,000
Secured Financing Agreements | KREF Lending XI | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	100,000,000
Outstanding Principal	100,000,000
Carrying Value	$ 100,000,000	99,574,000
Weighted Average Funding Cost	7.60%
Outstanding Principal	$ 125,000,000
Carrying Value	123,822,000
Term Loan Facility | Goldman Sachs | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	1,000,000,000
Outstanding Principal	528,652,000
Carrying Value	$ 528,451,000
Weighted Average Funding Cost	6.90%
Outstanding Principal	$ 684,779,000
Revolving Credit Agreement | Secured financing agreements, net
Debt Instrument [Line Items]
Maximum Facility Size	610,000,000
Outstanding Principal	135,000,000
Carrying Value	$ 135,000,000	$ 160,000,000
Weighted Average Funding Cost	7%
Revolving Credit Agreement | Morgan Stanley | Secured financing agreements, net
Debt Instrument [Line Items]
Deferred financing/debt issuance costs	$ 3,000,000
Loan Facility | BMO Facility | Secured financing agreements, net
Debt Instrument [Line Items]
Weighted average life (Years)	5 years
Loan Facility | KREF | Secured financing agreements, net
Debt Instrument [Line Items]
Weighted average life (Years)	2 years

Debt Obligations - Repurchase A

Debt Obligations - Repurchase Agreement (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 3,024,534
Morgan Stanley
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	862,878	$ 483,339
Net Counterparty Exposure	$ 272,862	$ 203,080
Percent of Stockholders' Equity	20.10%	14.50%
Weighted Average Life (Years)	2 years	1 year 7 months 6 days
Wells Fargo
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 608,821	$ 646,559
Net Counterparty Exposure	$ 260,621	$ 248,891
Percent of Stockholders' Equity	19.20%	17.70%
Weighted Average Life (Years)	2 years 6 months	2 years 8 months 12 days
Total
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal	$ 1,471,699
Net Counterparty Exposure	$ 533,482
Percent of Stockholders' Equity	39.30%
Weighted Average Life (Years)	2 years 2 months 12 days
KREF Lending IX
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		$ 696,605
Net Counterparty Exposure		$ 172,462
Percent of Stockholders' Equity		12.30%
Weighted Average Life (Years)		3 years 1 month 6 days
Goldman Sachs
Repurchase Agreement Counterparty [Line Items]
Outstanding Principal		$ 347,329
Net Counterparty Exposure		$ 170,236
Percent of Stockholders' Equity		12.10%
Weighted Average Life (Years)		2 years 10 months 24 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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Deferred debt issuance costs	$ (6,264)	$ (4,349)
Secured financing agreements, net | Secured Financing Agreements
Debt Instrument, Increase (Decrease), Net [Roll Forward]
Beginning balance	3,782,419
Principal borrowings	467,832
Principal repayments/sales	(1,237,363)
Deferred debt issuance costs	(5,159)
Amortization of deferred debt issuance costs	9,835
Ending balance	$ 3,017,564

Debt Obligations - Maturities (

Debt Obligations - Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 265,006
2026	1,050,991
2027	1,570,281
2028	138,256
Total	$ 3,024,534
Maximum
Debt Instrument [Line Items]
Recourse limit	25%
Nonrecourse
Debt Instrument [Line Items]
2025	$ 211,317
2026	852,335
2027	1,179,555
2028	138,256
Total	2,381,463
Recourse
Debt Instrument [Line Items]
2025	53,689
2026	198,656
2027	390,726
2028	0
Total	$ 643,071

Debt Obligations - Covenants (D

Debt Obligations - Covenants (Details) $ in Millions		9 Months Ended
	Jul. 01, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)
Debt Instrument [Line Items]
Percent of aggregate cash proceeds and any capital contributions		75%
Amount of aggregate cash proceeds and any capital contributions		$ 1,307.7
Total indebtedness covenant, percent of total assets, net of VIE liabilities (as a percent)		83.30%
Forecast
Debt Instrument [Line Items]
Interest income to interest expense ratio	1.4		1.3
Cash liquidity covenant amount (greater of)	$ 10		$ 75
Cash liquidity covenant, percent of recourse indebtedness (greater of)	5%

Collateralized Loan Obligatio_3

Collateralized Loan Obligations - Schedule of Collateral Assets and Respective Borrowings (Details) - Primary beneficiary - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Outstanding principal, financing provided	$ 1,941,330,000
Carrying value, financing provided	$ 1,941,128,000	$ 1,942,171,000
Weighted average yield, financing provided	6.40%
Collateralized loan obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Maximum Facility Size	$ 1,941,330,000
Outstanding principal, collateral assets	2,298,580,000
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	2,281,346,000
KREF 2021-FL2 | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Maximum Facility Size	1,093,830,000
Outstanding principal, financing provided	1,093,830,000
Carrying value, financing provided	$ 1,093,697,000	1,095,128,000
Weighted average yield, financing provided	6.30%
KREF 2021-FL2 | Collateralized loan obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Outstanding principal, collateral assets	$ 1,298,580,000
KREF 2021-FL2 | 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	1,288,056,000
KREF 2022-FL3 | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Outstanding principal, financing provided	847,500,000
Carrying value, financing provided	$ 847,431,000	$ 847,043,000
Weighted average yield, financing provided	6.60%
KREF 2022-FL3 | Collateralized loan obligations
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Maximum Facility Size	$ 847,500,000
Outstanding principal, collateral assets	1,000,000,000
KREF 2022-FL3 | 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	$ 993,290,000

Collateralized Loan Obligatio_4

Collateralized Loan Obligations - Schedule of Assets and Liabilities Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment	$ 6,188,679	$ 7,343,548
Less: Allowance for credit losses	(148,013)	(210,470)	$ (218,992)	$ (106,974)
Commercial real estate loans, held-for-investment, net	6,040,666	7,133,078
Commercial real estate loan, held-for-sale	137,916	0
Accrued interest receivable	32,282	41,003
Other assets	17,601	19,455
Total Assets	6,774,042	7,547,618
Collateralized loan obligations	3,024,534
Deferred financing costs	(3,020)	(3,747)
Collateralized loan obligations, net	1,941,128	1,942,171
Accrued interest payable	22,763	20,207
Total Liabilities	5,362,661	6,143,436
Recurring
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Commercial real estate loans, held-for-investment		7,343,548
Commercial real estate loans, held-for-investment, net		7,133,078
Total Assets	6,287,377	7,268,976
Total Liabilities	5,292,885	6,059,921
Recurring | Collateralized loan obligations, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Collateralized loan obligations	1,941,330	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	2,257,907	2,295,000
Less: Allowance for credit losses	(17,234)	(21,216)
Commercial real estate loans, held-for-investment, net	2,240,673	2,273,784
Commercial real estate loan, held-for-sale	34,500	0
Accrued interest receivable	11,079	12,653
Other assets	6,328	155
Total Assets	2,292,580	2,291,592
Deferred financing costs	(202)	(579)
Collateralized loan obligations, net	1,941,128	1,942,171
Accrued interest payable	4,649	5,666
Total Liabilities	$ 1,945,777	$ 1,947,837

Collateralized Loan Obligatio_5

Collateralized Loan Obligations - Schedule of Net Interest Income Included in Consolidated Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Variable Interest Entity [Line Items]
Interest income	$ 140,150	$ 163,229	$ 441,019	$ 475,388
Total net interest income	37,005	44,612	116,582	135,118
Collateralized loan obligations | Primary beneficiary
Variable Interest Entity [Line Items]
Interest income	48,468	48,753	146,163	134,741
Interest expense	34,009	35,378	102,127	100,463
Total net interest income	14,459	13,375	44,036	34,278
Deferred financing costs amortization	$ 100	$ 1,700	$ 800	$ 6,000

Secured Term Loan, Net - Narrat

Secured Term Loan, Net - Narrative (Details) - USD ($)	1 Months Ended		9 Months Ended
	Nov. 30, 2021	Sep. 30, 2020	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) [Member]
Total indebtedness covenant, percent of total assets, net of VIE liabilities (as a percent)			83.30%
Secured term loan | Secured term loan, net
Debt Instrument [Line Items]
Principal	$ 350,000,000	$ 300,000,000
Issuance price (as a percent)		97.50%
Amortization rate (as a percent)		1%
Carrying value, financing provided	297,800,000		$ 334,193,000	$ 335,331,000
Principal borrowings	$ 52,200,000
Effective basis spread on variable rate (as a percent)			4.10%
Minimum net worth required for compliance			$ 650,000,000
Total indebtedness covenant, percent of total assets, net of VIE liabilities (as a percent)		83.30%

Secured Term Loan, Net - Summar

Secured Term Loan, Net - Summary of Secured Term Loan (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Nov. 30, 2021
Debt Instrument [Line Items]
Principal	$ 3,024,534
Deferred financing costs	(3,020)	$ (3,747)
Secured term loan | Secured term loan, net
Debt Instrument [Line Items]
Principal	340,375	343,000
Deferred financing costs	(3,271)	(4,010)
Unamortized discount	(2,911)	(3,659)
Carrying value	$ 334,193	$ 335,331	$ 297,800

Other Assets and Liabilities -

Other Assets and Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other assets
Restricted cash	$ 2,348	$ 12,415
Loan principal payments held by servicer	10,000	0
Deferred financing cost, Revolver	3,020	3,747
Other	2,233	3,293
Total	17,601	19,455
Other liabilities
Liabilities related to real estate owned, held for investment	6,470	5,363
Allowance for credit losses on unfunded commitments	2,876	2,052
Loan funding held in escrow	7,325	0
Other	2,005	1,935
Nonrelated party
Other liabilities
Total	$ 18,676	$ 9,350

Consolidation and Equity Meth_2

Consolidation and Equity Method Investments - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2021	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Commercial real estate loans, held-for-investment			$ 6,188,679			$ 7,343,548
Loan write-off		$ 37,500	98,500
Commercial Real Estate Loans
Variable Interest Entity [Line Items]
Principal Amount			6,339,666			7,369,425
Commercial real estate loans, held-for-investment			6,326,595			7,343,548
Commercial Real Estate Loans | Impaired/Loss Likely
Variable Interest Entity [Line Items]
Principal Amount			407,623			512,105
Commercial real estate loans, held-for-investment			$ 403,217			$ 505,364
Real Estate Asset | KREF
Variable Interest Entity [Line Items]
Equity interest (as a percent)			74.60%
Real Estate Asset | KKR Affiliate
Variable Interest Entity [Line Items]
Equity interest (as a percent)			25.40%
Mountain View, CA | Commercial Real Estate Loans
Variable Interest Entity [Line Items]
Principal Amount				$ 362,800
Investment amount	$ 54,300	$ 54,300		250,000
Mountain View, CA | Commercial Real Estate Loans | Impaired/Loss Likely
Variable Interest Entity [Line Items]
Commercial real estate loans, held-for-investment					$ 198,900
Loan write-off	79,900
Seattle, WA | Commercial Real Estate Loans | Impaired/Loss Likely
Variable Interest Entity [Line Items]
Commercial real estate loans, held-for-investment					$ 114,200
Proceeds from Collection of Loans Receivable	$ 14,300
Seattle, WA | Real Estate Asset | Commercial Real Estate Loans
Variable Interest Entity [Line Items]
Principal Amount				188,000
Investment amount				$ 140,300
Equity method investments			$ 82,000
Seattle, WA | Real Estate Asset | Commercial Real Estate Loans | Impaired/Loss Likely
Variable Interest Entity [Line Items]
Loan write-off			$ 18,600
Primary beneficiary | Mountain View, CA | KREF
Variable Interest Entity [Line Items]
Ownership percentage in VIE (as a percent)	68.90%
Primary beneficiary | Mountain View, CA | KKR Affiliate
Variable Interest Entity [Line Items]
Ownership percentage of partner (as a percent)	31.10%
Primary beneficiary | Mountain View, CA | Commercial Real Estate Loans
Variable Interest Entity [Line Items]
Ownership percentage in VIE (as a percent)				68.90%
Primary beneficiary | Real estate owned
Variable Interest Entity [Line Items]
Ownership percentage in VIE (as a percent)			90%
Distribution priority			$ 78,400
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%

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	1 Months Ended				9 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Jan. 31, 2022	Apr. 30, 2021	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Feb. 03, 2023	Dec. 31, 2022	Feb. 28, 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
Common stock authorized (in shares)					300,000,000		300,000,000							300,000,000
Preferred stock authorized (in shares)					50,000,000		50,000,000							50,000,000
Common stock outstanding (in shares)					69,333,208		69,313,860
Common Stock, Shares, Issued					69,333,208		75,299,556
Repurchase of common stock (in shares)					0
Stock repurchase program, remaining amount					$ 100,000,000
ATM
Subsidiary, Sale of Stock [Line Items]
Common stock authorized													$ 100,000,000
Sale of stock, number of shares issued in transaction (in shares)					0
Remaining authorized amount					$ 93,200,000
ATM
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, authorized amount (up to)											$ 100,000,000
Repurchased under pre-set trading plan
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, authorized amount (up to)											$ 50,000,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock outstanding (in shares)		69,333,208			69,333,208	69,313,860	69,313,860	69,106,061	69,106,061	69,095,011		69,095,011
Common stock issued related to vesting RSUs (in shares)					975,091
Common Stock
Subsidiary, Sale of Stock [Line Items]
Repurchased common stock retired (in shares)		5,985,696
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, liquidation preference					$ 327,750,000		$ 327,750,000
Preferred stock, redemption price (usd per share)			$ 25	$ 25
Preferred stock liquidation preference (usd per share)			$ 25	25	$ 25		$ 25
Annual dividend rate (usd per share)				$ 1.625

Equity - Schedule of Dividends

Equity - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Dividends declared per share of common stock (usd per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.43	$ 0.43	$ 0.43	$ 0.75	$ 1.29
Dividends paid	$ 17,333	$ 17,333	$ 17,328	$ 29,716	$ 29,716	$ 29,711	$ 51,994	$ 89,143
Preferred stock dividends declared							$ 15,978	$ 15,978
6.5% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (usd per share)	$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.41
Preferred stock dividends declared	$ 5,326	$ 5,326	$ 5,326	$ 5,326	$ 5,326	$ 5,326

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) period shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period (Years)				1 year
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued related to vesting RSUs (in shares)				975,091
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $		$ 2.2	$ 2.2	$ 6.7	$ 6.5
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding		1,127,021		1,127,021		1,147,927
Number of consecutive vesting periods (Years) | period				3
Vesting period (Years)				1 year
Dividend, share-based payment arrangement | $				$ 0.9	$ 1.2
Vesting percentage (as a percent)	25%
Units vested (in shares)				48,370
Restricted stock units | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued related to vesting RSUs (in shares)				19,348
Restricted stock units | Deferral Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units vested (in shares)				29,022
Restricted stock units | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (Years)				1 year
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense | $		$ 8.3		$ 8.3
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)		101,730		101,730

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Unit Activity (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Units
Unvested, beginning balance (in shares) | shares	1,147,927
Units granted (in shares) | shares	56,350
Units vested (in shares) | shares	(48,370)
Units Forfeited/ cancelled (in shares) | shares	(28,886)
Unvested, ending balance (in shares) | shares	1,127,021
Weighted Average Grant Date Fair Value Per RSU
Unvested, beginning balance, weighted average grant date fair value (usd per share) | $ / shares	$ 14.49
Units granted, weighted average grant date fair value (usd per share) | $ / shares	9.76
Units vested, weighted average grant date fair value (usd per share) | $ / shares	11.37
Units forfeited/ cancelled, weighted average grant date fair value (usd per share) | $ / shares	14.96
Unvested. ending balance, weighted average grant date fair value (usd per share) | $ / shares	$ 14.38

Stock-based Compensation - RSU

Stock-based Compensation - RSU Vesting (Details) - Restricted stock units - shares	Sep. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2024 (in shares)	495,367
2025 (in shares)	426,988
2026 (in shares)	204,666
Total	1,127,021	1,147,927

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted average unvested RSUs (in shares)	47,314	48,513

Earnings (Loss) per Share - Com

Earnings (Loss) per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings
Net Income (Loss)	$ (7,388)	$ 27,141	$ 15,336	$ (17,964)
Less: Preferred stock dividends	5,326	5,326	15,978	15,978
Less: Participating securities' share in earnings	277	414	865	1,239
Net Income (Loss) Attributable to Common Stockholders	(12,991)	21,401	(1,507)	(35,181)
Net Income (Loss) Attributable to Common Stockholders	$ (12,991)	$ 21,401	$ (1,507)	$ (35,181)
Shares
Weighted average common shares outstanding (in shares)	69,333,208	69,106,061	69,325,229	69,101,487
Add: Deferred stock units (in shares)	101,730	16,575	89,761	9,714
Diluted weighted average common shares outstanding (in shares)	69,434,938	69,122,636	69,414,990	69,111,201
Net income (loss) attributable to common stockholders, per:
Basic common share (usd per share)	$ (0.19)	$ 0.31	$ (0.02)	$ (0.51)
Diluted common share (usd per share)	$ (0.19)	$ 0.31	$ (0.02)	$ (0.51)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jan. 31, 2017	Sep. 30, 2024
Future funding commitment related to commercial mortgage loan investments
Long-term Purchase Commitment [Line Items]
Capital commitment		$ 508.9
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	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2022	Jul. 31, 2021	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) calendarQuarter shares
KREF | Real Estate Asset
Related Party Transaction [Line Items]
Equity interest (as a percent)				74.60%	74.60%
KKR Affiliate | Real Estate Asset
Related Party Transaction [Line Items]
Equity interest (as a percent)				25.40%	25.40%
Primary beneficiary | Mountain View, CA | KREF
Related Party Transaction [Line Items]
Ownership percentage in VIE (as a percent)	68.90%
Primary beneficiary | Mountain View, CA | KKR Affiliate
Related Party Transaction [Line Items]
Ownership percentage of partner (as a percent)	31.10%
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	4,028,387
Management Incentive Plan | Common Stock
Related Party Transaction [Line Items]
Number of shares available for awards ( in shares) | shares				1,824,545	1,824,545
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	56,350
KKR Credit & Markets | BMO Facility
Related Party Transaction [Line Items]
Structuring fee, percent (as a 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 (as a percent)					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 (as a percent)			75%
Related party transaction amount				0	0
KKR Credit & Markets | Related party | KREF Lending XII
Related Party Transaction [Line Items]
Structuring fee, percent (as a percent)		0.35%
Related party transaction amount				$ 0	$ 0
Management Agreement
Related Party Transaction [Line Items]
Minimum voting percentage for renewal of agreement term					66.67%
Termination fee					3
Trailing average period applied to termination fee multiple under management agreement (Months)					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 (as a percent)					20%
Period of adjusted earnings (Months)					12 months
Percent of trailing 12 month weighted average adjusted equity (as a percent)					7%
Period of weighted average adjusted equity (Months)					12 months
Number of quarters worth of compensation already paid (calendar quarters) | calendarQuarter					3

Related Party Transactions - Ex

Related Party Transactions - Expenses Incurred and Amounts Owed to Affiliates (Details) - Related party - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Other liabilities	$ 7,648		$ 7,648		$ 8,270
Affiliate expenses	6,791	$ 7,869	21,581	$ 25,819
Management fees
Related Party Transaction [Line Items]
Other liabilities	5,901		5,901		6,523
Affiliate expenses	5,901	6,566	18,614	19,648
KCM fees
Related Party Transaction [Line Items]
Other liabilities	1,747		1,747		$ 1,747
Incentive compensation
Related Party Transaction [Line Items]
Affiliate expenses	0	69	0	2,491
Expense reimbursements and other
Related Party Transaction [Line Items]
Affiliate expenses	$ 890	$ 1,234	$ 2,967	$ 3,680

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	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 108,795	$ 135,898	$ 108,038
Amortized cost	6,188,679	7,343,548
Commercial real estate loans, held-for-investment, net, carrying value	6,040,666	7,133,078
Total Assets	6,774,042	7,547,618
Assets, fair value	6,030,040
Outstanding Principal	3,024,534
Total Liabilities	5,362,661	6,143,436
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	108,795	135,898
Cash and cash equivalents, fair value	108,795	135,898
Commercial real estate loans, held-for-investment, net, principal balance		7,369,425
Amortized cost		7,343,548
Commercial real estate loans, held-for-investment, net, carrying value		7,133,078
Commercial mortgage loans, held-for-investment, net, fair value		7,133,696
Assets, principal balance	6,448,461	7,505,323
Net Assets	6,435,390	7,479,446
Total Assets	6,287,377	7,268,976
Assets, fair value	6,276,835	7,269,594
Liabilities, principal balance	5,306,239	6,079,816
Total Liabilities	5,292,885	6,059,921
Liabilities, fair value	5,269,852	6,014,269
Recurring | Secured financing agreements, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	3,024,534	3,794,066
Amortized cost and carrying value	3,017,564	3,782,419
Secured financing agreements, net, fair value	3,017,564	3,782,419
Recurring | Collateralized loan obligations, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	1,941,330	1,942,750
Amortized cost and carrying value	1,941,128	1,942,171
Secured financing agreements, net, fair value	1,914,040	1,893,350
Recurring | Secured term loan, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Principal	340,375	343,000
Amortized cost and carrying value	334,193	335,331
Secured financing agreements, net, fair value	338,248	338,500
Recurring | Commercial real estate loans, held-for-investment, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial real estate loans, held-for-investment, net, principal balance	6,201,666
Amortized cost	6,188,679
Commercial real estate loans, held-for-investment, net, carrying value	6,040,666
Commercial mortgage loans, held-for-investment, net, fair value	6,030,040
Recurring | Commercial real estate loan, held-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial real estate loans, held-for-investment, net, principal balance	138,000
Amortized cost	137,916
Commercial real estate loans, held-for-investment, net, carrying value	137,916
Commercial mortgage loans, held-for-investment, net, fair value	138,000
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	108,795	135,898
Commercial mortgage loans, held-for-investment, net, fair value		0
Assets, fair value	108,795	135,898
Liabilities, fair value	0	0
Recurring | Level 1 | Secured financing agreements, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Recurring | Level 1 | Collateralized loan obligations, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Recurring | Level 1 | Secured term loan, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Recurring | Level 1 | Commercial real estate loans, held-for-investment, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-investment, net, fair value	0
Recurring | Level 1 | Commercial real estate loan, held-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-investment, net, fair value	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
Assets, fair value	138,000	0
Liabilities, fair value	338,248	338,500
Recurring | Level 2 | Secured financing agreements, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Recurring | Level 2 | Collateralized loan obligations, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	0
Recurring | Level 2 | Secured term loan, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	338,248	338,500
Recurring | Level 2 | Commercial real estate loans, held-for-investment, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-investment, net, fair value	0
Recurring | Level 2 | Commercial real estate loan, held-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-investment, net, fair value	138,000
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Commercial mortgage loans, held-for-investment, net, fair value		7,133,696
Assets, fair value	6,030,040	7,133,696
Liabilities, fair value	4,931,604	5,675,769
Recurring | Level 3 | Secured financing agreements, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	3,017,564	3,782,419
Recurring | Level 3 | Collateralized loan obligations, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	1,914,040	1,893,350
Recurring | Level 3 | Secured term loan, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured financing agreements, net, fair value	0	$ 0
Recurring | Level 3 | Commercial real estate loans, held-for-investment, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-investment, net, fair value	6,030,040
Recurring | Level 3 | Commercial real estate loan, held-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage loans, held-for-investment, net, fair value	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Unobservable Inputs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Assets, fair value	$ 6,030,040
Discount margin | Level 3 | Weighted Average | Discounted Cash Flow | Commercial real estate loans, held-for-investment, net
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.041
Discount margin | Level 3 | Minimum | Discounted Cash Flow | Commercial real estate loans, held-for-investment, net
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.030
Discount margin | Level 3 | Maximum | Discounted Cash Flow | Commercial real estate loans, held-for-investment, net
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.095
Discount rate | Level 3 | Weighted Average | Discounted Cash Flow | Commercial real estate loans, held-for-investment, net
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.106
Discount rate | Level 3 | Minimum | Discounted Cash Flow | Commercial real estate loans, held-for-investment, net
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Discount rate (as a percent)	10%
Discount rate | Level 3 | Maximum | Discounted Cash Flow | Commercial real estate loans, held-for-investment, net
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Discount rate (as a percent)	11.50%
Capitalization rate | Level 3 | Weighted Average | Discounted Cash Flow | Commercial real estate loans, held-for-investment, net
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.091
Capitalization rate | Level 3 | Minimum | Discounted Cash Flow | Commercial real estate loans, held-for-investment, net
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Capitalization rate (as a percent)	7.90%
Capitalization rate | Level 3 | Maximum | Discounted Cash Flow | Commercial real estate loans, held-for-investment, net
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Capitalization rate (as a percent)	9.80%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 91,000	$ 165,000	$ 203,000	$ 511,000
Deferred tax assets, net	$ 0		$ 0		$ 0

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended						9 Months Ended
	Oct. 21, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Dividends paid		$ 17,333	$ 17,333	$ 17,328	$ 29,716	$ 29,716	$ 29,711	$ 51,994	$ 89,143
Subsequent event
Subsequent Event [Line Items]
Dividends paid	$ 17,300
Dividend paid (usd per share)	$ 0.25