Kkr Real Estate Finance Trust Inc. (KREF) 10-K Annual Report Tue Feb 08 2022

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2021	Feb. 03, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38082
Entity Registrant Name	KKR Real Estate Finance Trust Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-2009094
Entity Address, Address Line One	30 Hudson Yards,
Entity Address, Address Line Two	Suite 7500
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	750-8300
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 880.0
Entity Common Stock, Shares Outstanding		61,370,732
Documents Incorporated by Reference	Portions of the definitive proxy statement to be filed with the Securities and Exchange Commission (“SEC”) pursuant to Regulation 14A relating to the registrant’s 2022 Annual Meeting of Stockholders will be incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III. The definitive proxy statement will be filed with the SEC no later than 120 days after the registrant’s fiscal year end.
Entity Central Index Key	0001631596
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	KREF
Security Exchange Name	NYSE
6.5% Series A Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.50% Series A Cumulative Redeemable Preferred Stock,
Trading Symbol	KREF PRA
Security Exchange Name	NYSE

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Inside Kkr Real Estate Finance Trust Inc.'s 10-K Annual Report:

Other - Other Highlight
In addition, declines in economic conditions caused by the COVID-19 pandemic could negatively impact real estate and real estate capital markets and result in lower occupancy, lower rental rates and declining values in our portfolio, which could adversely impact the value of our investments, making it more difficult for us to make distributions or meet our financing obligations.

Other - Other Highlight
In addition, declines in economic conditions could negatively impact real estate and real estate capital markets and result in lower occupancy, lower rental rates and declining values in our portfolio, which could adversely impact the value of our investments, making it more difficult for us to make distributions or meet our financing obligations.
Financial - Expense Highlight
This increase was primarily due to (i) a $50.3 million provision for credit losses in connection with the adoption of ASU 2016-03, (ii) a $3.5 million increase in Manager incentive compensation, (iii) a $1.6 million increase in noncash stock-based compensation expense, and (iv) $2.0 million in non-recurring dead deal costs for the year ended December 31, 2020.
Financial - Cash Flow Highlight
Cash Flows from Financing Activities Our cash flows from financing activities were primarily driven by proceeds from borrowings under our financing agreements of $3,642.0 million, proceeds from CLO KREF 2021-FL2 issuance of $1,095.3 million, net proceeds from Series A preferred stock issuance of $167.1 million, and net proceeds from common stock issuance of $120.7 million during the year ended December 31, 2021, which were partially offset by (i) repayments of $2,487.7 million on borrowings under our financing agreements, (ii) principal repayment of $810.0 million under CLO KREF 2018-FL1, and (iii) payment of $103.9 million in dividends.
Financial - Cash Flow Highlight
During the year ended December 31, 2020, our cash flows from financing activities were primarily driven by proceeds from borrowings under our financing agreements of $1,015.4 million and net proceeds from our secured term loan of $292.5 million, which were partially offset by (i) principal repayments of $1,332.8 million on borrowings under our financing agreements, (ii) payment of $97.1 million in dividends, and (iii) payment of $25.1 million for our share repurchases.
Financial - Earnings
We define Distributable Earnings as...Read more
M & A - Other
However, wide disparities in vaccination...Read more
Financial - Shares
Book Value per Share We...Read more
Other - Other
These future funding obligations primarily...Read more
Financial - Cash Flow
Such responses have resulted in,...Read more
Financial - Cash Flow
Such responses have resulted in...Read more
Other - Other
If conditions change from those...Read more
Financial - Earnings
2021 Highlights Operating Results: Net...Read more
Other - Other
We believe that our cash...Read more
Revenue - Product
Accounting estimates and assumptions discussed...Read more
Financial - Expense
The following table provides additional...Read more
Other - Other
Although there are effective vaccines...Read more
Financial - Earnings
Key Financial Measures and Indicators...Read more
Financial - Cash Flow
The underlying market fundamentals may...Read more
Financial - Cash Flow
The underlying market fundamentals may...Read more
Financial - Shares
We may seek additional sources...Read more
Financial - Cash Flow
The property has achieved improving...Read more
Financial - Expense
Operating Expenses Total operating expenses...Read more
Other - Other
See Note 2 - Summary...Read more
Financial - Earnings
Generally, if the lender determines...Read more
Revenue - Geography
We caution readers that our...Read more
Other - Other
In addition to ongoing asset...Read more
Financial - Earnings
We closely monitor our liquidity...Read more
Financial - Shares
To facilitate future offerings of...Read more
Financial - Income
Our taxable income does not...Read more
Financial - Expense
Operating Expenses Total operating expenses...Read more
Financial - Shares
Results of Operations The following...Read more
Other - Other
Total outstanding borrowings under the...Read more
Revenue - Product
Liquidity and Capital Resources Overview...Read more
Financial - Cash Flow
The property demonstrates stabilized occupancy...Read more
Financial - Cash Flow
Cash Flows The following table...Read more
Other - Other
In connection with our adoption...Read more
Other - Other
Operating trends are favorable, and...Read more
Other - Other
Operating trends are favorable, and...Read more
Other - Other
The prolonged duration and impact...Read more
Financial - Cash Flow
The property has achieved improving...Read more
Financial - Shares
Capital Markets Activity: Issued 6,900,000...Read more
Financial - Shares
Accordingly, discussions we have had...Read more
Other - Other
As of December 31, 2021,...Read more
Financial - Cash Flow
The magnitude and duration of...Read more
Other - Other
The following table summarizes our...Read more
Other - Other
Borrowing Activities The following tables...Read more
Financial - Shares
Accordingly, we received a cash...Read more
Other - Other
3-Average Risk-The underlying property performance...Read more
Other - Other
3-Average Risk-The underlying property performance...Read more
Other - Other
As we negotiate renewals and...Read more
Financial - Debt
Convertible Notes We may issue...Read more
Other - Other
Total loan exposure includes the...Read more
Other - Other
(B) Unfunded commitments will primarily...Read more
Financial - Shares
We believe our loan sponsors...Read more
Financial - Earnings
We also use Distributable Earnings...Read more
Other - Other
The table above does not...Read more
Other - Other
While the economy has improved...Read more
Other - Other
While the economy has improved...Read more
Financial - Earnings
While Distributable Earnings excludes the...Read more
Financial - Debt
Debt-to-Equity Ratio and Total Leverage...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Kkr Real Estate Finance Trust Inc. provided additional information to their SEC Filing as exhibits

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.19: Material Contract

Exhibit 10.29: Material Contract

Exhibit 10.49: Material Contract

Exhibit 10.50: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: KREF
CIK: 1631596
Form Type: 10-K Annual Report
Accession Number: 0001631596-22-000012
Submitted to the SEC: Tue Feb 08 2022 4:39:28 PM EST
Accepted by the SEC: Tue Feb 08 2022
Period: Friday, December 31, 2021
Industry: Real Estate Investment Trusts

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Kkr Real Estate Finance Trust Inc. (KREF) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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