KKR Real Estate Finance Trust Inc.

Mission and focus

Real estate finance company that originates and acquires transitional senior loans secured by institutional-quality commercial real estate (CRE) properties owned and operated by experienced sponsors in top markets with strong fundamentals.
Also targets related credit investments, including mezzanine loans, preferred equity, and other debt-oriented instruments with similar characteristics.
Investment objective: capital preservation and attractive risk-adjusted returns for stockholders over the long term, primarily through dividends.

Originate and acquire senior loans secured by CRE assets, typically first-priority mortgages, with varying durations, fixed or floating rates, and often shorter-term, floating-rate structures with balloon payments.
Make mezzanine loans or participate in senior participations in originated senior loans; these are subordinated to senior loans but senior to the borrower’s common equity and may be tranched into senior and junior mezzanine layers.
Invest in preferred equity subordinated to mortgages or mezzanine loans but senior to common equity, often providing a preferred return and potential control rights on default.
Invest in CMBS B-Pieces (new issue), consisting of below-investment-grade tranches in CMBS securitizations, typically purchased at discounts and held to maturity.
Hold CMBS B-Pieces directly through a CMBS trust and indirectly through an aggregator vehicle alongside RECOP I (a KKR-managed fund).

Common book value: $844.8 million (as of December 31, 2025).
Diversified investment portfolio: $5,924.2 million, consisting primarily of performing senior CRE loans.
Capital history: began in October 2014 with an initial $400.0 million commitment from KKR; raised an additional $438.1 million in equity commitments from third-party investors and certain KKR personnel, for a total committed capital base of $838.1 million (fully drawn prior to the IPO).
IPO proceeds: net proceeds of $225.9 million, raised on May 5, 2017.

Externally managed by KKR Real Estate Finance Manager LLC, an indirect subsidiary of KKR.
The Manager draws on KKR’s global real estate platform (KKR Real Estate) for sourcing, underwriting, and asset management, and uses KKR’s capital markets team for debt and equity capital solutions.
Leadership and personnel:
- Manager’s CEO: Matthew A. Salem; President and COO: W. Patrick Mattson.
- Investment committee: Ralph Rosenberg (KKR Chairman of Real Assets and board Chairman), Chris Lee (President of KKR Real Estate and Vice Chairman of the board), Matt Salem, Patrick Mattson, Joel Traut (Head of Originations), Jenny Box (Co-Head of KKR’s Strategic Investments Group), Roger Morales (Head of CRE Acquisitions), and Justin Pattner (Head of Real Estate Equity Americas).
- The Manager’s investment team includes over 50 investment professionals.

KKR Real Estate had approximately $84.6 billion of assets under management (AUM) as of September 30, 2025.
KKR overall had approximately $723.2 billion of AUM as of September 30, 2025.
KKR Real Estate provides complementary relationships and resources across sourcing, underwriting, asset management, and capital markets.

Organized as a REIT for U.S. federal income tax purposes and excluded from registration under the Investment Company Act of 1940.
Traded on the New York Stock Exchange under the ticker symbol KREF.
Principal offices: 30 Hudson Yards, New York, NY.

Seek opportunities where the loan collateral, sponsor track record, and market fundamentals indicate value, often targeting discounts to the Manager’s view of intrinsic real estate value.
Focus on alignment of incentives between lenders and borrowers through covenants and structural features that protect interests as operating performance fluctuates.
Emphasize a disciplined financing strategy and risk management framework, drawing on the broader KKR platform for underwriting and execution.

Investments are concentrated in top CRE markets with strong fundamentals, with the ability to use KKR’s global network and platforms to source opportunities and manage risk.