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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission File Number: 001-38082
kref-20220930_g1.jpg
KKR Real Estate Finance Trust Inc.
(Exact name of registrant as specified in its charter)
Maryland47-2009094
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
30 Hudson Yards,Suite 7500New York,NY10001
(Address of principal executive offices)(Zip Code)
(212) 750-8300
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareKREFNew York Stock Exchange
6.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per shareKREF PRANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes     No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes     No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
    Large accelerated filer        Accelerated filer    
    Non-accelerated filer         Smaller reporting company    
            Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes     No

The number of shares of the registrant's common stock, par value $0.01 per share, outstanding as of October 19, 2022 was 69,095,011.






KKR REAL ESTATE FINANCE TRUST INC.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2022
INDEX

PAGE


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q. Such risks, uncertainties and other important factors include, among others, the risks, uncertainties and factors set forth under Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the "Form 10-K"). Such risks and uncertainties include, but are not limited to, the following:

the potential negative impacts of COVID-19 on the global economy and on our loan portfolio, financial condition and business operations;

how widely utilized COVID-19 vaccines will be, whether they will be effective in preventing the spread of COVID-19 (including its variant strains), and their impact on the ultimate severity and duration of the COVID-19 pandemic;

actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact;

reduced demand for office, multifamily or retail space, including as a result of the COVID-19 pandemic and/or hybrid work schedules which allow work from remote locations other than the employer's office premises;

accelerating inflationary trends, spurred by multiple factors including high commodity prices, a tight labor market, and low residential vacancy rates, may result further in interest rate increases and lead to increased market volatility;

interest rate mismatches between our target assets and any borrowings used to fund such assets;

higher interest rates imposed by the Federal Reserve may lead to a decrease in prepayment speeds and an increase in the number of our borrowers who exercise extension options, which could extend beyond the term of certain secured financing agreements we use to finance our loan investments;

the economic impact of escalating global trade tensions, the conflict between Russia and Ukraine, and the adoption; or expansion of economic sanctions or trade restrictions;

adverse developments in the availability of desirable investment opportunities whether they are due to competition, regulation or otherwise;

the general political, economic and competitive conditions in the United States and in any foreign jurisdictions in which we invest;

the level and volatility of prevailing interest rates and credit spreads, including as a result of the planned
    discontinuance of LIBOR and the transition to alternative reference rates;

adverse changes in the real estate and real estate capital markets;

difficulty or delays in redeploying the proceeds from repayments of our existing investments;



general volatility of the securities markets in which we participate;

changes in our business, investment strategies or target assets;

deterioration in the performance of the properties securing our investments that may cause deterioration in the performance of our investments and, potentially, principal losses to us;

acts of God such as hurricanes, earthquakes and other natural disasters, pandemics such as COVID-19, acts of war and/or terrorism and other events that may cause unanticipated and uninsured performance declines and/or losses to us or the owners and operators of the real estate securing our investments;

the adequacy of collateral securing our investments and declines in the fair value of our investments;

difficulty in obtaining financing or raising capital;

difficulty in successfully managing our growth, including integrating new assets into our existing systems;

reductions in the yield on our investments and increases in the cost of our financing;

defaults by borrowers in paying debt service on outstanding indebtedness;

the availability of qualified personnel and our relationship with our Manager;

subsidiaries of KKR & Co. Inc. have significant influence over us and KKR's interests may conflict with those of our stockholders in the future;

the cost of operating our platform, including, but not limited to, the cost of operating a real estate investment platform;

adverse legislative or regulatory developments;

our qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes and our exclusion from registration under the Investment Company Act of 1940, as amended (the "Investment Company Act"); and

authoritative accounting principles generally accepted in the United States of America ("GAAP") or policy changes from standard-setting bodies such as the Financial Accounting Standards Board (the "FASB"), the Securities and Exchange Commission (the "SEC"), the Internal Revenue Service, the New York Stock Exchange and other authorities that we are subject to, as well as their counterparts in any foreign jurisdictions where we might do business.

There may be other factors that may cause our actual results to differ materially from the forward-looking statements, including factors set forth under Part I, Item 1A. "Risk Factors" in the Form 10-K and Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Form 10-Q, as such factors may be updated from time to time in our other periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov and on the investor relations section of our website at www.kkrreit.com. You should evaluate all forward-looking statements made in this Form 10-Q in the context of these risks and uncertainties.

We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements in this Form 10-Q apply only as of the date made and are expressly qualified in their entirety by the cautionary statements included in this Form 10-Q and in other filings we make with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

Except where the context requires otherwise, the terms "Company," "we," "us," "our" and "KREF" refer to KKR Real Estate Finance Trust Inc., a Maryland corporation, and its subsidiaries; "Manager" refers to KKR Real Estate Finance Manager LLC, a


Delaware limited liability company, our external manager; and "KKR" refers to KKR & Co. Inc., a Delaware corporation, and its subsidiaries.


PART I — FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

KKR Real Estate Finance Trust Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)
(Amounts in thousands, except share and per share data)
September 30, 2022December 31, 2021
Assets
Cash and cash equivalents(A)
$183,341 $271,487 
Commercial real estate loans, held-for-investment7,306,565 6,316,733 
Less: Allowance for credit losses(110,798)(22,244)
Commercial real estate loans, held-for-investment, net7,195,767 6,294,489 
Real estate owned, net79,688 78,569 
Equity method investments36,856 35,537 
Accrued interest receivable30,574 15,241 
Other assets(B)
14,824 7,916 
Total Assets$7,541,050 $6,703,239 
Liabilities and Equity
Liabilities
Secured financing agreements, net$3,469,126 $3,726,593 
Collateralized loan obligations, net1,933,656 1,087,976 
Secured term loan, net337,181 338,549 
Convertible notes, net142,888 141,851 
Dividends payable29,767 26,589 
Accrued interest payable14,822 6,627 
Due to affiliates9,271 5,952 
Accounts payable, accrued expenses and other liabilities(C)
9,125 7,521 
Total Liabilities5,945,836 5,341,658 
Commitments and Contingencies (Note 14)  
Permanent Equity
Preferred Stock, 50,000,000 shares authorized
Series A cumulative redeemable preferred stock, $0.01 par value (13,110,000 and 6,900,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively; liquidation preference of $25.00 per share)
131 69 
Common stock, $0.01 par value, 300,000,000 authorized (74,871,191 and 65,271,058 shares issued; 69,338,283 and 61,370,732 shares outstanding as of September 30, 2022 and December 31, 2021, respectively)
694 613 
Additional paid-in capital1,810,149 1,459,959 
Accumulated deficit(126,394)(38,208)
Repurchased stock (5,532,908 and 3,900,326 shares repurchased as of September 30, 2022 and December 31, 2021, respectively)
(89,323)(60,999)
Total KKR Real Estate Finance Trust Inc. Stockholders’ Equity1,595,257 1,361,434 
Noncontrolling interests in equity of consolidated joint venture
(43)147 
Total Permanent Equity1,595,214 1,361,581 
Total Liabilities and Equity$7,541,050 $6,703,239 
    

(A)    Includes $79.0 million and $54.0 million held in collateralized loan obligation as of September 30, 2022 and December 31, 2021, respectively.
(B)    Includes $7.3 million and $2.3 million of restricted cash as of September 30, 2022 and December 31, 2021, respectively.
(C)    Includes $4.1 million and $1.5 million of expected loss reserve for unfunded loan commitments as of September 30, 2022 and December 31, 2021, respectively.
See Notes to Condensed Consolidated Financial Statements.
6

KKR Real Estate Finance Trust Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)
(Amounts in thousands, except share and per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net Interest Income
Interest income$114,627 $75,320 $278,460 $207,235 
Interest expense67,311 29,832 144,503 84,173 
Total net interest income47,316 45,488 133,957 123,062 
Other Income
Revenue from real estate owned operations2,092  6,554  
Income (loss) from equity method investments914 2,162 3,835 4,508 
Other income840 130 3,992 296 
Total other income (loss)3,846 2,292 14,381 4,804 
Operating Expenses
General and administrative4,286 3,659 13,040 10,852 
Provision for (reversal of) credit losses, net80,604 1,165 91,184 (982)
Management fee to affiliate6,589 4,964 19,102 14,089 
Incentive compensation to affiliate 2,215  6,810 
Expenses from real estate owned operations2,598  7,520  
Total operating expenses94,077 12,003 130,846 30,769 
Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends, Redemption Value Adjustment and Participating Securities' Share in Earnings(42,915)35,777 17,492 97,097 
Income tax expense 106  257 
Net Income (Loss)(42,915)35,671 17,492 96,840 
Noncontrolling interests in (income) loss of consolidated joint venture
161  283  
Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries
(42,754)35,671 17,775 96,840 
Preferred stock dividends and redemption value adjustment5,326 3,682 15,978 6,403 
Participating securities' share in earnings341  1,028  
Net Income (Loss) Attributable to Common Stockholders$(48,421)$31,989 $769 $90,437 
Net Income (Loss) Per Share of Common Stock
Basic$(0.70)$0.57 $0.01 $1.63 
Diluted$(0.70)$0.57 $0.01 $1.62 
Weighted Average Number of Shares of Common Stock Outstanding
Basic69,382,730 55,637,480 67,029,140 55,629,810 
Diluted69,382,730 56,011,243 67,029,140 55,883,197 
Dividends Declared per Share of Common Stock$0.43 $0.43 $1.29 $1.29 

See Notes to Condensed Consolidated Financial Statements.
7

KKR Real Estate Finance Trust Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Equity (Unaudited)
(Amounts in thousands, except share data)
Permanent EquityTemporary Equity
KKR Real Estate Finance Trust Inc.
Preferred StockSeries A Preferred StockCommon Stock
SharesStated ValueSharesPar ValueSharesPar ValueAdditional Paid-In CapitalAccumulated DeficitRepurchased StockTotal KKR Real Estate Finance Trust Inc. Stockholders' EquityNoncontrolling Interests in Equity of Consolidated Joint VentureTotal Permanent EquityRedeemable Preferred Stock
Balance at December 31, 2021 $ 6,900,000 $69 61,370,732 $613 $1,459,959 $(38,208)$(60,999)$1,361,434 $147 $1,361,581 $ 
Issuance of common stock— — — — 6,562,972 66 135,205 — — 135,271 — 135,271 — 
Issuance of preferred stock— — 6,210,000 62 — — 151,105 — — 151,167 — 151,167 — 
Offering costs— — — — — — (1,055)— — (1,055)— (1,055)— 
Contribution by noncontrolling interest— — — — — — — — — — 94 94 — 
Series A preferred dividends declared, $0.41 per share
— — — — — — — (5,326)— (5,326)— (5,326)— 
Common dividends declared, $0.43 per share
— — — — — — — (29,211)— (29,211)— (29,211)— 
Participating security dividends declared, $0.43 per share
— — — — — — — (339)— (339)— (339)— 
Stock-based compensation, net— — — — — — 2,126 — — 2,126 — 2,126 — 
Net income (loss)— — — — — — — 35,468 — 35,468 (56)35,412 — 
Balance at March 31, 2022 $ 13,110,000 $131 67,933,704 $679 $1,747,340 $(37,616)$(60,999)$1,649,535 $185 $1,649,720 $ 
Issuance of common stock— — — — 2,750,000 28 53,625 — — 53,653 — 53,653 — 
Offering costs— — — — — — (280)— — (280)— (280)— 
Repurchase of common stock— — — — (1,044,692)(10)— — (18,071)(18,081)— (18,081)— 
Series A preferred dividends declared, $0.41 per share
— — — — — — — (5,326)— (5,326)— (5,326)— 
Common dividends declared, $0.43 per share
— — — — — — — (29,951)— (29,951)— (29,951)— 
Participating security dividends declared, $0.43 per share
— — — — — — — (326)— (326)— (326)— 
Stock-based compensation, net— — — — 15,520 *2,040 — — 2,040 — 2,040 — 
Net income (loss)— — — — — — — 25,061 — 25,061 (66)24,995 — 
Balance at June 30, 2022 $ 13,110,000 $131 69,654,532 $697 $1,802,725 $(48,158)$(79,070)$1,676,325 $119 $1,676,444 $ 
Issuance of common stock    271,641 3 5,298 — — 5,301 — 5,301  
Offering costs     — (49)— — (49)— (49) 
Repurchase of common stock    (587,890)(6)— — (10,253)(10,259)— (10,259) 
Series A preferred dividends declared, 0.41 per share
     — — (5,326)— (5,326)— (5,326) 
Common dividends declared, 0.43 per share
     — — (29,815)— (29,815)— (29,815) 
Participating security dividends declared, 0.43 per share
     — — (341)— (341)— (341) 
Stock-based compensation, net     — 2,175 — — 2,175 — 2,175  
Net income (loss)     — — (42,754)— (42,754)(162)(42,916) 
Balance at September 30, 2022 $ 13,110,000 $131 69,338,283 $694 $1,810,149 $(126,394)$(89,323)$1,595,257 $(43)$1,595,214 $ 
8

Permanent EquityTemporary Equity
KKR Real Estate Finance Trust Inc.
Preferred StockSeries A Preferred StockCommon Stock
SharesStated ValueSharesPar ValueSharesPar ValueAdditional Paid-In CapitalAccumulated DeficitRepurchased StockTotal KKR Real Estate Finance Trust Inc. Stockholders' EquityNoncontrolling Interests in Equity of Consolidated Joint VentureTotal Permanent EquityRedeemable Preferred Stock
Balance at December 31, 20201 $  $ 55,619,428 $556 $1,169,695 $(65,698)$(60,999)$1,043,554 $ $1,043,554 $1,852 
Special non-voting preferred dividends declared— — — — — — — — — — — — (198)
Common dividends declared, $0.43 per share
— — — — — — — (23,916)— (23,916)— (23,916)— 
Stock-based compensation— — —