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Subsequent Events
 9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The following events occurred subsequent to September 30, 2021:

Investing Activities

KREF originated the following loans:
Description/ LocationProperty TypeMonth OriginatedCommitted Principal AmountInitial Principal Funded
Interest Rate (A)
Maturity Date(B)
LTV
Senior Loan, Seattle, WA(C)
Life ScienceOctober 2021$140,262 $87,000 
L + 3.1%
October 202669%
Senior Loan, Miami, FLMultifamilyOctober 202189,500 89,500 
L + 2.8
November 202676
Senior Loan, San Diego, CAMultifamilyOctober 2021103,500 103,500 
L + 2.8
November 202671
Total/ Weighted Average$333,262 $280,000 
L + 2.9%
72%

(A)    Floating rate based on one-month USD LIBOR.
(B)    Maturity date assumes all extension options are exercised, if applicable.
(C)    The total whole loan is $188.0 million, co-originated by KREF and a KKR affiliate. KREF's interest is 74.6% of the loan.

Loan Repayments

KREF received approximately $102.3 million from loan repayments.

Corporate Activities

Dividends

In October 2021, KREF paid $23.9 million in dividends on its common stock, or $0.43 per share, with respect to the third quarter of 2021, to stockholders of record on September 30, 2021.

Redemption of Special Non-Voting Preferred Stock

On October 1, 2021, the KKR Member exercised its Call Option to redeem the Non-Voting Manager Units, including the Non-Voting Manager Units held by KREF TRS. Accordingly, KREF TRS received a cash call amount of $5.1 million and KREF concurrently redeemed the SNVPS which will result in book value accretion in the fourth quarter of $2.6 million, or $0.05 per common share, thus eliminating the cumulative negative impact of the SNPVS on book value.