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/ Location	Property Type	Month Originated	Committed Principal Amount		Initial Principal Funded		Interest Rate (A)	Maturity Date(B)	LTV
Senior Loan, Seattle, WA(C)	Life Science	October 2021	$	140,262	$	87,000	L + 3.1%	October 2026	69%
Senior Loan, Miami, FL	Multifamily	October 2021	89,500		89,500		L + 2.8	November 2026	76
Senior Loan, San Diego, CA	Multifamily	October 2021	103,500		103,500		L + 2.8	November 2026	71
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.