v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity Equity
Authorized Capital — On October 2, 2014, KREF's board of directors authorized KREF to issue up to 350,000,000 shares of stock, at $0.01 par value per share, consisting of 300,000,000 shares of common stock and 50,000,000 shares of preferred stock, subject to certain restrictions on transfer and ownership of shares. Restrictions placed on the transfer and ownership of shares relate to KREF's REIT qualification requirements.

Common Stock — As of June 30, 2026, there were 60,929,760 common shares issued and 58,577,948 shares outstanding, which included 1,523,273 net shares of common stock issued in connection with cumulative vested restricted stock units.

Share Repurchase Program — Under KREF's previous share repurchase program, KREF was authorized to purchase up to an aggregate of $100.0 million of its common stock effective as of February 3, 2023. As of March 31, 2026, KREF had $46.0 million of remaining capacity to repurchase shares under this program. In April 2026, the Board of Directors authorized a modified repurchase program, which replaced the prior authorization and authorized KREF to repurchase up to an aggregate of $75.0 million of common stock and 6.50% Series A Cumulative Redeemable Preferred Stock.

During the six months ended June 30, 2026, KREF repurchased 5,814,563 shares of its common stock under the repurchase program at an average price per share of $6.66 for a total of $38.7 million and retired 3,462,751 of repurchased shares. As of June 30, 2026, KREF had $37.0 million of remaining capacity to repurchase shares under the program. As of June 30, 2026, 2,351,812 of the repurchased shares were not retired and were recorded as "Repurchased stock" on the Consolidated Balance Sheets.

The timing, manner, price and amount of any common or preferred stock repurchases will be determined by KREF in its discretion and will depend on a variety of factors, including legal requirements, price, liquidity and economic considerations, and market conditions. The program does not require KREF to repurchase any specific number of shares of common or preferred stock. The program does not have an expiration date and may be suspended, modified or discontinued at any time.

At the Market Stock Offering Program — In February 2019, KREF entered into an equity distribution agreement with certain sales agents, pursuant to which KREF may sell, from time to time, up to an aggregate sales price of $100.0 million of its common stock pursuant to a continuous offering program (the “ATM”). Sales of KREF’s common stock made pursuant to the ATM may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. The timing and amount of actual sales will depend on a variety of factors including market conditions, the trading price of KREF’s common stock, KREF’s capital needs, and KREF’s determination of the appropriate sources of funding to meet such needs.

During the six months ended June 30, 2026, KREF did not issue or sell any shares of common stock under the ATM. As of June 30, 2026, $93.2 million remained available for issuance under the ATM.

6.50% Series A Cumulative Redeemable Preferred Stock — The perpetual Series A Preferred Stock is redeemable, at KREF's option, at a liquidation price of $327.8 million, or $25.00 per share, plus accrued and unpaid dividends. Dividends on the Series A Preferred Stock are payable quarterly at a rate of 6.50% per annum of the $25.00 liquidation preference, which is equivalent to $1.625 per annum per share. With respect to dividend rights and liquidation, the Series A Preferred Stock ranks senior to KREF's common stock.

Noncontrolling Interests — Noncontrolling interests represent an interest held by investors other than KREF in consolidated joint ventures that hold KREF’s real estate asset investments. KREF and the noncontrolling interest holders typically contribute to the joint ventures' ongoing operating shortfalls and capital expenditures on a pari passu basis. Distributions from the joint ventures are allocated between KREF and the noncontrolling interest holders based on contractual terms and waterfalls as outlined in the joint venture agreements.
Dividends — During the six months ended June 30, 2026 and 2025, KREF's board of directors declared the following dividends on shares of its common stock:

Amount
Declaration DateRecord DatePayment DatePer ShareTotal
2026
March 11, 2026March 31, 2026April 15, 2026$0.25 $16,069 
April 22, 2026June 30, 2026July 15, 20260.10 5,858 
$21,927 
2025
March 14, 2025March 31, 2025April 15, 2025$0.25 $16,956 
June 10, 2025June 30, 2025July 15, 20250.25 16,419 
$33,375 

During the six months ended June 30, 2026 and 2025, KREF's board of directors declared the following dividends on shares of its Series A Preferred Stock:

Amount
Declaration DateRecord DatePayment DatePer ShareTotal
2026
January 30, 2026February 27, 2026March 13, 2026$0.41 $5,326 
April 14, 2026May 29, 2026June 15, 20260.41 5,326 
$10,652 
2025
January 31, 2025February 28, 2025March 14, 2025$0.41 $5,326 
April 21, 2025May 30, 2025June 13, 20250.41 5,326 
$10,652