Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Thousands |
Total |
Total KKR Real Estate Finance Trust Inc. Stockholders' Equity |
Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Repurchased Stock |
Noncontrolling Interests in Equity of Consolidated Joint Ventures |
6.5% Series A Cumulative Redeemable Preferred Stock |
6.5% Series A Cumulative Redeemable Preferred Stock
Total KKR Real Estate Finance Trust Inc. Stockholders' Equity
|
6.5% Series A Cumulative Redeemable Preferred Stock
Series A Preferred Stock
|
6.5% Series A Cumulative Redeemable Preferred Stock
Accumulated Deficit
|
| Beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
|
|
|
|
|
|
|
13,110,000
|
|
| Beginning balance at Dec. 31, 2024 |
|
$ 1,398,879
|
$ 1,345,030
|
$ 686
|
$ 1,714,684
|
$ (370,471)
|
$ 0
|
$ 53,849
|
|
|
$ 131
|
|
| Beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
68,713,596
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase and retirement of common stock (in shares) |
|
|
|
(889,100)
|
|
|
|
|
|
|
|
|
| Repurchase and retirement of common stock |
|
(9,831)
|
(9,831)
|
$ (8)
|
(9,823)
|
|
|
|
|
|
|
|
| Stock-based compensation, net |
|
2,127
|
2,127
|
|
2,127
|
|
|
|
|
|
|
|
| Net (loss) income |
|
(5,749)
|
(4,861)
|
|
|
(4,861)
|
|
(888)
|
|
|
|
|
| Contribution by noncontrolling interests |
|
774
|
|
|
|
|
|
774
|
|
|
|
|
| Preferred stock dividends declared |
|
|
|
|
|
(5,326)
|
|
|
$ (5,326)
|
$ (5,326)
|
|
|
| Common dividends declared |
|
(16,956)
|
(16,956)
|
|
|
(16,956)
|
|
|
|
|
|
|
| Participating security dividends declared |
|
(363)
|
(363)
|
|
|
(363)
|
|
|
|
|
|
|
| Ending balance (in shares) at Mar. 31, 2025 |
|
|
|
|
|
|
|
|
|
|
13,110,000
|
|
| Ending balance at Mar. 31, 2025 |
|
1,363,555
|
1,309,820
|
$ 678
|
1,706,988
|
(397,977)
|
0
|
53,735
|
|
|
$ 131
|
|
| Ending balance (in shares) at Mar. 31, 2025 |
|
|
|
67,824,496
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
|
|
|
|
|
|
|
13,110,000
|
|
| Beginning balance at Dec. 31, 2024 |
|
1,398,879
|
1,345,030
|
$ 686
|
1,714,684
|
(370,471)
|
0
|
53,849
|
|
|
$ 131
|
|
| Beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
68,713,596
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred stock dividends declared |
|
|
|
|
|
|
|
|
(15,978)
|
|
|
|
| Common dividends declared |
|
(49,682)
|
|
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Sep. 30, 2025 |
|
|
|
|
|
|
|
|
|
|
13,110,000
|
|
| Ending balance at Sep. 30, 2025 |
|
1,282,113
|
1,229,763
|
$ 652
|
1,687,029
|
(458,049)
|
0
|
52,350
|
|
|
$ 131
|
|
| Ending balance (in shares) at Sep. 30, 2025 |
|
|
|
65,227,255
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2025 |
|
|
|
|
|
|
|
|
|
|
13,110,000
|
|
| Beginning balance at Mar. 31, 2025 |
|
1,363,555
|
1,309,820
|
$ 678
|
1,706,988
|
(397,977)
|
0
|
53,735
|
|
|
$ 131
|
|
| Beginning balance (in shares) at Mar. 31, 2025 |
|
|
|
67,824,496
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase and retirement of common stock (in shares) |
|
|
|
(2,170,904)
|
|
|
|
|
|
|
|
|
| Repurchase and retirement of common stock |
|
(20,064)
|
(20,064)
|
$ (21)
|
(20,043)
|
|
|
|
|
|
|
|
| Stock-based compensation, net (in shares) |
|
|
|
22,540
|
|
|
|
|
|
|
|
|
| Stock-based compensation, net |
|
2,141
|
2,141
|
|
2,141
|
|
|
|
|
|
|
|
| Net (loss) income |
|
(30,573)
|
(29,726)
|
|
|
(29,726)
|
|
(847)
|
|
|
|
|
| Contribution by noncontrolling interests |
|
201
|
|
|
|
|
|
201
|
|
|
|
|
| Preferred stock dividends declared |
|
|
|
|
|
(5,326)
|
|
|
(5,326)
|
(5,326)
|
|
|
| Common dividends declared |
|
(16,419)
|
(16,419)
|
|
|
(16,419)
|
|
|
|
|
|
|
| Participating security dividends declared |
|
(373)
|
(373)
|
|
|
(373)
|
|
|
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2025 |
|
|
|
|
|
|
|
|
|
|
13,110,000
|
|
| Ending balance at Jun. 30, 2025 |
|
1,293,142
|
1,240,053
|
$ 657
|
1,689,086
|
(449,821)
|
0
|
53,089
|
|
|
$ 131
|
|
| Ending balance (in shares) at Jun. 30, 2025 |
|
|
|
65,676,132
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase and retirement of common stock (in shares) |
|
|
|
(448,877)
|
|
|
|
|
|
|
|
|
| Repurchase and retirement of common stock |
|
(4,236)
|
(4,236)
|
$ (5)
|
(4,231)
|
|
|
|
|
|
|
|
| Stock-based compensation, net |
|
2,174
|
2,174
|
|
2,174
|
|
|
|
|
|
|
|
| Net (loss) income |
|
12,772
|
13,778
|
|
|
13,778
|
|
(1,006)
|
|
|
|
|
| Contribution by noncontrolling interests |
|
267
|
|
|
|
|
|
267
|
|
|
|
|
| Preferred stock dividends declared |
|
|
|
|
|
(5,326)
|
|
|
$ (5,326)
|
(5,326)
|
|
|
| Common dividends declared |
|
(16,307)
|
(16,307)
|
|
|
(16,307)
|
|
|
|
|
|
|
| Participating security dividends declared |
|
(373)
|
(373)
|
|
|
(373)
|
|
|
|
|
|
|
| Ending balance (in shares) at Sep. 30, 2025 |
|
|
|
|
|
|
|
|
|
|
13,110,000
|
|
| Ending balance at Sep. 30, 2025 |
|
1,282,113
|
1,229,763
|
$ 652
|
1,687,029
|
(458,049)
|
0
|
52,350
|
|
|
$ 131
|
|
| Ending balance (in shares) at Sep. 30, 2025 |
|
|
|
65,227,255
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2025 |
|
|
|
|
|
|
|
|
13,110,000
|
|
13,110,000
|
|
| Beginning balance at Dec. 31, 2025 |
|
$ 1,225,204
|
1,172,550
|
$ 644
|
1,687,168
|
(506,130)
|
(9,263)
|
52,654
|
|
|
$ 131
|
|
| Beginning balance (in shares) at Dec. 31, 2025 |
|
64,367,737
|
|
64,367,737
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase of common stock (in shares) |
|
|
|
(92,094)
|
|
|
|
|
|
|
|
|
| Repurchase of common stock |
|
$ (762)
|
(762)
|
$ (1)
|
|
|
(761)
|
|
|
|
|
|
| Repurchase and retirement of common stock (in shares) |
|
(1,213,037)
|
|
|
|
|
|
|
|
|
|
|
| Repurchase and retirement of common stock |
[1] |
$ 0
|
0
|
|
(10,024)
|
|
10,024
|
|
|
|
|
|
| Stock-based compensation, net |
|
1,806
|
1,806
|
|
1,806
|
|
|
|
|
|
|
|
| Net (loss) income |
|
(57,160)
|
(56,141)
|
|
|
(56,141)
|
|
(1,019)
|
|
|
|
|
| Contribution by noncontrolling interests |
|
5,609
|
|
|
|
|
|
5,609
|
|
|
|
|
| Preferred stock dividends declared |
|
|
|
|
|
|
|
|
$ (5,326)
|
(5,326)
|
|
$ (5,326)
|
| Common dividends declared |
|
(16,069)
|
(16,069)
|
|
|
(16,069)
|
|
|
|
|
|
|
| Participating security dividends declared |
|
(414)
|
(414)
|
|
|
(414)
|
|
|
|
|
|
|
| Ending balance (in shares) at Mar. 31, 2026 |
|
|
|
|
|
|
|
|
|
|
13,110,000
|
|
| Ending balance at Mar. 31, 2026 |
|
1,152,888
|
1,095,644
|
$ 643
|
1,678,950
|
(584,080)
|
0
|
57,244
|
|
|
$ 131
|
|
| Ending balance (in shares) at Mar. 31, 2026 |
|
|
|
64,275,643
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2025 |
|
|
|
|
|
|
|
|
13,110,000
|
|
13,110,000
|
|
| Beginning balance at Dec. 31, 2025 |
|
$ 1,225,204
|
1,172,550
|
$ 644
|
1,687,168
|
(506,130)
|
(9,263)
|
52,654
|
|
|
$ 131
|
|
| Beginning balance (in shares) at Dec. 31, 2025 |
|
64,367,737
|
|
64,367,737
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred stock dividends declared |
|
|
|
|
|
|
|
|
$ (15,978)
|
|
|
|
| Common dividends declared |
|
$ (27,630)
|
|
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Sep. 30, 2026 |
|
|
|
|
|
|
|
|
13,110,000
|
|
13,110,000
|
|
| Ending balance at Sep. 30, 2026 |
|
$ 971,901
|
910,234
|
$ 570
|
1,633,384
|
(723,851)
|
0
|
61,667
|
|
|
$ 131
|
|
| Ending balance (in shares) at Sep. 30, 2026 |
|
57,027,286
|
|
57,027,286
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2026 |
|
|
|
|
|
|
|
|
|
|
13,110,000
|
|
| Beginning balance at Mar. 31, 2026 |
|
$ 1,152,888
|
1,095,644
|
$ 643
|
1,678,950
|
(584,080)
|
0
|
57,244
|
|
|
$ 131
|
|
| Beginning balance (in shares) at Mar. 31, 2026 |
|
|
|
64,275,643
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase of common stock (in shares) |
|
|
|
(5,722,469)
|
|
|
|
|
|
|
|
|
| Repurchase of common stock |
|
$ (38,122)
|
(38,122)
|
$ (34)
|
|
|
(38,088)
|
|
|
|
|
|
| Repurchase and retirement of common stock (in shares) |
|
(3,370,657)
|
|
|
|
|
|
|
|
|
|
|
| Repurchase and retirement of common stock |
[1] |
$ 0
|
0
|
|
(21,536)
|
|
|
|
|
|
|
|
| Stock-based compensation, net (in shares) |
|
|
|
24,774
|
|
|
|
|
|
|
|
|
| Stock-based compensation, net |
|
1,899
|
1,899
|
|
1,899
|
|
|
|
|
|
|
|
| Net (loss) income |
|
(117,332)
|
(116,354)
|
|
|
(116,354)
|
|
(978)
|
|
|
|
|
| Contribution by noncontrolling interests |
|
2,264
|
|
|
|
|
|
2,264
|
|
|
|
|
| Preferred stock dividends declared |
|
|
|
|
|
|
|
|
$ (5,326)
|
(5,326)
|
|
(5,326)
|
| Common dividends declared |
|
(5,858)
|
(5,858)
|
|
|
(5,858)
|
|
|
|
|
|
|
| Participating security dividends declared |
|
(114)
|
(114)
|
|
|
(114)
|
|
|
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2026 |
|
|
|
|
|
|
|
|
|
|
13,110,000
|
|
| Ending balance at Jun. 30, 2026 |
|
990,299
|
931,769
|
$ 609
|
1,659,313
|
(711,732)
|
(16,552)
|
58,530
|
|
|
$ 131
|
|
| Ending balance (in shares) at Jun. 30, 2026 |
|
|
|
58,577,948
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase of common stock (in shares) |
|
|
|
(1,550,662)
|
|
|
|
|
|
|
|
|
| Repurchase of common stock |
|
$ (11,298)
|
(11,298)
|
$ (15)
|
|
|
(11,283)
|
|
|
|
|
|
| Repurchase and retirement of common stock (in shares) |
|
(3,902,474)
|
|
|
|
|
|
|
|
|
|
|
| Repurchase and retirement of common stock |
[1] |
$ 0
|
0
|
|
(27,811)
|
|
(27,835)
|
|
|
|
|
|
| Stock-based compensation, net |
|
1,882
|
1,882
|
|
1,882
|
|
|
|
|
|
|
|
| Net (loss) income |
|
(774)
|
(919)
|
|
|
(919)
|
|
145
|
|
|
|
|
| Contribution by noncontrolling interests |
|
2,992
|
|
|
|
|
|
2,992
|
|
|
|
|
| Preferred stock dividends declared |
|
|
|
|
|
|
|
|
$ (5,326)
|
$ (5,326)
|
|
$ (5,326)
|
| Common dividends declared |
|
(5,703)
|
(5,703)
|
|
|
(5,703)
|
|
|
|
|
|
|
| Participating security dividends declared |
|
(171)
|
(171)
|
|
|
(171)
|
|
|
|
|
|
|
| Ending balance (in shares) at Sep. 30, 2026 |
|
|
|
|
|
|
|
|
13,110,000
|
|
13,110,000
|
|
| Ending balance at Sep. 30, 2026 |
|
$ 971,901
|
$ 910,234
|
$ 570
|
$ 1,633,384
|
$ (723,851)
|
$ 0
|
$ 61,667
|
|
|
$ 131
|
|
| Ending balance (in shares) at Sep. 30, 2026 |
|
57,027,286
|
|
57,027,286
|
|
|
|
|
|
|
|
|
|
|