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KKR REAL ESTATE FINANCE TRUST KKR REAL ESTATE FINANCE TRUST INC . REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS New York , NY , April 26 , 2021 - KKR Real Estate Finance Trust Inc. ( the “ Company ” or “ KREF ” ) ( NYSE : KREF ) today reported its financial results for the quarter ended March 31 , 2021 . Reported net income attributable to common stockholders of $ 29.2 million , or $ 0.52 per diluted share of common stock , for the three months ended March 31 , 2021 , compared to $ 28.8 million , or $ 0.52 per diluted share of common stock , for the three months ended December 31 , 2020 . Reported Distributable Earnings of $ 30.4 million , or $ 0.55 per diluted share of common stock , for the three months ended March 31 , 2021 , compared to $ 26.5 million , or $ 0.48 per diluted share of common stock , for the three months ended December 31 , 2020 . • • First Quarter 2021 Highlights Originated three senior loans totaling $ 534.5 million , with a weighted average appraised loan - to - value ratio ( “ LTV " ) ( " ) and coupon of 69 % and L + 3.4 % , respectively . $ 571.1 million liquidity position , including $ 209.3 million of cash and $ 335.0 million of undrawn capacity on the corporate revolving credit facility ( “ Revolver ” ) . • Received loan repayments of $ 244.3 million . • • Current loan portfolio : $ 5.3 billion funded portfolio is 97.8 % performing with a weighted average risk rating of 3.1 . Multifamily and office loans comprise 85 % of the portfolio , while hospitality and retail loans comprise 6 % . . 99.9 % floating - rate with a weighted average LTV of 68 % . . Earnings benefited from portfolio performance and in - place rate floors , as approximately 69 % of the portfolio is subject to a LIBOR floor of at least 1.0 % with a weighted average floor of 1.43 % . Book value per share of common stock was $ 18.89 as of March 31 , 2021 , inclusive of Current Expected Credit Losses ( CECL ) allowance of $ 59.1 million , or ( $ 1.06 ) per common share . Subsequent to quarter end , issued 6,900,000 shares of 6.5 % Series A Cumulative Redeemable Preferred Stock , at a liquidation price of $ 25.00 per share , and received net proceeds of $ 167.1 million . Matt Salem , Chief Executive Officer of KREF , said : “ KREF is off to a strong start in 2021 with over $ 1.2 billion of loans closed or under exclusivity year to date . Our recent preferred stock issuance provides additional growth capital to invest in today's attractive market and service our institutional client base . " Patrick Mattson , President and Chief Operating Officer of KREF , added : " Continued portfolio performance coupled with our targeted investment activity in the second half of 2020 , generated another quarter of robust Distributable Earnings well in excess of our quarterly dividend . " ( 1 ) LTV is generally based on the initial loan amount divided by the as - is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as - is appraised value . 1