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KKR REAL ESTATE FINANCE TRUST KKR REAL ESTATE FINANCE TRUST INC . REPORTS SECOND QUARTER 2021 FINANCIAL RESULTS New York , NY , July 26 , 2021 - KKR Real Estate Finance Trust Inc. ( the “ Company ” or “ KREF ” ) ( NYSE : KREF ) today reported its financial results for the quarter ended June 30 , 2021 . Reported net income attributable to common stockholders of $ 29.3 million , or $ 0.52 per diluted share of common stock , for the three months ended June 30 , 2021 , compared to $ 29.2 million , or $ 0.52 per diluted share of common stock , for the three months ended March 31 , 2021 . Reported Distributable Earnings of $ 30.4 million , or $ 0.54 per diluted share of common stock , for the three months ended June 30 , 2021 , compared to $ 30.4 million , or $ 0.55 per diluted share of common stock , for the three months ended March 31 , 2021 . Second Quarter 2021 Highlights • • • • • Originated eight senior loans totaling $ 967.1 million , with a weighted average appraised loan - to - value ratio ( “ LTV ” ) and coupon of 64 % and L + 3.6 % , respectively . Received loan repayments of $ 271.0 million . 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 . $ 633.5 million liquidity position , including $ 119.2 million of cash , $ 335.0 million of undrawn capacity on the corporate revolving credit facility ( " Revolver " ) , and $ 138.8 million of available borrowings based on existing collateral . Current loan portfolio : A record $ 5.6 billion funded portfolio that is 97.9 % performing with a weighted average risk rating of 3.1 . Multifamily and office loans comprise 83 % of the portfolio , while hospitality and retail loans comprise 6 % . • 99.9 % floating - rate with a weighted average LTV of 67 % . . Earnings benefited from portfolio performance and in - place rate floors , as approximately 57 % of the portfolio is subject to a LIBOR floor of at least 1.0 % with a weighted average floor of 1.34 % . Book value per share of common stock was $ 18.91 as of June 30 , 2021 , inclusive of Current Expected Credit Losses ( CECL ) allowance of $ 58.6 million , or ( $ 1.05 ) per common share . In July 2021 , priced a $ 1.30 billion managed CLO . The CLO is expected to close on or around August 16 , 2021 and will provide KREF with match - term financing on a non - mark - to market and non - recourse basis , and features a two - year reinvestment period with an 84.25 % advance rate at a weighted average cost of capital of L + 1.30 % , before transaction costs . Matt Salem , Chief Executive Officer of KREF , said : “ KREF delivered another strong quarter with $ 967 million of senior loan originations and dividend coverage of 1.3x on distributable earnings . The pipeline remains robust with an additional $ 850 million of loans under exclusivity or closed since quarter end . Recent capital markets activity including our inaugural perpetual preferred stock issuance at a fixed - for - life cost of 6.5 % positions KREF well to meet the needs of our institutional client base . " Patrick Mattson , President and Chief Operating Officer of KREF , added : “ KREF enhanced its best in class non - mark - to - market financing with the July pricing of our second managed CRE CLO . KREF's brand , high quality loan portfolio and track record as a CRE CLO manager generated significant institutional demand enabling us to upsize the offering to $ 1.3 billion and price at market leading levels . " ( 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