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KKR REAL ESTATE FINANCE TRUST KKR REAL ESTATE FINANCE TRUST INC . REPORTS THIRD QUARTER 2021 FINANCIAL RESULTS New York , NY , October 25 , 2021 - KKR Real Estate Finance Trust Inc. ( the “ Company ” or “ KREF ” ) ( NYSE : KREF ) today reported its financial results for the quarter ended September 30 , 2021 . Reported net income attributable to common stockholders of $ 32.0 million , or $ 0.57 per diluted share of common stock , for the three months ended September 30 , 2021 , compared to $ 29.3 million , or $ 0.52 per diluted share of common stock , for the three months ended June 30 , 2021 . Reported Distributable Earnings of $ 34.5 million , or $ 0.62 per diluted share of common stock , for the three months ended September 30 , 2021 , compared to $ 30.4 million , or $ 0.54 per diluted share of common stock , for the three months ended June 30 , 2021 . . Third Quarter 2021 Highlights • • • Originated eight senior loans totaling $ 1,537.0 million , with a weighted average appraised loan - to - value ratio ( “ LTV ” ) and coupon of 66 % and L + 3.5 % , respectively . Received loan repayments of $ 934.9 million . Closed a $ 1.3 billion managed CLO with two - year reinvestment period providing $ 1.1 billion of non - mark financing equating to an 84.25 % advance rate and a weighted average cost of capital of L + 1.3 % before transaction costs . Concurrently , repaid $ 767.0 million of outstanding notes under our 2018 CLO . Entered into a new $ 500.0 million term lending agreement , which provides asset - based financing on a non - mark - to - market basis with matched - term up to five years . $ 516.2 million liquidity position , including $ 307.7 million of cash and $ 185.0 million of undrawn capacity on the corporate revolving credit facility ( " Revolver ” ) , in addition to $ 528.0 million of unencumbered investments . Current loan portfolio : • A record $ 5.8 billion funded portfolio that is 98.0 % performing with a weighted average risk rating of 3.0 . Multifamily and office loans comprise 71 % of the portfolio , while hospitality and retail loans comprise 8 % . 99.9 % floating - rate with a weighted average LTV of 67 % . Book value per common share ( " BVPS " ) accretion for six consecutive quarters . BVPS was $ 19.09 as of September 30 , 2021 , compared to $ 18.91 as of June 30 , 2021 . Matt Salem , Chief Executive Officer of KREF , said : “ KREF delivered another exceptional quarter with record distributable earnings and our sixth consecutive quarter of book value accretion . The scale of our platform , connectivity with KKR and deep relationships with institutional sponsors delivered strong investment activity with $ 1.5 billion originations for the third quarter . ” Patrick Mattson , President and Chief Operating Officer of KREF , added : “ KREF's affiliation with KKR continues to create market - leading financing solutions . During the quarter , KREF further diversified its financing through the addition of a new $ 500 million non - mark - to - market term facility and closing of a $ 1.3 billion managed CRE CLO . " ( 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