KREF is a real estate finance company that originates and acquires transitional senior loans secured by institutional-quality commercial real estate properties in top markets, while also investing in mezzanine loans, preferred equity, and other real estate debt securities. The company generates returns primarily through interest income on floating-rate loans and targets capital preservation and attractive risk-adjusted returns for stockholders via dividends. Organized as a REIT and externally managed by a KKR subsidiary, KREF leverages KKR's global investment platform, real estate expertise, and sourcing capabilities to identify lending opportunities where value can be enhanced through improved property management or capital improvements on properties owned by experienced, well-capitalized sponsors.