KKR Real Estate Finance Trust Inc. (KREF) operates as a mortgage real estate investment trust (REIT), primarily focused on originating and acquiring first-lien debt secured by commercial properties. Its investment strategy includes a range of commercial real estate credit products, such as both leveraged and unleveraged commercial mortgage loans, as well as commercial mortgage-backed securities (CMBS). As an elected REIT, the company is exempt from federal corporate income tax, provided it distributes a minimum of 90% of its taxable income to its shareholders. KREF was established in 2014 and maintains its corporate headquarters in New York, New York.