KREF closes $1.0B CRE CLO FL3 at SOFR+1.71% weighted average cost

KKR Real Estate Finance Trust Inc.

Issued $1.0B in notes across eight classes; advance rate of 84.75%.
Weighted average cost of one-month Term SOFR + 1.71% before amortized costs.
Financing is non-mark-to-market and non-recourse with a two-year reinvestment period.
Third CLO issuance and second in six months; proceeds finance multifamily mortgage loans and participations.
Co-lead managers: Wells Fargo, KKR Capital Markets, Morgan Stanley, Goldman Sachs, MUFG.

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