KKR Real Estate Finance Trust is a holding company. Through its subsidiaries, Co. is a real estate finance company that focuses primarily on originating and acquiring transitional senior loans secured by institutional-quality commercial real estate properties. Co.'s target assets also include mezzanine loans, preferred equity and other debt-oriented instruments. Co. has a portfolio of various investments, consisting primarily of performing senior loans, mezzanine and real estate corporate loans, and indirectly-owned commercial mortgage-backed securities B-Pieces. Co. is externally managed by its manager, KKR Real Estate Finance Manager LLC, an indirect subsidiary of KKR & Co. Inc.