KKR Real Estate Finance Trust, a KKR-managed mortgage REIT focused on commercial real estate debt, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise as much as $300 million.
The New York, NY-based company was founded in 2014 and booked $41 million in revenue for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol KREF. KKR Real Estate Finance Trust filed confidentially on January 12, 2017. Wells Fargo Securities, Morgan Stanley, KKR, Barclays, Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.
