Business Context and Reporting Period
This Form 8-K filing by KKR Real Estate Finance Trust Inc. (the "Company") reports a corporate governance event dated May 4, 2018. The Company is a Maryland corporation focused on real estate finance.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and director compensation.
Material Changes
The primary material change reported is the appointment of Paula Madoff to the Board of Directors, effective immediately on May 4, 2018. Her term expires at the Company's 2018 annual meeting of stockholders. She was also appointed to the Board's Audit Committee.
Management Commentary and Compensation
Ms. Madoff brings 24 years of experience at The Goldman Sachs Group, Inc., where she most recently served as a Partner and Head of Sales and Distribution for Interest Rate Products and Mortgages. Her compensation for 2018 includes:
- A prorated portion of the $50,000 annual cash retainer for Board service.
- A prorated portion of the $7,500 annual cash retainer for Audit Committee service.
- A prorated portion of the $50,000 annual equity-based award in restricted stock units.
She is also eligible for the Company's customary indemnification agreement for directors and officers.
Investor Verification Checklist
- Verify the exact prorated compensation amounts for Ms. Madoff based on the May 4, 2018 start date.
- Review the Company's 2018 Annual Meeting proxy statement for details on the election of Ms. Madoff's successor.
- Confirm the terms of the restricted stock units against the 2016 Omnibus Incentive Plan referenced in the filing.
- Check for any potential conflicts of interest given Ms. Madoff's current advisory role at Goldman Sachs.