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 June 11, 2018. The filing details the appointment of a new director to the Board of Directors.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document is strictly focused on personnel changes and associated compensation arrangements.
Material Changes
The primary material change reported is the appointment of Irene M. Esteves to the Board of Directors, effective immediately on June 11, 2018. Her term expires at the Company's 2018 annual meeting of stockholders. Additionally, Ms. Esteves was appointed to the Board's Audit Committee.
Management Commentary and Compensation
Ms. Esteves brings significant financial leadership experience, having previously served as CFO for Time Warner Cable Inc., XL Group plc, and Regions Financial Corporation. Under the Company's annual compensation program, she is entitled to a prorated portion of the following for 2018:
- Board Retainer: $50,000 annual cash retainer.
- Audit Committee Retainer: $7,500 annual cash retainer.
- Equity Award: $50,000 annual equity-based award payable in restricted stock units.
Ms. Esteves is also eligible to enter into the Company's customary indemnification agreement for directors and officers.
Investor Verification Checklist
- Verify the effective date of Ms. Esteves' appointment (June 11, 2018) and her specific committee assignments.
- Confirm the prorated calculation of her 2018 cash and equity compensation based on the appointment date.
- Review the Company's 2017 Form 10-K for the full terms of the restricted stock unit agreement referenced in this filing.
- Check for any subsequent filings regarding the outcome of the 2018 annual meeting of stockholders regarding her election.