Business Context and Reporting Period
Company: KKR Real Estate Finance Trust Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: February 22, 2019
Event: Entry into an Equity Distribution Agreement to facilitate the sale of common stock.
Key Financial Metrics
This filing is a current report regarding a corporate event and does not contain audited financial statements, revenue, profit, cash flow, or margin data. The only specific financial figure disclosed is the authorization to sell up to $100.0 million of common stock.
Material Changes
The primary material change is the execution of an Equity Distribution Agreement with Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and KKR Capital Markets LLC. This agreement allows the Company to sell shares through "at the market" offerings or negotiated transactions.
Guidance, Outlook, and Management Commentary
- Use of Proceeds: The Company intends to use net proceeds to acquire target assets consistent with its investment strategies and for general corporate purposes.
- Compensation: Sales Agents are entitled to compensation not exceeding 2.00% of the gross sales price per share.
- Execution Strategy: Actual sales depend on market conditions, trading price, capital needs, and funding determinations made by the Company.
Investor Verification Checklist
- Verify the actual volume and pricing of shares sold under the $100.0 million distribution agreement in subsequent filings.
- Review the full text of the Equity Distribution Agreement (Exhibit 1.1) for specific termination provisions and representations.
- Monitor future 10-Q or 10-K filings to assess how proceeds from this agreement impact the Company's liquidity and asset acquisition pace.
- Confirm the Company's current leverage ratios and liquidity position, as this filing does not provide updated debt or cash flow metrics.