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 senior loans secured by commercial real estate properties. Co.'s target assets also include mezzanine loans, preferred equity and other debt-oriented instruments. Co. has a portfolio of diversified investments, consisting of performing senior loans, mezzanine loans, and 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. L.P.