KKR Real Estate Finance Trust raised $210M during its initial public offering Friday morning, with stock that traded at $20.50/share on the New York Stock Exchange.

The mortgage REIT focuses on commercial real estate debt and offered 10.25 million shares of common stock during the IPO, up from its original offering of 10 million shares. Low pricing, which hit the low end of its $20.50 to $21.50 range, forced the trust to slightly increase the offering, according to Nasdaq.

The company will retain approximately $191M after underwriting discounts and commissions, with the offering set to close May 10. The REIT, trading under the ticker KREF, will focus predominantly on originating and acquiring senior loans secured by commercial real estate assets, and will be externally managed by KKR Real Estate Finance Manager, a subsidiary of New York private equity firm KKR & Co.