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"text": "\n\nInvestment\nSpain Multifamily Portfolio\nLos Angeles Multifamily Portfolio\nCalifornia Office Portfolio\nLoan Type\nFloating-Rate Senior Loan\nFloating-Rate Senior Loan (1)\nFloating-Rate Senior Loan\nLoan Size\n$158 million (2)\n$154 million\n$36 million (3)\nLocation\nVarious, Spain\nLos Angeles, CA\nVarious, CA\nCollateral\n47 multifamily properties\ntotaling 5,263 units\n536 unit luxury high rise\n3 Office Properties totaling 327k SF\nLoan Purpose\nAcquisition\nRefinance\nRefinance\nLTV (4)\n49%\n70%\n48%\nInvestment Date\nApril 2026\nApril 2026\nApril 2026\nAsset Photo\n<::A tall, modern multi-story building with a grid-like window facade, possibly a multifamily residential complex.\n: photo::>\n<::A very tall, slender high-rise building with numerous balconies and large windows, surrounded by landscaping.\n: photo::>\n<::A modern, low-rise office building with large windows and a prominent entrance, set amidst manicured landscaping.\n: photo::>",
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"text": "\n\n2Q'26 Loan Originations – Case Studies",
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"text": "\n\n1. Loan secured by the borrower's ownership interest in an underlying mortgage loan\n2. Loan size is €135 million in local currency. The total whole loan is $593 million, or €506 million, co-originated and co-funded by KREF and KKR affiliates. KREF's interest was 27% of the loan\n3. The total whole loan is $73 million, co-originated and co-funded by KREF and KKR affiliates. KREF's interest was 50% of the loan\n4. LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated",
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"text": "\n\n<::\nGeography\n\nMap of the United States with various states highlighted in dark purple or light purple, indicating percentages.\nDark purple states and their percentages:\n- Washington/Oregon/Idaho area: 15%\n- Texas/Oklahoma area: 11%\n- Michigan/Wisconsin area: 4%\n- Pennsylvania/New York area: 9%\n- Virginia/Maryland area: 6%\n- Washington, D.C.: 6%\n- North Carolina/South Carolina area: 8%\n- Florida: 13%\nLight purple states are part of \"Other U.S. <4%\".\nLegend: Other U.S. <4%: 17%\n\nMap of Europe with various countries highlighted in dark purple or light purple, indicating percentages.\nDark purple countries and their percentages:\n- United Kingdom: 7%\nLight purple countries are part of \"Other Europe <4%\".\nLegend: Other Europe <4%: 4%\n: map::>",
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"text": "\n\nKREF Loan Portfolio by the Numbers",
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"text": "\n\n(1) KREF classifies a loan as life science if more than 50% of the gross leasable area is leased to, or will be converted to, life science-related space\n(2) \"Other\" property types include: 2% Student Housing and <1% Mixed Use\n(3) Office property certification % is based on current principal loan balance; see description for LEED certification in the Appendix",
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"text": "\n\nTarget Loan Portfolio Composition (YE 2026)(1)\n<::bar chart::\nThis chart displays the target loan portfolio composition for YE 2026, broken down into four categories, each showing a comparison between YE 2025 and YE 2026.\n\nCategory 1: Legacy Office\n- YE 2025: 21%\n- YE 2026: <10%\n\nCategory 2: Watch List\n- YE 2025: 13%\n- YE 2026: ~0%\n\nCategory 3: Modified Life Science\n- YE 2025: 19%\n- YE 2026: ~100%\n\nCategory 4: New Originations(2)\n- YE 2025: 19%\n- YE 2026: ~50%\n\nREO Portfolio Exposure::>",
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"text": "\n\n# 2026 Portfolio Positioning & Outlook\nOur focus is centered on two key priorities: (1) executing a proactive and disciplined resolution strategy across our watch list assets and certain legacy office exposures, and (2) positioning a significant portion of our REO portfolio for monetization",
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"text": "\n\n## Near Term Resolutions\n\n* West Hollywood, CA (*Luxury Condo*)\n* Raleigh, NC (*Multifamily*)\n* Philadelphia, PA (*Office*)",
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"text": "\n\n# Medium Term Resolutions\n\n* *Mountain View, CA (Office)*\n* *Portland, OR (Redevelopment)*",
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"text": "\n\n## Long Term Resolutions\n\n* Seattle, WA (Life Science)\n* Boston, MA (Life Science)",
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"text": "\n\nNote: This information reflects current targets as of the date presented and is subject to change. Actual results may differ\n(1) Represents target composition as of December 31, 2026\n(2) Represents 2024 through 2026 originated loans",
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"text": "\n\nRisk-Rated 3 Office Assets\n<:: A map of the United States showing five office buildings linked to their locations. Each building has a photo and a label.\n- Top left: An office building, labeled \"San Jose, CA (3)\", connected to a point in California.\n- Middle left: An office building, labeled \"Plano, TX\", connected to a point in Texas.\n- Bottom middle: An office building, labeled \"Dallas, TX\", connected to a point in Texas.\n- Top right: An office building, labeled \"Washington, D.C.\", connected to a point in the Washington D.C. area.\n- Bottom right: An office building, labeled \"Washington, D.C.\", connected to another point in the Washington D.C. area.\n: map and photographs::>\nNote: Amounts shown in millions. except for Loan per SF",
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"text": "\n\n<::pie chart: Development Status(3)\n- Completed: 68%\n- In Process: 20%\n- N/A: 12%\n\npie chart: Metropolitan Statistical Area(3)\n- Boston: 56%\n- San Francisco: 44%::>",
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"text": "\n\nLife Science Assets\n<::map of life science assets: This visual displays two geographic regions, the San Francisco Bay Area and the Boston/Cambridge metropolitan area, with images of life science buildings linked to specific locations on each map.\n\nLeft Side (San Francisco Bay Area):\n- Brisbane, CA: An image of a large, modern glass office building. A blue line connects this image to a pin located on the northern part of the San Francisco Bay Area map.\n- San Carlos, CA: An image of a two-story building with a dark facade, large windows, and a curved entrance canopy. A blue line connects this image to a pin located on the southern part of the San Francisco Bay Area map.\n- Redwood City, CA: An image of a modern, multi-story building with a glass facade and ground-floor retail. A blue line connects this image to a pin located in the central part of the San Francisco Bay Area map.\n- Map: A grey-scale map of the San Francisco Bay Area, showing the coastline and several marked locations.\n\nRight Side (Boston/Cambridge Metropolitan Area):\n- Cambridge, MA: An image of a large, modern, multi-building complex with a dark facade and numerous windows. A blue line connects this image to a pin located on the northern part of the Boston/Cambridge area map.\n- Boston, MA: An image of a multi-story modern office building with a grid-like facade of light-colored panels and large windows. A blue line connects this image to a pin located on the southern part of the Boston/Cambridge area map.\n- Map: A grey-scale map of the Boston/Cambridge metropolitan area, showing city streets and several marked locations.::>",
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"text": "\n\n<::bar chart: Loan-to-Value(1)\n\n1Q '26\nLTV Range | Percentage\n---|---\n0 - 60% | 24%\n60 - 65% | 15%\n65 - 70% | 16%\n70 - 75% | 37%\n75 - 80% | 8%\nWeighted Average LTV(2): 66%\n\n2Q '26\nLTV Range | Percentage\n---|---\n0 - 60% | 24%\n60 - 65% | 11%\n65 - 70% | 16%\n70 - 75% | 39%\n75 - 80% | 10%\nWeighted Average LTV(2): 66%::>",
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"text": "\n\n<::Risk Rating Distribution\nLoan Count:\nRating 1: 0\nRating 2: 2\nRating 3: 41\nRating 4: 4\nRating 5: 4\n\nBar chart showing distribution of loan counts by risk rating:\n- Rating 1: 0%\n- Rating 2: 6%\n- Rating 3: 74%\n- Rating 4: 6%\n- Rating 5: 14%\n\nWeighted Average Risk Rating (2): 3.3\n\nLoan Count:\nRating 1: 0\nRating 2: 2\nRating 3: 39\nRating 4: 1\nRating 5: 5\n\nBar chart showing distribution of loan counts by risk rating:\n- Rating 1: 0%\n- Rating 2: 6%\n- Rating 3: 78%\n- Rating 4: 1%\n- Rating 5: 15%\n\nWeighted Average Risk Rating (2): 3.3\n: figure::>",
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"text": "\n\nNote: The charts above are based on percentage of our loan portfolio held-for-investment\n(1) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Weighted average LTV excludes risk-rated 5 loans.\n(2) Weighted average is weighted by current principal amount",
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"text": "\n\n<::diagram: A flow diagram illustrating the transition of items from the 1Q'26 Watch List to the 2Q'26 Watch List, with intra-quarter activities. \n\n**1Q'26 Watch List**\nTotal Principal: $704 million\n- Boston Life Science\n- Minneapolis Office\n- San Diego Multifamily\n- Boston Life Science\n\n**Intra-Quarter Activity (associated with Risk Rating: 5)**\n- The item 'Boston Life Science' (from the $704 million principal group) is 'transferred to REO'. This activity leads to 'Chicago Office' and 'Carrollton Multifamily' being added to the 2Q'26 Watch List (under the $674 million principal group).\n\n**1Q'26 Watch List (continued)**\nTotal Principal: $284 million\n- Chicago Office\n- Carrollton Multifamily\n\n**Intra-Quarter Activity (associated with Risk Rating: 4)**\n- The item 'Carrollton Multifamily' (from the $284 million principal group) is 'downgraded from risk-rated 3 to risk-rated 4'. This activity leads to 'Dallas Multifamily' being added to the 2Q'26 Watch List (under the $42 million principal group).\n\n**2Q'26 Watch List**\nTotal Principal: $674 million\n- Boston Life Science\n- Minneapolis Office\n- San Diego Multifamily\n- Chicago Office\n- Carrollton Multifamily\n\n**2Q'26 Watch List (continued)**\nTotal Principal: $42 million\n- Dallas Multifamily\n::>",
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"text": "\n\n<::transcription of the content\n: diagram::>\nChicago Office\nCarrollton Multifamily\nGeorgetown Multifamily repaid\nPhiladelphia Office reclassified as held-for-sale\n<::/transcription of the content\n: diagram::>",
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"text": "\n\n(1) Facility size is £300 million in local currency\n(2) Based on extended maturity date\n(3) Weighted average pricing expressed as spread over the applicable benchmark rate (Term SOFR, EURIBOR or SONIA)\n(4) Based on principal balance of financing",
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"text": "\n\n<::bar chart: Sources of Available Liquidity\nY-axis: ($ in Millions) from $0 to $800, with increments of $100\nX-axis categories and values:\n- Cash & Loan Principal Repayments Held by a Servicer (2): $255 (dark gray) + $83 (dark blue) = $338 total\n- Undrawn Corporate Revolver: $350 (light purple)\n- Approved and Undrawn Credit Capacity (3): $34 (light purple)\n- Total Available Liquidity: $722 (dark purple)\n::>",
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"text": "\n\n## Liquidity Overview\n\nIn addition to the available liquidity below, KREF had $626 million of total unencumbered assets (1) as of June 30, 2026",
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"text": "\n\n(1) Unencumbered assets includes $181 million of unencumbered senior loans, $360 million of real estate owned assets, and $85 million of CMBS investments\n(2) Loan principal repayments held by a servicer of $255 million received in July 2026\n(3) Represents under-levered amounts on financing facilities. While these amounts were previously contractually approved and/or drawn, in certain cases, the lender's consent is required for us to (re)borrow these amounts",
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"text": "\n\nQuarterly Net Interest Income Per Share Sensitivity to Change in Benchmark Rates\nTerm SOFR: 3.65%\nEURIBOR: 2.20%\nSONIA: 3.73%\nAs of June 30, 2026\n($ Impact Per Share)\n<::Bar chart showing Quarterly Net Interest Income Per Share Sensitivity to Change in Benchmark Rates.\nX-axis: Change in Benchmark Rate\nY-axis: ($ Impact Per Share)\n\nData:\n| Change in Benchmark Rate | ($ Impact Per Share) |\n| :----------------------- | :------------------- |\n| -1.00% | $0.02 |\n| -0.50% | $0.00 |\n| 0.00% | $0.00 |\n| +0.50% | $0.00 |\n| +1.00% | $0.01 |\n: chart::>",
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"text": "\n\n98% floating-rate loan portfolio indexed to benchmark rates",
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"text": "\n\n<::waterfall chart\nTitle: Loan Portfolio Activity\nY-axis label: ($ in Millions)\n\nCategories and values:\n- 1Q'26 Portfolio: $6,110\n - Top segment (dashed outline): $384\n - Middle segment (gray): $606\n - Bottom segment (purple): $5,119\n- Fundings: $359\n- Repayments: ($807)\n- Other (1): ($171)\n- 2Q'26 Portfolio: $5,615\n - Top segment (dashed outline): $365\n - Middle segment (gray): $748\n - Bottom segment (purple): $4,501\n: chart::>",
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"text": "\n\n<::\nBlue dashed border rectangle, light gray fill: Future Funding Obligations (2)\nSolid light gray rectangle: Real Estate Assets, CMBS Investments & Other\nSolid dark purple rectangle: Loan Portfolio Principal\n: legend::>",
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"text": "\n\n(1) Includes a $126 million transfer to REO, $42 million in loan write-offs and a $3 million unrealized loss on FX translation\n(2) Future funding obligations are generally contingent upon certain events and may not result in investment by us",
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"text": "\n\nFully extended weighted average loan maturity of 1.9 years\n\nFully Extended Loan Maturities\n\n($ in Millions)\n<::bar chart showing Fully Extended Loan Maturities ($ in Millions):\nY-axis: $0 to $2,000, in increments of $500\nX-axis: Years 2026 to 2031\nData:\n2026: $930\n2027: $1,778\n2028: $421\n2029: $24\n2030: $863\n2031: $484\n: bar chart::>",
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