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"text": "# Legal Disclosures\n\nThis presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with\nevaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, \"KREF\" or the \"Company\"). This presentation is not and shall not be construed\nas an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities, any investment advice or any other service by KREF. Nothing in this presentation constitutes the provision of\nany tax, accounting, financial, investment, regulatory, legal or other advice by KREF or its advisors. This presentation may not be referenced, quoted or linked by website by any third party, in whole or in\npart, except as agreed to in writing by KREF.\n",
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"text": "This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended,\nwhich reflect the Company\u2019s current views with respect to, among other things, its future operations and financial performance. You can identify these forward looking statements by the use of words such\nas \u201coutlook,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cseek,\u201d \u201capproximately,\u201d \u201cpredict,\u201d \u201cintend,\u201d \u201cwill,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201canticipate,\u201d the negative version of these words, other\ncomparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of\nhistorical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. The forward-looking statements\nare based on the Company\u2019s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many\npossible events or factors, not all of which are known to the Company or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things:\nthe general political, economic, competitive, and other conditions in the United States and in any foreign jurisdictions in which we invest; global economic trends and conditions, including heightened\ninflation, slower growth or recession, changes to fiscal and monetary policy, fluctuations in interest rates and credit spreads, labor shortages, currency fluctuations and challenges in global supply chains;\ndeterioration in the performance of the properties securing our investments; difficulty accessing financing or raising capital; and the risks, uncertainties and factors set forth under Part I-Item 1A. \u201cRisk\nFactors\u201d of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as factors may be updated from time to time in the Company\u2019s periodic filings with the SEC, which\nare accessible on the SEC\u2019s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this release.\nThese factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this release and in the Company\u2019s filings with the\nSEC. All forward-looking statements in this release speak only as of the date of this release. The Company undertakes no obligation to publicly update or review any forward-looking statements, whether as\na result of new information, future developments or otherwise, except as required by law.\n",
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"text": "All forward looking statements in this presentation speak only as of July 21, 2026. KREF undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new\ninformation, future developments or otherwise, except as required by law.\n",
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"text": "This presentation also includes non-GAAP financial measures, including Distributable Earnings and Distributable Earnings per Diluted Share. Such non-GAAP financial measures should be considered only as\nsupplemental to, and not as superior to, financial measures prepared in accordance with U.S. GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures\nincluded in this presentation to the most directly comparable financial measures prepared in accordance with U.S. GAAP.\n",
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"text": "(1) Average loan size is inclusive of KREF's unfunded commitment. The whole loan average size is $166 million\n(2) Based on outstanding principal amount of secured financing. The remaining is subject to credit marks only\n(3) Includes $83 million of cash, $350 million of undrawn corporate revolver capacity, $255 million of loan principal repayments held by a servicer and $34 million of available borrowings based\non existing collateral\n(4) As of March 31, 2026\n(5) Figures represent AUM across all KKR real estate transactions\n",
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"text": "Financials\n- 2Q 2026 Net loss(1) of ($1.95) per diluted share\n(includes a loan loss provision(2) of ($1.92) per diluted share)\n- 2Q 2026 Distributable loss(3) of ($0.58) per diluted share\n(includes a realized loss of ($0.68) per diluted share)\n- Book Value per Share (\u201cBVPS\u201d) of $10.24 per share\nPortfolio\n- Originated and funded $349 million and $328 million, respectively, relating to three floating-rate senior loans\n- $4.5 billion senior loan portfolio with a weighted average unlevered all-in yield(4) of 6.8%\n- Multifamily and industrial assets represent 60% of loan portfolio\n- Received $807 million in loan repayments, including $784 million in full repayments across five loans\n- Funded $31 million for existing loans\n- Weighted average risk rating of 3.3\n- Monitoring six watch list loans, including two office and one life science asset\n- Resolved two watchlist loans; including a risk-rated 5 loan by taking title to a life science property in Boston, MA, and\na risk-rated 4 loan in Georgetown, TX through a repayment\nLiquidity &\nCapitalization\n- $722 million of available liquidity, including $83 million of cash, $255 million of loan principal repayments held by a\nservicer and $350 million of undrawn capacity on the corporate revolver\n- Entered into two non-mark-to-market facilities in Europe with commitments of \u20ac115 million and \u20ac99 million,\nrespectively\n- Diversified financing sources totaling $7.0 billion with $2.6 billion of undrawn capacity\n- 79% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only\n- No final facility maturities until 2027 and no corporate debt due until 2030\n- Repurchased 5.7 million shares at an average price per share of $6.63 for a total of $38.0 million\n",
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"text": "(1) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP\n(2) Includes real estate owned and equity method investments\n(3) Included in \u201cOther Assets\u201d in the Condensed Consolidated Balance Sheets and received in July 2026\n(4) Amount excludes 433,050 deferred stock units\n",
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"description": "This table provides a comparative summary of three real estate investment portfolios, detailing the loan type, loan size, geographic location, collateral description, loan purpose, loan-to-value (LTV) ratio, and investment date for each. The final row includes representative photographs for each asset class: a glass high-rise for the Spain portfolio, a luxury high-rise for the Los Angeles portfolio, and a suburban office complex for the California portfolio.",
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{
"text": "Investment",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Spain Multifamily Portfolio",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Los Angeles Multifamily Portfolio",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "California Office Portfolio",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Loan Type",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Floating-Rate Senior Loan",
"provenance": "unclassified",
"footnotes": [
{
"marker": "(1)",
"text": "Loan secured by the borrower's ownership interest in an underlying mortgage loan"
}
]
},
{
"text": "Floating-Rate Senior Loan(1)",
"provenance": "unclassified",
"footnotes": [
{
"marker": "(1)",
"text": "Loan secured by the borrower's ownership interest in an underlying mortgage loan"
}
]
},
{
"text": "Floating-Rate Senior Loan",
"provenance": "unclassified",
"footnotes": [
{
"marker": "(1)",
"text": "Loan secured by the borrower's ownership interest in an underlying mortgage loan"
}
]
}
],
[
{
"text": "Loan Size",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$158 million(2)",
"provenance": "unclassified",
"footnotes": [
{
"marker": "(2)",
"text": "Loan size is \u20ac135 million in local currency. The total whole loan is $593 million, or \u20ac506 million, co-originated and co-funded by KREF and KKR affiliates. KREF's interest was 27% of the loan"
}
]
},
{
"text": "$154 million",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$36 million(3)",
"provenance": "unclassified",
"footnotes": [
{
"marker": "(3)",
"text": "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"
}
]
}
],
[
{
"text": "Location",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Various, Spain",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Los Angeles, CA",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Various, CA",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Collateral",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "47 multifamily properties totaling 5,263 units",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "536 unit luxury high rise",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3 Office Properties totaling 327k SF",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Loan Purpose",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Acquisition",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Refinance",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Refinance",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "LTV(4)",
"provenance": "unclassified",
"footnotes": [
{
"marker": "(4)",
"text": "LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated"
}
]
},
{
"text": "49%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "70%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "48%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Investment Date",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "April 2026",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "April 2026",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "April 2026",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Asset Photo",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "[Image of a modern, blue-tinted glass high-rise building]",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "[Image of a tall residential high-rise with balconies]",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "[Image of a low-rise office building with glass windows and landscaping]",
"provenance": "unclassified",
"footnotes": []
}
]
]
}
],
"footnotes": [
{
"marker": "(1)",
"text": "Loan secured by the borrower's ownership interest in an underlying mortgage loan",
"sources": [
"agent"
],
"corroborated": false,
"placed": true
},
{
"marker": "(2)",
"text": "Loan size is \u20ac135 million in local currency. The total whole loan is $593 million, or \u20ac506 million, co-originated and co-funded by KREF and KKR affiliates. KREF's interest was 27% of the loan",
"sources": [
"agent"
],
"corroborated": false,
"placed": true
},
{
"marker": "(3)",
"text": "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",
"sources": [
"agent"
],
"corroborated": false,
"placed": true
},
{
"marker": "(4)",
"text": "LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated",
"sources": [
"agent"
],
"corroborated": false,
"placed": true
}
],
"node_id": "figure-0"
}
],
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"context": [
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"page": 6,
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"text": "2Q'26 Loan Originations \u2013 Case Studies\n",
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"kind": "text",
"text": "(1) Loan secured by the borrower's ownership interest in an underlying mortgage loan\n(2) Loan size is \u20ac135 million in local currency. The total whole loan is $593 million, or \u20ac506 million, co-originated and co-funded by KREF and KKR affiliates. KREF\u2019s interest was 27% of the loan\n(3) The total whole loan is $73 million, co-originated and co-funded by KREF and KKR affiliates. KREF\u2019s interest was 50% of the loan\n(4) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated\n",
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"kind": "marginalia",
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"credits": 1.3,
"figures": [
{
"page": 7,
"kind": "chart",
"description": "The figure presents a series of five pie charts categorized into three sections: Investment Type, Interest Rate Type, and Property Type, along with a LEED certification metric. The charts visualize the composition of an investment portfolio.",
"box": {
"left": 0.05255,
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"right": 0.48269,
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"values": [
{
"rows": [
[
{
"text": "Category",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Sub-Category",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Percentage",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Investment Type",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Senior Loans",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "100%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Interest Rate Type",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Fixed",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Interest Rate Type",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Floating",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "98%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Property Type",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Multifamily",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "46%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Property Type",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Office",
"provenance": "unclassified",
"footnotes": [
{
"marker": "(3)",
"text": "Office property certification % is based on current principal loan balance; see description for LEED certification in the Appendix"
}
]
},
{
"text": "21%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Property Type",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Industrial",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "14%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Property Type",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Life Science",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "13%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Property Type",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Hospitality",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Property Type",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Other",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Office (Sub-segment)",
"provenance": "unclassified",
"footnotes": [
{
"marker": "(3)",
"text": "Office property certification % is based on current principal loan balance; see description for LEED certification in the Appendix"
}
]
},
{
"text": "Class-A",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "84%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Office (Sub-segment)",
"provenance": "unclassified",
"footnotes": [
{
"marker": "(3)",
"text": "Office property certification % is based on current principal loan balance; see description for LEED certification in the Appendix"
}
]
},
{
"text": "Class-B",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "16%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Multifamily (Sub-segment)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Class-A",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "75%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Multifamily (Sub-segment)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Class-B",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "25%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "LEED Certification",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "96%",
"provenance": "unclassified",
"footnotes": []
}
]
]
}
],
"footnotes": [
{
"marker": "(1)",
"text": "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",
"sources": [
"agent"
],
"corroborated": false,
"placed": false
},
{
"marker": "(2)",
"text": "\"Other\" property types include: 2% Student Housing and <1% Mixed Use",
"sources": [
"agent",
"document"
],
"corroborated": false,
"placed": false
},
{
"marker": "(3)",
"text": "Office property certification % is based on current principal loan balance; see description for LEED certification in the Appendix",
"sources": [
"agent",
"document"
],
"corroborated": true,
"placed": true
}
],
"node_id": "figure-0"
},
{
"page": 7,
"kind": "chart",
"description": "The figure consists of two choropleth maps displaying geographical distribution data, with a primary header 'Geography'. The maps use a color-coded gradient (light purple to dark purple) to indicate percentage values.",
"box": {
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},
"values": [
{
"rows": [
[
{
"text": "Region/State",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Percentage",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "West (California/Nevada area)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "15%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Texas",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "11%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Florida",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "13%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Virginia/Maryland area",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "8%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Northeast (NY/NJ/PA area)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "6%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Washington, D.C.",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "6%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Minnesota",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "4%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Northeast (Maine/Massachusetts area)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "9%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Other U.S.",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "<4%: 17%",
"provenance": "unclassified",
"footnotes": []
}
]
]
},
{
"rows": [
[
{
"text": "Region",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Percentage",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "United Kingdom",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "7%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Other Europe",
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"text": "(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) \u201cOther\u201d 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\n",
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"description": "The figure consists of four side-by-side bar charts, each comparing YE 2025 (grey bars) to YE 2026 (colored bars). The first chart, labeled '<10% Legacy Office', shows a decrease from 21% to <10%. The second, labeled '~0% Watch List', shows a decrease from 13% to ~0%. The third, labeled '100% Modified Life Science', shows an increase from 19% to ~100%. The fourth, labeled '~50% New Originations(2)', shows an increase from 19% to ~50%. Diagonal arrows connect the top of the 2025 bars to the 2026 bars to visually represent the trend.",
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{
"text": "YE 2025",
"provenance": "unclassified",
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},
{
"text": "YE 2026",
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"footnotes": []
},
{
"text": "Change",
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}
],
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{
"text": "Legacy Office",
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},
{
"text": "21%",
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},
{
"text": "<10%",
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{
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}
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{
"text": "19%",
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},
{
"text": "~100%",
"provenance": "unclassified",
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},
{
"text": "Increase",
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}
],
[
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{
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"text": "Represents 2024 through 2026 originated loans"
}
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},
{
"text": "19%",
"provenance": "unclassified",
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},
{
"text": "~50%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Increase",
"provenance": "unclassified",
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}
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"footnotes": [
{
"marker": "",
"text": "This information reflects current targets as of the date presented and is subject to change. Actual results may differ",
"sources": [
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],
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"placed": false
},
{
"marker": "1",
"text": "Represents target composition as of December 31, 2026",
"sources": [
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],
"corroborated": false,
"placed": false
},
{
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"text": "Represents 2024 through 2026 originated loans",
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"placed": true
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"text": "# 2026 Portfolio Positioning & Outlook\n\nOur focus is centered on two key priorities: (1) executing a proactive and disciplined resolution strategy across our watch list\nassets and certain legacy office exposures, and (2) positioning a significant portion of our REO portfolio for monetization\n",
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"kind": "text",
"text": "# Near Term Resolutions\n\n- West Hollywood, CA (Luxury Condo)\n- Raleigh, NC (Multifamily)\n- Philadelphia, PA (Office)\n",
"box": {
"left": 0.07738,
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"kind": "text",
"text": "# Medium Term Resolutions\n\n\n - *Mountain View, CA (Office)*\n - *Portland, OR (Redevelopment)*\n",
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"text": "# Long Term Resolutions\n\n- Seattle, WA (Life Science)\n- Boston, MA (Life Science)\n",
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"text": "Note: 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\n",
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"kind": "logo",
"text": "KREF\n",
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"kind": "diagram",
"description": "The figure is a diagram displaying a map of the United States with five distinct office asset locations marked by pin icons. Each pin is connected via a dark blue line to a corresponding photograph of an office building.",
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"text": "Amounts shown in millions, except for Loan per SF",
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{
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"text": "Chicago Office\nCarrollton Multifamily\nGeorgetown Multifamily } repaid\nPhiladelphia Office\n} reclassified as held-for-sale\n",
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"text": "(1) Weighted average coupon expressed as spread over the applicable benchmark rate (Term SOFR, EURIBOR or SONIA)\n[KREF LOGO]\n(2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions\n(3) Represents (i) total outstanding debt agreements (excluding non-recourse facilities) and secured term loan, less cash (including cash held by servicer); to (ii) KREF stockholders' equity, in each\ncase, at period end\n(4) Represents (i) total outstanding debt agreements, secured term loan and collateralized loan obligations, less cash (including cash held by servicer); to (ii) KREF stockholder's equity, in each case,\nat period end\n(5) Based on outstanding principal amount of secured financing\n",
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"text": "(1) Facility size is \u00a3300 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\n",
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"description": "This waterfall chart titled 'Sources of Available Liquidity' illustrates the composition of total liquidity in millions of dollars. The y-axis represents the dollar amount ranging from $0 to $800. The chart breaks down liquidity into three main components: 'Cash & Loan Principal Repayments Held by a Servicer' (which is further split into a $255 dark gray segment and an $83 dark blue segment, totaling $338), 'Undrawn Corporate Revolver' ($350, light blue), and 'Approved and Undrawn Credit Capacity' ($34, light purple). These segments cumulatively build up to the 'Total Available Liquidity' bar on the far right, which reaches a total value of $722.",
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}
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{
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}
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},
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},
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}
]
]
}
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"placed": true
},
{
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},
{
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"description": "A bar chart titled 'Quarterly Net Interest Income Per Share Sensitivity to Change in Benchmark Rates' shows the impact on net interest income per share across five different benchmark rate scenarios: -1.00%, -0.50%, 0.00%, +0.50%, and +1.00%. The y-axis represents the impact in dollars per share, ranging from (0.01) to 0.04. The bars represent the following values: -1.00% change results in $0.02, -0.50% results in $0.00, 0.00% results in $0.00, +0.50% results in $0.00, and +1.00% results in $0.01.",
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}
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}
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}
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},
{
"text": "$0.01",
"provenance": "unclassified",
"footnotes": []
}
]
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}
],
"footnotes": [
{
"marker": "",
"text": "Based on portfolio as of June 30, 2026",
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"placed": false
}
],
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}
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"cells": [
[
"#",
"Investment[1]",
"Location",
"Property Type",
"Investment Date",
"Total Whole Loan(2)",
"Committed Principal / Investment Amount",
"Outstanding Principal / Investment Amount",
"Net Equity(3)",
"Coupon(4)(5)",
"Max Remaining
Term (Yrs)(4)(6)",
"Loan / Investment
Per
SF / Unit / Key(7)",
"Origination
LTV(4)(8)",
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Rating"
],
[
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"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
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"",
""
],
[
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"Life Science",
"8/3/2022",
"$312.5",
"$312.5",
"$229.6",
"$34.1",
"+4.2%",
"1.1",
"$747 / SF",
"n.a.",
"5"
],
[
"2",
"Senior Loan",
"Minneapolis, MN",
"Office",
"11/13/2017",
"199.4",
"199.4",
"194.4",
"116.3",
"+2.3%",
"0.0",
"$182 / SF",
"n.a.",
"5"
],
[
"3",
"Senior Loan",
"Washington, D.C.",
"Office",
"11/9/2021",
"181.0",
"181.0",
"180.5",
"72.3",
"+3.4%",
"1.4",
"$503 / SF",
"55%",
"3"
],
[
"4",
"Senior Loan",
"Various, United Kingdom",
"Industrial",
"3/5/2026",
"428.6",
"180.2",
"174.1",
"46.3",
"+2.6%",
"4.9",
"$73 / SF",
"72%",
"3"
],
[
"5",
"Senior Loan",
"West Palm Beach, FL",
"Multifamily",
"12/29/2021",
"171.5",
"171.5",
"171.4",
"58.4",
"+2.8%",
"0.5",
"$211,091 / unit",
"73%",
"2"
],
[
"6",
"Senior Loan",
"Various, Spain",
"Multifamily",
"4/29/2026",
"578.3",
"154.4",
"134.7",
"18.7",
"+2.9%",
"4.9",
"$95,829 / unit",
"49%",
"3"
],
[
"7",
"Senior Loan9",
"Los Angeles, CA",
"Multifamily",
"4/22/2026",
"154.0",
"154.0",
"154.0",
"154.0",
"+2.8%",
"0.3",
"$287,295 / unit",
"70%",
"3"
],
[
"8",
"Senior Loan",
"Redwood City, CA",
"Life Science",
"9/30/2022",
"580.9",
"145.2",
"110.5",
"26.5",
"+4.5%",
"1.3",
"$886 / SF",
"53%",
"3"
],
[
"9",
"Senior Loan",
"Various, United Kingdom",
"Industrial",
"11/19/2025",
"464.0",
"139.2",
"139.2",
"33.7",
"+2.8%",
"4.4",
"$145 / SF",
"75%",
"3"
],
[
"10",
"Senior Loan",
"Plano, TX",
"Office",
"2/6/2020",
"136.9",
"136.9",
"134.2",
"45.0",
"+4.4%",
"0.1",
"$185 / SF",
"64%",
"3"
],
[
"11",
"Senior Loan",
"Raleigh, NC",
"Industrial",
"6/24/2025",
"407.6",
"125.0",
"125.0",
"24.2",
"+2.4%",
"4.0",
"$152 / SF",
"71%",
"3"
],
[
"12",
"Senior Loan",
"Arlington, VA",
"Multifamily",
"1/20/2022",
"119.3",
"119.3",
"119.3",
"32.5",
"+3.1%",
"0.6",
"$397,644 / unit",
"65%",
"3"
],
[
"13",
"Senior Loan",
"San Diego, CA",
"Multifamily",
"10/20/2021",
"115.7",
"115.7",
"115.7",
"50.6",
"+3.7%",
"0.4",
"$500,787 / unit",
"n.a.",
"5"
],
[
"14",
"Senior Loan",
"Philadelphia, PA",
"Office",
"6/19/2018",
"114.3",
"114.3",
"114.3",
"45.0",
"+2.8%",
"0.6",
"$117 / SF",
"n.a.",
"n.a."
],
[
"15",
"Senior Loan",
"Dallas, TX",
"Office",
"11/7/2025",
"228.2",
"114.1",
"97.4",
"18.6",
"+3.2%",
"4.4",
"$386 / SF",
"52%",
"3"
],
[
"16",
"Senior Loan",
"Pittsburgh, PA",
"Student Housing",
"6/8/2021",
"112.5",
"112.5",
"112.5",
"33.7",
"+3.0%",
"0.2",
"$155,602 / unit",
"74%",
"2"
],
[
"17",
"Senior Loan",
"Chicago, IL",
"Office",
"7/15/2019",
"105.0",
"105.0",
"90.7",
"53.8",
"+2.3%",
"2.1",
"$87 / SF",
"n.a.",
"5"
],
[
"18",
"Senior Loan",
"Las Vegas, NV",
"Multifamily",
"12/28/2021",
"101.1",
"101.1",
"101.1",
"35.2",
"+2.8%",
"0.5",
"$191,460 / unit",
"61%",
"3"
],
[
"19",
"Senior Loan",
"Washington, D.C.",
"Office",
"1/13/2022",
"228.5",
"100.0",
"100.0",
"15.1",
"+3.3%",
"1.6",
"$365 / SF",
"55%",
"3"
],
[
"20",
"Senior Loan",
"Cambridge, MA",
"Life Science",
"12/22/2021",
"341.3",
"98.4",
"65.7",
"15.8",
"+3.7%",
"4.5",
"$912 / SF",
"51%",
"3"
],
[
"21",
"Senior Loan",
"Cary, NC",
"Multifamily",
"11/21/2022",
"95.3",
"95.3",
"95.3",
"26.6",
"+3.4%",
"1.4",
"$244,275 / unit",
"63%",
"3"
],
[
"22",
"Senior Loan",
"Jersey City, NJ",
"Multifamily",
"10/9/2025",
"190.0",
"95.0",
"95.0",
"18.3",
"+2.5%",
"4.3",
"$455,635 / unit",
"76%",
"3"
],
[
"23",
"Senior Loan",
"Orlando, FL",
"Multifamily",
"12/14/2021",
"94.9",
"94.9",
"94.9",
"25.3",
"+3.1%",
"0.5",
"$250,396 / unit",
"74%",
"3"
],
[
"24",
"Senior Loan",
"Boston, MA",
"Industrial",
"6/28/2022",
"259.4",
"90.9",
"90.8",
"19.3",
"+2.7%",
"2.0",
"$195 / SF",
"52%",
"3"
],
[
"25",
"Senior Loan",
"San Carlos, CA",
"Life Science",
"2/1/2022",
"139.7",
"89.1",
"69.2",
"23.3",
"+1.0%",
"1.4",
"$470 / SF",
"68%",
"3"
],
[
"26",
"Senior Loan",
"Brisbane, CA",
"Life Science",
"7/22/2021",
"88.3",
"88.3",
"80.8",
"24.1",
"+3.4%",
"2.1",
"$698 / SF",
"71%",
"3"
],
[
"27",
"Senior Loan",
"North Palm Beach, FL",
"Multifamily",
"5/22/2025",
"85.7",
"85.7",
"85.4",
"16.5",
"+2.3%",
"3.9",
"$341,600 / unit",
"72%",
"3"
],
[
"28",
"Senior Loan",
"Various, U.S.",
"Multifamily",
"1/31/2025",
"142.2",
"85.3",
"85.1",
"21.6",
"+3.0%",
"3.6",
"$214,211 / unit",
"70%",
"3"
],
[
"29",
"Senior Loan",
"Philadelphia, PA",
"Mixed Use",
"6/28/2024",
"77.7",
"77.7",
"24.4",
"24.4",
"+4.0%",
"3.0",
"$75 / SF",
"72%",
"3"
],
[
"30",
"Senior Loan",
"Various, Europe",
"Hospitality",
"12/2/2025",
"348.2",
"77.3",
"73.6",
"17.8",
"+3.0%",
"4.6",
"$70,534 / key",
"70%",
"3"
],
[
"31",
"Senior Loan",
"Brandon, FL",
"Multifamily",
"1/13/2022",
"76.7",
"76.7",
"74.4",
"24.8",
"+3.1%",
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"text": "($ in Millions)",
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"text": "*See footnotes on subsequent page\n",
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"#",
"Investment(1)",
"Location",
"Property Type",
"Investment Date",
"Total Whole
Loan(2)",
"Committed
Principal /
Investment
Amount",
"Outstanding
Principal /
Investment
Amount",
"Net
Equity(3)",
"Coupon(4)(5)",
"Max Remaining
Term (Yrs)(4)(6)",
"Loan / Investment
Per
SF / Unit / Key(7)",
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LTV(4)(8)",
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Rating"
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"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
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"1",
"Real Estate Owned",
"Mountain View, CA",
"Office",
"6/28/2024",
"n.a.",
"$136.9",
"$136.9",
"$136.9",
"n.a.",
"n.a.",
"$442 / SF",
"n.a.",
""
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"Equity Method Investment(10)",
"Boston, MA",
"Life Science",
"6/2/2026",
"n.a.",
"127.9",
"127.9",
"127.9",
"n.a.",
"n.a.",
"$514 / SF",
"n.a.",
""
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"Life Science",
"6/28/2024",
"n.a.",
"96.7",
"96.7",
"68.1",
"n.a.",
"n.a.",
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"n.a.",
""
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"Condo",
"4/15/2025",
"n.a.",
"95.6",
"95.6",
"40.6",
"n.a.",
"n.a.",
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"n.a.",
""
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"Retail / Redevelopment",
"12/16/2021",
"n.a.",
"95.1",
"95.1",
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"n.a.",
"n.a.",
"n.a.",
"n.a.",
""
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"n.a.",
"72.3",
"72.3",
"32.3",
"n.a.",
"n.a.",
"$225,938 / unit",
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""
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"12/22/2023",
"n.a.",
"23.8",
"23.8",
"23.8",
"n.a.",
"n.a.",
"$113 / SF",
"n.a.",
""
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"",
"",
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"3.0",
"",
"58%",
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"Various",
"3/12/2026",
"n.a.",
"15.1",
"15.1",
"15.1",
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"9.4",
"",
"50%",
""
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"Hospitality",
"3/17/2026",
"n.a.",
"14.0",
"14.0",
"14.0",
"+5.8%",
"6.5",
"",
"55%",
""
],
[
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"CMBS Investment",
"Dallas, TX",
"Mixed Use",
"2/20/2026",
"n.a.",
"12.8",
"12.8",
"12.8",
"+6.8%",
"6.4",
"",
"62%",
""
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"Various, U.S.",
"Various",
"6/18/2025",
"n.a.",
"9.3",
"9.3",
"9.3",
"5.9%",
"8.7",
"",
"42%",
""
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"",
"",
"",
"",
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"",
"55%",
""
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"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
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"Equity Method Investment(13)",
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"10/10/2025",
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"n.a.",
"n.a.",
"",
"n.a.",
""
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"",
"",
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""
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"kind": "text",
"text": "Our total portfolio represents the current principal amount or investment amount on senior and mezzanine loans, real estate assets, CMBS investments and other investments. Excludes\nloans that were fully written off.\nFor Senior Loan 2, the total whole loan has an outstanding principal balance of $194.4 million, including (i) a fully funded senior mortgage loan of $120.0 million, at an interest rate of\nS+2.25% and (ii) a mezzanine note with a commitment of $79.4 million, of which $74.4 million was funded as of June 30, 2026, at a fixed interest rate of 4.5% PIK.\nTotal Whole Loan represents the total commitment of the entire loan originated, including participations by KKR affiliated entities.\nNet equity reflects (i) the amortized cost basis of our loans, net of borrowings; (ii) real estate assets, net of borrowings and noncontrolling interests, and (iii) the investment amount of\nequity method investments, net of borrowings.\nWeighted average is weighted by the current principal amount of our loans and the investment amount of CMBS investments. Weighted average LTV excludes risk-rated 5 loans and\nweighted average coupon excludes loans on nonaccrual status.\nCoupon expressed as spread over Term SOFR, SONIA or EURIBOR.\nMaximum remaining term (years) assumes all extension options are exercised, if applicable.\nLoan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. For Senior Loans 1, 8, 20 and 35, Loan Per SF / Unit / Key is calculated as the total\ncommitment of the loan divided by the proposed SF / Unit / Key.\nFor senior loans, LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated; for construction loans, LTV is generally\ncalculated as the total commitment amount of the loan divided by the as-stabilized value; for mezzanine loans, LTV is based on the initial balance of the whole loan divided by the as-is\nappraised value as of the date the loan was originated; for CMBS investments, LTV is based on the weighted average LTV of the underlying loan pool at issuance. Weighted Average LTV\nexcludes risk-rated 5 loans.\nLoan secured by the borrower's ownership interest in an underlying mortgage loan.\nRepresents real estate assets held through a JV agreement between us and an unaffiliated third party. We hold a 50% economic interest in the real estate assets and share decision\nmaking with the third party under the JV agreement.\nRepresents real estate assets held through a Tenant-in-Common (\"TIC\") agreement between us and a KKR affiliate. We hold a 74.6% economic interest in the real estate assets and share\ndecision-making with the KKR affiliate under the TIC agreement.\nRepresents our investment in an aggregator vehicle that invests in CMBS B-Pieces. Committed principal represents our total commitment to the aggregator vehicle whereas current\nprincipal represents the current funded amount.\nRepresents our 50% economic interest in an affiliated company, which is invested in a senior mortgage loan that is collateralized by industrial properties located in France. The underlying\nsenior mortgage loan with an outstanding principal balance of \u20ac65.2 million, has a coupon of 2.8%, term to maturity of 2.8 years and LTV of 69%. The affiliated company's investment in\nthe underlying senior mortgage loan is 80% financed with a funding cost of EURIBOR + 1.6%. KREF does not have unilateral authority to direct the activities that most significantly impact\nthe affiliated company's economic performance.\n",
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"description": "This is a waterfall chart titled 'Loan Portfolio Activity' that tracks changes in a loan portfolio between 1Q'26 and 2Q'26. All values are in millions. The chart begins with a starting portfolio value of $6,110 for 1Q'26, which is composed of a base value of $5,119 (dark purple), a middle segment of $606 (gray), and a top segment of $384 (light blue with a dashed border). The chart then shows positive and negative adjustments: 'Fundings' add $359 (blue bar), 'Repayments' subtract $807 (purple bar), and 'Other(1)' subtract $171 (dark blue/black bar). The chart concludes with an ending portfolio value of $5,615 for 2Q'26, composed of a base value of $4,501 (dark purple), a middle segment of $748 (gray), and a top segment of $365 (light blue with a dashed border).",
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{
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{
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},
{
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"provenance": "unclassified",
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},
{
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},
{
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},
{
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"provenance": "unclassified",
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{
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"text": "Includes a $126 million transfer to REO, $42 million in loan write-offs and a $3 million unrealized loss on FX translation"
}
]
},
{
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{
"text": "Top Segment",
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},
{
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"provenance": "unclassified",
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},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
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"provenance": "unclassified",
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}
],
[
{
"text": "Middle Segment",
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},
{
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"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
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},
{
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"footnotes": []
},
{
"text": "$748",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Base Segment",
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},
{
"text": "$5,119",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$4,501",
"provenance": "unclassified",
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}
],
[
{
"text": "Adjustments",
"provenance": "unclassified",
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},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$359",
"provenance": "unclassified",
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},
{
"text": "($807)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "($171)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Total",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$6,110",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$5,615",
"provenance": "unclassified",
"footnotes": []
}
]
]
}
],
"footnotes": [
{
"marker": "(1)",
"text": "Includes a $126 million transfer to REO, $42 million in loan write-offs and a $3 million unrealized loss on FX translation",
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}
],
[
{
"text": "[ ] (dashed blue border, light grey fill)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Future Funding Obligations(2)",
"provenance": "unclassified",
"footnotes": [
{
"marker": "(2)",
"text": "Future funding obligations are generally contingent upon certain events and may not result in investment by us"
}
]
}
],
[
{
"text": "[\u25a0] (solid grey square)",
"provenance": "unclassified",
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},
{
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"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "[\u25a0] (solid purple square)",
"provenance": "unclassified",
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},
{
"text": "Loan Portfolio Principal",
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}
]
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}
],
"footnotes": [
{
"marker": "(2)",
"text": "Future funding obligations are generally contingent upon certain events and may not result in investment by us",
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"placed": true
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"kind": "chart",
"description": "This is a bar chart titled 'Fully Extended Loan Maturities' representing loan maturity values in millions of dollars from the year 2026 to 2031. The Y-axis represents values in millions of dollars, ranging from $0 to $2,000. Each year is represented by a vertical bar with its corresponding value displayed on top.",
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{
"rows": [
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{
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}
],
[
{
"text": "2026",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$930",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "2027",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$1,778",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "2028",
"provenance": "unclassified",
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},
{
"text": "$421",
"provenance": "unclassified",
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}
],
[
{
"text": "2029",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$24",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "2030",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$863",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "2031",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$484",
"provenance": "unclassified",
"footnotes": []
}
]
]
}
],
"footnotes": [
{
"marker": "",
"text": "Based on current principal amount",
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{
"page": 26,
"cells": [
[
"(in thousands - except share and per share data)",
"June 30, 2026",
"December 31, 2025"
],
[
"Assets",
"",
""
],
[
"Cash and cash equivalents",
"$ 83,058",
"$ 84,617"
],
[
"Commercial real estate loans, held-for-investment",
"4,373,120",
"5,347,756"
],
[
"Less: Allowance for credit losses",
"(291,916)",
"(201,924)"
],
[
"Commercial real estate loans, held-for-investment, net",
"4,081,204",
"5,145,832"
],
[
"Commercial real estate loan, held-for-sale",
"70,355",
"\u2014"
],
[
"Real estate owned, held-for-investment, net",
"360,425",
"338,595"
],
[
"Real estate owned assets, held-for-sale",
"132,571",
"130,188"
],
[
"Equity method investments",
"273,088",
"147,332"
],
[
"Investments in CMBS securities",
"26,800",
"\u2014"
],
[
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"1,241,299",
"505,230"
],
[
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"290,483",
"112,849"
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[
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"$ 6,464,643"
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[
"",
"",
""
],
[
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"",
""
],
[
"Liabilities",
"",
""
],
[
"Secured financing agreements, net",
"$ 3,024,096",
"$ 2,862,689"
],
[
"Collateralized loan obligations, net",
"660,342",
"1,198,332"
],
[
"Secured term loan, net",
"630,424",
"632,516"
],
[
"Real estate owned liabilities, held-for-sale",
"3,039",
"3,867"
],
[
"Consolidated variable interest entities liabilities, CMBS trusts, at fair value",
"1,216,917",
"496,060"
],
[
"Due to related parties",
"7,197",
"6,506"
],
[
"Other liabilities",
"26,969",
"39,469"
],
[
"Total Liabilities",
"5,568,984",
"5,239,439"
],
[
"",
"",
""
],
[
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"\u2014",
"\u2014"
],
[
"",
"",
""
],
[
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"",
""
],
[
"Preferred Stock, $0.01 par value, 50,000,000 shares authorized",
"",
""
],
[
"Series A cumulative redeemable preferred stock, (13,110,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025); liquidation preference of $327,750, or $25.00 per share",
"131",
"131"
],
[
"Common stock, $0.01 par value, 300,000,000 authorized (60,929,760 issued and 58,577,948 outstanding as of June 30, 2026; 65,488,680 issued and 64,367,737 outstanding as of December 31, 2025, respectively)",
"609",
"644"
],
[
"Additional paid-in capital",
"1,659,313",
"1,687,168"
],
[
"Accumulated deficit",
"(711,732)",
"(506,130)"
],
[
"Repurchased stock (2,351,812 and 1,120,943 shares repurchased as of June 30, 2026 and December 31, 2025, respectively)",
"(16,552)",
"(9,263)"
],
[
"Total KKR Real Estate Finance Trust Inc. Stockholders' Equity",
"931,769",
"1,172,550"
],
[
"Noncontrolling interests in equity of consolidated joint ventures",
"58,530",
"52,654"
],
[
"Total Equity",
"990,299",
"1,225,204"
],
[
"Total Liabilities and Equity",
"$ 6,559,283",
"$ 6,464,643"
]
],
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"March 31, 2026",
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"text": "**\"Distributable Earnings (Loss)\"**: The Company defines Distributable Earnings as net income (loss) attributable to common stockholders or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items agreed upon after discussions between the Company\u2019s Manager and board of directors and after approval by a majority of the independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent the Company forecloses upon the property or properties underlying such debt investments. ",
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"text": "Distributable Earnings should not be considered as a substitute for GAAP net income or taxable income. The Company cautions readers that its methodology for\ncalculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and\nas a result, the Company\u2019s reported Distributable Earnings may not be comparable to similar measures presented by other REITs.\n",
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"text": "**LEED:** LEED is the most widely used green building rating system in the world. LEED certification provides independent verification of a building or neighborhood\u2019s green features, allowing for the design, construction, operations and maintenance of resource-efficient, high-performing, healthy, cost-effective buildings. ",
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