{
 "markdown": "Portfolio Credit Quality Overview\n\n\n<figure type=\"CHART\">\n\n<description>The figure presents two grouped bar charts comparing Loan-to-Value (LTV) distributions for 1Q '26 and 2Q '26. Each chart displays the percentage of loans within specific LTV ranges (0-60%, 60-65%, 65-70%, 70-75%, 75-80%) and includes a calculated Weighted Average LTV. The charts are vertically stacked, with 1Q '26 at the top and 2Q '26 at the bottom.</description><table><thead><tr><th>Quarter</th><th>0 - 60%</th><th>60 - 65%</th><th>65 - 70%</th><th>70 - 75%</th><th>75 - 80%</th><th>Weighted Average LTV</th></tr></thead><tbody><tr><td>1Q '26</td><td>24%</td><td>15%</td><td>16%</td><td>37%</td><td>8%</td><td>66%</td></tr><tr><td>2Q '26</td><td>24%</td><td>11%</td><td>16%</td><td>39%</td><td>10%</td><td>66%</td></tr></tbody></table></figure>\n\n<figure type=\"CHART\">\n\n<description>The figure presents two stacked bar charts under the title 'Risk Rating Distribution', comparing loan count distributions across five risk rating categories (1-5). Both charts display a similar weighted average risk rating of 3.3. The top chart shows data with loan counts of 0, 2, 41, 4, and 4 for ratings 1 through 5, respectively, with corresponding percentages of 0%, 6%, 74%, 6%, and 14%. The bottom chart shows data with loan counts of 0, 2, 39, 1, and 5 for ratings 1 through 5, respectively, with corresponding percentages of 0%, 6%, 78%, 1%, and 15%.</description><table><thead><tr><th>Risk Rating</th><th>Top Chart Loan Count</th><th>Top Chart Percentage</th><th>Bottom Chart Loan Count</th><th>Bottom Chart Percentage</th></tr></thead><tbody><tr><td>1</td><td>0</td><td>0%</td><td>0</td><td>0%</td></tr><tr><td>2</td><td>2</td><td>6%</td><td>2</td><td>6%</td></tr><tr><td>3</td><td>41</td><td>74%</td><td>39</td><td>78%</td></tr><tr><td>4</td><td>4</td><td>6%</td><td>1</td><td>1%</td></tr><tr><td>5</td><td>4</td><td>14%</td><td>5</td><td>15%</td></tr></tbody></table>\n\n<description>The weighted average risk rating for both distributions is 3.3.</description></figure>\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\n\n\nKREF\n\n\n11\n\n<!-- doc_id=parse-01m38pm66cnvc3k2pxf9h6cj8f -->",
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