{
 "markdown": "2Q'26 Portfolio Activity\n\n\n<figure type=\"CHART\">\n\n<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).</description><table><thead><tr><th>Category</th><th>1Q'26 Portfolio</th><th>Fundings</th><th>Repayments</th><th>Other(1)</th><th>2Q'26 Portfolio</th></tr></thead><tbody><tr><td>Top Segment</td><td>$384</td><td>-</td><td>-</td><td>-</td><td>$365</td></tr><tr><td>Middle Segment</td><td>$606</td><td>-</td><td>-</td><td>-</td><td>$748</td></tr><tr><td>Base Segment</td><td>$5,119</td><td>-</td><td>-</td><td>-</td><td>$4,501</td></tr><tr><td>Adjustments</td><td>-</td><td>$359</td><td>($807)</td><td>($171)</td><td>-</td></tr><tr><td>Total</td><td>$6,110</td><td>-</td><td>-</td><td>-</td><td>$5,615</td></tr></tbody></table></figure>\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\n\n\n<figure type=\"DIAGRAM\">\n\n<description>The figure is a legend consisting of three items, stacked vertically, which identify different categories of financial assets or obligations.</description> <table><thead><tr><th>Symbol</th><th>Label</th></tr></thead><tbody><tr><td>[ ] (dashed blue border, light grey fill)</td><td>Future Funding Obligations(2)</td></tr><tr><td>[\u25a0] (solid grey square)</td><td>Real Estate Assets, CMBS Investments & Other</td></tr><tr><td>[\u25a0] (solid purple square)</td><td>Loan Portfolio Principal</td></tr></tbody></table></figure>\n\nKREF\n\n\n24\n\n<!-- doc_id=parse-01m38pmssv4gz717jh0r2srktg -->",
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