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        "text": "UNITED STATES",
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        "text": "SECURITIES AND EXCHANGE COMMISSION",
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        "text": "Washington, D.C. 20549",
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        "text": "FORM 10-Q",
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        "text": "\u2612",
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        "text": "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934",
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        "text": "For the quarterly period ended March 31, 2026 ",
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        "text": "\u2610",
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        "text": "TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934",
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        "text": "For the transition period from ________________ to ________________",
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        "text": "Commission File Number: 001-38082",
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        "text": "KKR Real Estate Finance Trust Inc.",
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      {
        "text": "(Exact name of registrant as specified in its charter)",
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        "text": "Maryland",
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        "text": "47-2009094",
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        "text": "(State or other jurisdiction of incorporation or organization)",
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        "text": "(I.R.S. Employer Identification No.)",
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      {
        "text": "30 Hudson Yards,",
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        "text": "Suite 7500",
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        "text": "New York,",
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        "text": "NY",
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        "text": "10001",
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        "text": "(Address of principal executive offices)",
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        "text": "(Zip Code)",
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      {
        "text": "(212) 750-8300",
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        "text": "(Registrant's telephone number, including area code)",
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      {
        "text": "Securities registered pursuant to Section 12(b) of the Act:",
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      {
        "text": "Title of each class",
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      {
        "text": "Trading Symbol(s)",
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      {
        "text": "Name of each exchange on which registered",
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        "text": "Common stock, par value $0.01 per share",
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      {
        "text": "KREF",
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      {
        "text": "New York Stock Exchange",
        "box": [
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      {
        "text": "6.50% Series A Cumulative Redeemable Preferred Stock, ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "par value $0.01 per share",
        "box": [
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      {
        "text": "KREF PRA",
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      {
        "text": "New York Stock Exchange",
        "box": [
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      {
        "text": "Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during ",
        "box": [
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      {
        "text": "the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for ",
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      {
        "text": "the past 90 days. ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          481.5,
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        "from_ocr": false,
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      {
        "text": " Yes ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
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      {
        "text": " No",
        "box": [
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      {
        "text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of ",
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        "confidence": 1.0
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      {
        "text": "Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ",
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        "confidence": 1.0
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      {
        "text": "\u2612",
        "box": [
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      {
        "text": " Yes ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u2610",
        "box": [
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      {
        "text": " No",
        "box": [
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        "text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an ",
        "box": [
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      {
        "text": "emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company\" and \"emerging growth company\" in ",
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      {
        "text": "Rule 12b-2 of the Exchange Act.",
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        "text": " ",
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        "text": "Large accelerated filer ",
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        "text": "\u2610",
        "box": [
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      {
        "text": " ",
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        "confidence": 1.0
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        "text": "Accelerated filer ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          481.5,
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          612.72748
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Non-accelerated filer  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
          319.50003,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Smaller reporting company ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2610",
        "box": [
          481.5,
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          487.748,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.75,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          49.5,
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          51.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          85.5,
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          87.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Emerging growth company ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
          481.5,
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          487.748,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          487.75,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
          481.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2610",
        "box": [
          481.5,
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          487.748,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " Yes ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2612",
        "box": [
          517.5,
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        "from_ocr": false,
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      {
        "text": " No",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The number of shares of the registrant's common stock, par value $0.01 per share, outstanding as of April 20, 2026 was 64,300,417.",
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      {
        "text": "KKR",
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        "from_ocr": true,
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      {
        "text": "REAL ESTATE",
        "box": [
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        "from_ocr": true,
        "confidence": 0.99918
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      {
        "text": "FINANCE TRUST",
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        "from_ocr": true,
        "confidence": 0.99974
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  {
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    "cells": [
      {
        "text": "KKR REAL ESTATE FINANCE TRUST INC.",
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      {
        "text": "FORM 10-Q",
        "box": [
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      {
        "text": "FOR THE QUARTER ENDED March 31, 2026",
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      {
        "text": "INDEX",
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      {
        "text": "PAGE",
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      {
        "text": "Part I - Financial Information",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          555.87,
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          559.87,
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      {
        "text": "Item 1. Condensed Consolidated Financial Statements (Unaudited)",
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        "text": "5",
        "box": [
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      {
        "text": "Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2026 and December 31, 2025",
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        "text": "5",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Condensed Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2026 and 2025",
        "box": [
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        "confidence": 1.0
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      {
        "text": "6",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2026 and 2025",
        "box": [
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        "confidence": 1.0
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      {
        "text": "7",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2026 and 2025",
        "box": [
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        "confidence": 1.0
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      {
        "text": "8",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Notes to Condensed Consolidated Financial Statements (Unaudited)",
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        "confidence": 1.0
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      {
        "text": "10",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations",
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        "confidence": 1.0
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      {
        "text": "51",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Item 3. Quantitative and Qualitative Disclosures about Market Risk",
        "box": [
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        "confidence": 1.0
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      {
        "text": "75",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Item 4. Controls and Procedures",
        "box": [
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      {
        "text": "77",
        "box": [
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      {
        "text": "Part II - Other Information",
        "box": [
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        "text": "78",
        "box": [
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      {
        "text": "Item 1. Legal Proceedings",
        "box": [
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        "text": "78",
        "box": [
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      {
        "text": "Item 1A. Risk Factors",
        "box": [
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      {
        "text": "78",
        "box": [
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      {
        "text": "Item 2. Unregistered Sales of Equity Securities and Use of Proceeds",
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        "confidence": 1.0
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      {
        "text": "78",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Item 3. Defaults Upon Senior Securities",
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        "confidence": 1.0
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      {
        "text": "78",
        "box": [
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      {
        "text": "Item 4. Mine Safety Disclosures",
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        "confidence": 1.0
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      {
        "text": "78",
        "box": [
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      {
        "text": "Item 5. Other Information",
        "box": [
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        "confidence": 1.0
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      {
        "text": "78",
        "box": [
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      {
        "text": "Item 6. Exhibits",
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      {
        "text": "79",
        "box": [
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      {
        "text": "Signatures",
        "box": [
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        "confidence": 1.0
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      {
        "text": "80",
        "box": [
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  {
    "page_no": 3,
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    "cells": [
      {
        "text": "CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS",
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      {
        "text": "This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities ",
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      {
        "text": "Act of 1933, as amended (the \"Securities Act\"), and Section 21E of the Securities Exchange Act of 1934, as amended (the ",
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      {
        "text": "'Exchange  Act'),  which  reflect  our  current  views  with  respect  to,  among  other  things,  our  operations  and  financial ",
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        "confidence": 1.0
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      {
        "text": "performance. You can identify these forward-looking statements by the use of words such as \"outlook,\" \"believe,\" \"expect,\" ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\"potential,\" \"continue,\" \"may,\" \"should,\" \"seek,\" \"approximately,\" \"predict,\" \"intend,\" \"will,\" \"plan,\" \"estimate,\" \"anticipate,\" ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are ",
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        "confidence": 1.0
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      {
        "text": "difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will ",
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        "confidence": 1.0
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      {
        "text": "result  or  be  achieved  and  actual  results  may  vary  materially  from  what  is  expressed  in  or  indicated  by  the  forward-looking ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "statements.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "There are many factors that may cause our actual results to differ materially from the forward-looking statements, including ",
        "box": [
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      {
        "text": "factors set forth under Part I, Item 1A. \"Risk Factors\" in our Annual Report on Form 10-K for the fiscal year ended December ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "31, 2025 (the \"Form 10-K\") and Part I, Item 2. \"Management's Discussion and Analysis of Financial Condition and Results of ",
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      {
        "text": "Operations\" in this Form 10-Q, as such factors may be updated from time to time in our other periodic filings with the SEC, ",
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        "confidence": 1.0
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      {
        "text": "which  are  accessible  on  the  SEC's  website  at  www.sec.gov  and  on  the  investor  relations  section  of  our  website  at ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "www.kkrreit.com. You should evaluate all forward-looking statements made in this Form 10-Q in the context of these risks and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "uncertainties.",
        "box": [
          49.5,
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        "confidence": 1.0
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      {
        "text": "We caution you that the risks, uncertainties and other factors referenced below may not contain all of the risks, uncertainties ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and  other  factors  that  are  important  to  you.  In  addition,  we  cannot  assure  you  that  we  will  realize  the  results,  benefits  or ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "or our business in the way expected. All forward-looking statements in this Form 10-Q apply only as of the date made and are ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "expressly qualified in their entirety by the cautionary statements included in this Form 10-Q and in other filings we make with ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "the SEC. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "or circumstances, except as required by law.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Except where the context requires otherwise, the terms \"Company,\" \"we,\" \"us,\" \"our\" and \"KREF\" refer to KKR Real Estate ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Finance Trust Inc., a Maryland corporation, and its subsidiaries; \"Manager\" refers to KKR Real Estate Finance Manager LLC, a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Delaware limited liability company, our external manager; and \"KKR\" refers to KKR & Co. Inc., a Delaware corporation, and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its subsidiaries.",
        "box": [
          49.5,
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        "confidence": 1.0
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      {
        "text": "SUMMARY OF MATERIAL RISKS",
        "box": [
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      {
        "text": "The  following  is  a  summary  of  the  risk  factors  associated  with  investing  in  our  securities.  You  should  read  this  summary ",
        "box": [
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        "text": "together with a more detailed description of these risks in the \"Risk Factors\" section of this report and in other filings that we ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "make from time to time with the SEC.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the general political, economic, competitive, and other conditions in the United States and in any foreign jurisdictions ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "in which we invest and their impact on our loan portfolio, financial condition and business operations;",
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        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fluctuations  in  interest  rates  and  credit  spreads  could  reduce  our  ability  to  generate  income  on  our  loans  and  other ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "investments, which could lead to a significant decrease in our results of operations, cash flows and the market value of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our investments and could materially impair our ability to pay distributions to our stockholders;",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
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          71.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "adverse developments in the real estate and real estate capital markets could negatively impact our performance; ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
          67.5,
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          71.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adverse  legislative  or  regulatory  developments,  including  with  respect  to  tax  laws,  securities  laws,  and  the  laws ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "governing financial and lending institutions;",
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "adverse developments in the availability of attractive loan and other investment opportunities whether they are due to ",
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      {
        "text": "competition, regulation or otherwise, could adversely affect our results of operations;",
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        "from_ocr": false,
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      {
        "text": "Table of Contents",
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  {
    "page_no": 4,
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    "cells": [
      {
        "text": "\u2022",
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        "confidence": 1.0
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        "text": "adverse  economic trends and changes in economic conditions, including as a result of heightened inflation, slower ",
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        "text": "growth or recession, changes to fiscal and monetary policy, higher interest rates, increased tariffs and trade tensions, ",
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      {
        "text": "geopolitical conditions, labor shortages, currency fluctuations and challenges in global supply chains;",
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "events giving rise to increases in our current expected credit loss reserve;",
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
          67.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "reduced demand for office, multifamily or retail space, and/or hybrid work schedules which allow work from remote ",
        "box": [
          85.5,
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      {
        "text": "locations other than the employer's office premises;",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our  results  of  operations,  financial  condition,  liquidity  position,  and  business  could  be  adversely  impacted  if  we ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "experience (i) difficulty accessing financing or raising capital, including due to a significant dislocation in or shut-",
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      {
        "text": "down  of  the  capital  markets,  (ii)  a  reduction  in  the  yield  on  our  investments,  (iii)  an  increase  in  the  cost  of  our ",
        "box": [
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      {
        "text": "financing,  (iv)  an  inability  to  borrow  incremental  amounts  or  an  obligation  to  repay  amounts  under  our  financing ",
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        "text": "arrangements, or (v) defaults by borrowers in paying debt service on outstanding loans; ",
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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      {
        "text": "deterioration  in  the  performance  of  the  properties  securing  our  investments  that  may  cause  deterioration  in  the ",
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      {
        "text": "performance of our investments, adversely impact certain of our financing arrangements and our liquidity, risks in ",
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      {
        "text": "collection of contractual interest payments, and potentially, principal losses to us;",
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "difficulty or delays in redeploying the proceeds from repayments of our existing investments may cause our financial ",
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        "confidence": 1.0
      },
      {
        "text": "performance to decline;",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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          71.0,
          352.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acts of God such as hurricanes, earthquakes and other natural disasters, pandemics, acts of war and/or terrorism and ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "other events that may cause unanticipated and uninsured performance declines and/or losses to us or the owners and ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "operators of the real estate securing our investments;",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increased competition from entities engaged in mortgage lending and/or investing in our target assets;",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.5,
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          71.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "special risks of loans and investments involving international real estate-related assets;",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.5,
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          71.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conflicts with KKR and its related parties, including our Manager, could result in decisions that are not in the best ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "interests of our stockholders;",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.5,
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          71.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we are dependent on our Manager and its access to KKR's investment professionals and resources. We may not find a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "suitable  replacement  for  the  Manager  if  the  Management  Agreement  is  terminated,  or  if  key  personnel  leave  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "employment of KKR or otherwise become unavailable to us;",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our qualification as a real estate investment trust (\"REIT\") for U.S. federal income tax purposes and our exclusion ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "from registration under the Investment Company Act of 1940, as amended (the \"Investment Company Act\"); and",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "authoritative accounting principles generally accepted in the United States of America (\"GAAP\") or policy changes ",
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        "from_ocr": false,
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      {
        "text": "from such standard-setting bodies such as the Financial Accounting Standards Board (the \"FASB\"), the Securities and ",
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        "confidence": 1.0
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      {
        "text": "Exchange Commission (the \"SEC\"), the Internal Revenue Service, the New York Stock Exchange and other authorities ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "that we are subject to, as well as their counterparts in any foreign jurisdictions where we might do business.",
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      },
      {
        "text": "Table of Contents",
        "box": [
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  {
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      {
        "text": "PART I - FINANCIAL INFORMATION",
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      {
        "text": "ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS",
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      {
        "text": "KKR Real Estate Finance Trust Inc. and Subsidiaries",
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      {
        "text": " ",
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      {
        "text": " Condensed Consolidated",
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      {
        "text": " ",
        "box": [
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      {
        "text": "Balance Sheets (Unaudited)",
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      },
      {
        "text": "(Amounts in thousands, except share and per share data)",
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      {
        "text": "March 31, 2026",
        "box": [
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      {
        "text": "December 31, 2025",
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      {
        "text": "Assets",
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      {
        "text": "Cash and cash equivalents",
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      {
        "text": "$ ",
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      {
        "text": "135,437 ",
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      {
        "text": "$ ",
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      {
        "text": "84,617 ",
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      {
        "text": "Commercial real estate loans, held-for-investment",
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      {
        "text": " ",
        "box": [
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        "text": "4,885,906 ",
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        "text": " ",
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      {
        "text": "5,347,756 ",
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      {
        "text": "Less: Allowance for credit losses",
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        "text": " ",
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      {
        "text": "(258,679) ",
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      {
        "text": " ",
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      {
        "text": "(201,924) ",
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        "text": "Commercial real estate loans, held-for-investment, net",
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      {
        "text": " ",
        "box": [
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        "text": "4,627,227 ",
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      {
        "text": " ",
        "box": [
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      {
        "text": "5,145,832 ",
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        "text": "Commercial real estate loan, held-for-sale",
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      {
        "text": " ",
        "box": [
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      {
        "text": "219,990 ",
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      {
        "text": " ",
        "box": [
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      {
        "text": "- ",
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      },
      {
        "text": "Real estate owned, held for investment, net",
        "box": [
          58.88,
          253.7010454,
          214.3550000000001,
          261.1065123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          253.7010454,
          402.38,
          261.1065123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "340,002 ",
        "box": [
          445.508,
          253.7010454,
          477.008,
          261.1065123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          253.7010454,
          486.38,
          261.1065123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "338,595 ",
        "box": [
          529.508,
          253.7010454,
          561.008,
          261.1065123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned assets, held for sale",
        "box": [
          58.88,
          266.4510454,
          196.5980000000001,
          273.8565123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          266.4510454,
          402.38,
          273.8565123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131,595 ",
        "box": [
          445.508,
          266.4510454,
          477.008,
          273.8565123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          266.4510454,
          486.38,
          273.8565123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130,188 ",
        "box": [
          529.508,
          266.4510454,
          561.008,
          273.8565123005644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity method investments",
        "box": [
          58.88,
          279.2010154000001,
          157.38500000000002,
          286.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          279.2010154000001,
          402.38,
          286.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147,290 ",
        "box": [
          445.508,
          279.2010154000001,
          477.008,
          286.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          279.2010154000001,
          486.38,
          286.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147,332 ",
        "box": [
          529.508,
          279.2010154000001,
          561.008,
          286.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in CMBS securities",
        "box": [
          58.88,
          291.9510154,
          175.13300000000007,
          299.35648230056444
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          291.9510154,
          402.38,
          299.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,800 ",
        "box": [
          450.008,
          291.9510154,
          477.008,
          299.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          291.9510154,
          486.38,
          299.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          549.758,
          291.9510154,
          561.008,
          299.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated variable interest entities assets, CMBS trusts, at fair value",
        "box": [
          58.88,
          304.7010154,
          316.61300000000017,
          312.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          304.7010154,
          402.38,
          312.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,272,193 ",
        "box": [
          438.758,
          304.7010154,
          477.008,
          312.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          304.7010154,
          486.38,
          312.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "505,230 ",
        "box": [
          529.508,
          304.7010154,
          561.008,
          312.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          58.88,
          317.4510154,
          102.61999999999999,
          324.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          317.4510154,
          402.38,
          324.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,561 ",
        "box": [
          450.008,
          317.4510154,
          477.008,
          324.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          317.4510154,
          486.38,
          324.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "112,849 ",
        "box": [
          529.508,
          317.4510154,
          561.008,
          324.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets",
        "box": [
          52.13,
          330.2010154,
          98.87600000000002,
          337.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          400.13,
          330.2010154,
          406.88,
          337.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,950,095 ",
        "box": [
          438.758,
          330.2010154,
          477.008,
          337.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          484.13,
          330.2010154,
          490.88,
          337.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,464,643 ",
        "box": [
          522.758,
          330.2010154,
          561.008,
          337.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities and Equity",
        "box": [
          52.13,
          358.7010154,
          135.65900000000002,
          366.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          52.13,
          371.4510154,
          90.64099999999999,
          378.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured financing agreements, net",
        "box": [
          58.88,
          384.2010154,
          182.84600000000006,
          391.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          400.13,
          384.2010154,
          406.88,
          391.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,801,204 ",
        "box": [
          438.758,
          384.2010154,
          477.008,
          391.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          484.13,
          384.2010154,
          490.88,
          391.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,862,689 ",
        "box": [
          522.758,
          384.2010154,
          561.008,
          391.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized loan obligations, net",
        "box": [
          58.88,
          396.9510154,
          184.871,
          404.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          396.9510154,
          402.38,
          404.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,066,048 ",
        "box": [
          438.758,
          396.9510154,
          477.008,
          404.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          396.9510154,
          486.38,
          404.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,198,332 ",
        "box": [
          522.758,
          396.9510154,
          561.008,
          404.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured term loan, net",
        "box": [
          58.88,
          409.7010154,
          139.862,
          417.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          409.7010154,
          402.38,
          417.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "631,478 ",
        "box": [
          445.508,
          409.7010154,
          477.008,
          417.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          409.7010154,
          486.38,
          417.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "632,516 ",
        "box": [
          529.508,
          409.7010154,
          561.008,
          417.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned liabilities, held for sale",
        "box": [
          58.88,
          422.4510154,
          209.10800000000015,
          429.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          422.4510154,
          402.38,
          429.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,970 ",
        "box": [
          454.508,
          422.4510154,
          477.008,
          429.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          422.4510154,
          486.38,
          429.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,867 ",
        "box": [
          538.508,
          422.4510154,
          561.008,
          429.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated variable interest entities liabilities, CMBS trusts, at fair value",
        "box": [
          58.88,
          435.2010154,
          329.1230000000002,
          442.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          435.2010154,
          402.38,
          442.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,247,858 ",
        "box": [
          438.758,
          435.2010154,
          477.008,
          442.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          435.2010154,
          486.38,
          442.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "496,060 ",
        "box": [
          529.508,
          435.2010154,
          561.008,
          442.60648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due to related parties",
        "box": [
          58.88,
          447.9510154,
          136.10899999999998,
          455.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          447.9510154,
          402.38,
          455.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,515 ",
        "box": [
          454.508,
          447.9510154,
          477.008,
          455.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          447.9510154,
          486.38,
          455.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,506 ",
        "box": [
          538.508,
          447.9510154,
          561.008,
          455.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          58.88,
          460.7010154,
          115.12999999999995,
          468.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          460.7010154,
          402.38,
          468.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,134 ",
        "box": [
          450.008,
          460.7010154,
          477.008,
          468.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          460.7010154,
          486.38,
          468.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,469 ",
        "box": [
          534.008,
          460.7010154,
          561.008,
          468.10648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          52.13,
          473.4510154,
          113.39299999999999,
          480.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          473.4510154,
          402.38,
          480.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,797,207 ",
        "box": [
          438.758,
          473.4510154,
          477.008,
          480.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          473.4510154,
          486.38,
          480.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,239,439 ",
        "box": [
          522.758,
          473.4510154,
          561.008,
          480.85648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments and Contingencies (Note 13)",
        "box": [
          52.13,
          501.9510154,
          217.1090000000001,
          509.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          501.9510154,
          402.38,
          509.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          465.758,
          501.9510154,
          477.008,
          509.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          501.9510154,
          486.38,
          509.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          549.758,
          501.9510154,
          561.008,
          509.35648230056444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          52.13,
          530.4509854,
          78.14,
          537.8564523005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred Stock, $0.01 par value, 50,000,000 shares authorized",
        "box": [
          58.13,
          543.2009854,
          284.49001000000004,
          550.6064523005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Series A cumulative redeemable preferred stock, (13,110,000 shares issued and ",
        "box": [
          64.13,
          556.8510154,
          352.1469999999999,
          564.2564823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding as of March 31, 2026 and December 31, 2025); liquidation preference of ",
        "box": [
          64.13,
          567.6510054,
          372.223,
          575.0564723005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$327,750, or $25.00 per share",
        "box": [
          64.13,
          578.4509854,
          171.85300000000007,
          585.8564523005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          578.4509854,
          402.38,
          585.8564523005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131 ",
        "box": [
          461.258,
          578.4509854,
          477.008,
          585.8564523005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          578.4509854,
          486.38,
          585.8564523005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131 ",
        "box": [
          545.258,
          578.4509854,
          561.008,
          585.8564523005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock, $0.01 par value, 300,000,000 authorized (64,275,643 shares issued and ",
        "box": [
          58.13,
          592.1010154,
          375.5169999999998,
          599.5064823005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding as of March 31, 2026; 65,488,680 shares issued and 64,367,737 shares ",
        "box": [
          58.13,
          602.9010054,
          358.7610199999999,
          610.3064723005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding as of  December 31, 2025)",
        "box": [
          58.13,
          613.7009854,
          197.78701,
          621.1064523005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          613.7009854,
          402.38,
          621.1064523005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "643 ",
        "box": [
          461.258,
          613.7009854,
          477.008,
          621.1064523005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          613.7009854,
          486.38,
          621.1064523005645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "644 ",
        "box": [
          545.258,
          613.7009854,
          561.008,
          621.1064523005645
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Additional paid-in capital",
        "box": [
          58.88,
          626.4509854,
          151.37300000000002,
          633.8564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          626.4509854,
          402.38,
          633.8564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,678,950 ",
        "box": [
          438.758,
          626.4509854,
          477.008,
          633.8564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          626.4509854,
          486.38,
          633.8564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,687,168 ",
        "box": [
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          561.008,
          633.8564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated deficit",
        "box": [
          58.88,
          639.2009854,
          132.11299999999997,
          646.6064523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          639.2009854,
          402.38,
          646.6064523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(584,080) ",
        "box": [
          442.52,
          639.2009854,
          480.014,
          646.6064523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          639.2009854,
          486.38,
          646.6064523005645
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(506,130) ",
        "box": [
          526.52,
          639.2009854,
          564.0139999999999,
          646.6064523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchased stock (1,120,943 shares repurchased as of December 31, 2025)",
        "box": [
          57.38,
          651.9509854,
          332.13701000000003,
          659.3564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          651.9509854,
          402.38,
          659.3564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          465.758,
          651.9509854,
          477.008,
          659.3564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          651.9509854,
          486.38,
          659.3564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,263) ",
        "box": [
          535.52,
          651.9509854,
          564.0139999999999,
          659.3564523005645
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        "from_ocr": false,
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      },
      {
        "text": "Total KKR Real Estate Finance Trust Inc. Stockholders' Equity",
        "box": [
          63.38,
          664.7009854,
          309.6380000000001,
          672.1064523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          664.7009854,
          402.38,
          672.1064523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,095,644 ",
        "box": [
          438.758,
          664.7009854,
          477.008,
          672.1064523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          664.7009854,
          486.38,
          672.1064523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,172,550 ",
        "box": [
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          664.7009854,
          561.008,
          672.1064523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Noncontrolling interests in equity of consolidated joint ventures",
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          58.13,
          677.4509854,
          288.3680000000001,
          684.8564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          677.4509854,
          402.38,
          684.8564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57,244 ",
        "box": [
          450.008,
          677.4509854,
          477.008,
          684.8564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
          677.4509854,
          486.38,
          684.8564523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52,654 ",
        "box": [
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          561.008,
          684.8564523005645
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total Equity",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.13,
          690.2009854,
          402.38,
          697.6064523005645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,152,888 ",
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          477.008,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,225,204 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Total Liabilities and Equity",
        "box": [
          52.13,
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          702.9509854,
          406.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,950,095 ",
        "box": [
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          477.008,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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      {
        "text": "6,464,643 ",
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      {
        "text": "See Notes to Condensed Consolidated Financial Statements.",
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          290.61,
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      {
        "text": "Table of Contents",
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      {
        "text": "5",
        "box": [
          303.5,
          769.728886,
          308.5,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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  {
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    "cells": [
      {
        "text": "KKR Real Estate Finance Trust Inc. and Subsidiaries",
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      {
        "text": " ",
        "box": [
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      {
        "text": " Condensed Consolidated Statements of Income (Unaudited)",
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      {
        "text": "(Amounts in thousands, except share and per share data)",
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      {
        "text": "Three Months Ended March 31,",
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      {
        "text": "2026",
        "box": [
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      {
        "text": "2025",
        "box": [
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      {
        "text": "Net Interest Income",
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      {
        "text": "Interest income",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          409.13,
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          415.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "95,906 ",
        "box": [
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          480.005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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      {
        "text": "113,967 ",
        "box": [
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      {
        "text": "Interest expense",
        "box": [
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "69,717 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "82,626 ",
        "box": [
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      {
        "text": "Total net interest income",
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      },
      {
        "text": " ",
        "box": [
          409.13,
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          411.38,
          200.20649230056438
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "26,189 ",
        "box": [
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          480.005,
          200.20649230056438
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.13,
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          489.38,
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        "confidence": 1.0
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      {
        "text": "31,341 ",
        "box": [
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      {
        "text": "Other Income",
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      {
        "text": "Revenue from real estate owned operations",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          411.38,
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        "confidence": 1.0
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      {
        "text": "4,944 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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      {
        "text": "2,889 ",
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        "text": "Income (loss) from equity method investments",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "657 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "(201) ",
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      {
        "text": "Change in net assets of consolidated variable interest entities, CMBS trusts",
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          329.11400000000015,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          411.38,
          265.4564923005644
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "439 ",
        "box": [
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          480.005,
          265.4564923005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          558.005,
          265.4564923005644
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Gain (loss) on foreign currency translation",
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          212.09600000000012,
          278.2064923005644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          411.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(5,377) ",
        "box": [
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          483.011,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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          558.005,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Gain (loss) on foreign currency forward contracts",
        "box": [
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          237.32300000000015,
          290.95649230056443
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6,853 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other miscellaneous income",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "894 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1,187 ",
        "box": [
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      {
        "text": "Total other income",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8,410 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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      {
        "text": "3,875 ",
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      {
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      {
        "text": "5,474 ",
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        "text": "Management fee to related parties",
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      {
        "text": " ",
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      {
        "text": "5,797 ",
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      {
        "text": " ",
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      {
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      {
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      {
        "text": "(57,159) ",
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      {
        "text": " ",
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      {
        "text": "(5,749) ",
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      {
        "text": " ",
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      {
        "text": "- ",
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      {
        "text": " ",
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      {
        "text": "- ",
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      {
        "text": " ",
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      {
        "text": "(57,159) ",
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      {
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      {
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      {
        "text": " ",
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      {
        "text": "(1,019) ",
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      {
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      {
        "text": "(888) ",
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      {
        "text": "(4,861) ",
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      {
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      {
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      {
        "text": "$ ",
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        "text": " ",
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        "text": "See Notes to Condensed Consolidated Financial Statements.",
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        "text": "Table of Contents",
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1,095,644 ",
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        "from_ocr": false,
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        "text": "Trust Inc. ",
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        "from_ocr": false,
        "confidence": 1.0
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          141.695,
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        "from_ocr": false,
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      {
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      {
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        "from_ocr": false,
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        "text": "  68,713,596 ",
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      {
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      {
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "1,345,030 ",
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        "from_ocr": false,
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      {
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          654.38,
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      {
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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      {
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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      {
        "text": "(889,100) ",
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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      {
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        "from_ocr": false,
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        "from_ocr": false,
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      {
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "from_ocr": false,
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      {
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        "from_ocr": false,
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        "text": "(9,831) ",
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "- ",
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        "text": "(363) ",
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        "text": "(363) ",
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        "text": "Balance at March 31, 2025",
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      {
        "text": "$ ",
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        "text": "  67,824,496 ",
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      {
        "text": "$ ",
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        "text": "678 ",
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      {
        "text": "$  1,706,988 ",
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      {
        "text": "$ ",
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        "text": "(397,977) ",
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        "text": "$ ",
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        "text": "$ ",
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        "text": "1,309,820 ",
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        "text": "$ ",
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        "text": "53,735 ",
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      {
        "text": "$  1,363,555 ",
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      {
        "text": "See Notes to Condensed Consolidated Financial Statements.",
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        "text": "Table of Contents",
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        "text": "7",
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      {
        "text": "KKR Real Estate Finance Trust Inc. and Subsidiaries",
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        "text": "Condensed Consolidated Statements of Cash Flows (Unaudited)",
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        "text": "(Amounts in thousands)",
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        "confidence": 1.0
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      {
        "text": "Loss (gain) on foreign currency forward contract",
        "box": [
          63.75,
          285.3331248,
          220.13399999999987,
          291.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          285.3331248,
          401.75,
          291.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,853) ",
        "box": [
          454.046,
          285.3331248,
          479.37399999999997,
          291.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          285.3331248,
          485.75,
          291.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          550.71,
          285.3331248,
          560.71,
          291.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in operating assets and liabilities:",
        "box": [
          58.5,
          297.3331248,
          194.71599999999987,
          303.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets related to real estate owned, held for sale, net of liabilities",
        "box": [
          63.75,
          309.3331248,
          271.93399999999986,
          315.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          309.3331248,
          401.75,
          315.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,749) ",
        "box": [
          454.046,
          309.3331248,
          479.37399999999997,
          315.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          309.3331248,
          485.75,
          315.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(497) ",
        "box": [
          544.046,
          309.3331248,
          563.374,
          315.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable, net",
        "box": [
          63.75,
          321.3331248,
          165.046,
          327.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          321.3331248,
          401.75,
          327.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,762) ",
        "box": [
          454.046,
          321.3331248,
          479.37399999999997,
          327.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          321.3331248,
          485.75,
          327.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "787 ",
        "box": [
          546.71,
          321.3331248,
          560.71,
          327.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          63.75,
          333.3331248,
          102.63000000000001,
          339.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          333.3331248,
          401.75,
          339.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,782) ",
        "box": [
          454.046,
          333.3331248,
          479.37399999999997,
          339.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          333.3331248,
          485.75,
          339.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,482) ",
        "box": [
          538.046,
          333.3331248,
          563.374,
          339.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest payable",
        "box": [
          63.75,
          345.3331248,
          143.27800000000002,
          351.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          345.3331248,
          401.75,
          351.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,807 ",
        "box": [
          456.71,
          345.3331248,
          476.71,
          351.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          345.3331248,
          485.75,
          351.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,178) ",
        "box": [
          538.046,
          345.3331248,
          563.374,
          351.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Due to related parties",
        "box": [
          63.75,
          357.3331248,
          132.39800000000005,
          363.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          357.3331248,
          401.75,
          363.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(997) ",
        "box": [
          460.046,
          357.3331248,
          479.37399999999997,
          363.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          357.3331248,
          485.75,
          363.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(122) ",
        "box": [
          544.046,
          357.3331248,
          563.374,
          363.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          63.75,
          369.3331248,
          113.75000000000004,
          375.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          369.3331248,
          401.75,
          375.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,187 ",
        "box": [
          456.71,
          369.3331248,
          476.71,
          375.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          369.3331248,
          485.75,
          375.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,468 ",
        "box": [
          540.71,
          369.3331248,
          560.71,
          375.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by (used in) operating activities",
        "box": [
          52.5,
          381.3331248,
          223.30799999999985,
          387.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          381.3331248,
          401.75,
          387.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,144 ",
        "box": [
          452.71,
          381.3331248,
          476.71,
          387.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          381.3331248,
          485.75,
          387.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,916 ",
        "box": [
          536.71,
          381.3331248,
          560.71,
          387.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows From Investing Activities",
        "box": [
          52.5,
          405.3331248,
          180.4519999999999,
          411.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from principal repayments of commercial real estate loans",
        "box": [
          57.75,
          417.3331248,
          275.0219999999998,
          423.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          417.3331248,
          401.75,
          423.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "489,651 ",
        "box": [
          448.71,
          417.3331248,
          476.71,
          423.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          417.3331248,
          485.75,
          423.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "182,095 ",
        "box": [
          532.71,
          417.3331248,
          560.71,
          423.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Originations and fundings of commercial real estate loans",
        "box": [
          57.75,
          429.3331248,
          242.8299999999998,
          435.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          429.3331248,
          401.75,
          435.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(194,737) ",
        "box": [
          446.046,
          429.3331248,
          479.37399999999997,
          435.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          429.3331248,
          485.75,
          435.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(400,204) ",
        "box": [
          530.046,
          429.3331248,
          563.374,
          435.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital expenditures on real estate owned",
        "box": [
          57.75,
          441.3331248,
          191.27799999999996,
          447.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          441.3331248,
          401.75,
          447.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,941) ",
        "box": [
          454.046,
          441.3331248,
          479.37399999999997,
          447.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          441.3331248,
          485.75,
          447.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,282) ",
        "box": [
          538.046,
          441.3331248,
          563.374,
          447.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contributions to equity method investment, real estate asset",
        "box": [
          57.75,
          453.3331248,
          248.85399999999981,
          459.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          453.3331248,
          401.75,
          459.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(691) ",
        "box": [
          460.046,
          453.3331248,
          479.37399999999997,
          459.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          453.3331248,
          485.75,
          459.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,075) ",
        "box": [
          538.046,
          453.3331248,
          563.374,
          459.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payments for investments in CMBS securities",
        "box": [
          57.75,
          466.0831248,
          205.06999999999994,
          472.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          466.0831248,
          401.75,
          472.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,800) ",
        "box": [
          450.046,
          466.0831248,
          479.37399999999997,
          472.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          466.0831248,
          485.75,
          472.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          550.71,
          466.0831248,
          560.71,
          472.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment to acquire interest in consolidated CMBS trust",
        "box": [
          57.75,
          478.0831248,
          236.17399999999992,
          484.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          478.0831248,
          401.75,
          484.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,010) ",
        "box": [
          450.046,
          478.0831248,
          479.37399999999997,
          484.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          478.0831248,
          485.75,
          484.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          550.71,
          478.0831248,
          560.71,
          484.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net cash provided by (used in) investing activities",
        "box": [
          52.5,
          490.0831248,
          221.09199999999984,
          496.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          490.0831248,
          401.75,
          496.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,472 ",
        "box": [
          448.71,
          490.0831248,
          476.71,
          496.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          490.0831248,
          485.75,
          496.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(220,466) ",
        "box": [
          530.046,
          490.0831248,
          563.374,
          496.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows From Financing Activities",
        "box": [
          52.5,
          514.0831248,
          183.10799999999995,
          520.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from borrowings under secured financing agreements",
        "box": [
          57.75,
          526.0831248,
          259.90999999999985,
          532.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          526.0831248,
          401.75,
          532.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "239,677 ",
        "box": [
          448.71,
          526.0831248,
          476.71,
          532.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          526.0831248,
          485.75,
          532.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "603,390 ",
        "box": [
          532.71,
          526.0831248,
          560.71,
          532.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from issuance of secured term loan",
        "box": [
          57.75,
          538.0831248,
          200.8139999999999,
          544.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          538.0831248,
          401.75,
          544.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          466.71,
          538.0831248,
          476.71,
          544.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          538.0831248,
          485.75,
          544.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "209,813 ",
        "box": [
          532.71,
          538.0831248,
          560.71,
          544.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from noncontrolling interest contributions",
        "box": [
          57.75,
          550.0831248,
          223.06199999999984,
          556.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          550.0831248,
          401.75,
          556.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,609 ",
        "box": [
          456.71,
          550.0831248,
          476.71,
          556.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          550.0831248,
          485.75,
          556.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "774 ",
        "box": [
          546.71,
          550.0831248,
          560.71,
          556.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments on borrowings under secured financing agreements",
        "box": [
          57.75,
          562.0831248,
          291.246,
          568.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          562.0831248,
          401.75,
          568.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(300,147) ",
        "box": [
          446.046,
          562.0831248,
          479.37399999999997,
          568.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          562.0831248,
          485.75,
          568.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(377,004) ",
        "box": [
          530.046,
          562.0831248,
          563.374,
          568.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments on borrowings under collateralized loan obligations",
        "box": [
          57.75,
          574.0831248,
          292.5979999999999,
          580.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          574.0831248,
          401.75,
          580.6657620449462
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        "confidence": 1.0
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      {
        "text": "(132,245) ",
        "box": [
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          574.0831248,
          479.37399999999997,
          580.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          574.0831248,
          485.75,
          580.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(185,128) ",
        "box": [
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          574.0831248,
          563.374,
          580.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal repayments on borrowings under secured term loan",
        "box": [
          57.75,
          586.0831248,
          253.0379999999999,
          592.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          586.0831248,
          401.75,
          592.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,625) ",
        "box": [
          454.046,
          586.0831248,
          479.37399999999997,
          592.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          586.0831248,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          586.0831248,
          560.71,
          592.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payments of debt and collateralized debt obligation issuance costs",
        "box": [
          57.75,
          598.0831248,
          269.26999999999987,
          604.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          598.0831248,
          401.75,
          604.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,699) ",
        "box": [
          454.046,
          598.0831248,
          479.37399999999997,
          604.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          598.0831248,
          485.75,
          604.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,163) ",
        "box": [
          534.046,
          598.0831248,
          563.374,
          604.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payments of common stock dividends",
        "box": [
          57.75,
          610.0831248,
          179.51799999999997,
          616.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          399.75,
          610.0831248,
          401.75,
          616.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,092) ",
        "box": [
          450.046,
          610.0831248,
          479.37399999999997,
          616.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          610.0831248,
          485.75,
          616.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(17,178) ",
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          610.0831248,
          563.374,
          616.6657620449462
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        "from_ocr": false,
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      },
      {
        "text": "Payments of preferred stock dividends",
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          180.82999999999998,
          628.6657620449462
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        "from_ocr": false,
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      },
      {
        "text": " ",
        "box": [
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          622.0831248,
          401.75,
          628.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,326) ",
        "box": [
          454.046,
          622.0831248,
          479.37399999999997,
          628.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          622.0831248,
          485.75,
          628.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,326) ",
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          563.374,
          628.6657620449462
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        "from_ocr": false,
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      },
      {
        "text": "Payments to repurchase common stock",
        "box": [
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          182.61399999999998,
          640.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          634.0831248,
          401.75,
          640.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(762) ",
        "box": [
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          640.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.75,
          634.0831248,
          485.75,
          640.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(9,831) ",
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      {
        "text": "Net cash provided by (used in) financing activities",
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          222.41999999999985,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          646.0831248,
          401.75,
          652.6657620449462
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        "from_ocr": false,
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      {
        "text": "(212,610) ",
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          652.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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      {
        "text": "205,347 ",
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      {
        "text": "Net Increase in Cash, Cash Equivalents and Restricted Cash",
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        "confidence": 1.0
      },
      {
        "text": " ",
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          401.75,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "50,006 ",
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          476.71,
          676.6657620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "confidence": 1.0
      },
      {
        "text": "797 ",
        "box": [
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      {
        "text": "Cash, Cash Equivalents and Restricted Cash at Beginning of Period",
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          283.52399999999994,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          682.0831248,
          401.75,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "87,338 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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      {
        "text": "106,547 ",
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      {
        "text": "Cash, Cash Equivalents and Restricted Cash at End of Period",
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          263.0839999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          405.75,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "137,344 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
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      {
        "text": "107,344 ",
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      {
        "text": "Three Months Ended March 31,",
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      {
        "text": "2026",
        "box": [
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          445.62,
          135.16576204494618
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        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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      {
        "text": "Table of Contents",
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      {
        "text": "8",
        "box": [
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          308.5,
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        "text": "Reconciliation of cash, cash equivalents and restricted cash",
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      {
        "text": "Cash and cash equivalents",
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          141.958,
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      {
        "text": "$ ",
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        "text": "135,437 ",
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      {
        "text": "$ ",
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        "text": "106,411 ",
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      {
        "text": "Restricted cash (Note 9)",
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      {
        "text": " ",
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        "text": "1,907 ",
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          476.71,
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      {
        "text": " ",
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        "text": "933 ",
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      {
        "text": "Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements ",
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      {
        "text": "of Cash Flows",
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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      {
        "text": "137,344 ",
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          476.71,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
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      {
        "text": "Supplemental Disclosure of Cash Flow Information",
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        "text": "Cash paid during the period for interest",
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      {
        "text": "$ ",
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        "text": "64,351 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
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        "text": "84,721 ",
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        "text": "Supplemental Schedule of Non-Cash Investing and Financing Activities",
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        "text": "Dividend declared, not yet paid",
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      {
        "text": " ",
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        "text": "16,069 ",
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        "text": "16,956 ",
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      {
        "text": "Consolidation of variable interest entities, CMBS Trust (incremental assets and liabilities)",
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        "text": "752,719 ",
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        "text": "Modification accounted for as a repayment and new loan, net of write-off",
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        "text": "62,890 ",
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      {
        "text": "Loan principal repayments held by a servicer",
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        "text": "- ",
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        "text": " ",
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        "text": "1,500 ",
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        "text": "Deferred financing costs, not yet paid",
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        "text": " ",
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        "text": "- ",
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        "text": " ",
        "box": [
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        "confidence": 1.0
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        "text": "1,229 ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Three Months Ended March 31,",
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      {
        "text": "2026",
        "box": [
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        "confidence": 1.0
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        "text": "2025",
        "box": [
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        "confidence": 1.0
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      {
        "text": "See Notes to Condensed Consolidated Financial Statements.",
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      {
        "text": "Table of Contents",
        "box": [
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        "confidence": 1.0
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        "text": "9",
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  {
    "page_no": 10,
    "width": 612.0,
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    "cells": [
      {
        "text": "Note 1. Business and Organization",
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      },
      {
        "text": "KKR  Real  Estate  Finance  Trust  Inc.  (together  with  its  consolidated  subsidiaries,  referred  to  throughout  this  report  as  the ",
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        "confidence": 1.0
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      {
        "text": "\"Company\"  or  \"KREF\")  is  a  Maryland  corporation  that  was  formed  and  commenced  operations  on  October  2,  2014  as  a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "mortgage  real  estate  investment  trust  (\"REIT\")  that  focuses  primarily  on  originating  and  acquiring  transitional  senior  loans ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "secured by commercial real estate (\"CRE\") assets. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF has elected and intends to maintain its qualification to be taxed as a REIT under the requirements of the Internal Revenue ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Code of 1986, as amended (the \"Internal Revenue Code\"), for U.S. federal income tax purposes. As such, KREF will generally ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not be subject to U.S. federal income tax on that portion of its income that it distributes to stockholders if it distributes at least ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains. See Note 18 regarding taxes applicable to KREF.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF is externally managed by KKR Real Estate Finance Manager LLC (\"Manager\"), an indirect subsidiary of KKR & Co. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inc. (together with its subsidiaries, \"KKR\"), through a management agreement (\"Management Agreement\") pursuant to which ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  Manager  provides  a  management  team  and  other  professionals  who  are  responsible  for  implementing  KREF's  business ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "strategy, subject to the supervision of KREF's board of directors. For its services, the Manager is entitled to management fees ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and incentive compensation, both defined in, and in accordance with the terms of, the Management Agreement (Note 16). ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, KKR beneficially owned 10,000,001 shares, or 15.6% of KREF's outstanding common stock.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF's principal business activities are related to the origination and purchase of credit investments related to commercial real ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate.  KREF's  Chief  Executive  Officer  is  the  Chief  Operating  Decision  Maker  (\"CODM\")  who  allocates  resources  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "assesses financial performance. The CODM reviews net income (loss) attributable to KREF and assesses the performance of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "KREF's current portfolio of leveraged and unleveraged commercial real estate loans and makes operating decisions accordingly. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As a result, KREF conducts its business as a single operating segment. All expense categories on the Condensed Consolidated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statements of Operations are significant and there are no other significant segment expenses that would require disclosure.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Notes to Condensed Consolidated Financial Statements",
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        "confidence": 1.0
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      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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  {
    "page_no": 11,
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    "cells": [
      {
        "text": "Note 2. Summary of Significant Accounting Policies",
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      {
        "text": "Basis of Presentation ",
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      {
        "text": "- The unaudited condensed consolidated financial statements and accompanying notes of KREF are ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "prepared in accordance with accounting principles generally accepted in the United States of America (\"GAAP\") for interim ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial  information  and  instructions  to  Form  10-Q.  The  condensed  consolidated  financial  statements,  including  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accompanying notes, are unaudited and exclude some of the disclosures required in annual financial statements. The condensed ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated  financial  statements  include  the  accounts  of  KREF  and  its  consolidated  subsidiaries,  and  all  intercompany ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions and balances have been eliminated. In the opinion of management, all adjustments considered necessary for a fair ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "presentation of KREF's financial position, results of operations and cash flows have been included and are of a normal and ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in conjunction with KREF's Annual Report on Form 10-K. ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Certain  amounts  in  the  Company's  prior  period  consolidated  financial  statements  have  been  reclassified  to  conform  to  the ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current period presentation.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Use  of  Estimates ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-  The  preparation  of  condensed  consolidated  financial  statements  in  conformity  with  GAAP  requires ",
        "box": [
          127.45,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management to make estimates and assumptions that  affect  the  reported  amounts  of  assets  and  liabilities,  the  disclosure  of ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contingent  assets  and  liabilities  at  the  date  of  the  condensed  consolidated  financial  statements  and  the  reported  amounts  of ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revenue and expenses during the reporting period. Such estimates include, but are not limited to, the determination of allowance ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for credit loss, asset impairment or loan write-off, and fair value recorded or disclosed. Actual results could materially differ ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from those estimates.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidation ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- KREF consolidates those entities that (i) it controls through either majority ownership or voting rights or (ii) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management determines that KREF is the primary beneficiary of entities deemed to be variable interest entities (\"VIEs\").",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variable Interest Entities ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- VIEs are entities (i) in which equity investors do not have an interest with the characteristics of a ",
        "box": [
          156.79001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controlling  financial  interest,  (ii)  that  do  not  have  sufficient  equity  at  risk  for  the  entity  to  finance  its  activities  without ",
        "box": [
          49.5,
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          564.8199999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional subordinated financial support from other parties or (iii) established with non-substantive voting rights. A VIE is ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "required  to  be  consolidated  only  by  its  primary  beneficiary,  which  is  defined  as  the  party  that  has  the  power  to  direct  the ",
        "box": [
          49.5,
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          564.96,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "activities of the VIE that most significantly impact the VIE's economic performance and that has the obligation to absorb losses ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of, or the right to receive benefits from, the VIE that could be potentially significant to the VIE (Note 11).",
        "box": [
          49.5,
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          472.89,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To assess whether KREF has the power to direct the activities of a VIE that most significantly impact the VIE's economic ",
        "box": [
          49.5,
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          564.8800000000001,
          472.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance, KREF considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights ",
        "box": [
          49.5,
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          564.8299999999996,
          484.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE's economic ",
        "box": [
          49.5,
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          564.9099999999996,
          496.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance; and second, identifying which party, if any, has power to direct those activities. To assess whether KREF has the ",
        "box": [
          49.5,
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          564.8199999999998,
          508.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE, ",
        "box": [
          49.5,
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          564.9499999999999,
          520.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF considers all of its economic interests and applies judgment in determining whether these interests, in the aggregate, are ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "considered potentially significant to the VIE.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial Mortgage-Backed Securities",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " - KREF consolidates trusts that issue beneficial ownership interests in commercial ",
        "box": [
          216.77,
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          564.9499999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate loans (commonly referred to as commercial mortgage-backed securities, or \"CMBS\") when management determines ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that such trusts are VIEs and that KREF is the primary beneficiary of such VIEs.",
        "box": [
          49.5,
          583.808896,
          372.21000000000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management believes that the performance of the commercial real estate loans underlying CMBS issuances most significantly ",
        "box": [
          49.5,
          607.808896,
          564.86,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impact the economic performance of such trusts, and the primary beneficiary is generally the party that has the power to direct ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "activities that most significantly affect those assets' performance. The subordinated tranches with first loss risk typically form ",
        "box": [
          49.5,
          631.808896,
          564.9600000000003,
          640.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the controlling class, which grants the holder the unilateral right to appoint and remove the special servicer of these trusts. The ",
        "box": [
          49.5,
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          564.88,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "special servicer plays a critical role in mitigating credit losses by managing delinquent loans.",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF holds non-investment grade and unrated  subordinate  tranches,  including  the  controlling  class,  in  the  CMBS  trusts  it ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidates. These tranches expose KREF to first loss risk and entitle it to potential residual returns. As the controlling class ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "holder, KREF has the unilateral right to appoint and remove the special servicer and management has concluded that KREF is ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  primary  beneficiary  and  therefore,  consolidates  these  CMBS  trusts.  All  assets  and  liabilities  of  the  consolidated  CMBS ",
        "box": [
          49.5,
          715.808896,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
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          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
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          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 12,
    "width": 612.0,
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    "cells": [
      {
        "text": "trusts  are  recorded  on  KREF's  condensed  consolidated  financial  statements.  The  difference  between  the  consolidated  trusts' ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets and liabilities represents KREF's interest in the CMBS trusts.",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets  of  the  consolidated  CMBS  trusts  can  only  be  used  to  settle  the  obligations  of  those  trusts.  These  assets  are  not ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "individually accessible to the CMBS bondholders, and the trust's liabilities are non-recourse to KREF or any other bondholders. ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The assets of the consolidated trusts, primarily commercial mortgage loans and related interest accruals, are presented within ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\"Consolidated variable interest entities assets, CMBS trusts, at fair value\", and the liabilities of the consolidated trusts, primarily ",
        "box": [
          49.5,
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          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations  to  the  external  CMBS  holders  and  related  interest  accruals,  are  presented  within  \"Consolidated  variable  interest ",
        "box": [
          49.5,
          151.808896,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entities liabilities, CMBS trusts, at fair value\" on the Condensed Consolidated Balance Sheets.",
        "box": [
          49.5,
          163.808896,
          426.71999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF elected the fair value option for the initial and subsequent recognition of the assets and liabilities of the consolidated ",
        "box": [
          49.5,
          187.808896,
          564.9499999999998,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS trusts. This approach provides users  of  the  financial  statements  with  more  relevant  information  about  the  effects  of ",
        "box": [
          49.5,
          199.808896,
          564.98,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit risk and other market factors on KREF's investment in CMBS. Since changes in fair value incorporate the interest income ",
        "box": [
          49.5,
          211.808896,
          564.8699999999998,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  expense  of  the  CMBS  trusts,  management  does  not  consider  the  separate  presentation  of  the  components  of  fair  value ",
        "box": [
          49.5,
          223.808896,
          564.8600000000005,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes  to  be  relevant.  Management  has  elected  to  present  these  components  in  aggregate  within  \"Change  in  net  assets  of ",
        "box": [
          49.5,
          235.808896,
          564.9800100000002,
          244.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated variable interest entities, CMBS trusts\" in the Condensed Consolidated Statements of Income.",
        "box": [
          49.5,
          247.808896,
          478.0799999999999,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized Loan Obligations",
        "box": [
          49.5,
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          181.56,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - KREF consolidates collateralized loan obligations ('CLOs') when it determines that the ",
        "box": [
          181.56,
          271.8189060000001,
          564.87,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLO issuers are VIEs and that KREF is the primary beneficiary of such VIEs.",
        "box": [
          49.5,
          283.80889599999995,
          361.95000000000005,
          292.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The collateral  assets  of  KREF's  CLOs,  comprised  of  a  pool  of  loan  participations,  are  included  in  'Commercial  real  estate ",
        "box": [
          49.5,
          307.80889599999995,
          565.0,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans, held-for-investment, net' on the Condensed Consolidated Balance Sheets. The liabilities of KREF's consolidated CLOs ",
        "box": [
          49.5,
          319.80889599999995,
          564.9599900000002,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consist  solely  of  obligations  to  the  senior  CLO  noteholders,  excluding  subordinated  CLO  tranches  held  by  KREF  as  such ",
        "box": [
          49.5,
          331.80889599999995,
          564.89,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests  are  eliminated  in  consolidation,  and  are  presented  in  'Collateralized  loan  obligations,  net'  on  the  Condensed ",
        "box": [
          49.5,
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          564.9899600000001,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Balance Sheets. The collateral assets of the CLOs can only be used to settle the obligations of the consolidated ",
        "box": [
          49.5,
          355.80889599999995,
          564.9099999999999,
          364.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLOs. The interest income from the CLOs' collateral assets and the interest expense on the CLOs' liabilities are presented on a ",
        "box": [
          49.5,
          367.80889599999995,
          564.9900000000001,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gross  basis  in  'Interest  income'  and  'Interest  expense',  respectively,  in  KREF's  Condensed  Consolidated  Statements  of ",
        "box": [
          49.5,
          379.80889599999995,
          564.9000000000002,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income.",
        "box": [
          49.5,
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          81.95999999999998,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned Joint Venture",
        "box": [
          49.5,
          415.81890599999997,
          184.79,
          424.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " - KREF has two joint ventures that hold the majority of KREF's investments in real estate ",
        "box": [
          184.78,
          415.81890599999997,
          564.8099999999997,
          424.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned (\"REO\") and determined the joint ventures to be VIEs (Note 11). KREF owns a majority of the equity interests in the ",
        "box": [
          49.5,
          427.80889599999995,
          564.9900000000002,
          436.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "joint ventures and participates in the profits and losses. Management concluded that KREF is the primary beneficiary of the ",
        "box": [
          49.5,
          439.80889599999995,
          564.8500000000003,
          448.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "joint  ventures  as  KREF  holds  decision-making  power  over  the  activities  that  most  significantly  impact  the  economic ",
        "box": [
          49.5,
          451.80889599999995,
          564.9699999999999,
          460.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance and has the obligation to absorb losses or the right to receive benefits that could be potentially significant to the ",
        "box": [
          49.5,
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          564.8800000000001,
          472.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "joint ventures.",
        "box": [
          49.5,
          475.80889599999995,
          106.65999999999998,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Noncontrolling Interests",
        "box": [
          49.5,
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          151.10999999999999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " - Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held ",
        "box": [
          151.11,
          499.80889599999995,
          564.95,
          508.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by entities or persons other than KREF. These noncontrolling interests do not include redemption features and are presented as ",
        "box": [
          49.5,
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          564.88,
          520.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\"Noncontrolling interests in equity of consolidated joint ventures\" on the Condensed Consolidated Balance Sheets.",
        "box": [
          49.5,
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          508.27999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method Investments",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          164.26999,
          547.818906,
          166.76999,
          556.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- Investments are accounted for under the equity method when KREF has significant influence ",
        "box": [
          167.54001,
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          564.9000100000001,
          556.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over the operations of an investee but does not consolidate that investment. Equity method investments, for which management ",
        "box": [
          49.5,
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          564.8900000000002,
          568.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "has not elected a fair value option, are initially recorded at cost and subsequently adjusted for KREF's share of net income or ",
        "box": [
          49.5,
          571.808896,
          564.9100000000003,
          580.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss and cash contributions and distributions each period.",
        "box": [
          49.5,
          583.808896,
          278.17,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF classifies  distributions  received  from  equity  method  investees  using  the  cumulative  earnings  approach.  Distributions ",
        "box": [
          49.5,
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          564.93,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received up to the cumulative earnings from each equity method investee are considered returns on investment and presented ",
        "box": [
          49.5,
          619.808896,
          564.9099999999999,
          628.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "within 'Cash Flows from Operating Activities' in the Condensed Consolidated Statements of Cash Flows; excess distributions ",
        "box": [
          49.5,
          631.808896,
          564.9799899999997,
          640.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received are considered returns of investment and presented within 'Cash Flows From Investing Activities' in the Condensed ",
        "box": [
          49.5,
          643.808896,
          564.8500000000001,
          652.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Cash Flows.",
        "box": [
          49.5,
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          211.28999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment in CMBS Securities",
        "box": [
          49.5,
          681.198916,
          181.68000000000004,
          689.4272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " - The Company invests in CMBS through subordinate and non-investment grade tranches. ",
        "box": [
          181.67999,
          679.8746972,
          564.9599900000003,
          689.7486530674192
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These investments are classified as 'Investments in CMBS Securities' on the Condensed Consolidated Balance Sheets.",
        "box": [
          49.5,
          694.208926,
          526.4100000000002,
          702.4372225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
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          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
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          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 13,
    "width": 612.0,
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    "cells": [
      {
        "text": "The Company has elected the fair value option for these investments at initial recognition and on a recurring basis thereafter. ",
        "box": [
          49.5,
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          564.8500000000004,
          76.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accordingly,  these  investments  are  carried  at  fair  value,  with  changes  in  fair  value  recognized  in  earnings  within  'Other ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income' on the Condensed Consolidated Statements of Income.",
        "box": [
          49.5,
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          304.77000000000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income on CMBS investments is recognized based on the contractual terms of the underlying securities and is included ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in 'Interest income.'",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company evaluates its CMBS investments for consolidation under the VIE model and has determined that these ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments do not meet the criteria for consolidation and are accounted for at fair value.",
        "box": [
          49.5,
          164.808896,
          404.30000000000007,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value ",
        "box": [
          49.5,
          188.00890600000002,
          98.03,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a ",
        "box": [
          98.82,
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          564.98,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hierarchy based on the transparency of inputs to the valuation.",
        "box": [
          49.5,
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          298.11,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.",
        "box": [
          49.5,
          224.00890600000002,
          538.3199999999997,
          232.23720255618264
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 2 - Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 ",
        "box": [
          49.5,
          248.00890600000002,
          564.93,
          256.23720255618264
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are ",
        "box": [
          94.5,
          260.008906,
          564.8500000000001,
          268.23720255618264
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "observable for the asset or liability. ",
        "box": [
          94.5,
          272.008906,
          237.93000000000012,
          280.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 3 - Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity ",
        "box": [
          49.5,
          296.00890599999997,
          564.8399999999998,
          304.2372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for the asset or liability.",
        "box": [
          94.5,
          308.00890599999997,
          189.65000000000006,
          316.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF follows this hierarchy  for  its  financial  instruments.  The  classifications  are  based  on  the  lowest  level  of  input  that  is ",
        "box": [
          49.5,
          332.00890599999997,
          564.89,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant to the fair value measurement.",
        "box": [
          49.5,
          344.00890599999997,
          215.37000000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation Process",
        "box": [
          49.5,
          368.018916,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          123.61,
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          126.11,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- The Manager reviews the valuation of Level 3 financial instruments as part of KKR's quarterly process. ",
        "box": [
          126.68,
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          564.8900000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR's valuation process for Level 3 measurements, as described below, subjected valuations to the review and oversight of ",
        "box": [
          49.5,
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          564.8800000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "various committees. KKR has a global valuation committee assisted by the asset class-specific valuation committees, including ",
        "box": [
          49.5,
          392.00890599999997,
          564.9899999999998,
          400.2372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a real estate valuation committee that reviews and approves all preliminary Level 3 valuations for real estate assets, including ",
        "box": [
          49.5,
          404.00890599999997,
          564.9099999999996,
          412.2372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  financial  instruments  held  by  KREF.  The  global  valuation  committee  is  responsible  for  coordinating  and  implementing ",
        "box": [
          49.5,
          416.00890599999997,
          564.8899999999999,
          424.2372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR's  valuation  process  to  ensure  consistency  in  the  application  of  valuation  principles  across  portfolio  investments  and ",
        "box": [
          49.5,
          428.00890599999997,
          564.9399999999997,
          436.2372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "between periods. All Level 3 valuations are also subject to approval by the global valuation committee.",
        "box": [
          49.5,
          440.00890599999997,
          462.02999999999986,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation  of  Commercial  Real  Estate  Loans ",
        "box": [
          49.5,
          464.018916,
          235.88000000000002,
          472.2472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- Management considers KREF's commercial real estate loans to be Level 3 ",
        "box": [
          237.3,
          464.018916,
          564.8700000000001,
          472.2472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets in the fair value hierarchy as such assets are illiquid, structured investments that are specific to the sponsor, underlying ",
        "box": [
          49.5,
          476.00890599999997,
          564.9499999999998,
          484.2372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property  and  its  operating  performance  (Note  17).  For  financial  statement  disclosure  purposes,  on  a  quarterly  basis, ",
        "box": [
          49.5,
          488.00890599999997,
          564.96,
          496.2372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management generally engages an independent valuation firm to estimate the fair value of each loan categorized as a Level 3 ",
        "box": [
          49.5,
          500.00890599999997,
          564.84,
          508.2372025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset. These loans are generally valued using a discounted cash flow model based on assumptions regarding the collection of ",
        "box": [
          49.5,
          512.008906,
          565.0000000000001,
          520.2372025561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal and interest and estimated market rates. Management reviews the quarterly loan valuation estimates provided by the ",
        "box": [
          49.5,
          524.008906,
          564.86,
          532.2372025561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent valuation firm. For collateral dependent loans, KREF may apply alternative valuation methods based on the fair ",
        "box": [
          49.5,
          536.008906,
          565.0000000000001,
          544.2372025561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value  of  the  underlying  collateral.  Determination  of  collateral  value  involves  significant  judgment,  including  assumptions ",
        "box": [
          49.5,
          548.008906,
          564.9499999999997,
          556.2372025561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "regarding capitalization rates, discount rates, leasing, occupancy rates, and other factors.",
        "box": [
          49.5,
          560.008906,
          402.62,
          568.2372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation  of  Variable  Interest  Entities,  CMBS  Trusts",
        "box": [
          49.5,
          584.018916,
          281.1000000000001,
          592.2472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          281.10001,
          584.018916,
          283.60001,
          592.2472125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-  Management  classifies  the  financial  assets  and  liabilities  of ",
        "box": [
          286.91,
          584.018916,
          564.9699999999998,
          592.2472125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated CMBS trusts as Level 3 within the fair value hierarchy and has elected the fair value option for these financial ",
        "box": [
          49.5,
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          564.8500000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments  within  the  trusts.  KREF  has  adopted  the  measurement  alternative  under  Accounting  Standards  Codification ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(\"ASC\") Topic 810, which permits measurement of both the financial assets and liabilities of consolidated CMBS trusts based ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the fair value of the financial liabilities, as these are considered more observable than the fair value of the related assets. ",
        "box": [
          49.5,
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          565.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accordingly, KREF presents the CMBS issued by the consolidated trusts, excluding any portion retained by KREF, as financial ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities measured at fair value in its condensed consolidated financial statements. The financial assets of these consolidated ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS trusts are measured as the aggregated fair value of the liabilities of these trusts, including those held by KREF. Under ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "this  approach, \"Change in net assets of consolidated variable interest entities, CMBS trusts\" in the Condensed Consolidated ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statements of Income reflects KREF's economic interest in the consolidated CMBS trusts, including (i) change in fair value of ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS held by KREF, (ii) interest and servicing fees income earned from the CMBS trusts, and (iii) any other residual returns ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or losses attributable to KREF (Note 8).",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 14,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Valuation  of  CLO  Consolidated  VIEs",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          206.39,
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          208.89,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- Management  estimates  the  fair  value  of  the  level  3  CLO  liabilities  using  prices ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obtained  from  an  independent  valuation  firm.  If  prices  received  from  the  independent  valuation  firm  are  inconsistent  with ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "values  determined  in  connection  with  management's  independent  review,  management  makes  inquiries  to  the  independent ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuation firm about the prices received and related methods. In the event management determines the price obtained from an ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent valuation firm to be unreliable or an inaccurate representation of the fair value of the CLO liabilities (based on ",
        "box": [
          49.5,
          115.808896,
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          124.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "considerations  given  to  observable  market  data),  management  then  compiles  evidence  independently  and  presents  the ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent valuation firm with such evidence supporting a different value. As a result, the independent valuation firm may ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revise their price after evaluating any additional evidence. ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "However, if management continues to disagree with the price from the independent valuation firm, in light of evidence that ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management compiled independently and believes to be compelling, valuations are then prepared using inputs based on non-",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "binding  broker  quotes  obtained  from  independent,  well-known,  major  financial  brokers  that  are  CLO  market  makers.  In ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "validating  any  non-binding  broker  quote  used  in  this  circumstance,  management  compares  the  non-binding  quote  to  the ",
        "box": [
          49.5,
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          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "observable  market  data  points  in  addition  to  understanding  the  valuation  methodologies  used  by  the  market  makers.  These ",
        "box": [
          49.5,
          223.808896,
          564.9399999999999,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market participants may utilize a similar methodology as the independent valuation firm to value the CLO liabilities, with the ",
        "box": [
          49.5,
          235.808896,
          564.9599999999998,
          244.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "key input of expected yield determined independently based on both observable and unobservable factors. To avoid reliance on ",
        "box": [
          49.5,
          247.808896,
          564.9500000000004,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any single broker-dealer, management receives a minimum of two non-binding quotes, of which the average is used.",
        "box": [
          49.5,
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          515.3799999999999,
          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation of Derivative Financial Instruments ",
        "box": [
          49.5,
          283.81890599999997,
          242.39000000000007,
          292.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- Management estimates the fair value of the foreign currency contracts by ",
        "box": [
          243.64999,
          283.81890599999997,
          564.8899899999999,
          292.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comparing  the  contractual  forward  exchange  rate  to  the  current  market  exchange  rate  and  using  prices  obtained  from  an ",
        "box": [
          49.5,
          295.80889599999995,
          565.0,
          304.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent valuation firm. The current market exchange rates are determined by using market spot rates, forward rates and ",
        "box": [
          49.5,
          307.80889599999995,
          564.9300000000001,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rate curve of the underlying currency. KREF's foreign currency contracts in the fair value hierarchy are classified as ",
        "box": [
          49.5,
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          564.9500000000002,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level II.  Changes  in  the  fair  value  of  derivative  financial  instruments  are  recorded  within  \"Gain  (loss)  on  foreign  currency ",
        "box": [
          49.5,
          331.80889599999995,
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          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "forward contracts\" in the Condensed Consolidated Statements of Income.",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Valuation Matters",
        "box": [
          49.5,
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          150.95999999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          150.95999,
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          153.45999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- For Level 3 financial assets originated, or otherwise acquired, and financial liabilities assumed ",
        "box": [
          154.79001,
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          564.9000099999998,
          376.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the current calendar quarter that were conducted in an orderly transaction with an unrelated party, management generally ",
        "box": [
          49.5,
          379.80889599999995,
          564.9400000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "believes  that  the  transaction  price  provides  the  most  observable  indication  of  fair  value  given  the  illiquid  nature  of  these ",
        "box": [
          49.5,
          391.80889599999995,
          564.8399999999998,
          400.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial  instruments,  unless  management is aware of any circumstances that may cause a material change in the fair value ",
        "box": [
          49.5,
          403.80889599999995,
          564.98,
          412.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through  the  remainder  of  the  reporting  period.  For  instance,  significant  changes  to  the  underlying  property  or  its  planned ",
        "box": [
          49.5,
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          564.9000000000001,
          424.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations may cause material changes in the fair value of commercial real estate loans acquired, or originated, by KREF. ",
        "box": [
          49.5,
          427.80889599999995,
          538.8299999999998,
          436.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF's determination of fair value is based upon the best information available for a given circumstance and may incorporate ",
        "box": [
          49.5,
          451.80889599999995,
          564.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumptions that are management's best estimates after consideration of a variety of internal and external factors. When an ",
        "box": [
          49.5,
          463.80889599999995,
          564.9699999999999,
          472.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent valuation firm expresses an opinion on the fair value of a financial instrument in the form of a range, management ",
        "box": [
          49.5,
          475.80889599999995,
          564.8499999999997,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "selects  a  value  within  the  range  provided  by  the  independent  valuation  firm,  generally  the  midpoint,  to  assess  the ",
        "box": [
          49.5,
          487.80889599999995,
          564.8999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reasonableness of management's estimated fair value for that financial instrument.",
        "box": [
          49.5,
          499.80889599999995,
          379.03999999999996,
          508.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 17 for additional information regarding the valuation of KREF's financial assets and liabilities.",
        "box": [
          49.5,
          523.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer of Financial Assets and Financing Agreements ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF will, from time to time, transfer loans, securities and other ",
        "box": [
          286.78,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets as well as finance assets in the form of secured borrowings. In each case, management evaluates whether the transaction ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "constitutes a sale through legal isolation of the transferred financial asset from KREF, the ability of the transferee to pledge or ",
        "box": [
          49.5,
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          580.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exchange the transferred asset without constraint and the transfer of control of the transferred asset. For transfers that constitute ",
        "box": [
          49.5,
          583.808896,
          564.8699999999995,
          592.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sales,  KREF (i) recognizes the financial assets it retains and liabilities it has incurred, if any, (ii) derecognizes the financial ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets it has sold, and derecognizes liabilities when extinguished and (iii) recognizes a realized gain, or loss, based upon the ",
        "box": [
          49.5,
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          616.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excess, or deficient, proceeds received over the carrying value of the transferred asset. KREF does not recognize a gain, or loss, ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on interests retained, if any, where management elected the fair value option prior to sale.",
        "box": [
          49.5,
          631.808896,
          407.62,
          640.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance Sheet Measurement",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and Cash Equivalents",
        "box": [
          49.5,
          679.818906,
          162.24,
          688.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          162.23999,
          679.818906,
          164.73999,
          688.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Restricted Cash",
        "box": [
          165.39999,
          679.818906,
          247.74999,
          688.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.75,
          679.818906,
          250.25,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF considers cash equivalents as highly liquid short-term investments ",
        "box": [
          250.91,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with  maturities  of  90  days  or  less  when  purchased.  KREF  maintains  its  cash  deposits  with  major  financial  institutions. ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Substantially all such amounts on deposit exceed insured limits.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          301.0,
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          311.0,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 15,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Commercial Real Estate Loans Held-For-Investment and Allowance for Credit Losses",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.29001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF recognizes its investments in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial  real  estate  loans  based  on  management's  intent,  and  KREF's  ability,  to  hold  those  investments  through  their ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contractual maturity. Management classifies those loans that management does not intend to sell in the foreseeable future, and ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF is able to hold until maturity, as held-for-investment. Loans that are held-for-investment are carried at their aggregate ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding  principal,  net  of  applicable  (i)  unamortized  origination  or  acquisition  premiums  and  discounts,  (ii)  unamortized ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deferred nonrefundable fees and other direct loan origination costs, and (iii) allowance for credit losses, net of write-offs of ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "uncollectible  loans.  If  a  loan  is  determined  to  be  uncollectible,  management  writes  off  the  uncollectible  portion  of  the  loan ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance  through  a  charge  to  \"Allowance  for  credit  losses\".  KREF  applies  the  interest  method  to  amortize  origination  or ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition premiums and discounts and deferred nonrefundable fees or other direct loan origination costs, or on a straight-line ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "basis  when  it  approximates  the  interest  method.  Loans  for  which  management  elects  the  fair  value  option  at  the  time  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination, or acquisition, are carried at fair value on a recurring basis. ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF recognizes and measures the allowance for credit losses under the Current Expected Credit Loss (\"CECL\") model, which ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requires a reporting entity to estimate expected credit losses, not only based on historical experience and current conditions, but ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "also  by  including  reasonable  and  supportable  forecasts  incorporating  forward-looking  information.  The  measurement  of ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected credit losses under CECL is applicable to financial assets measured at amortized cost, and off-balance sheet credit ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exposures  such  as  unfunded  loan  commitments.  The  allowance  for  credit  losses  is  deducted  from  the  respective  loans' ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortized  cost  basis  on  KREF's  Condensed  Consolidated  Balance  Sheets.  The  allowance  for  credit  losses  attributed  to ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfunded loan commitments is included in 'Other liabilities' on the Condensed Consolidated Balance Sheets (Note 9).",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF estimates CECL reserves using the Weighted-Average Remaining Maturity, or the WARM method, which has been ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "identified  as  a  loss-rate  method  for  estimating  CECL  reserves  under  GAAP.  Under  the  WARM  method,  KREF  references ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "historical loan loss data across a comparable data set and applies such loss rate to each loan over its expected remaining term, ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taking into consideration expected economic conditions over the relevant timeframe.",
        "box": [
          49.5,
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          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To arrive at a CECL reserve using the WARM method, KREF considers various factors including (i) historical loss experience ",
        "box": [
          49.5,
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          564.86,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in  the  commercial real estate lending market, (ii) timing of expected repayments and expected loan future funding, and (iii) ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF's view of the current and future macroeconomic environment for a reasonable and supportable forecast period. KREF ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "derives a historical loss rate predominately based on a CMBS database with historical losses since 1998 provided by a third ",
        "box": [
          49.5,
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          412.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "party.  KREF  focuses  on  the  most  relevant  subset  of  CMBS  data  that  is  determined  to  be  the  most  comparable  to  its  own ",
        "box": [
          49.5,
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          564.9599999999999,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio. The historical loss rate is further adjusted to consider expected macroeconomic conditions, such as commercial real ",
        "box": [
          49.5,
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          564.9300000000002,
          436.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate  price  indices,  unemployment  rates  and  market  liquidity,  over  reasonable  and  supportable  forecast  periods.  There  is ",
        "box": [
          49.5,
          439.80889599999995,
          564.97,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant uncertainty related to future macroeconomic conditions. Therefore, KREF also considers other loan specific credit ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quality factors such as the risk rating of the loan, a near-term maturity, nature of construction loans, and economic conditions ",
        "box": [
          49.5,
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          564.8799999999998,
          472.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "specific to the property type of the underlying collateral.",
        "box": [
          49.5,
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          275.0400000000001,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For  collateral  dependent  loans  for  which  KREF  determines  foreclosure  of  the  collateral  is  probable,  KREF  measures  the ",
        "box": [
          49.5,
          499.80889599999995,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected losses based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the ",
        "box": [
          49.5,
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          564.8900000000002,
          520.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measurement date. For collateral dependent loans for which KREF determines foreclosure is not probable, KREF applies a ",
        "box": [
          49.5,
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          532.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "practical expedient to estimate expected losses using the difference between the collateral's fair value (less costs to sell the asset ",
        "box": [
          49.5,
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          564.8399999999996,
          544.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. A loan is determined to be ",
        "box": [
          49.5,
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          556.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral  dependent  if  (i)  a  borrower  or  sponsor  is  experiencing  financial  difficulty,  and  (ii)  the  loan  is  expected  to  be ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "substantially repaid through the sale of the underlying collateral. Such determination requires the use of significant judgment ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and can be based on several factors subject to uncertainty. Considerations used in determination of financial difficulty may ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include, but are not limited to, whether the borrower's operating cash flow is sufficient to cover the current and future debt ",
        "box": [
          49.5,
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          604.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "service requirements, the borrower's ability to refinance the loan, market liquidity and other circumstances that can affect the ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrower's ability to satisfy its contractual obligations under the loan agreement.",
        "box": [
          49.5,
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          372.16,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF may adopt other acceptable alternative approaches to estimate the CECL reserve in the future based on factors such as, ",
        "box": [
          49.5,
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          564.9100000000003,
          652.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "but not limited to, the type of loan, the underlying collateral and the availability of relevant historical market loan loss data.",
        "box": [
          49.5,
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          542.4499999999998,
          664.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial Real Estate Loans, Held-For-Sale",
        "box": [
          49.5,
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          238.98000000000002,
          688.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          241.47,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- Loans that KREF originates, or acquires, that management intends to sell or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "otherwise dispose of, in the foreseeable future are classified as held-for-sale and are carried at the lower of amortized cost or ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair market value.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
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          423.56997999999993,
          44.67721255618267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
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          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 16,
    "width": 612.0,
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    "cells": [
      {
        "text": "Real Estate Owned",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " - To maximize recovery from a defaulted loan, KREF may assume legal title or physical possession of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "underlying collateral through foreclosure or the execution of a deed in lieu of foreclosure. Foreclosed properties are initially ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized  at  fair  value  in  accordance  with  ASC  805  on  KREF's  Condensed  Consolidated  Balance  Sheets  as  \"Real  Estate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned\" when KREF assumes legal title or physical possession. KREF's cost basis in REO equals the estimated fair value on ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the acquisition date. The value of acquired REO is allocated based on the relative fair values of assets acquired and liabilities ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumed, including, but not limited to, land, building, furniture and fixtures, and intangibles.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO assets held for investment, except for land, are depreciated or amortized using the straight-line method over estimated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "useful lives of up to 40 years for buildings, up to 15 years for land and building improvements, and the remaining lease terms ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for  lease  intangibles.  Renovations  and/or  replacements  that  improve  or  extend  the  life  of  the  REO  asset  are  capitalized  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO assets are classified as held for sale in the period when they meet the criteria under ASC 360. Once a REO is classified as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held for sale, depreciation is suspended and the asset is reported at the lower of its carrying value or fair value less cost to sell. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  actual  sales  price  of  the  REO  could  differ  from  the  estimated  fair  value.  If  circumstances  arise  that  were  previously ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "considered unlikely and, as a result, KREF decides not to sell the real estate asset previously classified as held for sale, the real ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the real estate been classified as held for investment, and (ii) its estimated fair value at the time of reclassification.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO assets  are  evaluated  for  impairment  on  a  quarterly  basis.  KREF  considers  the  following  factors  when  performing  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment analysis: (i) significant underperformance relative to anticipated operating results; (ii) significant negative industry ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and economic outlook or trends; (iii) expected material costs necessary to extend the life or operate the REO asset; and (iv) ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF's  ability  to  hold  and  dispose  of  the  REO  asset  in  the  ordinary  course  of  business.  A  REO  asset  is  considered  for ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment when the sum of estimated future undiscounted cash flows to be generated by the REO asset over the estimated ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remaining  holding  period  is  less  than  the  carrying  value  of  such  REO  asset.  An  impairment  charge  is  recorded  when  the ",
        "box": [
          49.5,
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          564.9200000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying  value  of  the  REO  exceeds  the  fair  value.  When  determining  the  fair  value  of  a  REO  asset,  KREF  makes  certain ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumptions including, but not limited to, projected operating cash flows, comparable selling prices and projected cash flows ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from the eventual disposition of the REO asset.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For all REO assets (Note 4), KREF may opportunistically transact as suitable opportunities emerge.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured  Financing  Agreements,  Net",
        "box": [
          49.5,
          451.81890599999997,
          198.31,
          460.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          198.3,
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          200.8,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF's secured financing agreements,  including  uncommitted  repurchase  facilities, ",
        "box": [
          202.31,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term  lending  agreements,  warehouse  facility,  asset  specific  financings  and  term  loan  facility,  are  treated  as  floating-rate ",
        "box": [
          49.5,
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          564.9099999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateralized  financing  arrangements  carried  at  their  contractual  amounts,  net  of  unamortized  debt  issuance  costs  (Note  5). ",
        "box": [
          49.5,
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          564.95,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within KREF's secured financing agreements is KREF's corporate revolving credit agreement (\"Revolver\"), which is ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "full recourse to certain guarantor wholly-owned subsidiaries of KREF.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Term Loan, Net",
        "box": [
          49.5,
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          532.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          148.16,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF records its secured term loan at its contractual amount, net of unamortized original issuance ",
        "box": [
          150.98001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discount and deferred financing costs (Note 7) on its Condensed Consolidated Balance Sheets. Any original issuance discount ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or  deferred  financing  costs  are  amortized  through  the  maturity  date  of  the  secured  term  loan  as  additional  non-cash  interest ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expense.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends Payable ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF records dividends payable on its common stock and preferred stock upon declaration of such ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dividends. In March 2026, KREF's board of directors declared a dividend of $0.25 per share of common stock to stockholders ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of record as of March 31, 2026, which was accrued in 'Other liabilities' on KREF's Condensed Consolidated Balance Sheets ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of March 31, 2026 and was subsequently paid on April 15, 2026. In January 2026, KREF's board of directors declared a ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dividend of $0.41 per each issued and outstanding share of the Company's 6.50% Series A Cumulative Redeemable Preferred ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock, which represents an annual dividend of $1.625 per share. The dividend was paid on March 13, 2026 to KREF's preferred ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholders of record as of February 27, 2026.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative  Financial  Instruments",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  -  KREF  records  derivative  financial  instruments  at  fair  value  on  a  gross  basis  in  either ",
        "box": [
          185.85001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'Other assets' or 'Other liabilities' on the Condensed Consolidated Balance Sheets. Derivative financial instruments that are ",
        "box": [
          49.5,
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          700.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "designated  as  hedges  have  changes  in  fair  value  recorded  in  other  comprehensive  income  within  stockholders'  equity,  and ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsequently reclassified into earnings when the item being hedged impacts earnings. As of March 31, 2026, KREF has not ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
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          383.70999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
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          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
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          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          301.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 17,
    "width": 612.0,
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    "cells": [
      {
        "text": "designated any derivative financial instruments as hedges; accordingly changes in fair value are recognized in the Condensed ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Income.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchased  Stock ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-  KREF  accounts  for  repurchases  of  its  common  stock  based  on  the  settlement  date  and  presents ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchased  stock  in  'Repurchased  stock'  on  its  Condensed  Consolidated  Balance  Sheets  (Note  12).  Payments  for  stock ",
        "box": [
          49.5,
          115.808896,
          564.95,
          124.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchases that are not yet settled as of the reporting date are presented within 'Other assets' on the Condensed Consolidated ",
        "box": [
          49.5,
          127.808896,
          564.98999,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance  Sheets.  Retirement  of  repurchased  stock  is  recorded  as  an  offset  to  'Additional  paid-in  capital'  on  the  Condensed ",
        "box": [
          49.5,
          139.808896,
          564.9100000000001,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated  Balance  Sheets.  Repurchased  shares  not  retired  are  recorded  as  \"Repurchased  stock\"  on  the  Condensed ",
        "box": [
          49.5,
          151.808896,
          564.97,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Balance Sheets.",
        "box": [
          49.5,
          163.808896,
          167.95000000000002,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Recognition",
        "box": [
          49.5,
          187.64892600000007,
          133.02999999999994,
          195.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Income",
        "box": [
          49.5,
          211.81890600000008,
          112.27999999999997,
          220.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          112.27,
          211.81890600000008,
          114.77,
          220.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF accrues interest income on loans based on the outstanding principal amount and contractual terms of ",
        "box": [
          115.12,
          211.81890600000008,
          564.9400000000003,
          220.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the loan. Interest income also includes origination fees, direct loan origination costs and related exit fees for loans that KREF ",
        "box": [
          49.5,
          223.808896,
          564.9299999999998,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originates, but where management did not elect the fair value option, as a yield adjustment using the interest method over the ",
        "box": [
          49.5,
          235.808896,
          564.9299999999997,
          244.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan term, or on a straight line basis when it approximates the interest method. KREF expenses origination fees and direct loan ",
        "box": [
          49.5,
          247.808896,
          564.83,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination costs for loans acquired, but not originated, by KREF as well as loans for which management elected the fair value ",
        "box": [
          49.5,
          259.808896,
          564.9200000000004,
          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "option, as incurred.",
        "box": [
          49.5,
          271.808896,
          126.64999999999996,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue  from  Real  Estate  Owned  Operations ",
        "box": [
          49.5,
          295.81890599999997,
          242.89000000000001,
          304.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- Revenue  from  REO  operations  is  primarily  comprised  of  rental  income, ",
        "box": [
          244.72,
          295.81890599999997,
          564.9099999999999,
          304.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including base rent and reimbursements of property operating expenses. For leases that have fixed and measurable base rent ",
        "box": [
          49.5,
          307.80889599999995,
          564.87,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "escalations, KREF recognizes base rent on a straight-line basis over the non-cancelable lease terms. The difference between ",
        "box": [
          49.5,
          319.80889599999995,
          564.9300000000001,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "such rental income earned and the cash rent amount is recorded as straight-line rent receivable and presented within \"Other ",
        "box": [
          49.5,
          331.80889599999995,
          565.0,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets\"  on  the  Condensed  Consolidated  Balance  Sheets.  Reimbursement  of  property  operating  expenses  arises  from  tenant ",
        "box": [
          49.5,
          343.80889599999995,
          564.8899999999999,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "leases  which  provide  for  the  recovery  of  certain  operating  expenses  and  real  estate  taxes  of  the  respective  property.  This ",
        "box": [
          49.5,
          355.80889599999995,
          564.9500000000003,
          364.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revenue is accrued in the same periods as the expenses are incurred. Rental income is presented within 'Revenue from real ",
        "box": [
          49.5,
          367.80889599999995,
          564.86,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate owned operations' in the Condensed Consolidated Statements of Income.",
        "box": [
          49.5,
          379.80889599999995,
          369.1300199999999,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other  Income",
        "box": [
          49.5,
          403.81890599999997,
          106.77999999999999,
          412.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          106.77,
          403.81890599999997,
          109.27,
          412.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF  recognizes  interest  income  earned  on  its  cash  balances  and  miscellaneous  fee  income  in  'Other ",
        "box": [
          111.32,
          403.81890599999997,
          564.8400000000003,
          412.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "miscellaneous income' on its Condensed Consolidated Statements of Income.",
        "box": [
          49.5,
          415.80889599999995,
          361.0799999999999,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (Loss) on Sale of Investments",
        "box": [
          49.5,
          439.81890599999997,
          189.57000000000005,
          448.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          189.57001,
          439.81890599999997,
          192.07001,
          448.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF recognizes the excess, or deficiency, of net proceeds received less the net carrying ",
        "box": [
          192.16,
          439.81890599999997,
          564.8899999999999,
          448.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of investments sold, as gains or losses, respectively. ",
        "box": [
          49.5,
          451.80889599999995,
          283.69999999999993,
          460.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expense Recognition",
        "box": [
          49.5,
          475.648896,
          136.91999999999996,
          483.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial  Real  Estate  Loans,  Held-For-Investment  -",
        "box": [
          49.5,
          499.81890599999997,
          290.08000000000004,
          508.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  For  each  loan  in  KREF's  portfolio,  management  performs  an ",
        "box": [
          290.08002,
          499.81890599999997,
          564.9200200000002,
          508.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "evaluation,  at  least  quarterly,  of  credit  quality  indicators  of  loans  classified  as  held",
        "box": [
          49.5,
          511.80889599999995,
          404.0499999999999,
          520.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          404.04999,
          511.80889599999995,
          407.37998999999996,
          520.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for-investment  using  applicable  loan, ",
        "box": [
          407.38,
          511.80889599999995,
          564.98,
          520.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property,  market  and  sponsor  information  obtained  from  borrowers,  loan  servicers  and  local  market  participants.  Such ",
        "box": [
          49.5,
          523.808896,
          564.8799999999999,
          532.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indicators may include the net present value of the underlying collateral, property operating cash flows, the sponsor's financial ",
        "box": [
          49.5,
          535.808896,
          564.9699999999999,
          544.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "wherewithal and competency in managing the property, macroeconomic trends, and property submarket-specific economic ",
        "box": [
          49.5,
          547.808896,
          564.9300000000002,
          556.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factors. The evaluation of these credit quality indicators requires significant judgment by management to determine whether ",
        "box": [
          49.5,
          559.808896,
          564.96,
          568.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "failure to collect contractual amounts is probable.",
        "box": [
          49.5,
          571.808896,
          247.27000000000007,
          580.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "If  management deems that it is probable that KREF will be unable to collect all amounts owed according to the contractual ",
        "box": [
          49.5,
          595.808896,
          564.81,
          604.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "terms  of  a  loan,  deterioration  in  credit  quality  of  that  loan  is  indicated.  Management  evaluates  all  available  facts  and ",
        "box": [
          49.5,
          607.808896,
          564.9000000000003,
          616.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "circumstances that might impact KREF's ability to collect outstanding loan balances when determining loan write-offs. These ",
        "box": [
          49.5,
          619.808896,
          564.99,
          628.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facts  and  circumstances  may  vary  and  may  include,  but  are  not  limited  to,  (i)  the  underlying  collateral  performance  and/or ",
        "box": [
          49.5,
          631.808896,
          564.8899999999998,
          640.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value, (ii) communications with the borrower, (iii) compliance with debt covenants, (iv) events of default by the borrower, or ",
        "box": [
          49.5,
          643.808896,
          564.9700000000003,
          652.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(v) other facts that impact the borrower's ability to pay the contractual amounts due under the terms of the loan.",
        "box": [
          49.5,
          655.808896,
          496.1799999999999,
          664.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "If management considers a loan to be uncollectible, management writes off the loan through a charge to \"Allowance for credit ",
        "box": [
          49.5,
          679.808896,
          564.9200000000006,
          688.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses\" based on the present value of expected future cash flows discounted at the loan's contractual effective rate or the fair ",
        "box": [
          49.5,
          691.808896,
          564.96,
          700.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value  of  the  collateral,  if  repayment  is  expected  solely  from  the  collateral.  Significant  judgment  is  required  in  determining ",
        "box": [
          49.5,
          703.808896,
          564.8799999999998,
          712.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collectability and in estimating the resulting credit loss, and actual losses, if any, could materially differ from those estimates.",
        "box": [
          49.5,
          715.808896,
          551.0399999999998,
          724.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
          13.781005400000026,
          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 18,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Loans are placed on nonaccrual status when principal or interest is 90 days or more past due unless the loan is both well secured ",
        "box": [
          49.5,
          79.808896,
          564.9399999999998,
          88.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and in the process of collection, or when repayment of interest and principal is, in management's judgment, in doubt. Interest ",
        "box": [
          49.5,
          91.808896,
          564.9899999999999,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received  on  loans  placed  on  nonaccrual  status  may  be  accounted  for  under  the  cost-recovery  method  under  certain ",
        "box": [
          49.5,
          103.808896,
          564.98,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "circumstances,  whereby  interest  collected  on  a  loan  is  a  reduction  to  its  amortized  cost.  Management  may  return  a  loan  to ",
        "box": [
          49.5,
          115.808896,
          564.92,
          124.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accrual status when repayment of principal and interest is reasonably assured.",
        "box": [
          49.5,
          127.808896,
          359.94,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In certain circumstances, KREF may also modify terms of a loan agreement to accommodate a borrower experiencing financial ",
        "box": [
          49.5,
          151.808896,
          564.89,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "difficulty. Such modifications typically include interest rate reductions, payment extension and modification of loan covenants.",
        "box": [
          49.5,
          163.808896,
          558.0400000000001,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In conjunction with reviewing commercial real estate loans held-for-investment for impairment, KREF assesses the risk factors ",
        "box": [
          49.5,
          187.808896,
          564.8599999999999,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  each  loan,  and  assigns  a  risk  rating  based  on  a  variety  of  factors,  including,  without  limitation,  underlying  real  estate ",
        "box": [
          49.5,
          199.808896,
          564.8799999999999,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance, values of comparable properties, durability and quality of property cash flows, sponsor experience and financial ",
        "box": [
          49.5,
          211.808896,
          564.9500000000002,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "wherewithal, and the existence of a risk-mitigating loan structure. Additional key considerations include debt service coverage ",
        "box": [
          49.5,
          223.808896,
          564.9300000000004,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a five-point scale, ",
        "box": [
          49.5,
          235.808896,
          564.9500000000004,
          244.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF's loans are rated \"1\" through \"5,\" from less risk to greater risk, which ratings are defined as follows: 1 (Very Low Risk); ",
        "box": [
          49.5,
          247.808896,
          564.9300000000001,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2 (Low Risk); 3 (Medium Risk); 4 (High Risk/Potential for Loss); and 5 (Impaired/Loss Likely).",
        "box": [
          49.5,
          259.808896,
          436.09999999999985,
          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial Real Estate Loans, Held-For-Sale",
        "box": [
          49.5,
          283.81890599999997,
          241.01999999999998,
          292.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          241.00999,
          283.81890599999997,
          243.50999,
          292.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- For commercial real estate loans held-for-sale, KREF applies the lower of ",
        "box": [
          244.42,
          283.81890599999997,
          564.8700000000001,
          292.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost or fair market value, and may be required, from time to time, to record an impairment.",
        "box": [
          49.5,
          295.80889599999995,
          412.92999999999984,
          304.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued Interest Receivables",
        "box": [
          49.5,
          319.81890599999997,
          167.57,
          328.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          167.57001,
          319.81890599999997,
          170.07001,
          328.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF elected not to measure an allowance for credit losses for accrued interest receivables. ",
        "box": [
          170.87,
          319.81890599999997,
          564.8700000000002,
          328.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF generally writes off an accrued interest receivable balance when interest is 90 days or more past due unless the loan is ",
        "box": [
          49.5,
          331.80889599999995,
          564.9500000000002,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "both well secured and in the process of collection. Write-offs of accrued interest receivable are recognized as \"Provision for ",
        "box": [
          49.5,
          343.80889599999995,
          564.8299999999999,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(reversal of) credit losses, net\" in the Condensed Consolidated Statements of Income.",
        "box": [
          49.5,
          355.80889599999995,
          390.6900199999999,
          364.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant  Receivables ",
        "box": [
          49.5,
          379.81890599999997,
          131.99999999999994,
          388.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF  periodically  reviews  its  REO  tenant  receivables  for  collectability,  taking  into  consideration ",
        "box": [
          134.06,
          379.81890599999997,
          564.9100000000001,
          388.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in factors such as the tenant's payment history, the financial condition of the tenant, business conditions in the industry ",
        "box": [
          49.5,
          391.80889599999995,
          564.9399999999996,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in which the tenant operates and economic conditions in the area where the property is located. Tenant receivables, including ",
        "box": [
          49.5,
          403.80889599999995,
          564.8500000000003,
          412.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivables arising from the straight-lining of rents, are written-off directly when management deems that the collectability of ",
        "box": [
          49.5,
          415.80889599999995,
          564.9200000000002,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "substantially  all  future  lease  payments  from  a  specified  lease  is  not  probable,  at  which  point,  KREF  will  begin  recognizing ",
        "box": [
          49.5,
          427.80889599999995,
          564.9800000000001,
          436.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revenue on a cash basis, based on actual amounts received (Note 4). Any receivables that are deemed to be uncollectible are ",
        "box": [
          49.5,
          439.80889599999995,
          564.8299900000002,
          448.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized  as  a  reduction  to  'Revenue  from  real  estate  owned  operations'  in  the  Condensed  Consolidated  Statements  of ",
        "box": [
          49.5,
          451.80889599999995,
          564.9900000000001,
          460.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income.",
        "box": [
          49.5,
          463.80889599999995,
          81.95999999999998,
          472.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Expense",
        "box": [
          49.5,
          487.81890599999997,
          115.79999999999997,
          496.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          115.79,
          487.81890599999997,
          118.29,
          496.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF expenses contractual interest due in accordance with KREF's financing agreements as incurred. ",
        "box": [
          118.29,
          487.81890599999997,
          542.0700000000003,
          496.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred  Debt  Issuance  Costs",
        "box": [
          49.5,
          511.81890599999997,
          177.30999999999997,
          520.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          177.31,
          511.81890599999997,
          179.81,
          520.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-  KREF  capitalizes  and  amortizes  deferred  financing  costs  incurred  in  connection  with ",
        "box": [
          182.36,
          511.81890599999997,
          564.96,
          520.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing  arrangements  over  their  respective  expected  term  using  the  interest  method,  or  on  a  straight  line  basis  when  it ",
        "box": [
          49.5,
          523.808896,
          564.9100000000002,
          532.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "approximates the interest method. KREF presents such expensed amounts, as well as deferred amounts written off, as additional ",
        "box": [
          49.5,
          535.808896,
          564.8800000000001,
          544.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest expense in its Condensed Consolidated Statements of Income.",
        "box": [
          49.5,
          547.808896,
          330.00998999999996,
          556.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General  and  Administrative  Expenses",
        "box": [
          49.5,
          571.818906,
          206.03000000000003,
          580.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          206.03,
          571.818906,
          208.53,
          580.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF expenses  general  and  administrative  costs,  including  legal  and  audit  fees, ",
        "box": [
          210.3,
          571.818906,
          564.9299999999998,
          580.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "insurance premiums, and other costs as incurred.",
        "box": [
          49.5,
          583.808896,
          244.29000000000002,
          592.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management and Incentive Compensation to Related Parties",
        "box": [
          49.5,
          607.818906,
          294.87000000000006,
          616.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          294.87,
          607.818906,
          297.37,
          616.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF expenses management fees and incentive compensation ",
        "box": [
          297.66,
          607.818906,
          564.9300000000002,
          616.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earned by the Manager on a quarterly basis in accordance with the Management Agreement (Note 16).",
        "box": [
          49.5,
          619.808896,
          459.55,
          628.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income Taxes",
        "box": [
          49.5,
          643.818906,
          104.74999999999997,
          652.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          104.75,
          643.818906,
          107.25,
          652.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- Certain activities of KREF are conducted through joint ventures that are formed as limited liability companies, ",
        "box": [
          107.28,
          643.818906,
          564.9499999999996,
          652.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxed as partnerships, and consolidated by KREF. Some of these joint ventures are subject to state and local income taxes, ",
        "box": [
          49.5,
          655.808896,
          564.82,
          664.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based on the tax jurisdictions in which they operate. In addition, certain activities of KREF are conducted through taxable REIT ",
        "box": [
          49.5,
          667.808896,
          564.84,
          676.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiaries consolidated by KREF. Taxable REIT subsidiaries are subject to federal, state and local income taxes (Note 18). ",
        "box": [
          49.5,
          679.808896,
          550.80998,
          688.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026 and December 31, 2025, KREF did not have any material deferred tax assets or liabilities arising from ",
        "box": [
          49.5,
          703.808896,
          565.00001,
          712.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities in accordance ",
        "box": [
          49.5,
          715.808896,
          564.9000000000001,
          724.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with GAAP and their respective tax bases.",
        "box": [
          49.5,
          727.808896,
          219.0300000000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
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          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 19,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "KREF recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based ",
        "box": [
          49.5,
          67.808896,
          564.97,
          76.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income ",
        "box": [
          49.5,
          79.808896,
          564.93,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxes  in  KREF's  Condensed  Consolidated  Statements  of  Income.  As  of  March  31,  2026,  KREF  did  not  have  any  material ",
        "box": [
          49.5,
          91.808896,
          564.8300100000004,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "uncertain tax positions.",
        "box": [
          49.5,
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          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign Currency",
        "box": [
          49.5,
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          124.16999999999997,
          135.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  ordinary  course  of  operations,  KREF  engages  in  transactions  that  are  denominated  in  currencies  other  than  the  U.S. ",
        "box": [
          49.5,
          150.50890600000002,
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          158.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dollar.  The  resulting  foreign  currency  transaction  gains  and  losses  are  recognized  in  \"Gain  (loss)  on  foreign  currency ",
        "box": [
          49.5,
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          564.8500100000001,
          170.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "translation\"  within  the  Condensed  Consolidated  Statements  of  Income.  KREF  also  consolidates  certain  subsidiaries  whose ",
        "box": [
          49.5,
          174.50890600000002,
          564.88,
          182.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "functional currency is not the U.S. dollar. For these entities, assets and liabilities are translated into U.S. dollars using exchange ",
        "box": [
          49.5,
          186.50890600000002,
          564.9,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates in effect as of the reporting date, while revenues, expenses, and other components of income are translated using average ",
        "box": [
          49.5,
          198.50890600000002,
          564.9000000000002,
          206.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "exchange rates for the applicable reporting period.",
        "box": [
          49.5,
          210.50890600000002,
          250.6200000000001,
          218.73720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock-Based Compensation",
        "box": [
          49.5,
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          162.48,
          241.77718255618265
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF's stock-based compensation consists of awards issued to employees of the Manager or its affiliates that vest over the life ",
        "box": [
          49.5,
          257.70886600000006,
          564.9199999999998,
          265.93716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the awards, as well as restricted stock units issued to certain members of KREF's board of directors. KREF recognizes the ",
        "box": [
          49.5,
          269.70886600000006,
          564.9100000000002,
          277.93716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation cost of stock-based awards to its directors and employees of the Manager or its affiliates on a straight-line basis ",
        "box": [
          49.5,
          281.708896,
          564.88,
          289.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over the awards' term at their grant date fair value. Certain stock-based awards are entitled to nonforfeitable dividends, at the ",
        "box": [
          49.5,
          293.708896,
          564.88,
          301.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "same rate as those declared on the common stock, during the vesting period. Such nonforfeitable dividends are deducted from ",
        "box": [
          49.5,
          305.708896,
          564.86,
          313.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\"Retained earnings (Accumulated deficit)\" in the condensed consolidated financial statements. KREF accounts for forfeitures as ",
        "box": [
          49.5,
          317.708896,
          564.9099900000002,
          325.9371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "they occur. Refer to Note 13 for additional information.",
        "box": [
          49.5,
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          272.0300100000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings per Share",
        "box": [
          49.5,
          353.54891599999996,
          130.6,
          361.7772125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF calculates basic earnings per share (\"EPS\") using the two-class method, which defines unvested share-based payment ",
        "box": [
          49.5,
          377.708896,
          564.95,
          385.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula ",
        "box": [
          49.5,
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          564.93,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that determines earnings per share for each share of common stock and participating securities according to dividends declared ",
        "box": [
          49.5,
          401.708896,
          564.9700000000001,
          409.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to ",
        "box": [
          49.5,
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          564.9099999999997,
          421.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common shares and participating securities based on their respective rights. Basic EPS is calculated by dividing net income ",
        "box": [
          49.5,
          425.708896,
          564.9900000000001,
          433.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(loss) attributable to common stockholders by the weighted average number of common stock outstanding for the period.",
        "box": [
          49.5,
          437.708896,
          533.7399999999999,
          445.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF presents diluted EPS under the more dilutive of the treasury stock and if-converted methods or the two-class method. ",
        "box": [
          49.5,
          461.708896,
          564.9799999999998,
          469.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under the treasury stock and if-converted methods, the denominator includes weighted average common stock outstanding plus ",
        "box": [
          49.5,
          473.708896,
          564.97,
          481.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the incremental dilutive shares issuable from restricted stock units and an assumed conversion of convertible instruments. The ",
        "box": [
          49.5,
          485.708896,
          564.9200000000001,
          493.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "numerator  includes  any  changes  in  income  (loss)  attributable  to  common  stockholders  that  would  result  from  the  assumed ",
        "box": [
          49.5,
          497.708896,
          564.85,
          505.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conversion of these potential shares of common stock. Refer to Note 14 for additional discussion of earnings per share.",
        "box": [
          49.5,
          509.70892599999996,
          525.13,
          517.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recent Accounting Pronouncements",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In December 2025, the FASB issued ASU No. 2025-11, ",
        "box": [
          49.5,
          557.718936,
          281.63999999999993,
          565.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interim Reporting (Topic 270)-Narrow-Scope Improvements",
        "box": [
          282.27002,
          557.718936,
          532.37002,
          565.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", which ",
        "box": [
          532.37,
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          565.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provides a clearer framework and more consistent application of interim disclosure requirements for public business entities. ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The guidance is effective for KREF in its 2027 annual reporting. The guidance is applied prospectively and may be applied ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "retrospectively. Adoption is not expected to have a material impact on KREF's condensed consolidated financial statements.",
        "box": [
          49.5,
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          545.93999,
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        "confidence": 1.0
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      {
        "text": "In December 2025, the FASB issued ASU No. 2025-12, ",
        "box": [
          49.5,
          617.718936,
          279.08,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Codification Improvements",
        "box": [
          279.39001,
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          388.75001,
          625.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", which refines existing guidance to further ",
        "box": [
          388.75,
          617.718936,
          564.86,
          625.9472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "enhance the interpretation and application of the Codification. The guidance is effective for KREF in its 2026 annual reporting. ",
        "box": [
          49.5,
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          564.9500000000003,
          637.9372225561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The guidance is applied prospectively and may be applied retrospectively. Adoption is not expected to have a material impact ",
        "box": [
          49.5,
          641.708926,
          564.83,
          649.9372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on KREF's condensed consolidated financial statements.",
        "box": [
          49.5,
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          275.47999000000004,
          661.9372225561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
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          423.56997999999993,
          44.67721255618267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
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          48.608885999999984,
          421.84998999999993,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 20,
    "width": 612.0,
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    "cells": [
      {
        "text": "Note 3. Commercial Real Estate Loans",
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        "confidence": 1.0
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      {
        "text": "The following table summarizes KREF's investments in commercial real estate loans as of March 31, 2026 and December 31, ",
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          100.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025:",
        "box": [
          49.5,
          103.808896,
          72.28,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average (C)",
        "box": [
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          522.37763,
          126.31579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Type",
        "box": [
          99.95,
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          137.054,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding ",
        "box": [
          196.56,
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          241.20799999999994,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          202.11,
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          233.64599999999996,
          149.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized ",
        "box": [
          257.42001,
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          295.84401,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cost (A)",
        "box": [
          264.25,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          317.60999,
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          351.15399,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (B)",
        "box": [
          319.92001,
          142.34194112,
          346.82642,
          149.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan ",
        "box": [
          377.35999,
          133.38311479999993,
          397.13599,
          139.96575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count",
        "box": [
          375.59,
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          396.90999999999997,
          149.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating Rate ",
        "box": [
          415.92001,
          133.38311479999993,
          464.34400999999997,
          139.96575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan %",
        "box": [
          425.23999,
          142.98315479999997,
          453.01599,
          149.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon (D)",
        "box": [
          474.85001,
          142.34194112,
          509.1576,
          149.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life ",
        "box": [
          533.12,
          133.38311479999993,
          548.8960000000001,
          139.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Years) (E)",
        "box": [
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          142.34194112,
          556.1164,
          149.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          52.13,
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          105.22600000000001,
          162.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-investment (F)",
        "box": [
          58.88,
          167.84194112,
          150.27439999999996,
          175.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior loans",
        "box": [
          63.38,
          181.23315479999997,
          103.14800000000002,
          187.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          193.13,
          181.23315479999997,
          199.13,
          187.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,898,951 ",
        "box": [
          209.834,
          181.23315479999997,
          243.834,
          187.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          250.88,
          181.23315479999997,
          256.88,
          187.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,885,906 ",
        "box": [
          267.584,
          181.23315479999997,
          301.584,
          187.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          308.63,
          181.23315479999997,
          314.63,
          187.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,627,227 ",
        "box": [
          325.334,
          181.23315479999997,
          359.334,
          187.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          366.38,
          181.23315479999997,
          368.38,
          187.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50 ",
        "box": [
          397.34,
          181.23315479999997,
          407.34,
          187.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  98.5 %",
        "box": [
          442.42999,
          181.23315479999997,
          465.74998999999997,
          187.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.0 %",
        "box": [
          494.42999,
          181.23315479999997,
          513.74999,
          187.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.8",
        "box": [
          549.87,
          181.23315479999997,
          559.87,
          187.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan held-for-sale",
        "box": [
          58.88,
          193.98315479999997,
          118.18400000000003,
          200.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior loan",
        "box": [
          63.38,
          206.73315479999997,
          100.03600000000003,
          213.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          193.13,
          206.73315479999997,
          195.13,
          213.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "219,990 ",
        "box": [
          215.834,
          206.73315479999997,
          243.834,
          213.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          250.88,
          206.73315479999997,
          252.88,
          213.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "219,990 ",
        "box": [
          273.584,
          206.73315479999997,
          301.584,
          213.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          308.63,
          206.73315479999997,
          310.63,
          213.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "219,990 ",
        "box": [
          331.334,
          206.73315479999997,
          359.334,
          213.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          366.38,
          206.73315479999997,
          368.38,
          213.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 ",
        "box": [
          401.34,
          206.73315479999997,
          407.34,
          213.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100.0 ",
        "box": [
          438.42999,
          206.73315479999997,
          458.42999,
          213.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  6.6 ",
        "box": [
          494.42999,
          206.73315479999997,
          506.42999,
          213.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          520.13,
          206.73315479999997,
          522.13,
          213.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.09,
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          561.09,
          213.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total/Weighted Average",
        "box": [
          58.88,
          219.48315479999997,
          138.18400000000003,
          226.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          193.13,
          219.48315479999997,
          199.13,
          226.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,118,941 ",
        "box": [
          209.834,
          219.48315479999997,
          243.834,
          226.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          250.88,
          219.48315479999997,
          256.88,
          226.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,105,896 ",
        "box": [
          267.584,
          219.48315479999997,
          301.584,
          226.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          308.63,
          219.48315479999997,
          314.63,
          226.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,847,217 ",
        "box": [
          325.334,
          219.48315479999997,
          359.334,
          226.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          366.38,
          219.48315479999997,
          368.38,
          226.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51 ",
        "box": [
          397.34,
          219.48315479999997,
          407.34,
          226.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  98.6 %",
        "box": [
          442.42999,
          219.48315479999997,
          465.74998999999997,
          226.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.0 %",
        "box": [
          494.42999,
          219.48315479999997,
          513.74999,
          226.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.7",
        "box": [
          549.87,
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          559.87,
          226.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          52.13,
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          116.77000000000002,
          251.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held-for-investment (F)",
        "box": [
          58.88,
          257.09194112,
          150.27439999999996,
          264.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior loans",
        "box": [
          63.38,
          270.48315479999997,
          103.14800000000002,
          277.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          193.13,
          270.48315479999997,
          199.13,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,361,863 ",
        "box": [
          209.834,
          270.48315479999997,
          243.834,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          250.88,
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          256.88,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,347,756 ",
        "box": [
          267.584,
          270.48315479999997,
          301.584,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          308.63,
          270.48315479999997,
          314.63,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,145,832 ",
        "box": [
          325.334,
          270.48315479999997,
          359.334,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          366.38,
          270.48315479999997,
          368.38,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53 ",
        "box": [
          397.34,
          270.48315479999997,
          407.34,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  98.6 %",
        "box": [
          442.42999,
          270.48315479999997,
          465.74998999999997,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.0 %",
        "box": [
          494.42999,
          270.48315479999997,
          513.74999,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.8",
        "box": [
          549.87,
          270.48315479999997,
          559.87,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A) ",
        "box": [
          49.5,
          293.9131148,
          62.604,
          300.4957520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized cost represents the outstanding loan principal, net of applicable unamortized discounts, loan origination fees, cost recovery interest and ",
        "box": [
          85.508,
          293.9131148,
          564.58,
          300.4957520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "write-offs on uncollectible loan balances.",
        "box": [
          85.5,
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          217.69199999999987,
          310.0957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(B) ",
        "box": [
          49.5,
          313.11312480000004,
          62.164,
          319.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying value represents the loan amortized cost, net of applicable allowance for credit losses.",
        "box": [
          85.50800000000001,
          313.11312480000004,
          390.548,
          319.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(C) ",
        "box": [
          49.5,
          322.71313480000003,
          62.164,
          329.2957720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average weighted by outstanding loan principal.",
        "box": [
          85.5,
          322.71313480000003,
          241.47599999999989,
          329.2957720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(D) ",
        "box": [
          49.5,
          332.3131148,
          62.604,
          338.89575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted  average  coupon  assumes  the  greater  of  the  applicable  benchmark  rates,  or  the  applicable  contractual  rate  floor.  Excludes  loans  on ",
        "box": [
          85.5,
          332.3131148,
          564.6600000000004,
          338.89575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonaccrual status.",
        "box": [
          85.5,
          341.9131148,
          142.82000000000002,
          348.4957520449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(E) ",
        "box": [
          49.5,
          351.5131248,
          61.708,
          358.0957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted average life assumes all extension options are exercised by the borrowers.",
        "box": [
          85.508,
          351.5131248,
          367.876,
          358.0957620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(F) ",
        "box": [
          49.5,
          361.11312480000004,
          61.268,
          367.6957620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes fully written off loans.",
        "box": [
          85.508,
          361.11312480000004,
          188.81999999999994,
          367.6957620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity ",
        "box": [
          49.5,
          380.378906,
          83.02999999999997,
          388.6072025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- For the three months ended March 31, 2026, the loan portfolio activity was as follows:",
        "box": [
          83.03,
          380.378906,
          441.6300099999998,
          388.6072025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized Cost",
        "box": [
          342.03,
          404.5531348,
          396.00600000000003,
          411.1357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for ",
        "box": [
          423.13,
          394.9531248,
          472.89000000000004,
          401.5357620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Losses",
        "box": [
          423.79999,
          404.5531348,
          470.2319900000001,
          411.1357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          498.23999,
          404.5531348,
          551.77599,
          411.1357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at December 31, 2025",
        "box": [
          52.13,
          417.3031348,
          154.52000000000004,
          423.8857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          417.3031348,
          340.13,
          423.8857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,347,756 ",
        "box": [
          370.418,
          417.3031348,
          404.418,
          423.8857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          417.3031348,
          418.13,
          423.8857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(201,924) ",
        "box": [
          452.426,
          417.3031348,
          485.75399999999996,
          423.8857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          417.3031348,
          496.13,
          423.8857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,145,832 ",
        "box": [
          527.09,
          417.3031348,
          561.09,
          423.8857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Originations and future fundings, net (A)",
        "box": [
          58.88,
          429.41192112,
          184.4676,
          436.6357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          430.0531348,
          336.13,
          436.6357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "257,628 ",
        "box": [
          376.418,
          430.0531348,
          404.418,
          436.6357720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          430.0531348,
          414.13,
          436.6357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          473.09,
          430.0531348,
          483.09,
          436.6357720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          430.0531348,
          492.13,
          436.6357720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "257,628 ",
        "box": [
          533.09,
          430.0531348,
          561.09,
          436.6357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds from loan repayments",
        "box": [
          58.88,
          442.8031348,
          159.95999999999998,
          449.3857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          442.8031348,
          336.13,
          449.3857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(478,263) ",
        "box": [
          373.754,
          442.8031348,
          407.082,
          449.3857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          442.8031348,
          414.13,
          449.3857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          473.09,
          442.8031348,
          483.09,
          449.3857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          442.8031348,
          492.13,
          449.3857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(478,263) ",
        "box": [
          530.426,
          442.8031348,
          563.754,
          449.3857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accretion of loan discount and other amortization, net",
        "box": [
          58.13,
          455.5531348,
          231.43399999999988,
          462.1357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          455.5531348,
          336.13,
          462.1357720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,139 ",
        "box": [
          384.418,
          455.5531348,
          404.418,
          462.1357720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          455.5531348,
          414.13,
          462.1357720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          473.09,
          455.5531348,
          483.09,
          462.1357720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          455.5531348,
          492.13,
          462.1357720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,139 ",
        "box": [
          541.09,
          455.5531348,
          561.09,
          462.1357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Provision for) reversal of credit losses",
        "box": [
          58.88,
          468.3031348,
          183.51199999999992,
          474.8857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          468.3031348,
          336.13,
          474.8857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          394.418,
          468.3031348,
          404.418,
          474.8857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          468.3031348,
          414.13,
          474.8857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(74,089) ",
        "box": [
          456.426,
          468.3031348,
          485.75399999999996,
          474.8857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          468.3031348,
          492.13,
          474.8857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(74,089) ",
        "box": [
          534.426,
          468.3031348,
          563.754,
          474.8857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Write-offs charged",
        "box": [
          58.88,
          481.0531348,
          119.52000000000004,
          487.6357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          481.0531348,
          336.13,
          487.6357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,292) ",
        "box": [
          377.754,
          481.0531348,
          407.082,
          487.6357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          481.0531348,
          414.13,
          487.6357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,292 ",
        "box": [
          459.09,
          481.0531348,
          483.09,
          487.6357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          481.0531348,
          492.13,
          487.6357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.09,
          481.0531348,
          561.09,
          487.6357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on foreign currency translation",
        "box": [
          58.13,
          493.8031348,
          194.3219999999999,
          500.3857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          493.8031348,
          336.13,
          500.3857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,072) ",
        "box": [
          381.754,
          493.8031348,
          407.082,
          500.3857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          493.8031348,
          414.13,
          500.3857720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42 ",
        "box": [
          473.09,
          493.8031348,
          483.09,
          500.3857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          493.8031348,
          492.13,
          500.3857720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,030) ",
        "box": [
          538.426,
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          563.754,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at March 31, 2026",
        "box": [
          52.13,
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          142.976,
          513.1357720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          506.5531348,
          340.13,
          513.1357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,105,896 ",
        "box": [
          370.418,
          506.5531348,
          404.418,
          513.1357720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          506.5531348,
          418.13,
          513.1357720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(258,679) ",
        "box": [
          452.426,
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          485.75399999999996,
          513.1357720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          506.5531348,
          496.13,
          513.1357720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,847,217 ",
        "box": [
          527.09,
          506.5531348,
          561.09,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A) ",
        "box": [
          49.5,
          529.9131448,
          62.604,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net of applicable premiums, discounts and deferred loan origination costs. Includes fundings on previously originated loans.",
        "box": [
          85.508,
          529.9131448,
          484.12399999999997,
          536.4957820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  March  31,  2026  and  December  31,  2025,  there  were  $8.8  million  and  $9.8  million,  respectively,  of  unamortized ",
        "box": [
          49.5,
          549.178896,
          564.8999900000001,
          557.4071925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "origination discounts and deferred fees included in \"Commercial real estate loans, held-for-investment, net\" on the Consolidated ",
        "box": [
          49.5,
          561.178896,
          564.96002,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance Sheets.",
        "box": [
          49.5,
          573.178896,
          112.72999999999998,
          581.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF  may  enter  into  loan  modifications  that  include,  among  other  changes,  incremental  capital  contributions  or  partial ",
        "box": [
          49.5,
          597.178896,
          564.9900000000001,
          605.4071925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayments from certain borrowers, repurposing of reserves, and a temporary partial deferral of coupon as payment-in-kind ",
        "box": [
          49.5,
          609.178896,
          564.9800000000001,
          617.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest ('PIK Interest'), which is capitalized, compounded, and added to the outstanding principal balance of the respective ",
        "box": [
          49.5,
          621.178896,
          564.9400000000004,
          629.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans.",
        "box": [
          49.5,
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          73.09,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2026, KREF modified a risk-rated 5 senior life science loan located in Cambridge, MA, with an outstanding principal ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance of $100.4 million. The terms of the modification included a $20.2 million principal repayment, and a restructure of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$80.2 million senior loan (after the $20.2 million repayment) into (i) a $62.9 million senior mortgage loan (with $35.5 million ",
        "box": [
          49.5,
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          564.97998,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in  unfunded  commitment),  and  (ii)  a  $17.3  million  subordinated  note  which  is  subordinate  to  a  new  $14.4  million  sponsor ",
        "box": [
          49.5,
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          565.0000100000001,
          701.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest.  The  restructured  senior  loan  earns  a  coupon  rate  of  S+3.7%  and  has  a  new  term  of  five  years.  The  $17.3  million ",
        "box": [
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          564.87,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinated note was deemed uncollectible and written off in March 2026. The loan modification was accounted for as a new ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
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          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 21,
    "width": 612.0,
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    "cells": [
      {
        "text": "loan for GAAP purposes. The restructured senior loan with an outstanding principal balance of $64.1 million was risk-rated 3 ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of March 31, 2026.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Risk Ratings ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "- KREF evaluates its commercial real estate loan portfolio at least once per quarter and assesses the risk ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factors  of  each  loan  and  assigns  a  risk  rating  based  on  a  variety  of  factors.  Loans  are  rated  '1'  (Very  Low  Risk)  through ",
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        "from_ocr": false,
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      {
        "text": "'5' (Impaired/Loss Likely), which ratings are defined in Note 2.",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables summarize the carrying value of the loan portfolio based on KREF's internal risk ratings:",
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      {
        "text": "March 31, 2026",
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        "confidence": 1.0
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      {
        "text": "December 31, 2025",
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      {
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        "text": "Value",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Outstanding ",
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          294.07799,
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        "from_ocr": false,
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      {
        "text": "Principal",
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        "from_ocr": false,
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      {
        "text": "Outstanding ",
        "box": [
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          347.70799999999997,
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        "from_ocr": false,
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      {
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        "text": "Number of ",
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        "from_ocr": false,
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      {
        "text": "Total loan receivable",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "51 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5,105,896 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "5,118,941 ",
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      {
        "text": "  100 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "53 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "5,347,756 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "5,361,863 ",
        "box": [
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      {
        "text": "  100 %",
        "box": [
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          561.7499899999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for credit losses",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(258,679) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(201,924) ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan receivable, net",
        "box": [
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          117.21000000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,847,217 ",
        "box": [
          207.588,
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          241.588,
          297.1957620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          408.38,
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          414.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,145,832 ",
        "box": [
          419.836,
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          453.836,
          297.1957620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "* Numbers presented may not foot due to rounding.",
        "box": [
          49.5,
          314.09313480000003,
          215.03599999999994,
          320.6757720449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(A) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes fully written off loans.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  March  31,  2026,  the  average  risk  rating  of  KREF's  portfolio  was  3.3,  weighted  by  outstanding  loan  principal,  as ",
        "box": [
          49.5,
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          564.82,
          351.1871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compared to 3.2 as of  December 31, 2025.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan Vintage ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "- The following tables present the amortized cost of the loan portfolio by KREF's internal risk rating and year ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of origination. The risk ratings are updated as of March 31, 2026 and December 31, 2025 in the corresponding table.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2026",
        "box": [
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      {
        "text": "Risk Rating",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Number of ",
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      {
        "text": "Loans (B)",
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        "confidence": 1.0
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      {
        "text": "Outstanding ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Principal (B)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Amortized Cost by Year of Origination (A)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2024",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2023",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2022",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Prior",
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      {
        "text": "Total",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial Real Estate Loans",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "1",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "from_ocr": false,
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        "text": "- ",
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        "from_ocr": false,
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        "text": "$ ",
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        "from_ocr": false,
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        "text": "- ",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "$ ",
        "box": [
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        "from_ocr": false,
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        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
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        "box": [
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "2",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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        "text": "2 ",
        "box": [
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        "text": "$  5,347,756 ",
        "box": [
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          561.086,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Year-to-date gross write-offs charged",
        "box": [
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          172.30599999999995,
          707.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          221.63,
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          227.63,
          707.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          254.08599999999998,
          701.2331548,
          264.086,
          707.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          271.13,
          701.2331548,
          277.13,
          707.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          303.586,
          701.2331548,
          313.586,
          707.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          320.63,
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          326.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          353.086,
          701.2331548,
          363.086,
          707.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          370.13,
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          376.13,
          707.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,828 ",
        "box": [
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          412.586,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          419.63,
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          425.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          452.086,
          701.2331548,
          462.086,
          707.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          469.13,
          701.2331548,
          475.13,
          707.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          501.586,
          701.2331548,
          511.586,
          707.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          518.63,
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          524.63,
          707.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,828 ",
        "box": [
          537.086,
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          561.086,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A) ",
        "box": [
          49.5,
          724.5931348,
          62.604,
          731.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the date a loan was originated or acquired. Origination dates are subsequently updated to reflect material loan modifications.",
        "box": [
          85.508,
          724.5931348,
          520.9420099999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(B) ",
        "box": [
          49.5,
          734.1931148,
          62.164,
          740.7757520449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes fully written off loans.",
        "box": [
          85.50800000000001,
          734.1931148,
          188.80199999999994,
          740.7757520449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
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          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
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          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 22,
    "width": 612.0,
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    "cells": [
      {
        "text": "Allowance for Credit Losses -",
        "box": [
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        "confidence": 1.0
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      {
        "text": " The following tables present the changes to the allowance for credit losses for the three months ",
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        "confidence": 1.0
      },
      {
        "text": "ended March 31, 2026:",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Commercial ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Real Estate Loans",
        "box": [
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          399.8980000000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Unfunded Loan ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Commitments",
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      {
        "text": "Total",
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      {
        "text": "Balance at December 31, 2025",
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          154.52000000000004,
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          138.33312479999995,
          340.13,
          144.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "201,924 ",
        "box": [
          377.09,
          138.33312479999995,
          405.09,
          144.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
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          418.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,201 ",
        "box": [
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          483.09,
          144.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          496.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "204,125 ",
        "box": [
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          561.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for (reversal of) credit losses, net",
        "box": [
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          197.28799999999987,
          157.54577204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
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          336.13,
          157.66576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,089 ",
        "box": [
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          405.09,
          157.66576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
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          414.13,
          157.66576204494618
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(548) ",
        "box": [
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          157.66576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          492.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,541 ",
        "box": [
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          561.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Write-offs charged",
        "box": [
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          119.52000000000004,
          170.29577204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
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          336.13,
          170.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,292) ",
        "box": [
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          407.75399999999996,
          170.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
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          414.13,
          170.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          483.09,
          170.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
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          492.13,
          170.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,292) ",
        "box": [
          534.426,
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          563.754,
          170.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on foreign currency translation",
        "box": [
          58.13,
          176.46313479999992,
          194.3219999999999,
          183.04577204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          176.58312479999995,
          336.13,
          183.16576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(42) ",
        "box": [
          392.426,
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          407.75399999999996,
          183.16576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
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          414.13,
          183.16576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
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          492.13,
          183.16576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(40) ",
        "box": [
          548.426,
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          563.754,
          183.16576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at March 31, 2026",
        "box": [
          52.13,
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          142.976,
          195.72576204494624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          189.33312479999995,
          340.13,
          195.91576204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "258,679 ",
        "box": [
          377.09,
          189.33312479999995,
          405.09,
          195.91576204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
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          418.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,655 ",
        "box": [
          463.09,
          189.33312479999995,
          483.09,
          195.91576204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          189.33312479999995,
          496.13,
          195.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260,334 ",
        "box": [
          533.09,
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          561.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, the allowance for credit losses was $260.3 million. The CECL provision of $73.5 million for the three ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2026 was due primarily to additional reserves for risk-rated 5 office and life science loans.",
        "box": [
          49.5,
          227.15893600000004,
          512.8799999999998,
          235.38723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF had a risk-rated 5 senior office loan located in Minneapolis, MN, originated in November 2017. As of March 31, 2026, ",
        "box": [
          49.5,
          251.15893600000004,
          564.92004,
          259.38723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the loan had an outstanding principal balance of $194.4 million, an unfunded commitment of $5.0 million and an amortized cost ",
        "box": [
          49.5,
          263.15893600000004,
          564.9800000000001,
          271.38723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of $190.1 million. In June 2025, the loan's maximum maturity was extended to July 2026. Since June 2023, the loan has been ",
        "box": [
          49.5,
          275.158906,
          565.0000000000003,
          283.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on nonaccrual status. During the three months ended March 31, 2026, KREF recognized $1.8 million of interest income on this ",
        "box": [
          49.5,
          287.15890599999994,
          564.85999,
          295.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan.",
        "box": [
          49.5,
          299.15890599999994,
          69.2,
          307.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF had a risk-rated 5 senior life science loan located in Boston, MA, originated in April 2021. As of March 31, 2026, the ",
        "box": [
          49.5,
          323.15890599999994,
          564.9899700000001,
          331.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan had an outstanding principal balance and amortized cost of $164.1 million with an unfunded commitment of $2.1 million. ",
        "box": [
          49.5,
          335.15890599999994,
          564.90002,
          343.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The loan's maturity was February 2026 and is in maturity default. In June 2025, this loan was placed on nonaccrual status. ",
        "box": [
          49.5,
          347.15890599999994,
          564.8600000000001,
          355.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, KREF recognized $3.4 million of interest income on this loan. ",
        "box": [
          49.5,
          359.15890599999994,
          496.30999999999983,
          367.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF had a risk-rated 5 senior multifamily loan located in San Diego, CA, originated in October 2021. As of March 31, 2026, ",
        "box": [
          49.5,
          383.15890599999994,
          564.97998,
          391.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  loan  had  an  outstanding  principal  balance  and  amortized  cost  of  $115.4  million  with  an  unfunded  commitment  of ",
        "box": [
          49.5,
          395.15890599999994,
          565.0000100000001,
          403.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.3 million. The loan's maturity is November 2026. In December 2025, this loan was placed on nonaccrual status. During the ",
        "box": [
          49.5,
          407.15890599999994,
          565.0000000000002,
          415.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026, KREF recognized $1.7 million of interest income on this loan.",
        "box": [
          49.5,
          419.15890599999994,
          448.2900099999998,
          427.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF had a risk-rated 5 senior life science loan located in Boston, MA, originated in August 2022. As of March 31, 2026, the ",
        "box": [
          49.5,
          443.15890599999994,
          564.8600100000001,
          451.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan  had  an  outstanding  principal  balance  of  $229.6  million  and  an  amortized  cost  of  $229.3  million  with  an  unfunded ",
        "box": [
          49.5,
          455.15890599999994,
          564.8300000000003,
          463.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitment of $82.9 million. The loan has a maximum maturity of August 2027. In March 2026, this loan was placed on ",
        "box": [
          49.5,
          467.15890599999994,
          564.9399999999999,
          475.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonaccrual status. During the three months ended March 31, 2026, KREF recognized $3.4 million of interest income on this ",
        "box": [
          49.5,
          479.15890599999994,
          564.9199999999998,
          487.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan.",
        "box": [
          49.5,
          491.15890599999994,
          69.2,
          499.3872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The 5-rated loans were determined to be collateral dependent as of March 31, 2026. KREF estimated expected losses based on ",
        "box": [
          49.5,
          515.158936,
          565.0000000000001,
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      {
        "text": "the loan's collateral fair value, which was determined by applying a capitalization rate between 5.5% and 11.3% and a discount ",
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        "text": "rate between 8.8% and 12.5%.",
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      {
        "text": "As of March 31, 2025, the allowance for credit losses was $144.4 million. The CECL provision of $24.9 million for the three ",
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      {
        "text": "months ended March 31, 2025 was due primarily to additional reserves for risk-rated 5 and risk-rated 4 multifamily and life ",
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      {
        "text": "science loans.",
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      {
        "text": "Table of Contents ",
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      {
        "text": "KKR Real Estate Finance Trust Inc.",
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      {
        "text": "Notes to Condensed Consolidated Financial Statements",
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      {
        "text": "(amount in tables in thousands, except per share amounts)",
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        "text": "22",
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        "text": "Concentration  of  Credit  Risk ",
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        "text": "- The following  tables  present  the  geographies  and  property  types  of  collateral  underlying ",
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        "text": "KREF's commercial real estate loans as a percentage of the loans' principal amounts:",
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        "text": "March 31, 2026",
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        "text": "California",
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        "text": "  17.6 %",
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        "text": "  16.6 %",
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        "text": "  40.3 %",
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          88.65600000000002,
          343.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  1.4 ",
        "box": [
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          209.42999,
          343.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  1.3 ",
        "box": [
          275.42999,
          337.2331248,
          287.42999,
          343.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other U.S.",
        "box": [
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          93.31200000000003,
          356.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  1.1 ",
        "box": [
          197.42999,
          349.9831248,
          209.42999,
          356.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  0.8 ",
        "box": [
          275.42999,
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          287.42999,
          356.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other Europe",
        "box": [
          58.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  1.0 ",
        "box": [
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          362.7331248,
          209.42999,
          369.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  1.1 ",
        "box": [
          275.42999,
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          287.42999,
          369.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Washington",
        "box": [
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        "confidence": 1.0
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      {
        "text": "  - ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "  4.2 ",
        "box": [
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          287.42999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Arizona",
        "box": [
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        "confidence": 1.0
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        "text": "  - ",
        "box": [
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          209.42999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1.8 ",
        "box": [
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          287.42999,
          394.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
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          75.76,
          407.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100.0 %",
        "box": [
          189.42999,
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          216.74999,
          407.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100.0 %",
        "box": [
          267.42999,
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          294.74998999999997,
          407.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes fully written off loans",
        "box": [
          85.508,
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          186.81999999999994,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
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          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
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          383.70999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23",
        "box": [
          301.0,
          769.728886,
          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 24,
    "width": 612.0,
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    "cells": [
      {
        "text": "Note 4. Real Estate Owned ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned, Held For Investment",
        "box": [
          49.5,
          91.64892600000007,
          218.78,
          99.87722255618269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portland, OR Retail / Redevelopment -",
        "box": [
          49.5,
          115.81890600000008,
          211.16000000000003,
          124.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " In December 2021, KREF took title to a Portland retail property and accounted for the ",
        "box": [
          211.16,
          115.81890600000008,
          564.9499999999999,
          124.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property  on  a  consolidated  basis  (Note  11).  The  transaction  was  accounted  for  as  an  asset  acquisition  under  ASC  805. ",
        "box": [
          49.5,
          127.808896,
          564.9099899999998,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accordingly,  KREF  recorded  the  property  and  its  net  assets  on  the  Condensed  Consolidated  Balance  Sheets  based  on  the ",
        "box": [
          49.5,
          139.808896,
          564.9500000000002,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated fair value of acquired assets and assumed liabilities. KREF contributed a portion of the REO asset to a joint venture ",
        "box": [
          49.5,
          151.808896,
          564.98,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(the \"REO JV\") with a third party local developer ('JV Partner'), whereby KREF had a 90% interest and the JV Partner had a ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10% interest. The JV Partner's interest in the property was presented within \"Noncontrolling interests in equity of consolidated ",
        "box": [
          49.5,
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          564.9099999999999,
          184.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "joint  ventures\"  on  the  Condensed  Consolidated  Balance  Sheets.  In  June  2025,  KREF  sold  a  portion  of  the  property  for ",
        "box": [
          49.5,
          187.808896,
          564.86,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6.0  million  and  recognized  a  realized  gain  of  $0.7  million  after  closing  costs.  In  September  2025,  to  support  the  ongoing ",
        "box": [
          49.5,
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          208.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redevelopment of the property, the REO JV acquired an adjacent parcel for $9.1 million.",
        "box": [
          49.5,
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          403.51999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mountain View, CA Office - ",
        "box": [
          49.5,
          235.81890600000008,
          170.49,
          244.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In June 2024, KREF and a KKR affiliate took title to a Mountain View office property through a ",
        "box": [
          170.76999,
          235.81890600000008,
          564.8699899999996,
          244.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deed-in-lieu of foreclosure (\"DIL\") and KREF accounted for the property on a consolidated basis (Note 11). KREF and the ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR affiliate's  interest  in  the  property  was  68.9%  and  31.1%,  respectively.  The  transaction  was  accounted  for  as  an  asset ",
        "box": [
          49.5,
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          268.0371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition  under  ASC  805.  Accordingly,  KREF  recorded  the  property  and  its  net  assets  on  the  Condensed  Consolidated ",
        "box": [
          49.5,
          271.808896,
          564.90002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance Sheets based on the estimated fair value of acquired assets and assumed liabilities. The KKR affiliate's interest in the ",
        "box": [
          49.5,
          283.80889599999995,
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          292.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property  was  presented  within  \"Noncontrolling  interests  in  equity  of  consolidated  joint  ventures\"  on  the  Condensed ",
        "box": [
          49.5,
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          304.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Balance Sheets. ",
        "box": [
          49.5,
          307.80889599999995,
          170.45000000000002,
          316.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Raleigh, NC Multifamily",
        "box": [
          49.5,
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          148.67999999999998,
          340.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " - In August 2025, KREF took title to a Raleigh multifamily property and accounted for the property ",
        "box": [
          148.67,
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          340.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through an assignment-in-lieu of foreclosure (\"AIL\"). The transaction was accounted for as an asset acquisition under ASC 805. ",
        "box": [
          49.5,
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          564.8599999999997,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accordingly,  KREF  recorded  the  property  and  its  net  assets  on  the  Condensed  Consolidated  Balance  Sheets  based  on  the ",
        "box": [
          49.5,
          355.80889599999995,
          564.9500100000002,
          364.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated fair value of acquired assets and assumed liabilities. As a result, KREF recognized a $14.4 million loan write-off for ",
        "box": [
          49.5,
          367.80889599999995,
          564.8999900000002,
          376.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the difference between the loan amortized cost of $85.5 million and the fair value of the REO's net assets of $71.8 million, less ",
        "box": [
          49.5,
          379.80889599999995,
          564.97004,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "closing costs.",
        "box": [
          49.5,
          391.80889599999995,
          103.33999999999999,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned, Held For Sale",
        "box": [
          49.5,
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          191.04,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Philadelphia, PA Office - ",
        "box": [
          49.5,
          439.81890599999997,
          159.21000000000004,
          448.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In December 2023, KREF took title to a Philadelphia office portfolio through a DIL. The transaction ",
        "box": [
          159.25,
          439.81890599999997,
          564.9600000000002,
          448.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was accounted for as an asset acquisition under ASC 805. Accordingly, KREF recorded the portfolio and its net assets on the ",
        "box": [
          49.5,
          451.80889599999995,
          564.8499999999998,
          460.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Balance Sheets based on the estimated fair value of acquired assets and assumed liabilities. Portions of ",
        "box": [
          49.5,
          463.80889599999995,
          564.8799999999995,
          472.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  portfolio  were  sold  in  June  2024  and  May  2025.  The  May  2025  sale  resulted  in  a  realized  gain  of  $0.5  million.  As  of ",
        "box": [
          49.5,
          475.80889599999995,
          564.88001,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, there was one office property remaining.",
        "box": [
          49.5,
          487.80889599999995,
          280.6600100000001,
          496.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West Hollywood, CA Condo",
        "box": [
          49.5,
          511.81890599999997,
          162.81999999999996,
          520.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          162.82001,
          511.81890599999997,
          165.32001,
          520.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          165.53,
          511.81890599999997,
          174.42000000000002,
          520.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " In April 2025, KREF took title to a West Hollywood multifamily property through an AIL. The ",
        "box": [
          174.42,
          511.81890599999997,
          564.9399999999999,
          520.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transaction was accounted for as an asset acquisition under ASC 805. Accordingly, KREF recorded the property and its net ",
        "box": [
          49.5,
          523.808896,
          564.9599999999999,
          532.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets  on  the  Condensed  Consolidated  Balance  Sheets  based  on  the  estimated  fair  value  of  acquired  assets  and  assumed ",
        "box": [
          49.5,
          535.808896,
          564.96,
          544.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities. As a result, KREF recognized a $20.4 million loan write-off for the difference between the loan amortized cost of ",
        "box": [
          49.5,
          547.808896,
          564.9300100000002,
          556.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$112.5 million and the fair value of the REO's net assets of $92.9 million, less closing costs.",
        "box": [
          49.5,
          559.808896,
          419.6999999999999,
          568.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, the Philadelphia, PA Office and West Hollywood, CA Condo properties met the criteria to be classified ",
        "box": [
          49.5,
          583.808896,
          564.9000100000002,
          592.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as held for sale under ASC 360. As such, depreciation and amortization on the properties and related lease intangibles were ",
        "box": [
          49.5,
          595.808896,
          564.97,
          604.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "suspended.",
        "box": [
          49.5,
          607.808896,
          93.63999999999999,
          616.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Leases - ",
        "box": [
          49.5,
          631.808896,
          92.82,
          640.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF assumed certain legacy lease arrangements upon the acquisition of the REO assets and subsequently entered ",
        "box": [
          93.4,
          631.808896,
          564.8700000000001,
          640.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into lease arrangements. These arrangements entitle KREF to receive contractual rent payments during the lease periods and ",
        "box": [
          49.5,
          643.808896,
          564.97,
          652.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tenant reimbursements for certain property operating expenses, including common area costs, insurance, utilities and real estate ",
        "box": [
          49.5,
          655.808896,
          564.9300000000003,
          664.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxes.  KREF  elects  the  practical  expedient  to  not  separate  the  lease  and  non-lease  components  of  the  rent  payments  and ",
        "box": [
          49.5,
          667.808896,
          564.85,
          676.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounts for these lease arrangements as operating leases.",
        "box": [
          49.5,
          679.808896,
          280.2800000000001,
          688.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
          13.781005400000026,
          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 25,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "The following table presents the REO assets and liabilities included on KREF's Condensed Consolidated Balance Sheets:",
        "box": [
          49.5,
          67.808896,
          534.35,
          76.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          420.45001,
          95.73315479999997,
          473.5460100000001,
          102.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          492.69,
          95.73315479999997,
          557.33,
          102.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned, held for investment",
        "box": [
          52.13,
          108.48315479999997,
          183.61799999999994,
          115.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          52.13,
          121.23315479999997,
          73.45800000000001,
          127.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned - land",
        "box": [
          58.13,
          133.98315479999997,
          136.77800000000005,
          140.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          133.98315479999997,
          418.13,
          140.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "207,191 ",
        "box": [
          455.09,
          133.98315479999997,
          483.09,
          140.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          133.98315479999997,
          496.13,
          140.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "207,191 ",
        "box": [
          533.09,
          133.98315479999997,
          561.09,
          140.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned - land improvements",
        "box": [
          58.13,
          146.73315479999997,
          184.55399999999997,
          153.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          146.73315479999997,
          414.13,
          153.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,028 ",
        "box": [
          459.09,
          146.73315479999997,
          483.09,
          153.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          146.73315479999997,
          492.13,
          153.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,932 ",
        "box": [
          537.09,
          146.73315479999997,
          561.09,
          153.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned - buildings",
        "box": [
          58.13,
          159.48315479999997,
          152.786,
          166.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          159.48315479999997,
          414.13,
          166.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "117,317 ",
        "box": [
          455.09,
          159.48315479999997,
          483.09,
          166.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          159.48315479999997,
          492.13,
          166.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "117,317 ",
        "box": [
          533.09,
          159.48315479999997,
          561.09,
          166.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned - building improvements",
        "box": [
          58.13,
          172.23315479999997,
          197.44999999999993,
          178.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          172.23315479999997,
          414.13,
          178.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,397 ",
        "box": [
          463.09,
          172.23315479999997,
          483.09,
          178.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          172.23315479999997,
          492.13,
          178.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,280 ",
        "box": [
          541.09,
          172.23315479999997,
          561.09,
          178.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned - furniture and fixtures",
        "box": [
          58.13,
          184.98315479999997,
          190.98599999999993,
          191.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          184.98315479999997,
          414.13,
          191.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,637 ",
        "box": [
          463.09,
          184.98315479999997,
          483.09,
          191.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          184.98315479999997,
          492.13,
          191.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,462 ",
        "box": [
          541.09,
          184.98315479999997,
          561.09,
          191.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned",
        "box": [
          64.13,
          197.73315479999997,
          122.33800000000004,
          204.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          197.73315479999997,
          414.13,
          204.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "344,570 ",
        "box": [
          455.09,
          197.73315479999997,
          483.09,
          204.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          197.73315479999997,
          492.13,
          204.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "342,182 ",
        "box": [
          533.09,
          197.73315479999997,
          561.09,
          204.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Accumulated depreciation",
        "box": [
          64.13,
          210.48315479999997,
          167.20999999999998,
          217.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          210.48315479999997,
          414.13,
          217.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,568) ",
        "box": [
          460.426,
          210.48315479999997,
          485.75399999999996,
          217.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          210.48315479999997,
          492.13,
          217.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,587) ",
        "box": [
          538.426,
          210.48315479999997,
          563.754,
          217.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned, net",
        "box": [
          70.13,
          223.23315479999997,
          142.114,
          229.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          223.23315479999997,
          414.13,
          229.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "340,002 ",
        "box": [
          455.09,
          223.23315479999997,
          483.09,
          229.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          223.23315479999997,
          492.13,
          229.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "338,595 ",
        "box": [
          533.09,
          223.23315479999997,
          561.09,
          229.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash (A)",
        "box": [
          58.13,
          235.34194112,
          81.33760000000001,
          242.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          235.98315479999997,
          414.13,
          242.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,652 ",
        "box": [
          459.09,
          235.98315479999997,
          483.09,
          242.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          235.98315479999997,
          492.13,
          242.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,546 ",
        "box": [
          541.09,
          235.98315479999997,
          561.09,
          242.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place lease intangibles (B)",
        "box": [
          58.13,
          248.09194112,
          146.3164,
          255.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          473.87,
          248.73315479999997,
          481.87,
          255.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67",
        "box": [
          551.87,
          248.73315479999997,
          559.87,
          255.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant receivables (B)",
        "box": [
          58.13,
          260.84194112,
          125.21640000000001,
          268.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          261.48315479999997,
          414.13,
          268.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "612 ",
        "box": [
          469.09,
          261.48315479999997,
          483.09,
          268.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          261.48315479999997,
          492.13,
          268.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "152 ",
        "box": [
          547.09,
          261.48315479999997,
          561.09,
          268.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets (B)",
        "box": [
          58.13,
          273.59194112,
          103.9064,
          280.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          274.23315479999997,
          414.13,
          280.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,087 ",
        "box": [
          463.09,
          274.23315479999997,
          483.09,
          280.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          274.23315479999997,
          492.13,
          280.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,501 ",
        "box": [
          541.09,
          274.23315479999997,
          561.09,
          280.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.13,
          286.9831248,
          69.01,
          293.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          286.9831248,
          418.13,
          293.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "362,403 ",
        "box": [
          455.09,
          286.9831248,
          483.09,
          293.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          286.9831248,
          496.13,
          293.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "343,861 ",
        "box": [
          533.09,
          286.9831248,
          561.09,
          293.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          52.13,
          299.7331248,
          86.35400000000003,
          306.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfavorable lease intangibles (C)",
        "box": [
          58.13,
          311.84191111999996,
          160.08639999999997,
          319.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          312.4831248,
          414.13,
          319.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "274 ",
        "box": [
          469.09,
          312.4831248,
          483.09,
          319.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          312.4831248,
          492.13,
          319.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "365 ",
        "box": [
          547.09,
          312.4831248,
          561.09,
          319.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          58.13,
          325.2331248,
          108.13000000000005,
          331.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(C)",
        "box": [
          108.08,
          324.59191111999996,
          115.0064,
          328.870625329215
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          325.2331248,
          414.13,
          331.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,215 ",
        "box": [
          463.09,
          325.2331248,
          483.09,
          331.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          325.2331248,
          492.13,
          331.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,977 ",
        "box": [
          541.09,
          325.2331248,
          561.09,
          331.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.13,
          337.9831248,
          69.01,
          344.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          337.9831248,
          418.13,
          344.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,489 ",
        "box": [
          463.09,
          337.9831248,
          483.09,
          344.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          337.9831248,
          496.13,
          344.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,342 ",
        "box": [
          541.09,
          337.9831248,
          561.09,
          344.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned, held for sale",
        "box": [
          52.13,
          363.4831248,
          159.194,
          370.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          52.13,
          376.2331248,
          73.45800000000001,
          382.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned, held for sale",
        "box": [
          58.13,
          388.9831248,
          159.88199999999998,
          395.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          388.9831248,
          414.13,
          395.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "118,775 ",
        "box": [
          455.09,
          388.9831248,
          483.09,
          395.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          388.9831248,
          492.13,
          395.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "118,220 ",
        "box": [
          533.09,
          388.9831248,
          561.09,
          395.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place lease intangibles",
        "box": [
          58.13,
          401.7331248,
          139.44200000000006,
          408.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          401.7331248,
          414.13,
          408.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,678 ",
        "box": [
          463.09,
          401.7331248,
          483.09,
          408.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          401.7331248,
          492.13,
          408.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,678 ",
        "box": [
          541.09,
          401.7331248,
          561.09,
          408.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Favorable lease intangibles",
        "box": [
          58.13,
          414.4831248,
          145.21800000000002,
          421.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          414.4831248,
          414.13,
          421.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,663 ",
        "box": [
          463.09,
          414.4831248,
          483.09,
          421.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          414.4831248,
          492.13,
          421.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,663 ",
        "box": [
          541.09,
          414.4831248,
          561.09,
          421.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant receivables",
        "box": [
          58.13,
          427.2331248,
          118.32200000000005,
          433.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          427.2331248,
          414.13,
          433.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "591 ",
        "box": [
          469.09,
          427.2331248,
          483.09,
          433.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          427.2331248,
          492.13,
          433.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "543 ",
        "box": [
          547.09,
          427.2331248,
          561.09,
          433.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          58.13,
          439.9831248,
          97.01000000000002,
          446.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          439.9831248,
          414.13,
          446.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,888 ",
        "box": [
          463.09,
          439.9831248,
          483.09,
          446.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          439.9831248,
          492.13,
          446.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,084 ",
        "box": [
          541.09,
          439.9831248,
          561.09,
          446.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.13,
          452.7331248,
          69.01,
          459.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          452.7331248,
          418.13,
          459.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131,595 ",
        "box": [
          455.09,
          452.7331248,
          483.09,
          459.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          452.7331248,
          496.13,
          459.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130,188 ",
        "box": [
          533.09,
          452.7331248,
          561.09,
          459.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          52.13,
          465.4831248,
          86.35400000000003,
          472.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfavorable lease intangibles",
        "box": [
          58.13,
          478.2331248,
          153.21800000000002,
          484.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          478.2331248,
          414.13,
          484.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167 ",
        "box": [
          469.09,
          478.2331248,
          483.09,
          484.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          478.2331248,
          492.13,
          484.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167 ",
        "box": [
          547.09,
          478.2331248,
          561.09,
          484.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          58.13,
          490.9831248,
          108.13000000000005,
          497.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          490.9831248,
          414.13,
          497.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,803 ",
        "box": [
          463.09,
          490.9831248,
          483.09,
          497.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          490.9831248,
          492.13,
          497.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,700 ",
        "box": [
          541.09,
          490.9831248,
          561.09,
          497.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.13,
          503.7331248,
          69.01,
          510.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          503.7331248,
          418.13,
          510.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,970 ",
        "box": [
          463.09,
          503.7331248,
          483.09,
          510.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          503.7331248,
          496.13,
          510.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,867 ",
        "box": [
          541.09,
          503.7331248,
          561.09,
          510.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A)  ",
        "box": [
          49.5,
          527.0931348,
          64.604,
          533.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in 'Cash and cash equivalents' on the Condensed Consolidated Balance Sheets.",
        "box": [
          85.508,
          527.0931348,
          371.12801000000013,
          533.6757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(B) ",
        "box": [
          49.5,
          536.6931148,
          62.164,
          543.2757520449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in 'Other assets' on the Condensed Consolidated Balance Sheets.",
        "box": [
          85.50800000000001,
          536.6931148,
          325.80800000000016,
          543.2757520449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(C) ",
        "box": [
          49.5,
          546.2931548,
          62.164,
          552.8757920449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included in 'Other liabilities' on the Condensed Consolidated Balance Sheets.",
        "box": [
          85.50800000000001,
          546.2931548,
          336.90801000000016,
          552.8757920449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  presents  the  REO  operations  and  related  income  (loss)  included  in  KREF's  Condensed  Consolidated ",
        "box": [
          49.5,
          567.958926,
          564.94,
          576.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statements of Income:",
        "box": [
          49.5,
          579.958926,
          139.39,
          588.1872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          431.04001,
          595.8831148,
          540.9840100000001,
          602.4657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          439.0,
          608.6331148,
          455.0,
          615.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          517.0,
          608.6331148,
          533.0,
          615.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental income",
        "box": [
          52.13,
          621.3831148,
          98.57000000000004,
          627.9657520449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          621.3831148,
          418.13,
          627.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,246 ",
        "box": [
          463.09,
          621.3831148,
          483.09,
          627.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          621.3831148,
          496.13,
          627.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,690 ",
        "box": [
          541.09,
          621.3831148,
          561.09,
          627.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other operating income",
        "box": [
          52.13,
          634.1331148,
          128.11400000000006,
          640.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          634.1331148,
          414.13,
          640.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "698 ",
        "box": [
          469.09,
          634.1331148,
          483.09,
          640.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          634.1331148,
          492.13,
          640.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,199 ",
        "box": [
          541.09,
          634.1331148,
          561.09,
          640.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from REO operations",
        "box": [
          58.13,
          646.8831148,
          156.99399999999997,
          653.4657520449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          646.8831148,
          414.13,
          653.4657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,944 ",
        "box": [
          463.09,
          646.8831148,
          483.09,
          653.4657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          646.8831148,
          492.13,
          653.4657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,889 ",
        "box": [
          541.09,
          646.8831148,
          561.09,
          653.4657520449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expense",
        "box": [
          52.13,
          659.6331148,
          111.89000000000004,
          666.2157520449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          659.6331148,
          414.13,
          666.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7,143) ",
        "box": [
          460.426,
          659.6331148,
          485.75399999999996,
          666.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          659.6331148,
          492.13,
          666.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,984) ",
        "box": [
          538.426,
          659.6331148,
          563.754,
          666.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation expense",
        "box": [
          52.13,
          672.3831148,
          121.21800000000005,
          678.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          672.3831148,
          414.13,
          678.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(979) ",
        "box": [
          466.426,
          672.3831148,
          485.75399999999996,
          678.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          672.3831148,
          492.13,
          678.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(490) ",
        "box": [
          544.426,
          672.3831148,
          563.754,
          678.9657520449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from REO operations",
        "box": [
          58.13,
          685.1331148,
          159.20999999999995,
          691.7157520449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          685.1331148,
          414.13,
          691.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,122) ",
        "box": [
          460.426,
          685.1331148,
          485.75399999999996,
          691.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          685.1331148,
          492.13,
          691.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,474) ",
        "box": [
          538.426,
          685.1331148,
          563.754,
          691.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.13,
          697.8831148,
          69.01,
          704.4657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          697.7631248,
          418.13,
          704.3457620449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,178) ",
        "box": [
          460.426,
          697.7631248,
          485.75399999999996,
          704.3457620449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          697.7631248,
          496.13,
          704.3457620449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,585) ",
        "box": [
          538.426,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
          13.781005400000026,
          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 26,
    "width": 612.0,
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    "cells": [
      {
        "text": "The following table presents the amortization of REO, held for investment lease intangibles included on KREF's Condensed ",
        "box": [
          49.5,
          67.808896,
          564.9300200000001,
          76.03719255618262
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        "confidence": 1.0
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      {
        "text": "Consolidated Statements of Income:",
        "box": [
          49.5,
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          194.61000000000004,
          88.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          433.29001,
          107.73315479999997,
          543.2340100000001,
          114.31579204494619
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Income Statement Location",
        "box": [
          277.31,
          120.48315479999997,
          371.494,
          127.06579204494619
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026",
        "box": [
          443.87,
          120.48315479999997,
          459.87,
          127.06579204494619
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
          516.62,
          120.48315479999997,
          532.62,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Asset",
        "box": [
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          70.34600000000002,
          139.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place lease intangibles",
        "box": [
          58.13,
          145.98315479999997,
          139.44200000000006,
          152.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Expenses from real estate owned operations",
        "box": [
          240.38,
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          381.0040000000002,
          152.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
          419.63,
          145.98315479999997,
          425.63,
          152.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17 ",
        "box": [
          475.334,
          145.98315479999997,
          485.334,
          152.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          492.38,
          145.98315479999997,
          498.38,
          152.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17 ",
        "box": [
          548.084,
          145.98315479999997,
          558.084,
          152.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liability",
        "box": [
          52.13,
          158.73315479999997,
          81.46600000000002,
          165.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfavorable lease intangibles",
        "box": [
          58.13,
          171.48315479999997,
          153.21800000000002,
          178.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned operations",
        "box": [
          240.38,
          171.48315479999997,
          378.7880000000001,
          178.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          419.63,
          171.48315479999997,
          421.63,
          178.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91 ",
        "box": [
          475.334,
          171.48315479999997,
          485.334,
          178.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          492.38,
          171.48315479999997,
          494.38,
          178.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91 ",
        "box": [
          548.084,
          171.48315479999997,
          558.084,
          178.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  presents  the  amortization  of  lease  intangibles  related  to  REO,  held  for  investment  for  each  of  the ",
        "box": [
          49.5,
          197.308896,
          564.97,
          205.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "succeeding fiscal years:",
        "box": [
          49.5,
          209.308896,
          144.35999999999999,
          217.53719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Year",
        "box": [
          52.13,
          245.48315479999997,
          69.01,
          252.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place Lease ",
        "box": [
          407.62,
          237.48315479999997,
          459.1560000000001,
          244.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible Assets",
        "box": [
          403.17999,
          245.48315479999997,
          461.60399000000007,
          252.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfavorable Lease ",
        "box": [
          488.04001,
          237.48315479999997,
          554.2400100000001,
          244.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible Liabilities",
        "box": [
          484.48999,
          245.48315479999997,
          555.8099900000002,
          252.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          52.13,
          258.11315479999996,
          68.13,
          264.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.63,
          258.11315479999996,
          394.63,
          264.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50 ",
        "box": [
          463.334,
          258.11315479999996,
          473.334,
          264.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          480.38,
          258.11315479999996,
          482.38,
          264.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "274 ",
        "box": [
          547.084,
          258.11315479999996,
          561.084,
          264.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Future Minimum Lease Payments ",
        "box": [
          49.5,
          284.05889599999995,
          195.21000000000004,
          292.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- The following table presents the future minimum lease payments to be collected under ",
        "box": [
          195.86,
          284.05889599999995,
          564.9799899999998,
          292.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-cancelable operating leases, excluding tenant reimbursements of expenses:",
        "box": [
          49.5,
          296.05889599999995,
          366.30999999999995,
          304.2871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Year",
        "box": [
          52.13,
          332.2331248,
          69.01,
          338.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contractual ",
        "box": [
          498.73001,
          324.2331248,
          542.04201,
          330.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease Payments",
        "box": [
          491.95001,
          332.2331248,
          546.81401,
          338.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          52.13,
          344.9831248,
          68.13,
          351.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          479.63,
          344.9831248,
          485.63,
          351.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,427 ",
        "box": [
          540.334,
          344.9831248,
          560.334,
          351.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          52.13,
          357.7331248,
          68.13,
          364.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.63,
          357.7331248,
          481.63,
          364.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,079 ",
        "box": [
          540.334,
          357.7331248,
          560.334,
          364.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          52.13,
          370.4831248,
          68.13,
          377.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.63,
          370.4831248,
          481.63,
          377.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,644 ",
        "box": [
          540.334,
          370.4831248,
          560.334,
          377.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          52.13,
          383.2331248,
          68.13,
          389.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.63,
          383.2331248,
          481.63,
          389.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,814 ",
        "box": [
          540.334,
          383.2331248,
          560.334,
          389.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          52.13,
          395.9831248,
          68.13,
          402.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.63,
          395.9831248,
          481.63,
          402.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,266 ",
        "box": [
          540.334,
          395.9831248,
          560.334,
          402.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          52.13,
          408.7331248,
          85.43400000000003,
          415.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.63,
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          481.63,
          415.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,975 ",
        "box": [
          540.334,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
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          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 27,
    "width": 612.0,
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    "cells": [
      {
        "text": "Note 5. Debt Obligations",
        "box": [
          49.5,
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          154.44,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table  summarizes KREF's secured financing arrangements in place as of March 31, 2026 and December 31, ",
        "box": [
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          91.808896,
          564.9400100000003,
          100.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025:",
        "box": [
          49.5,
          103.808896,
          72.28,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          287.28,
          131.85522420000007,
          333.72499999999997,
          137.61503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
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          131.85522420000007,
          558.5219900000001,
          137.61503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facility",
        "box": [
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          143.85522420000007,
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          149.61503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral",
        "box": [
          435.04999,
          143.85522420000007,
          464.97499000000005,
          149.61503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facility",
        "box": [
          518.98999,
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          541.5369900000002,
          149.61503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current ",
        "box": [
          135.52,
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          161.742,
          177.96501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          134.14999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Final Stated ",
        "box": [
          176.08,
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          214.18799999999996,
          177.96501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (A)",
        "box": [
          177.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Maximum ",
        "box": [
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          258.051,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facility Size",
        "box": [
          222.60001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Outstanding ",
        "box": [
          268.59,
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          307.68500000000006,
          177.96501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          273.45999,
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          301.06099000000006,
          186.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          319.95999,
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          349.30399,
          177.96501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value (B)",
        "box": [
          321.98001,
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          345.51607,
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        "confidence": 1.0
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      {
        "text": "Weighted ",
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          396.38300000000004,
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        "confidence": 1.0
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      {
        "text": "Average ",
        "box": [
          367.82001,
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          394.42701,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Funding ",
        "box": [
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          394.65099,
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        "confidence": 1.0
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      {
        "text": "Cost (C)",
        "box": [
          370.29999,
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          390.20629,
          186.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding ",
        "box": [
          408.09,
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          447.18500000000006,
          177.96501178932783
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Principal",
        "box": [
          412.95999,
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          440.56099000000006,
          186.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          459.45999,
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          488.80399,
          177.96501178932783
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          464.51001,
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          482.01001,
          186.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value (B)",
        "box": [
          503.82001,
          180.0441622300001,
          556.6860499999999,
          186.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Master Repurchase Agreements",
        "box": [
          52.88,
          192.60522420000007,
          148.82899999999998,
          198.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wells Fargo",
        "box": [
          52.88,
          204.60522420000007,
          87.271,
          210.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep 2027",
        "box": [
          134.63,
          204.60522420000007,
          160.873,
          210.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep 2029",
        "box": [
          181.13,
          204.60522420000007,
          207.373,
          210.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          221.63,
          204.60522420000007,
          226.88,
          210.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "600,000 ",
        "box": [
          236.666,
          204.60522420000007,
          261.166,
          210.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          268.13,
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          273.38,
          210.36503178932787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "401,929 ",
        "box": [
          283.166,
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          307.666,
          210.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          314.63,
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          319.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "400,877 ",
        "box": [
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          354.166,
          210.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.5 %",
        "box": [
          384.34,
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          401.245,
          210.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          407.63,
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          412.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "594,000 ",
        "box": [
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          204.60522420000007,
          447.166,
          210.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          454.13,
          204.60522420000007,
          459.38,
          210.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "590,363 ",
        "box": [
          469.166,
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          493.666,
          210.36503178932787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          500.63,
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        "from_ocr": false,
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        "text": "$ ",
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        "text": "2,807,674 ",
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      {
        "text": "$ ",
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        "text": "2,801,204 ",
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        "text": "  5.8 %",
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        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "2,862,689 ",
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      {
        "text": "(A) ",
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      {
        "text": "Final Stated Maturity is determined based on the maximum maturity of the underlying financing agreements or corresponding loans, assuming all ",
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      {
        "text": "extension options in KREF's discretion are exercised. The weighted average life of the match-term facilities was 1.2 and 2.0 years, based on the ",
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        "text": "current and final stated maturities, respectively, of the average weighted outstanding principal of collateral loans as of March 31, 2026.",
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        "text": "(B) ",
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        "text": "Net of $6.5 million and $8.4 million unamortized deferred financing costs as of March 31, 2026 and December 31, 2025, respectively.",
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        "text": "(C) ",
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      {
        "text": "Including deferred financing costs and the applicable benchmarks of Term SOFR, SONIA or EURIBOR in effect as of March 31, 2026. Average ",
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      {
        "text": "weighted by the outstanding principal of the facility.",
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        "text": "(D) ",
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      {
        "text": "The term loan facility provides asset-based financing on a non-mark-to-market basis with match-term up to five years, with an additional two-year ",
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        "text": "extension available to KREF.",
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        "text": "(E) ",
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      {
        "text": "As of March 31, 2026, the revolver carrying value excluded $5.5 million unamortized debt issuance costs presented within \"Other assets\" on KREF's ",
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        "text": "Condensed Consolidated Balance Sheets.",
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        "text": "As of March 31, 2026 and December 31, 2025, KREF had secured financing arrangements where the amount at risk with any ",
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        "text": "individual counterparty, or group of related counterparties, exceeded 10.0% of KREF's stockholders' equity. The amount at risk ",
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        "text": "under these arrangements is the net counterparty exposure, defined as the excess of the carrying amount (or market value, if ",
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        "text": "higher  than  the  carrying  amount,  for  repurchase  agreements)  of  the  assets  sold  under  agreement  to  repurchase,  including ",
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        "text": "accrued interest receivable plus any cash or other assets on deposit to secure the repurchase obligation, over the amount of the ",
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        "text": "repurchase liability, adjusted for accrued interest payable. ",
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        "text": "Table of Contents ",
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      {
        "text": "KKR Real Estate Finance Trust Inc.",
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        "text": "Notes to Condensed Consolidated Financial Statements",
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        "text": "(amount in tables in thousands, except per share amounts)",
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        "text": "27",
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        "text": "The following table summarizes certain characteristics of KREF's repurchase agreements where the amount at risk with any ",
        "box": [
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          67.808896,
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          76.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "individual counterparty, or group of related counterparties, exceeded 10.0% of KREF's stockholders' equity as of March 31, ",
        "box": [
          49.5,
          79.808896,
          564.9499600000001,
          88.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026 and December 31, 2025: ",
        "box": [
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          91.808896,
          172.74,
          100.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          561.75,
          257.37890600000003,
          564.25,
          265.60720255618264
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Outstanding ",
        "box": [
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          119.98315479999997,
          307.57798999999994,
          126.56579204494619
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      {
        "text": "Principal",
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          127.98315479999997,
          300.02599,
          134.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net Counterparty ",
        "box": [
          331.73001,
          119.98315479999997,
          394.80201000000005,
          126.56579204494619
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Exposure",
        "box": [
          346.04001,
          127.98315479999997,
          378.47201000000007,
          134.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Percent of ",
        "box": [
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          119.98315479999997,
          462.68599000000006,
          126.56579204494619
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Stockholders' Equity",
        "box": [
          407.39001,
          127.98315479999997,
          479.13401000000005,
          134.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average ",
        "box": [
          492.60999,
          119.98315479999997,
          557.9139899999999,
          126.56579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Life (Years) (A)",
        "box": [
          500.10999,
          127.34194112,
          548.38758,
          134.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          52.13,
          140.73315479999997,
          105.22600000000001,
          147.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Morgan Stanley",
        "box": [
          58.88,
          153.48315479999997,
          110.20000000000003,
          160.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          249.38,
          153.48315479999997,
          255.38,
          160.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "740,238 ",
        "box": [
          292.34,
          153.48315479999997,
          320.34,
          160.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          327.38,
          153.48315479999997,
          333.38,
          160.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "374,242 ",
        "box": [
          370.34,
          153.48315479999997,
          398.34,
          160.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  34.1 %",
        "box": [
          459.67999,
          153.48315479999997,
          482.99998999999997,
          160.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.9",
        "box": [
          549.12,
          153.48315479999997,
          559.12,
          160.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wells Fargo",
        "box": [
          58.88,
          166.23315479999997,
          98.20000000000003,
          172.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          249.38,
          166.23315479999997,
          251.38,
          172.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "401,929 ",
        "box": [
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          166.23315479999997,
          320.34,
          172.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          327.38,
          166.23315479999997,
          329.38,
          172.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "194,108 ",
        "box": [
          370.34,
          166.23315479999997,
          398.34,
          172.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  17.7 ",
        "box": [
          459.67999,
          166.23315479999997,
          475.67999,
          172.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.2",
        "box": [
          549.12,
          166.23315479999997,
          559.12,
          172.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goldman Sachs",
        "box": [
          58.88,
          178.98315479999997,
          109.31200000000003,
          185.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          249.38,
          178.98315479999997,
          251.38,
          185.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147,582 ",
        "box": [
          292.34,
          178.98315479999997,
          320.34,
          185.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          327.38,
          178.98315479999997,
          329.38,
          185.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125,154 ",
        "box": [
          370.34,
          178.98315479999997,
          398.34,
          185.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  11.4 ",
        "box": [
          459.67999,
          178.98315479999997,
          475.67999,
          185.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.4",
        "box": [
          549.12,
          178.98315479999997,
          559.12,
          185.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / Weighted Average",
        "box": [
          58.88,
          191.73315479999997,
          142.184,
          198.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          249.38,
          191.73315479999997,
          255.38,
          198.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,289,749 ",
        "box": [
          286.34,
          191.73315479999997,
          320.34,
          198.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          327.38,
          191.73315479999997,
          333.38,
          198.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "693,504 ",
        "box": [
          370.34,
          191.73315479999997,
          398.34,
          198.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  63.2 %",
        "box": [
          459.67999,
          191.73315479999997,
          482.99998999999997,
          198.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.8",
        "box": [
          549.12,
          191.73315479999997,
          559.12,
          198.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          52.13,
          204.48315479999997,
          116.77000000000002,
          211.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Morgan Stanley",
        "box": [
          58.88,
          217.23315479999997,
          110.20000000000003,
          223.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          249.38,
          217.23315479999997,
          255.38,
          223.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "742,301 ",
        "box": [
          292.34,
          217.23315479999997,
          320.34,
          223.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          327.38,
          217.23315479999997,
          333.38,
          223.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "367,560 ",
        "box": [
          370.34,
          217.23315479999997,
          398.34,
          223.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  31.3 %",
        "box": [
          459.67999,
          217.23315479999997,
          482.99998999999997,
          223.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.1",
        "box": [
          549.12,
          217.23315479999997,
          559.12,
          223.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wells Fargo",
        "box": [
          58.88,
          229.98315479999997,
          98.20000000000003,
          236.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          249.38,
          229.98315479999997,
          251.38,
          236.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "579,974 ",
        "box": [
          292.34,
          229.98315479999997,
          320.34,
          236.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          327.38,
          229.98315479999997,
          329.38,
          236.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,598 ",
        "box": [
          370.34,
          229.98315479999997,
          398.34,
          236.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  21.3 ",
        "box": [
          459.67999,
          229.98315479999997,
          475.67999,
          236.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.8",
        "box": [
          549.12,
          229.98315479999997,
          559.12,
          236.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Goldman Sachs",
        "box": [
          58.88,
          242.73315479999997,
          109.31200000000003,
          249.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          249.38,
          242.73315479999997,
          251.38,
          249.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "170,200 ",
        "box": [
          292.34,
          242.73315479999997,
          320.34,
          249.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          327.38,
          242.73315479999997,
          329.38,
          249.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,543 ",
        "box": [
          370.34,
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          398.34,
          249.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  11.4 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.6",
        "box": [
          549.12,
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          559.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / Weighted Average",
        "box": [
          58.88,
          255.48315479999997,
          142.184,
          262.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          249.38,
          255.48315479999997,
          255.38,
          262.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,492,475 ",
        "box": [
          286.34,
          255.48315479999997,
          320.34,
          262.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          327.38,
          255.48315479999997,
          333.38,
          262.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "750,701 ",
        "box": [
          370.34,
          255.48315479999997,
          398.34,
          262.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  64.0 %",
        "box": [
          459.67999,
          255.48315479999997,
          482.99998999999997,
          262.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.8",
        "box": [
          549.12,
          255.48315479999997,
          559.12,
          262.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A) ",
        "box": [
          49.5,
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          62.604,
          285.4957520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average weighted by the outstanding principal of borrowings under the secured financing agreement.",
        "box": [
          85.508,
          278.9131148,
          410.548,
          285.4957520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt  obligations  included  in  the  tables  above  are  obligations  of  KREF's  consolidated  subsidiaries,  which  own  the  related ",
        "box": [
          49.5,
          298.17889599999995,
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          306.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral, and such collateral is generally not available to other creditors of KREF.",
        "box": [
          49.5,
          310.17889599999995,
          381.25000000000006,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "While KREF is generally not required to post margin under certain repurchase agreement terms for changes in general capital ",
        "box": [
          49.5,
          334.17889599999995,
          564.9200000000004,
          342.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market conditions such as changes in credit spreads or interest rates, KREF may be required to post margin for changes in ",
        "box": [
          49.5,
          346.17889599999995,
          564.9199999999998,
          354.4071925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions to specific loans that serve as collateral for those repurchase agreements. Such changes may include declines in the ",
        "box": [
          49.5,
          358.17889599999995,
          564.86,
          366.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "appraised value of property that secures a loan or a negative change in the borrower's ability or willingness to repay a loan. To ",
        "box": [
          49.5,
          370.17889599999995,
          564.9600000000002,
          378.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the extent that KREF is required to post margin, KREF's liquidity could be significantly impacted. Both KREF and its lenders ",
        "box": [
          49.5,
          382.17889599999995,
          564.9,
          390.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "work cooperatively to monitor the performance of the properties and operations related to KREF's loan investments to mitigate ",
        "box": [
          49.5,
          394.17889599999995,
          564.8599999999999,
          402.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment-specific credit risks. Additionally, KREF incorporates terms in the loans it originates to further mitigate risks related ",
        "box": [
          49.5,
          406.17889599999995,
          564.9299999999998,
          414.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to loan nonperformance.",
        "box": [
          49.5,
          418.17889599999995,
          147.45000000000002,
          426.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity ",
        "box": [
          49.5,
          442.17889599999995,
          83.02999999999997,
          450.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- For the three months ended March 31, 2026, the activity related to the carrying value of KREF's secured financing ",
        "box": [
          83.43,
          442.17889599999995,
          564.9699899999998,
          450.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements were as follows:",
        "box": [
          49.5,
          454.17889599999995,
          162.96999999999997,
          462.4071925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Financing ",
        "box": [
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          470.3531148,
          558.8680099999999,
          476.9357520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreements, Net",
        "box": [
          496.59,
          478.3531148,
          553.4459999999999,
          484.9357520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of December 31, 2025",
        "box": [
          52.13,
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          163.65000000000003,
          497.6857520449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          491.1031148,
          496.13,
          497.6857520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,862,689 ",
        "box": [
          527.09,
          491.1031148,
          561.09,
          497.6857520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal borrowings",
        "box": [
          58.88,
          503.8531148,
          126.20000000000002,
          510.4357520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          503.8531148,
          492.13,
          510.4357520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "239,677 ",
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        "text": " ",
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        "text": "(300,147) ",
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        "text": "Deferred debt issuance costs",
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      {
        "text": " ",
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      {
        "text": "(676) ",
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        "text": "Amortization of deferred debt issuance costs",
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      {
        "text": " ",
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        "text": "2,559 ",
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      {
        "text": " Loss (gain) on foreign currency translation",
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      {
        "text": " ",
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      {
        "text": "(2,898) ",
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        "text": "Balance as of March 31, 2026",
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      {
        "text": "$ ",
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        "text": "2,801,204 ",
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      {
        "text": "Table of Contents ",
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      {
        "text": "KKR Real Estate Finance Trust Inc.",
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        "text": "Notes to Condensed Consolidated Financial Statements",
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      {
        "text": "(amount in tables in thousands, except per share amounts)",
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      {
        "text": "28",
        "box": [
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        "text": "Maturities ",
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        "text": "- KREF's secured financing arrangements in place as of March 31, 2026 had contractual maturities as follows:",
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        "text": "Year",
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        "text": "Nonrecourse (A)",
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        "text": "Recourse (A)(B)",
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      {
        "text": "Total",
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        "text": "2026",
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        "text": "$ ",
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        "text": "304,851 ",
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      {
        "text": "$ ",
        "box": [
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        "text": "32,500 ",
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      {
        "text": "$ ",
        "box": [
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        "text": "337,351 ",
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      {
        "text": "2027",
        "box": [
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        "text": " ",
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      {
        "text": "1,043,379 ",
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        "text": " ",
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        "text": "202,242 ",
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      {
        "text": " ",
        "box": [
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      {
        "text": "1,245,621 ",
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        "text": "2028",
        "box": [
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      {
        "text": " ",
        "box": [
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      {
        "text": "185,366 ",
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        "text": " ",
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      {
        "text": "27,271 ",
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      {
        "text": "212,637 ",
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      {
        "text": "2029",
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        "text": "114,956 ",
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        "text": "38,319 ",
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        "text": "485,905 ",
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        "text": "317,457 ",
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        "text": "803,362 ",
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        "text": "2031",
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        "text": "41,571 ",
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        "text": "55,428 ",
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      {
        "text": "$ ",
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      {
        "text": "2,176,028 ",
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      {
        "text": "$ ",
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        "text": "631,646 ",
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        "text": "$ ",
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        "text": "2,807,674 ",
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      {
        "text": "(A) ",
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      {
        "text": "Represents the earlier of (i) the maximum maturity of the underlying loans pledged as collateral or (ii) the maximum maturity of the respective ",
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      {
        "text": "financing agreements.",
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      {
        "text": "(B) ",
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        "text": "Except for the Revolver, which is full recourse, amounts borrowed are subject to a maximum 25.0% recourse limit. The Revolver matures in March ",
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      {
        "text": "2030.",
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      {
        "text": "Covenants ",
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        "text": "- KREF is required to comply with customary loan covenants and event of default provisions related to its secured ",
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      {
        "text": "financing agreements and Revolver, including, but not limited to, negative covenants relating to restrictions on operations with ",
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        "from_ocr": false,
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      {
        "text": "respect to KREF's status as a REIT, and financial covenants. Such financial covenants include a trailing four quarter interest ",
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      {
        "text": "income to interest expense ratio covenant (1.3 to 1.0); a consolidated tangible net worth covenant ($1.0 billion or less, ",
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      {
        "text": "depending upon the facility, plus 75% of the aggregate cash proceeds of any equity issuances made and any capital ",
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      {
        "text": "contributions received by KREF and certain subsidiaries, less share repurchases); a total indebtedness covenant (83.3% of ",
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      {
        "text": "KREF's Total Assets, as defined in the applicable financing agreements) and a cash liquidity covenant (the greater of (i) $10.0 ",
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      {
        "text": "million or (ii) 5.0% of KREF's recourse indebtedness; the Revolver has a minimum cash liquidity covenant of $75.0 million). ",
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        "text": "As of March 31, 2026 and December 31, 2025, KREF was in compliance with its financial debt covenants.",
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      {
        "text": "Table of Contents ",
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      {
        "text": "KKR Real Estate Finance Trust Inc.",
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          32.67721255618267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 30,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 6. Collateralized Loan Obligations ",
        "box": [
          49.5,
          67.64892600000007,
          221.02999999999997,
          75.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In August 2021, KREF financed a pool of loan participations from its existing loan portfolio through a managed CLO (\"KREF ",
        "box": [
          49.5,
          91.808896,
          564.8699999999997,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021-FL2\"). In February 2022, KREF financed a pool of loan participations from its existing multifamily loan portfolio through ",
        "box": [
          49.5,
          103.808896,
          564.9199999999997,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a managed CLO (\"KREF 2022-FL3\"). The CLOs provide KREF with match-term financing on a non-mark-to-market and non-",
        "box": [
          49.5,
          115.808896,
          562.4999999999998,
          124.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recourse basis. ",
        "box": [
          49.5,
          127.808896,
          110.81999999999998,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables outline CLO collateral assets and respective borrowing as of March 31, 2026 and December 31, 2025:",
        "box": [
          49.5,
          151.808896,
          542.86997,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          280.95001,
          179.73315479999997,
          334.0460100000001,
          186.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          494.19,
          179.73315479999997,
          558.83,
          186.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facility",
        "box": [
          243.62,
          192.48315479999997,
          269.388,
          199.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral",
        "box": [
          420.89999,
          192.48315479999997,
          455.11599,
          199.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facility",
        "box": [
          513.62,
          192.48315479999997,
          539.3880000000001,
          199.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg. ",
        "box": [
          137.06,
          215.13311479999993,
          173.94,
          221.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term (A)",
        "box": [
          141.35001,
          224.09194112,
          167.6576,
          231.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum ",
        "box": [
          190.73,
          215.13311479999993,
          228.27399999999994,
          221.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facility Size",
        "box": [
          187.74001,
          224.73315479999997,
          229.27600999999993,
          231.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding ",
        "box": [
          238.17999,
          215.13311479999993,
          282.82798999999994,
          221.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          243.74001,
          224.73315479999997,
          275.27601,
          231.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          294.73001,
          215.13311479999993,
          328.27401000000003,
          221.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          300.51001,
          224.73315479999997,
          320.50201000000004,
          231.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. Avg. ",
        "box": [
          344.06,
          205.53314479999995,
          380.94,
          212.11578204494617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Funding ",
        "box": [
          347.07001,
          215.13311479999993,
          377.93401,
          221.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost (B)",
        "box": [
          350.26999,
          224.09194112,
          372.7364,
          231.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding ",
        "box": [
          391.17999,
          215.13311479999993,
          435.82798999999994,
          221.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          396.73999,
          224.73315479999997,
          428.27599,
          231.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          447.73001,
          215.13311479999993,
          481.27401000000003,
          221.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          453.51001,
          224.73315479999997,
          473.50201000000004,
          231.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          499.73999,
          224.73315479999997,
          553.27599,
          231.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF 2021-FL2",
        "box": [
          52.88,
          237.36315479999996,
          107.29600000000005,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2039",
        "box": [
          131.07001,
          237.36315479999996,
          177.94200999999995,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          187.13,
          237.36315479999996,
          193.13,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "566,582 ",
        "box": [
          203.09,
          237.36315479999996,
          231.09,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          238.13,
          237.36315479999996,
          244.13,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "566,582 ",
        "box": [
          254.09,
          237.36315479999996,
          282.09000000000003,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          289.13,
          237.36315479999996,
          295.13,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "566,558 ",
        "box": [
          305.09,
          237.36315479999996,
          333.09,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.3 %",
        "box": [
          365.42999,
          237.48315479999997,
          384.74998999999997,
          244.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          391.13,
          237.36315479999996,
          397.13,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "771,332 ",
        "box": [
          407.09,
          237.36315479999996,
          435.09,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          442.13,
          237.36315479999996,
          448.13,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "691,534 ",
        "box": [
          458.09,
          237.36315479999996,
          486.09,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          493.13,
          237.36315479999996,
          499.13,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "654,964 ",
        "box": [
          533.09,
          237.36315479999996,
          561.09,
          243.9457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF 2022-FL3",
        "box": [
          52.88,
          250.11315479999996,
          107.29600000000005,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2039",
        "box": [
          131.07001,
          250.11315479999996,
          177.94200999999995,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          187.13,
          250.11315479999996,
          189.13,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "499,552 ",
        "box": [
          203.09,
          250.11315479999996,
          231.09,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          238.13,
          250.11315479999996,
          240.13,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "499,552 ",
        "box": [
          254.09,
          250.11315479999996,
          282.09000000000003,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          289.13,
          250.11315479999996,
          291.13,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "499,490 ",
        "box": [
          305.09,
          250.11315479999996,
          333.09,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.6 ",
        "box": [
          365.42999,
          250.23315479999997,
          377.42999,
          256.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          391.13,
          250.11315479999996,
          393.13,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "652,052 ",
        "box": [
          407.09,
          250.11315479999996,
          435.09,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          442.13,
          250.11315479999996,
          444.13,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "650,414 ",
        "box": [
          458.09,
          250.11315479999996,
          486.09,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.13,
          250.11315479999996,
          495.13,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "543,368 ",
        "box": [
          533.09,
          250.11315479999996,
          561.09,
          256.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.13,
          262.86315479999996,
          69.01,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          187.13,
          262.86315479999996,
          193.13,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,066,134 ",
        "box": [
          197.09,
          262.86315479999996,
          231.09,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          238.13,
          262.86315479999996,
          244.13,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,066,134 ",
        "box": [
          248.09,
          262.86315479999996,
          282.09000000000003,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          289.13,
          262.86315479999996,
          295.13,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,066,048 ",
        "box": [
          299.09,
          262.86315479999996,
          333.09,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  5.4 %",
        "box": [
          365.42999,
          262.86315479999996,
          384.74998999999997,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          391.13,
          262.86315479999996,
          397.13,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,423,384 ",
        "box": [
          401.09,
          262.86315479999996,
          435.09,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          442.13,
          262.86315479999996,
          448.13,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,341,948 ",
        "box": [
          452.09,
          262.86315479999996,
          486.09,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          493.13,
          262.86315479999996,
          499.13,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,198,332 ",
        "box": [
          527.09,
          262.86315479999996,
          561.09,
          269.4457920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A) ",
        "box": [
          49.5,
          286.34313480000003,
          62.604,
          292.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The term of the CLO notes represents the rated final distribution date. Repayments of CLO notes are dependent on timing of underlying collateral ",
        "box": [
          85.508,
          286.34313480000003,
          564.6040000000002,
          292.9257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan asset repayments post reinvestment period.",
        "box": [
          85.5,
          295.9431148,
          238.81199999999987,
          302.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(B) ",
        "box": [
          49.5,
          305.5431248,
          62.164,
          312.12576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Including  deferred  financing  costs  and  applicable  index  in  effect  as  of  March  31,  2026.  Average  weighted  by  the  outstanding  principal  of  the ",
        "box": [
          85.50800000000001,
          305.5431248,
          564.4000000000004,
          312.12576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facility.",
        "box": [
          85.5,
          315.1431248,
          110.16400000000003,
          321.7257620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the CLO assets and liabilities included in KREF's Condensed Consolidated Balance Sheets:",
        "box": [
          49.5,
          336.80889599999995,
          533.6500100000002,
          345.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          420.45001,
          364.7331248,
          473.5460100000001,
          371.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          492.69,
          364.7331248,
          557.33,
          371.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          52.13,
          377.4831248,
          73.45800000000001,
          384.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial real estate loans, held-for-investment",
        "box": [
          52.13,
          390.11312480000004,
          212.32199999999992,
          396.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          390.11312480000004,
          418.13,
          396.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,202,641 ",
        "box": [
          449.09,
          390.11312480000004,
          483.09,
          396.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          390.11312480000004,
          496.13,
          396.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,513,255 ",
        "box": [
          527.09,
          390.11312480000004,
          561.09,
          396.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Allowance for credit losses",
        "box": [
          58.88,
          402.86312480000004,
          165.07199999999995,
          409.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          402.86312480000004,
          414.13,
          409.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(80,683) ",
        "box": [
          456.426,
          402.86312480000004,
          485.75399999999996,
          409.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          402.86312480000004,
          492.13,
          409.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(43,027) ",
        "box": [
          534.426,
          402.86312480000004,
          563.754,
          409.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial real estate loans, held-for-investment, net",
        "box": [
          64.13,
          415.61312480000004,
          238.09799999999984,
          422.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          415.61312480000004,
          414.13,
          422.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,121,958 ",
        "box": [
          449.09,
          415.61312480000004,
          483.09,
          422.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          415.61312480000004,
          492.13,
          422.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,470,228 ",
        "box": [
          527.09,
          415.61312480000004,
          561.09,
          422.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial real estate loan, held-for-sale",
        "box": [
          52.13,
          428.36312480000004,
          186.53799999999995,
          434.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          428.36312480000004,
          414.13,
          434.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "219,990 ",
        "box": [
          455.09,
          428.36312480000004,
          483.09,
          434.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          428.36312480000004,
          492.13,
          434.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.09,
          428.36312480000004,
          561.09,
          434.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets (A)",
        "box": [
          52.13,
          440.47192112,
          98.19760000000001,
          447.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          441.11312480000004,
          414.13,
          447.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,374 ",
        "box": [
          463.09,
          441.11312480000004,
          483.09,
          447.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          441.11312480000004,
          492.13,
          447.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,804 ",
        "box": [
          537.09,
          441.11312480000004,
          561.09,
          447.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          58.13,
          453.86312480000004,
          75.01,
          460.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          453.86312480000004,
          418.13,
          460.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,349,322 ",
        "box": [
          449.09,
          453.86312480000004,
          483.09,
          460.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          453.86312480000004,
          496.13,
          460.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,518,032 ",
        "box": [
          527.09,
          453.86312480000004,
          561.09,
          460.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          52.13,
          466.5431248,
          86.35400000000003,
          473.12576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized loan obligations",
        "box": [
          52.13,
          479.36312480000004,
          150.34600000000003,
          485.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          479.36312480000004,
          418.13,
          485.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,066,134 ",
        "box": [
          449.09,
          479.36312480000004,
          483.09,
          485.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          479.36312480000004,
          496.13,
          485.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,198,378 ",
        "box": [
          527.09,
          479.36312480000004,
          561.09,
          485.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred financing costs",
        "box": [
          52.13,
          492.11312480000004,
          130.77000000000004,
          498.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          492.11312480000004,
          414.13,
          498.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(86) ",
        "box": [
          470.426,
          492.11312480000004,
          485.75399999999996,
          498.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          492.11312480000004,
          492.13,
          498.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(46) ",
        "box": [
          548.426,
          492.11312480000004,
          563.754,
          498.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized loan obligations, net",
        "box": [
          58.13,
          504.86312480000004,
          170.12199999999999,
          511.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          504.86312480000004,
          414.13,
          511.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,066,048 ",
        "box": [
          449.09,
          504.86312480000004,
          483.09,
          511.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          504.86312480000004,
          492.13,
          511.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,198,332 ",
        "box": [
          527.09,
          504.86312480000004,
          561.09,
          511.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          52.13,
          517.6130948,
          102.13000000000005,
          524.1957320449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          517.6130948,
          414.13,
          524.1957320449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,276 ",
        "box": [
          463.09,
          517.6130948,
          483.09,
          524.1957320449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          517.6130948,
          492.13,
          524.1957320449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,548 ",
        "box": [
          541.09,
          517.6130948,
          561.09,
          524.1957320449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          58.13,
          530.3630948,
          75.01,
          536.9457320449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          530.3630948,
          418.13,
          536.9457320449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,068,324 ",
        "box": [
          449.09,
          530.3630948,
          483.09,
          536.9457320449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          530.3630948,
          496.13,
          536.9457320449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,200,880 ",
        "box": [
          527.09,
          530.3630948,
          561.09,
          536.9457320449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A) ",
        "box": [
          49.5,
          557.6331148,
          62.604,
          564.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $42.0 million of loan repayment proceeds held at servicer as of December 31, 2025.",
        "box": [
          85.508,
          556.308896,
          383.79999,
          564.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table  presents  the  components  of  net  interest  income  of  CLOs  included  in  KREF's  Condensed  Consolidated ",
        "box": [
          49.5,
          580.308896,
          565.0,
          588.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statements of Income:",
        "box": [
          49.5,
          592.308896,
          139.39,
          600.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          431.04001,
          608.2331548,
          540.9840100000001,
          614.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          439.0,
          620.9831548,
          455.0,
          627.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          517.0,
          620.9831548,
          533.0,
          627.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          52.13,
          633.6130948,
          101.67400000000004,
          640.1957320449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          633.6130948,
          418.13,
          640.1957320449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,357 ",
        "box": [
          459.09,
          633.6130948,
          483.09,
          640.1957320449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          633.6130948,
          496.13,
          640.1957320449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,971 ",
        "box": [
          537.09,
          633.6130948,
          561.09,
          640.1957320449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          52.13,
          646.3630948,
          103.89000000000003,
          652.9457320449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          646.3630948,
          414.13,
          652.9457320449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,235 ",
        "box": [
          459.09,
          646.3630948,
          483.09,
          652.9457320449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          646.3630948,
          492.13,
          652.9457320449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,058 ",
        "box": [
          537.09,
          646.3630948,
          561.09,
          652.9457320449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income",
        "box": [
          58.13,
          659.1130948,
          120.78600000000006,
          665.6957320449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          659.1130948,
          418.13,
          665.6957320449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,122 ",
        "box": [
          459.09,
          659.1130948,
          483.09,
          665.6957320449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          659.1130948,
          496.13,
          665.6957320449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,913 ",
        "box": [
          537.09,
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          561.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
          13.781005400000026,
          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 31,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 7. Secured Term Loan, Net",
        "box": [
          49.5,
          67.64892600000007,
          187.43000000000004,
          75.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2025, KREF refinanced the existing secured term loan of $339.5 million with a new $550.0 million secured term loan ",
        "box": [
          49.5,
          91.808896,
          564.9199900000002,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "due March 2032. The transaction was accounted for as a partial debt extinguishment under GAAP. In September 2025, KREF ",
        "box": [
          49.5,
          103.808896,
          564.8499999999998,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "further upsized the secured term loan to $650.0 million and reduced the spread to S+2.5%. The secured term loan is partially ",
        "box": [
          49.5,
          115.808896,
          564.9299900000001,
          124.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortizing, with an amount equal to 1.0% per annum of the principal balance due in quarterly installments. The secured term ",
        "box": [
          49.5,
          127.808896,
          564.8499999999999,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan contains restrictions relating to liens, asset sales, indebtedness, investments and transactions with affiliates, and is secured ",
        "box": [
          49.5,
          139.808896,
          564.9699999999998,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by KREF level guarantees and does not include asset-based collateral. ",
        "box": [
          49.5,
          151.808896,
          332.18999999999994,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Upon the completion of the secured term loan transactions, KREF recorded a $1.1 million issuance discount and $11.4 million ",
        "box": [
          49.5,
          175.808896,
          564.88,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in issuance costs. The loan issuance discount and issuance costs were capitalized and amortized into interest expense over the ",
        "box": [
          49.5,
          187.808896,
          565.0000000000001,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term of the secured term loan. Inclusive of the discount and issuance cost amortization, KREF's total cost of the secured term ",
        "box": [
          49.5,
          199.808896,
          564.8100000000002,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan was S+2.9%, subject to the applicable SOFR floor, as of March 31, 2026. ",
        "box": [
          49.5,
          211.808896,
          365.70999,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes KREF's secured term loan as of March 31, 2026 and December 31, 2025, respectively:",
        "box": [
          49.5,
          235.808896,
          529.0,
          244.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          420.45001,
          263.73315479999997,
          473.5460100000001,
          270.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          492.69,
          263.73315479999997,
          557.33,
          270.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          52.13,
          276.36312480000004,
          81.01000000000002,
          282.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          276.36312480000004,
          418.13,
          282.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "645,125 ",
        "box": [
          455.09,
          276.36312480000004,
          483.09,
          282.9457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          276.36312480000004,
          496.13,
          282.9457620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "646,750 ",
        "box": [
          533.09,
          276.36312480000004,
          561.09,
          282.9457620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred financing costs",
        "box": [
          52.13,
          289.11312480000004,
          130.77000000000004,
          295.6957620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          289.11312480000004,
          414.13,
          295.6957620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,972) ",
        "box": [
          456.426,
          289.11312480000004,
          485.75399999999996,
          295.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          289.11312480000004,
          492.13,
          295.6957620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,448) ",
        "box": [
          534.426,
          289.11312480000004,
          563.754,
          295.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized discount",
        "box": [
          52.13,
          301.86312480000004,
          123.01000000000005,
          308.4457620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          301.86312480000004,
          414.13,
          308.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,675) ",
        "box": [
          460.426,
          301.86312480000004,
          485.75399999999996,
          308.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          301.86312480000004,
          492.13,
          308.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,786) ",
        "box": [
          538.426,
          301.86312480000004,
          563.754,
          308.4457620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying value",
        "box": [
          52.13,
          314.61312480000004,
          99.89800000000002,
          321.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          314.61312480000004,
          418.13,
          321.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "631,478 ",
        "box": [
          455.09,
          314.61312480000004,
          483.09,
          321.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          314.61312480000004,
          496.13,
          321.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "632,516 ",
        "box": [
          533.09,
          314.61312480000004,
          561.09,
          321.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Covenants ",
        "box": [
          49.5,
          340.628906,
          95.3,
          348.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF is required to comply with customary loan covenants and event of default provisions related to its secured ",
        "box": [
          95.5,
          340.628906,
          565.0,
          348.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term loan that include, but are not limited to, negative covenants relating to restrictions on operations with respect to KREF's ",
        "box": [
          49.5,
          352.628906,
          564.9299999999996,
          360.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "status  as  a  REIT,  and  financial  covenants.  Such  financial  covenants  include  a  minimum  consolidated  tangible  net  worth  of ",
        "box": [
          49.5,
          364.628906,
          564.87,
          372.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$650.0 million and a maximum Total Debt to Total Assets Ratio, as defined in the secured term loan agreements, of 83.3%. ",
        "box": [
          49.5,
          376.628906,
          564.96997,
          384.8572025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF was in compliance with such covenants as of March 31, 2026 and December 31, 2025.",
        "box": [
          49.5,
          388.628906,
          423.60999,
          396.8572025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
          13.781005400000026,
          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 32,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 8. Consolidated Variable Interest Entities Assets and Liabilities, CMBS Trusts, at Fair Value",
        "box": [
          49.5,
          67.64892600000007,
          467.52000000000004,
          75.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, KREF owned CMBS B-Pieces with an outstanding principal balance of $49.3 million and an estimated ",
        "box": [
          49.5,
          91.808896,
          564.8800000000001,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value of $24.1 million.",
        "box": [
          49.5,
          103.808896,
          157.17,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF consolidated the CMBS trusts after determining that such trusts were VIE's and that KREF was the primary beneficiary ",
        "box": [
          49.5,
          127.808896,
          564.8700000000003,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of such VIE's. KREF irrevocably elected the fair value option for the consolidated CMBS trusts, and therefore, (i) reported the ",
        "box": [
          49.5,
          139.808896,
          564.9000000000001,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets and liabilities of the trusts at fair value on the Condensed Consolidated Balance Sheets, (ii) recognized changes in the ",
        "box": [
          49.5,
          151.808896,
          564.9499900000001,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trust's  net  assets,  including  fair  value  adjustments,  in  the  Condensed Consolidated Statements of Income, and (iii) presented ",
        "box": [
          49.5,
          163.808896,
          564.8500100000002,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash  interest  received  by  the  trusts,  net  of  cash  interest  paid  on  CMBS  not  held  by  KREF,  as  operating  cash  flows  in  the ",
        "box": [
          49.5,
          175.808896,
          564.8200000000002,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Statements of Cash Flow.",
        "box": [
          49.5,
          187.808896,
          254.31000000000006,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the assets and liabilities of the consolidated CMBS trusts:",
        "box": [
          49.5,
          211.808896,
          396.31999999999994,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          420.45001,
          239.73315479999997,
          473.5460100000001,
          246.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          492.69,
          239.73315479999997,
          557.33,
          246.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          52.13,
          252.48315479999997,
          73.45800000000001,
          259.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial real estate loans, at fair value",
        "box": [
          52.13,
          265.11315479999996,
          186.98599999999996,
          271.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          265.11315479999996,
          418.13,
          271.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,265,973 ",
        "box": [
          449.09,
          265.11315479999996,
          483.09,
          271.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          265.11315479999996,
          496.13,
          271.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "502,751 ",
        "box": [
          533.09,
          265.11315479999996,
          561.09,
          271.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable",
        "box": [
          52.13,
          277.86312480000004,
          139.65000000000003,
          284.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          277.86312480000004,
          414.13,
          284.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,220 ",
        "box": [
          463.09,
          277.86312480000004,
          483.09,
          284.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          277.86312480000004,
          492.13,
          284.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,479 ",
        "box": [
          541.09,
          277.86312480000004,
          561.09,
          284.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated variable interest entities assets, CMBS trusts, at fair value",
        "box": [
          58.88,
          290.61312480000004,
          287.96799999999985,
          297.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          290.61312480000004,
          418.13,
          297.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,272,193 ",
        "box": [
          449.09,
          290.61312480000004,
          483.09,
          297.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          290.61312480000004,
          496.13,
          297.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "505,230 ",
        "box": [
          533.09,
          290.61312480000004,
          561.09,
          297.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          52.13,
          303.2931248,
          86.35400000000003,
          309.87576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage-backed securities, at fair value",
        "box": [
          52.13,
          316.11312480000004,
          223.64199999999988,
          322.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          316.11312480000004,
          418.13,
          322.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,241,901 ",
        "box": [
          449.09,
          316.11312480000004,
          483.09,
          322.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          316.11312480000004,
          496.13,
          322.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "493,680 ",
        "box": [
          533.09,
          316.11312480000004,
          561.09,
          322.6957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest payable",
        "box": [
          52.13,
          328.86312480000004,
          131.65800000000004,
          335.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          328.86312480000004,
          414.13,
          335.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,957 ",
        "box": [
          463.09,
          328.86312480000004,
          483.09,
          335.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          328.86312480000004,
          492.13,
          335.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,380 ",
        "box": [
          541.09,
          328.86312480000004,
          561.09,
          335.4457620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated variable interest entities liabilities, CMBS trusts, at fair value",
        "box": [
          58.88,
          341.7331248,
          299.08799999999985,
          348.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          341.61312480000004,
          418.13,
          348.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,247,858 ",
        "box": [
          449.09,
          341.61312480000004,
          483.09,
          348.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          341.61312480000004,
          496.13,
          348.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "496,060 ",
        "box": [
          533.09,
          341.61312480000004,
          561.09,
          348.1957620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the change in net assets of the consolidated CMBS trusts:",
        "box": [
          49.5,
          367.55889599999995,
          395.50999999999993,
          375.7871925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          431.04001,
          395.4831248,
          540.9840100000001,
          402.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          439.0,
          408.2331248,
          455.0,
          414.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          517.0,
          408.2331248,
          533.0,
          414.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income",
        "box": [
          52.13,
          420.9831248,
          114.78600000000004,
          427.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          420.9831248,
          418.13,
          427.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "388 ",
        "box": [
          469.09,
          420.9831248,
          483.09,
          427.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          420.9831248,
          496.13,
          427.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.09,
          420.9831248,
          561.09,
          427.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized gain (loss)",
        "box": [
          52.13,
          433.7331248,
          122.77800000000005,
          440.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          433.7331248,
          414.13,
          440.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51 ",
        "box": [
          473.09,
          433.7331248,
          483.09,
          440.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          433.7331248,
          492.13,
          440.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.09,
          433.7331248,
          561.09,
          440.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in net assets of consolidated variable interest entities, CMBS trusts",
        "box": [
          58.13,
          446.2431348,
          298.3299999999998,
          452.8257720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          446.4831248,
          418.13,
          453.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "439 ",
        "box": [
          469.09,
          446.4831248,
          483.09,
          453.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          446.4831248,
          496.13,
          453.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.09,
          446.4831248,
          561.09,
          453.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See Note 17 for additional information regarding the valuation of financial assets and liabilities of KREF's consolidated CMBS ",
        "box": [
          49.5,
          472.30889599999995,
          564.9699999999999,
          480.5371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trusts.",
        "box": [
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        "text": "Table of Contents ",
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        "text": "KKR Real Estate Finance Trust Inc.",
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        "text": "Notes to Condensed Consolidated Financial Statements",
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        "text": "(amount in tables in thousands, except per share amounts)",
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        "text": "32",
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        "text": "- The following tables present the geographies and property types of collateral underlying the ",
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        "text": "consolidated CMBS trusts, as a percentage of the collateral outstanding principal amounts:",
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        "text": "Mixed Use",
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        "text": "  22.8 ",
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        "from_ocr": false,
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        "text": "  - ",
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        "text": "  - ",
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          337.51,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  100.0 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  100.0 %",
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "  5.6 ",
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        "from_ocr": false,
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        "text": "Total",
        "box": [
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          75.76,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100.0 %",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "  100.0 %",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Table of Contents ",
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          13.781005400000026,
          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 34,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 9. Other Assets and Liabilities",
        "box": [
          49.5,
          67.64892600000007,
          200.49000000000007,
          75.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  tables  present  the  components  of  KREF's  other  assets  and  other  liabilities  as  of  March  31,  2026  and ",
        "box": [
          49.5,
          91.808896,
          564.9700000000001,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, respectively:",
        "box": [
          49.5,
          103.808896,
          184.07001000000005,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          420.45001,
          131.73315479999997,
          473.5460100000001,
          138.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          492.69,
          131.73315479999997,
          557.33,
          138.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          52.13,
          144.48315479999997,
          94.11400000000002,
          151.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash",
        "box": [
          58.13,
          157.23315479999997,
          106.78600000000003,
          163.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          157.23315479999997,
          418.13,
          163.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,907 ",
        "box": [
          463.09,
          157.23315479999997,
          483.09,
          163.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          157.23315479999997,
          496.13,
          163.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,721 ",
        "box": [
          541.09,
          157.23315479999997,
          561.09,
          163.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest receivable",
        "box": [
          58.13,
          169.98315479999997,
          145.65000000000003,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          169.98315479999997,
          414.13,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,987 ",
        "box": [
          459.09,
          169.98315479999997,
          483.09,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          169.98315479999997,
          492.13,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,199 ",
        "box": [
          537.09,
          169.98315479999997,
          561.09,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets related to real estate owned, held for investment",
        "box": [
          58.13,
          182.73315479999997,
          234.76199999999992,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          182.73315479999997,
          414.13,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,749 ",
        "box": [
          463.09,
          182.73315479999997,
          483.09,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          182.73315479999997,
          492.13,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,720 ",
        "box": [
          541.09,
          182.73315479999997,
          561.09,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency forward contracts",
        "box": [
          58.13,
          195.48315479999997,
          171.19399999999996,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          195.48315479999997,
          414.13,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,591 ",
        "box": [
          463.09,
          195.48315479999997,
          483.09,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          195.48315479999997,
          492.13,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.09,
          195.48315479999997,
          561.09,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred financing cost, Revolver",
        "box": [
          58.13,
          208.23315479999997,
          166.98600000000002,
          214.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          208.23315479999997,
          414.13,
          214.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,540 ",
        "box": [
          463.09,
          208.23315479999997,
          483.09,
          214.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          208.23315479999997,
          492.13,
          214.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,887 ",
        "box": [
          541.09,
          208.23315479999997,
          561.09,
          214.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan principal repayments held by a servicer",
        "box": [
          58.13,
          220.98315479999997,
          202.52999999999992,
          227.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          220.98315479999997,
          414.13,
          227.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          473.09,
          220.98315479999997,
          483.09,
          227.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          220.98315479999997,
          492.13,
          227.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,279 ",
        "box": [
          537.09,
          220.98315479999997,
          561.09,
          227.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          58.13,
          233.73315479999997,
          76.34600000000002,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          233.73315479999997,
          414.13,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,787 ",
        "box": [
          463.09,
          233.73315479999997,
          483.09,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          233.73315479999997,
          492.13,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,043 ",
        "box": [
          541.09,
          233.73315479999997,
          561.09,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.13,
          246.48315479999997,
          69.01,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          246.48315479999997,
          418.13,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49,561 ",
        "box": [
          459.09,
          246.48315479999997,
          483.09,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          246.48315479999997,
          496.13,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "112,849 ",
        "box": [
          533.09,
          246.48315479999997,
          561.09,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          52.13,
          259.23315479999997,
          105.67400000000005,
          265.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends payable",
        "box": [
          58.13,
          271.98315479999997,
          117.89800000000004,
          278.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          271.98315479999997,
          418.13,
          278.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,069 ",
        "box": [
          459.09,
          271.98315479999997,
          483.09,
          278.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          271.98315479999997,
          496.13,
          278.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,092 ",
        "box": [
          537.09,
          271.98315479999997,
          561.09,
          278.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest payable",
        "box": [
          58.13,
          284.7331248,
          137.65800000000004,
          291.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          284.7331248,
          414.13,
          291.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,715 ",
        "box": [
          459.09,
          284.7331248,
          483.09,
          291.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          284.7331248,
          492.13,
          291.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,893 ",
        "box": [
          537.09,
          284.7331248,
          561.09,
          291.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities related to real estate owned, held for investment",
        "box": [
          58.13,
          297.4831248,
          246.31399999999988,
          304.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          297.4831248,
          414.13,
          304.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,489 ",
        "box": [
          463.09,
          297.4831248,
          483.09,
          304.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          297.4831248,
          492.13,
          304.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,342 ",
        "box": [
          541.09,
          297.4831248,
          561.09,
          304.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for credit losses on unfunded commitments",
        "box": [
          58.13,
          310.2331248,
          233.21799999999993,
          316.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          310.2331248,
          414.13,
          316.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,655 ",
        "box": [
          463.09,
          310.2331248,
          483.09,
          316.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          310.2331248,
          492.13,
          316.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,201 ",
        "box": [
          541.09,
          310.2331248,
          561.09,
          316.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency forward contracts",
        "box": [
          58.13,
          322.9831248,
          171.19399999999996,
          329.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          322.9831248,
          414.13,
          329.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          473.09,
          322.9831248,
          483.09,
          329.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          322.9831248,
          492.13,
          329.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,265 ",
        "box": [
          541.09,
          322.9831248,
          561.09,
          329.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          58.13,
          335.7331248,
          76.34600000000002,
          342.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          335.7331248,
          414.13,
          342.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,206 ",
        "box": [
          463.09,
          335.7331248,
          483.09,
          342.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          335.7331248,
          492.13,
          342.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,676 ",
        "box": [
          541.09,
          335.7331248,
          561.09,
          342.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.13,
          348.4831248,
          69.01,
          355.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          348.4831248,
          418.13,
          355.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,134 ",
        "box": [
          459.09,
          348.4831248,
          483.09,
          355.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          348.4831248,
          496.13,
          355.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,469 ",
        "box": [
          537.09,
          348.4831248,
          561.09,
          355.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
          13.781005400000026,
          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 35,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 10. Derivative Financial Instruments",
        "box": [
          49.5,
          67.64892600000007,
          228.52000000000004,
          75.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF utilizes forward currency contracts to hedge exposure to future principal payments associated with loans denominated in ",
        "box": [
          49.5,
          91.808896,
          564.9200000000002,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreign currencies. ",
        "box": [
          49.5,
          103.00890600000002,
          126.89999999999995,
          111.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF's non-U.S. dollar  denominated  investments  expose  the  Company  to  movements  in  foreign  interest  rates  and  foreign ",
        "box": [
          49.5,
          125.40893600000004,
          564.8900000000002,
          133.63723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currency  exchange  rates,  which  may  affect  the  value  of  related  principal  repayments  when  translated  into  U.S.  dollar.  To ",
        "box": [
          49.5,
          136.60888599999998,
          564.85,
          144.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "manage this exposure, KREF uses foreign currency forward contracts to hedge the value of, or to fix the U.S. dollar amount of, ",
        "box": [
          49.5,
          147.808896,
          564.7999999999998,
          156.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain investments and related cash flows.",
        "box": [
          49.5,
          159.00890600000002,
          220.93,
          167.23720255618264
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the outstanding derivative financial instruments as of March 31, 2026:",
        "box": [
          49.5,
          181.70892600000002,
          446.85001,
          189.93722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          352.95001,
          208.03314479999995,
          406.0460100000001,
          214.61578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative Type",
        "box": [
          95.04,
          229.78314479999995,
          147.24,
          236.36578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
          208.69,
          220.82312479999996,
          245.56999999999996,
          227.4057620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contracts",
        "box": [
          210.8,
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          241.46399999999997,
          236.36578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional Amount",
        "box": [
          263.28,
          229.78314479999995,
          319.50399999999996,
          236.36578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          386.51001,
          229.78314479999995,
          414.51001,
          236.36578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average",
        "box": [
          489.66,
          220.82312479999996,
          549.8600000000001,
          227.4057620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (Years)",
        "box": [
          492.78,
          229.78314479999995,
          546.764,
          236.36578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward Contract - EUR",
        "box": [
          59.33,
          242.53314479999995,
          138.63400000000004,
          249.11578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          224.12,
          242.53314479999995,
          228.12,
          249.11578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          262.13,
          242.53314479999995,
          268.13,
          249.11578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,145 ",
        "box": [
          297.834,
          242.53314479999995,
          321.834,
          249.11578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2028 - November 2029",
        "box": [
          345.20001,
          242.53314479999995,
          455.81802000000005,
          249.11578204494617
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.1",
        "box": [
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          524.75,
          249.11578204494617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward Contract - GBP",
        "box": [
          59.33,
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          138.20200000000006,
          261.8657220449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          224.12,
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          228.12,
          261.8657220449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          262.13,
          255.28308479999998,
          268.13,
          261.8657220449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "158,295 ",
        "box": [
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          321.834,
          261.8657220449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2026 - November 2029",
        "box": [
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          447.15798,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.1",
        "box": [
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          524.75,
          261.8657220449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the outstanding derivative financial instruments as of December 31, 2025:",
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          461.80999999999995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          347.19,
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          411.8300000000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Derivative Type",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contracts",
        "box": [
          210.8,
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          346.7657720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notional Amount",
        "box": [
          263.28,
          340.1831348,
          319.50399999999996,
          346.7657720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          386.51001,
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          414.51001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average",
        "box": [
          489.66,
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          549.8600000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity (Years)",
        "box": [
          492.78,
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          546.764,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward Contract - EUR",
        "box": [
          59.33,
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          138.63400000000004,
          359.5157720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          224.12,
          352.9331348,
          228.12,
          359.5157720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          262.13,
          352.9331348,
          268.13,
          359.5157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,746 ",
        "box": [
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          352.9331348,
          321.834,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2028 - November 2029",
        "box": [
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          455.84001000000006,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward Contract - GBP",
        "box": [
          59.33,
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          138.20200000000006,
          372.2657720449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2",
        "box": [
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          228.12,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          262.13,
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          268.13,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,358 ",
        "box": [
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          365.6831348,
          321.834,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2029 - November 2029",
        "box": [
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        "confidence": 1.0
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      {
        "text": "3.4",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF has not designated any of its derivative instruments as hedges as defined under ASC 815; accordingly, changes in the ",
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        "confidence": 1.0
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      {
        "text": "fair value of these derivative instruments are recognized in the Condensed Consolidated Statements of Income. The following ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "table presents the effect of the derivatives financial instruments on the Condensed Consolidated Statements of Income for the ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026:",
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          196.61,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
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          517.7340100000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location of Gain (Loss) ",
        "box": [
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          339.346,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recognized",
        "box": [
          277.45999,
          472.9831248,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          404.12,
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        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Unrealized gain (loss) on derivative instruments",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Gain (loss) on foreign currency ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "forward contracts",
        "box": [
          238.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "6,818 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Forward points on derivative instruments (A)",
        "box": [
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      },
      {
        "text": "Gain (loss) on foreign currency ",
        "box": [
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          340.54600000000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "forward contracts",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
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          69.01,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          365.63,
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          371.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,853 ",
        "box": [
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          459.83799999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          468.38,
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          474.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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      {
        "text": "(A) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Represents the amortization of forward points on foreign currency forward contracts, reflecting interest rate differentials between applicable base ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates of  foreign currency investments and the prevailing U.S. interest rate.",
        "box": [
          85.5,
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        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Notes to Condensed Consolidated Financial Statements",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
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          48.608885999999984,
          421.84998999999993,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35",
        "box": [
          301.0,
          769.728886,
          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 36,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 11. Consolidation and Equity Method Investments",
        "box": [
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      {
        "text": "Consolidated Investments",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Consolidated Variable Interest Entities, CMBS Trusts",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "KREF consolidates CMBS trusts when it determines that such trusts are VIEs and that KREF is the primary beneficiary of such ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs (Note 8). Management considers KREF to be the primary beneficiary of such CMBS trusts as KREF has the ability to ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "control the most significant activities of the trusts, the obligation to absorb losses, and the right to receive benefits of the trusts ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through the CMBS B-Pieces.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Consolidated Variable Interest Entities, CLOs",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF consolidates CLOs when it determines that CLO issuers, wholly-owned subsidiaries of KREF, are VIEs and that KREF ",
        "box": [
          49.5,
          223.808896,
          564.8700000000001,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is  the  primary  beneficiary  of  such  VIEs  (Note  6).  Management  considers  KREF  to  be  the  primary  beneficiary  of  the  CLO ",
        "box": [
          49.5,
          235.808896,
          564.9300000000002,
          244.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issuers as KREF has the ability to control the most significant activities of the CLO issuers, the obligation to absorb losses, and ",
        "box": [
          49.5,
          247.808896,
          564.8199999999998,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the right to receive benefits of the CLOs through the subordinate interests the CLO issuers own.",
        "box": [
          49.5,
          259.808896,
          432.97999999999996,
          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Real Estate Owned Joint Ventures",
        "box": [
          49.5,
          283.81890599999997,
          242.34,
          292.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portland, OR Retail / Redevelopment ",
        "box": [
          49.5,
          307.81890599999997,
          205.37000000000003,
          316.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- In December 2021, KREF took title to a Portland retail property and contributed a ",
        "box": [
          206.47,
          307.81890599999997,
          564.8400000000003,
          316.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portion  of  the  REO  asset  to  a  REO  JV  with  a  JV  Partner,  where  KREF  had  a  90%  interest  and  the  JV  Partner  had  a  10% ",
        "box": [
          49.5,
          319.80889599999995,
          564.78998,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest. Management determined the REO JV to be a VIE as the REO JV has insufficient equity-at-risk and concluded that ",
        "box": [
          49.5,
          331.80889599999995,
          564.8800000000001,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF  is  the  primary  beneficiary  of  the  REO  JV  as  KREF  holds  decision-making  power  over  the  activities  that  most ",
        "box": [
          49.5,
          343.80889599999995,
          564.9300000000001,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significantly  impact  the  economic  performance and has the obligation to absorb losses, or the right to receive benefits, that ",
        "box": [
          49.5,
          355.80889599999995,
          564.9799999999996,
          364.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "could be potentially significant to the REO JV. As of March 31, 2026, KREF had a priority of distributions up to $82.4 million ",
        "box": [
          49.5,
          367.80889599999995,
          564.85999,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "before the JV Partner can participate in the economics of the REO JV.",
        "box": [
          49.5,
          379.80889599999995,
          329.9800000000002,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mountain View, CA Office - ",
        "box": [
          49.5,
          403.81890599999997,
          174.37,
          412.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  June  2024,  KREF and a KKR affiliate took title to a Mountain View office property. The ",
        "box": [
          175.62,
          403.81890599999997,
          564.96,
          412.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property was held in a joint venture where KREF and the KKR affiliate held a 68.9% and 31.1% interest, respectively, and ",
        "box": [
          49.5,
          415.80889599999995,
          564.9700100000001,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shared decision-making. Management determined the joint venture to be a VIE as the joint venture was established with non-",
        "box": [
          49.5,
          427.80889599999995,
          562.36,
          436.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "substantive voting rights and concluded that KREF is the primary beneficiary of the joint venture as KREF holds decision-",
        "box": [
          49.5,
          439.80889599999995,
          562.4200000000001,
          448.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "making power over the activities that most significantly impact the economic performance and has the obligation to absorb ",
        "box": [
          49.5,
          451.80889599999995,
          564.9199999999998,
          460.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses, or the right to receive benefits, that could be potentially significant to the joint venture.",
        "box": [
          49.5,
          463.80889599999995,
          425.6899999999998,
          472.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method Investments",
        "box": [
          49.5,
          487.648896,
          162.73,
          495.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the equity method investments as of March 31, 2026 and December 31, 2025:",
        "box": [
          49.5,
          511.80889599999995,
          476.86999999999995,
          520.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method Investments",
        "box": [
          183.86,
          538.9331048,
          278.924,
          545.5157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          425.32999,
          538.9331048,
          478.42599000000007,
          545.5157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          494.56,
          538.9331048,
          559.2,
          545.5157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity method investment, real estate asset",
        "box": [
          52.13,
          551.6831048,
          190.3299999999999,
          558.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.88,
          551.6831048,
          424.88,
          558.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96,940 ",
        "box": [
          462.08799999999997,
          551.6831048,
          486.08799999999997,
          558.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          493.88,
          551.6831048,
          499.88,
          558.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96,798 ",
        "box": [
          537.088,
          551.6831048,
          561.088,
          558.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity method investment, CMBS B-Pieces",
        "box": [
          52.13,
          563.6831048,
          193.226,
          570.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.88,
          563.6831048,
          420.88,
          570.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,438 ",
        "box": [
          462.08799999999997,
          563.6831048,
          486.08799999999997,
          570.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.88,
          563.6831048,
          495.88,
          570.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35,424 ",
        "box": [
          537.088,
          563.6831048,
          561.088,
          570.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity method investment, unconsolidated entity",
        "box": [
          52.13,
          575.6831048,
          209.23399999999992,
          582.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          418.88,
          575.6831048,
          420.88,
          582.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,912 ",
        "box": [
          462.08799999999997,
          575.6831048,
          486.08799999999997,
          582.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          493.88,
          575.6831048,
          495.88,
          582.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,110 ",
        "box": [
          537.088,
          575.6831048,
          561.088,
          582.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          58.13,
          588.4331048,
          75.01,
          595.0157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          418.88,
          588.4331048,
          424.88,
          595.0157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147,290 ",
        "box": [
          458.08799999999997,
          588.4331048,
          486.08799999999997,
          595.0157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          493.88,
          588.4331048,
          499.88,
          595.0157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "147,332 ",
        "box": [
          533.088,
          588.4331048,
          561.088,
          595.0157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method Investment,",
        "box": [
          49.5,
          614.268916,
          156.86999999999998,
          622.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          156.87,
          614.268916,
          159.37,
          622.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Asset",
        "box": [
          159.37,
          614.268916,
          228.72000000000006,
          622.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Seattle, WA Life Science",
        "box": [
          49.5,
          638.268916,
          147.30999999999997,
          646.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          147.3,
          638.268916,
          149.8,
          646.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          149.86,
          638.268916,
          158.75,
          646.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " In June 2024, KREF and a KKR affiliate, took title to a Seattle life science property through a deed-",
        "box": [
          158.75,
          638.268916,
          562.4699999999999,
          646.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in-lieu of foreclosure under a Tenant-in-Common (\"TIC\") agreement. Under the TIC agreement, KREF and the KKR affiliate ",
        "box": [
          49.5,
          650.258906,
          564.9500000000002,
          658.4872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held  an  economic  interest  of  74.6%  and  25.4%,  respectively,  and  shared  decision-making.  Under  ASC  970-810,  KREF ",
        "box": [
          49.5,
          662.258906,
          564.9099999999999,
          670.4872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounted for the TIC agreement as an undivided interest in the property and recorded an equity method investment based on ",
        "box": [
          49.5,
          674.258906,
          564.9599999999997,
          682.4872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF's share of the estimated fair value of the property's net assets.",
        "box": [
          49.5,
          686.258906,
          324.73,
          694.4872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
          13.781005400000026,
          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 37,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Equity Method Investment,",
        "box": [
          49.5,
          103.81890600000008,
          156.86999999999998,
          112.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          156.87,
          103.81890600000008,
          159.37,
          112.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS B-Pieces",
        "box": [
          159.37,
          103.81890600000008,
          223.44000000000008,
          112.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, KREF held a 3.5% interest in RECOP I, an unconsolidated VIE of which KREF is not the primary ",
        "box": [
          49.5,
          127.808896,
          564.7900100000003,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "beneficiary. The aggregator vehicle in which KREF invests is controlled and advised by affiliates of the Manager. RECOP I ",
        "box": [
          49.5,
          139.808896,
          564.9999999999999,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily acquired junior tranches of CMBS newly issued by third parties. KREF will not pay any fees to RECOP I, but KREF ",
        "box": [
          49.5,
          151.808896,
          564.84,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bears its pro rata share of RECOP I's expenses. KREF reported its share of the net asset value of RECOP I in its Condensed ",
        "box": [
          49.5,
          163.808896,
          564.9400300000001,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Balance Sheets, presented as 'Equity method investments' and its share of net income, presented as 'Income ",
        "box": [
          49.5,
          175.808896,
          564.8800000000001,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(loss) from equity method investments' in the Condensed Consolidated Statements of Income.",
        "box": [
          49.5,
          187.808896,
          427.4399899999999,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method Investment,",
        "box": [
          49.5,
          211.81890600000008,
          156.86999999999998,
          220.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          156.87,
          211.81890600000008,
          159.37,
          220.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unconsolidated Entity",
        "box": [
          159.37,
          211.81890600000008,
          249.00000000000009,
          220.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In October 2025, KREF acquired a 50% economic interest in an affiliated company, which invested in a senior mortgage loan ",
        "box": [
          49.5,
          235.808896,
          564.9200099999998,
          244.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that is collateralized by industrial properties in France. The affiliated company's investment in the underlying senior mortgage ",
        "box": [
          49.5,
          247.808896,
          564.9300000000001,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan is 80% financed with a funding cost of EURIBOR + 1.6%. KREF does not have unilateral authority to direct the activities ",
        "box": [
          49.5,
          259.808896,
          564.84001,
          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that most significantly impact the affiliated company's economic performance. Accordingly, KREF reported the net investment ",
        "box": [
          49.5,
          271.808896,
          564.9900000000001,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of the economic interest in its Condensed Consolidated Balance Sheets, presented as 'Equity method investments', and ",
        "box": [
          49.5,
          283.80889599999995,
          564.8800100000002,
          292.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its  share  of  net  income,  presented  as  'Income  (loss)  from  equity  method  investments',  on  the  Condensed  Consolidated ",
        "box": [
          49.5,
          295.80889599999995,
          564.89001,
          304.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statements of Income.",
        "box": [
          49.5,
          307.80889599999995,
          139.10999999999999,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
          13.781005400000026,
          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 38,
    "width": 612.0,
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    "cells": [
      {
        "text": "Note 12. Equity ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Authorized Capital ",
        "box": [
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          91.808896,
          130.61999999999998,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- On October 2, 2014, KREF's board of directors authorized KREF to issue up to 350,000,000 shares of ",
        "box": [
          131.23999,
          91.808896,
          564.9699900000002,
          100.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock, at $0.01 par value per share, consisting of 300,000,000 shares of common stock and 50,000,000 shares of preferred stock, ",
        "box": [
          49.5,
          103.808896,
          564.8500000000003,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subject to certain restrictions on transfer and ownership of shares. Restrictions placed on the transfer and ownership of shares ",
        "box": [
          49.5,
          115.808896,
          564.89,
          124.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relate to KREF's REIT qualification requirements.",
        "box": [
          49.5,
          127.808896,
          250.4700000000001,
          136.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common Stock ",
        "box": [
          49.5,
          151.808896,
          116.64999999999998,
          160.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- As of March 31,  2026,  there  were  64,275,643  common  shares  issued  and  outstanding,  which  included ",
        "box": [
          118.28,
          151.808896,
          564.91999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,498,499 net shares of common stock issued in connection with cumulative vested restricted stock units. ",
        "box": [
          49.5,
          163.808896,
          472.95999999999975,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Share Repurchase Program",
        "box": [
          49.5,
          187.81890600000008,
          165.90999999999994,
          196.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          165.89999,
          187.81890600000008,
          168.39999,
          196.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- Under KREF's current share repurchase program as in effect during the quarter ended March ",
        "box": [
          169.13,
          187.81890600000008,
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          196.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31, 2026, KREF may repurchase up to an aggregate of $100.0 million of its common stock effective as of February 3, 2023, of ",
        "box": [
          49.5,
          199.00890600000002,
          564.8899899999999,
          207.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which up to $50.0 million may be repurchased under a pre-set trading plan meeting the requirements of Rule 10b5-1 under the ",
        "box": [
          49.5,
          210.20892600000002,
          564.91,
          218.43722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exchange Act, and provide for repurchases of common stock when the market price per share is below book value per share ",
        "box": [
          49.5,
          221.40893600000004,
          564.8100000000003,
          229.63723255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(calculated  in  accordance  with  GAAP  as  of  the  end  of  the  most  recent  quarterly  period  for  which  financial  statements  are ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "available), and the remaining $50.0 million may be used for repurchases in the open market, pursuant to pre-set trading plans ",
        "box": [
          49.5,
          243.808896,
          564.9200099999999,
          252.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "meeting the requirements of Rule 10b5-1 under the Exchange Act, in privately negotiated transactions or otherwise. During the ",
        "box": [
          49.5,
          255.00890600000002,
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          263.23720255618264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026, KREF repurchased 92,094 shares of its common stock under the repurchase program at an ",
        "box": [
          49.5,
          266.20886600000006,
          564.93001,
          274.43716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average price per share of $8.25 for a total of $0.8 million and retired 1,213,037 of repurchased shares. As of March 31, 2026, ",
        "box": [
          49.5,
          277.408906,
          564.84998,
          285.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF had $46.0 million of remaining capacity to repurchase shares under the program. In April 2026, the Board of Directors ",
        "box": [
          49.5,
          288.60891599999997,
          564.9200000000001,
          296.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "authorized a modified repurchase program, which replaces the prior authorization and authorizes KREF to repurchase up to an ",
        "box": [
          49.5,
          299.80889599999995,
          564.9900000000002,
          308.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate of $75.0 million of common stock and 6.50% Series A Cumulative Redeemable Preferred Stock.  ",
        "box": [
          49.5,
          311.00890599999997,
          482.65998999999994,
          319.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  timing,  manner,  price  and  amount  of  any  common  or  preferred  stock  repurchases  will  be  determined  by  KREF  in  its ",
        "box": [
          49.5,
          334.208896,
          564.9499999999997,
          342.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discretion and will depend on a variety of factors, including legal requirements, price, liquidity and economic considerations, ",
        "box": [
          49.5,
          346.208896,
          564.91,
          354.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  market  conditions.  The  program  does  not  require  KREF  to  repurchase  any  specific  number  of  shares  of  common  or ",
        "box": [
          49.5,
          358.208896,
          564.86,
          366.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preferred stock. The program does not have an expiration date and may be suspended, modified or discontinued at any time.",
        "box": [
          49.5,
          370.208896,
          545.6299999999999,
          378.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At the Market Stock Offering Program",
        "box": [
          49.5,
          394.21890599999995,
          210.92000000000004,
          402.4472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          210.91,
          394.21890599999995,
          213.41,
          402.4472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- In February 2019, KREF entered into an equity distribution agreement with certain ",
        "box": [
          213.77,
          394.21890599999995,
          564.9500000000002,
          402.4472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sales  agents,  pursuant  to  which  KREF  may  sell,  from  time  to  time,  up  to  an  aggregate  sales  price  of  $100.0  million  of  its ",
        "box": [
          49.5,
          406.208896,
          564.8300000000002,
          414.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock pursuant to a continuous offering program (the 'ATM'). Sales of KREF's common stock made pursuant to the ",
        "box": [
          49.5,
          418.208896,
          564.9100000000003,
          426.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ATM may be made in negotiated transactions or transactions that are deemed to be 'at the market' offerings as defined in Rule ",
        "box": [
          49.5,
          430.208896,
          564.8999999999999,
          438.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "415 under the Securities Act of 1933, as amended. The timing and amount of actual sales will depend on a variety of factors ",
        "box": [
          49.5,
          442.208896,
          564.8299999999999,
          450.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including market conditions, the trading price of KREF's common stock, KREF's capital needs, and KREF's determination of ",
        "box": [
          49.5,
          454.208896,
          564.9900000000004,
          462.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the appropriate sources of funding to meet such needs.",
        "box": [
          49.5,
          466.208896,
          267.33000000000004,
          474.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, KREF did not issue or sell any shares of common stock under the ATM. As of ",
        "box": [
          49.5,
          490.208896,
          564.8700200000001,
          498.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, $93.2 million remained available for issuance under the ATM.",
        "box": [
          49.5,
          502.208896,
          367.7899900000001,
          510.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.50% Series A Cumulative Redeemable Preferred Stock",
        "box": [
          49.5,
          526.208926,
          283.61000000000007,
          534.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " - The perpetual Series A Preferred Stock is redeemable, at KREF's ",
        "box": [
          283.60999,
          526.208926,
          564.8799899999998,
          534.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "option, at a liquidation price of $327.8 million, or $25.00 per share, plus accrued and unpaid dividends commencing in April ",
        "box": [
          49.5,
          538.208926,
          564.8600099999999,
          546.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026. Dividends on the Series A Preferred Stock are payable quarterly at a rate of 6.50% per annum of the $25.00 liquidation ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preference, which is equivalent to $1.625 per annum per share. With respect to dividend rights and liquidation, the Series A ",
        "box": [
          49.5,
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          564.98999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred Stock ranks senior to KREF's common stock.",
        "box": [
          49.5,
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          270.56,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Noncontrolling Interests",
        "box": [
          49.5,
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          606.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " - Noncontrolling interests represent an interest held by investors other than KREF in consolidated ",
        "box": [
          151.62,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "joint ventures that hold KREF's real estate asset investments. KREF and the noncontrolling interest holders typically contribute ",
        "box": [
          49.5,
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          618.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the joint ventures' ongoing operating shortfalls and capital expenditures on a pari passu basis. Distributions from the joint ",
        "box": [
          49.5,
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          564.9200000000001,
          630.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ventures  are  allocated  between  KREF  and  the  noncontrolling  interest  holders  based  on  contractual  terms  and  waterfalls  as ",
        "box": [
          49.5,
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          642.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outlined in the joint venture agreements.",
        "box": [
          49.5,
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          210.96000000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
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          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 39,
    "width": 612.0,
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    "cells": [
      {
        "text": "Dividends",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          90.57,
          67.81890600000008,
          93.07,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- During the three months ended March 31, 2026 and 2025, KREF's board of directors declared the following ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "dividends on shares of its common stock:",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Declaration Date",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Record Date",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment Date",
        "box": [
          280.79001,
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          328.98201,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per Share",
        "box": [
          390.64001,
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          424.6080100000001,
          127.06579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          501.26999,
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          519.49399,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          52.13,
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          68.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 11, 2026",
        "box": [
          73.94,
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          124.82000000000001,
          152.4457920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          176.69,
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          227.56999999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 15, 2026",
        "box": [
          281.44,
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          328.328,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
          145.86315479999996,
          366.38,
          152.4457920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.25 ",
        "box": [
          440.084,
          145.86315479999996,
          456.084,
          152.4457920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          463.13,
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          469.13,
          152.4457920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,069 ",
        "box": [
          534.834,
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          558.834,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          52.13,
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          68.13,
          177.87573204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 14, 2025",
        "box": [
          73.94,
          184.11315479999996,
          124.82000000000001,
          190.6957920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2025",
        "box": [
          176.69,
          184.11315479999996,
          227.56999999999996,
          190.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 15, 2025",
        "box": [
          281.44,
          184.11315479999996,
          328.328,
          190.6957920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          360.38,
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          366.38,
          190.6957920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.25 ",
        "box": [
          440.084,
          184.11315479999996,
          456.084,
          190.6957920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          463.13,
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          469.13,
          190.6957920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,956 ",
        "box": [
          534.834,
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          558.834,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026 and 2025, KREF's board of directors declared the following dividends on shares ",
        "box": [
          49.5,
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        "confidence": 1.0
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      {
        "text": "of its Series A Preferred Stock:",
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        "text": "Amount",
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        "text": "Declaration Date",
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        "text": "Record Date",
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        "text": "Payment Date",
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      {
        "text": "Per Share",
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        "text": "Total",
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        "confidence": 1.0
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      {
        "text": "2026",
        "box": [
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          68.13,
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      {
        "text": "January 30, 2026",
        "box": [
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      {
        "text": "February 27, 2026",
        "box": [
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      {
        "text": "March 13, 2026",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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          366.38,
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      {
        "text": "0.41 ",
        "box": [
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          456.084,
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "5,326 ",
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      {
        "text": "2025",
        "box": [
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      {
        "text": "January 31, 2025",
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      {
        "text": "February 28, 2025",
        "box": [
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      {
        "text": "March 14, 2025",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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      {
        "text": "0.41 ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "5,326 ",
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      {
        "text": "Table of Contents ",
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      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
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      {
        "text": "Notes to Condensed Consolidated Financial Statements",
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        "confidence": 1.0
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      {
        "text": "(amount in tables in thousands, except per share amounts)",
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        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          301.0,
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          311.0,
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  {
    "page_no": 40,
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    "cells": [
      {
        "text": "Note 13. Stock-based Compensation ",
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        "confidence": 1.0
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      {
        "text": "KREF is externally managed by the Manager and does not currently have any employees. However, as of March 31, 2026, ",
        "box": [
          49.5,
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        "confidence": 1.0
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      {
        "text": "certain individuals employed by the Manager and affiliates of the Manager and certain members of KREF's board of directors ",
        "box": [
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          564.95,
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        "confidence": 1.0
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      {
        "text": "were compensated, in part, through the issuance of stock-based awards.",
        "box": [
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      {
        "text": "The KKR Real Estate Finance Trust Inc. 2025 Omnibus Incentive Plan was adopted on April 25, 2025 (the \"Incentive Plan\") ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "and replaced the Amended and Restated KKR Real Estate Finance Trust Inc. 2016 Omnibus Incentive Plan (the \"Prior Plan\"). ",
        "box": [
          49.5,
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          564.8799999999999,
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        "confidence": 1.0
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      {
        "text": "Outstanding awards previously granted under the Prior Plan as of the date of approval by our shareholders of the Incentive Plan ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "remain outstanding pursuant to the terms of the Prior Plan. However, following the approval of the Incentive Plan, no new ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "awards will be made under the Prior Plan. ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          52.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under the Incentive Plan, a total of 2,750,000 shares of common stock, will be available for awards to certain members of ",
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        "confidence": 1.0
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      {
        "text": "KREF's board of directors and employees of the Manager or its affiliates, none of whom are KREF employees. No awards may ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "be granted under the Incentive Plan on or after April 25, 2035. The Incentive Plan will continue to apply to awards granted prior ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to such date. During the three months ended March 31, 2026 and 2025, zero restricted stock unit ('RSU') awards were granted ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to KREF's directors and employees of the Manager or its affiliates under the Prior Plan.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "RSUs awarded to employees of the Manager or its affiliates, generally vest over three consecutive one-year periods and awards ",
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        "confidence": 1.0
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      {
        "text": "to certain members of KREF's board of directors generally vest over a one-year period, pursuant to the terms of the respective ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "award agreements and the terms of the Incentive Plan. All outstanding RSU awards were entitled to nonforfeitable dividends ",
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        "confidence": 1.0
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      {
        "text": "during the vesting periods, at the same rate as those declared on the common stock. As of March 31, 2026, 2,322,378 shares of ",
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        "text": "common stock remained available for awards under the Incentive Plan.",
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      {
        "text": "The following table summarizes the activity in KREF's outstanding RSUs and the weighted-average grant date fair value per ",
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      {
        "text": "RSU:",
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      {
        "text": "Restricted Stock Units",
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        "confidence": 1.0
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      {
        "text": "Weighted Average Grant ",
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      {
        "text": "Date Fair Value Per RSU (A)",
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        "confidence": 1.0
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      {
        "text": "Unvested as of December 31, 2025",
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          168.06,
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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      {
        "text": "1,295,796 ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "10.14 ",
        "box": [
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        "text": "Granted",
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          460.13,
          431.61312480000004,
          462.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          551.09,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Vested",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          370.88,
          444.36312480000004,
          372.88,
          450.9457620449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          443.08799999999997,
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          453.08799999999997,
          450.9457620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          460.13,
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          462.13,
          450.9457620449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          551.09,
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          561.09,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Forfeited / cancelled",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(32,418) ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          460.13,
          457.11312480000004,
          462.13,
          463.6957620449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11.28 ",
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        "confidence": 1.0
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      {
        "text": "Unvested as of March 31, 2026",
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          476.37576204494616
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,263,378 ",
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          453.08799999999997,
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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        "text": "10.11 ",
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        "confidence": 1.0
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      {
        "text": "(A) ",
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        "confidence": 1.0
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        "text": "The grant-date fair value is based upon the closing price of KREF's common stock at the date of grant.",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "KREF expects the unvested RSUs outstanding to vest during the following years: ",
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      {
        "text": "Year",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Restricted Stock Units",
        "box": [
          475.95001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026",
        "box": [
          52.13,
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          68.13,
          562.2657420449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          468.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "593,028 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2027",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "464,183 ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2028",
        "box": [
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          587.7657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          468.38,
          581.1831048,
          470.38,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "206,167 ",
        "box": [
          533.084,
          581.1831048,
          561.084,
          587.7657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.13,
          593.9331048,
          69.01,
          600.5157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          468.38,
          593.9331048,
          470.38,
          600.5157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,263,378 ",
        "box": [
          527.084,
          593.9331048,
          561.084,
          600.5157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF recognizes the compensation cost of RSUs awarded to employees of the Manager, or one or more of its affiliates, on a ",
        "box": [
          49.5,
          619.758906,
          564.8900000000003,
          627.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "straight-line basis over the awards' term at their grant date fair value, consistent with the RSUs awarded to certain members of ",
        "box": [
          49.5,
          631.758906,
          564.9400000000004,
          639.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF's board of directors.",
        "box": [
          49.5,
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          156.77,
          651.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026 and 2025, KREF recognized $1.8 million, and $2.1 million, respectively, of ",
        "box": [
          49.5,
          667.758906,
          564.8499900000002,
          675.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock-based  compensation  expense  included  in  'General  and  administrative'  expense  in  the  Condensed  Consolidated ",
        "box": [
          49.5,
          679.758906,
          564.96002,
          687.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statements of Income. As of March 31, 2026, there was $9.3 million of total unrecognized stock-based compensation expense ",
        "box": [
          49.5,
          691.758906,
          564.88,
          699.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related to unvested share-based compensation arrangements. This cost is expected to be recognized over a weighted average ",
        "box": [
          49.5,
          703.758906,
          564.9300000000004,
          711.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period of 1.0 years.",
        "box": [
          49.5,
          715.758906,
          126.93999999999998,
          723.9872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
          13.781005400000026,
          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
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          383.70999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 41,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Upon any payment of shares as a result of restricted stock unit vesting, the related personal tax withholding obligation will ",
        "box": [
          49.5,
          67.808896,
          564.9999999999998,
          76.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally be satisfied by KREF, reducing the number of shares to be delivered by a number of shares necessary to satisfy the ",
        "box": [
          49.5,
          79.808896,
          564.97,
          88.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related applicable personal tax withholding obligation. The amount results in a cash payment related to this personal tax liability ",
        "box": [
          49.5,
          91.808896,
          564.9399999999998,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and a corresponding reduction to 'Additional paid-in capital' in the Condensed Consolidated Statement of Changes in Equity. ",
        "box": [
          49.5,
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          556.7099999999999,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Directors and Officers Deferral Plan ",
        "box": [
          49.5,
          127.808896,
          208.65,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- In March 2022, KREF's board of directors adopted the KKR Real Estate Finance ",
        "box": [
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          564.97999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust Inc. Directors and Officers Deferral Plan (the 'Deferral Plan'). Pursuant to the Deferral Plan, participants may elect to ",
        "box": [
          49.5,
          139.808896,
          564.8499999999999,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defer receipt of all or a portion of any shares of KREF's common stock issuable upon vesting of any RSU granted to such ",
        "box": [
          49.5,
          151.808896,
          564.9600000000002,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participant in 25% increments. Deferred stock units ('DSU') credited to a participant are non-voting but shall be entitled to ",
        "box": [
          49.5,
          163.808896,
          564.99,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dividend equivalent payments upon payment of dividends on shares of KREF's common stock in the same form and amount ",
        "box": [
          49.5,
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          564.8299999999999,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equal to the amount of such dividends and are not subject to deferral under the Deferral Plan. ",
        "box": [
          49.5,
          187.808896,
          424.0699999999999,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, no vested RSUs were deferred under the Deferral Plan. As of March 31, 2026, ",
        "box": [
          49.5,
          211.808896,
          564.94,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "there were 395,889 DSUs outstanding.",
        "box": [
          49.5,
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          204.39000000000001,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Participating  Securities'  Share  in  Earnings",
        "box": [
          49.5,
          247.808896,
          233.25999999999993,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  -  During  the  three  months  ended  March  31,  2026  and  2025,  KREF  declared ",
        "box": [
          233.25999,
          247.808896,
          564.9699900000003,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.4  million  and  $0.4  million,  respectively,  of  nonforfeitable  dividends  on  unvested  RSUs  and  outstanding  DSUs.  Such ",
        "box": [
          49.5,
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          564.8999999999999,
          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonforfeitable  dividends  were  deducted  from  'Retained  earnings  (Accumulated  deficit)'  in  the  Condensed  Consolidated ",
        "box": [
          49.5,
          271.808896,
          564.97998,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Statement of Changes in Equity.",
        "box": [
          49.5,
          283.80889599999995,
          179.07999999999998,
          292.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
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          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 42,
    "width": 612.0,
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    "cells": [
      {
        "text": "Note 14. Earnings (Loss) per Share ",
        "box": [
          49.5,
          67.64892600000007,
          201.35000000000002,
          75.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings (Loss) per Share ",
        "box": [
          49.5,
          91.808896,
          162.33,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- KREF calculates its basic EPS using the two-class method, which defines unvested share-based ",
        "box": [
          162.73001,
          91.808896,
          564.9999700000003,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "payment awards that contain nonforfeitable rights to dividends as participating securities. Under the two-class method earnings ",
        "box": [
          49.5,
          103.808896,
          564.9300000000001,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(distributed  and  undistributed)  are  allocated  to  common  shares  and  participating  securities  based  on  their  respective  rights. ",
        "box": [
          49.5,
          115.808896,
          564.93,
          124.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic EPS is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common ",
        "box": [
          49.5,
          127.808896,
          564.9599999999997,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock outstanding for the period.",
        "box": [
          49.5,
          139.808896,
          179.11000000000004,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF presents diluted EPS under the more dilutive of the treasury stock and if-converted methods or the two-class method. ",
        "box": [
          49.5,
          166.20892600000002,
          564.9799999999998,
          174.43722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under the treasury stock and if-converted methods, the denominator includes weighted average common stock outstanding plus ",
        "box": [
          49.5,
          178.20892600000002,
          564.97,
          186.43722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the incremental dilutive shares issuable from restricted stock units and an assumed conversion of the Convertible Notes (for the ",
        "box": [
          49.5,
          190.20892600000002,
          565.0,
          198.43722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "periods in which such notes were outstanding). The numerator includes any changes in income (loss) that would result from the ",
        "box": [
          49.5,
          202.20892600000002,
          564.8899999999996,
          210.43722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumed conversion of these potential shares of common stock.",
        "box": [
          49.5,
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          303.41,
          222.43722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended March 31, 2026, and 2025, 47,500 and 80,951, weighted average unvested RSUs, respectively, ",
        "box": [
          49.5,
          238.20892600000002,
          564.9699900000002,
          246.43722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were excluded from the calculation of diluted EPS because the effect was anti-dilutive. ",
        "box": [
          49.5,
          250.20886600000006,
          399.57,
          258.43716255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table illustrates the computation of basic and diluted EPS for the three months ended March 31, 2026 and 2025:",
        "box": [
          49.5,
          286.208896,
          555.38999,
          294.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
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          314.1331148,
          504.9840100000002,
          320.71575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          385.0,
          326.8831148,
          401.0,
          333.46575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          499.0,
          326.8831148,
          515.0,
          333.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings",
        "box": [
          52.13,
          339.6331148,
          83.23400000000002,
          346.21575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income (Loss) ",
        "box": [
          52.13,
          352.3831148,
          114.10600000000002,
          358.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          352.3831148,
          342.13,
          358.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(56,140) ",
        "box": [
          420.426,
          352.3831148,
          449.75399999999996,
          358.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          454.13,
          352.3831148,
          460.13,
          358.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,861) ",
        "box": [
          538.426,
          352.3831148,
          563.754,
          358.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Preferred stock dividends",
        "box": [
          52.13,
          365.1331148,
          152.762,
          371.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          365.1331148,
          342.13,
          371.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,326 ",
        "box": [
          427.09,
          365.1331148,
          447.09,
          371.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          454.13,
          365.1331148,
          456.13,
          371.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,326 ",
        "box": [
          541.09,
          365.1331148,
          561.09,
          371.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Participating securities' share in earnings",
        "box": [
          52.13,
          377.8831148,
          201.7539999999999,
          384.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          377.8831148,
          342.13,
          384.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "415 ",
        "box": [
          433.09,
          377.8831148,
          447.09,
          384.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          454.13,
          377.8831148,
          456.13,
          384.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "363 ",
        "box": [
          547.09,
          377.8831148,
          561.09,
          384.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to common stockholders, basic and diluted",
        "box": [
          58.13,
          390.6331148,
          292.32999999999987,
          397.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.13,
          390.6331148,
          346.13,
          397.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61,881) ",
        "box": [
          420.426,
          390.6331148,
          449.75399999999996,
          397.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          454.13,
          390.6331148,
          460.13,
          397.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,550) ",
        "box": [
          534.426,
          390.6331148,
          563.754,
          397.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares",
        "box": [
          52.13,
          416.1331148,
          75.226,
          422.71575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average common shares outstanding",
        "box": [
          52.13,
          428.8831148,
          201.43399999999997,
          435.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          428.8831148,
          342.13,
          435.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,277,236 ",
        "box": [
          409.09,
          428.8831148,
          447.09,
          435.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          454.13,
          428.8831148,
          456.13,
          435.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,559,765 ",
        "box": [
          523.09,
          428.8831148,
          561.09,
          435.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Add: Weighted average deferred stock units",
        "box": [
          52.13,
          441.6331148,
          193.20199999999994,
          448.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          441.6331148,
          342.13,
          448.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "395,889 ",
        "box": [
          419.09,
          441.6331148,
          447.09,
          448.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          454.13,
          441.6331148,
          456.13,
          448.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "206,112 ",
        "box": [
          533.09,
          441.6331148,
          561.09,
          448.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted weighted average common shares outstanding",
        "box": [
          58.88,
          454.3831148,
          232.40799999999993,
          460.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          340.13,
          454.3831148,
          342.13,
          460.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,673,125 ",
        "box": [
          409.09,
          454.3831148,
          447.09,
          460.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          454.13,
          454.3831148,
          456.13,
          460.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,765,877 ",
        "box": [
          523.09,
          454.3831148,
          561.09,
          460.96575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to common stockholders, per:",
        "box": [
          52.13,
          479.8831148,
          244.55399999999986,
          486.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic and diluted common share",
        "box": [
          58.88,
          492.6331148,
          163.312,
          499.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          340.13,
          492.6331148,
          346.13,
          499.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.96) ",
        "box": [
          428.426,
          492.6331148,
          449.75399999999996,
          499.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          454.13,
          492.6331148,
          460.13,
          499.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.15) ",
        "box": [
          542.426,
          492.6331148,
          563.754,
          499.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
          13.781005400000026,
          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
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          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 43,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 15. Commitments and Contingencies ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, KREF was subject to the following commitments and contingencies:",
        "box": [
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          91.808896,
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          100.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Litigation ",
        "box": [
          49.5,
          115.808896,
          92.50999,
          124.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- From time to time, KREF may be involved in various claims and legal actions arising in the ordinary course of ",
        "box": [
          93.2,
          115.808896,
          564.8500000000001,
          124.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "business. KREF establishes an accrued liability for legal proceedings only when those matters present loss contingencies that ",
        "box": [
          49.5,
          127.808896,
          564.8800000000002,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are both probable and reasonably estimable. ",
        "box": [
          49.5,
          139.808896,
          227.89000000000004,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, KREF was not involved in any material legal proceedings regarding claims or legal actions against ",
        "box": [
          49.5,
          163.808896,
          564.9700099999999,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF.",
        "box": [
          49.5,
          175.808896,
          77.54,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indemnifications ",
        "box": [
          49.5,
          199.808896,
          122.49999999999997,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- In the normal course of business, KREF enters into contracts that contain a variety of representations and ",
        "box": [
          122.89,
          199.808896,
          564.8699999999998,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "warranties that provide general indemnifications and other indemnities relating to contractual performance. In addition, certain ",
        "box": [
          49.5,
          211.808896,
          564.9599999999999,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  KREF's  subsidiaries  have  provided  certain  indemnities  relating  to  environmental  and  other  matters  and  has  provided ",
        "box": [
          49.5,
          223.808896,
          564.9100000000002,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonrecourse carve-out guarantees for fraud, willful misconduct and other customary wrongful acts, each in connection with the ",
        "box": [
          49.5,
          235.808896,
          564.95,
          244.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing  of  certain  real  estate  investments  that  KREF  has  made.  KREF's  maximum  exposure  under  these  arrangements  is ",
        "box": [
          49.5,
          247.808896,
          564.88,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unknown as this would involve future claims that may be made against KREF that have not yet occurred. However, KREF ",
        "box": [
          49.5,
          259.808896,
          564.9400000000003,
          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expects the risk of material loss to be low.",
        "box": [
          49.5,
          271.808896,
          217.91000000000005,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital  Commitments ",
        "box": [
          49.5,
          295.80889599999995,
          143.39999999999998,
          304.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- As of  March  31,  2026,  KREF  had  future  funding  commitments  of  $379.6  million  related  to  its ",
        "box": [
          145.17,
          295.80889599999995,
          564.84999,
          304.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments in commercial real estate loans. These future funding commitments primarily relate to construction projects, capital ",
        "box": [
          49.5,
          307.80889599999995,
          564.9799999999999,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "improvements,  tenant  improvements  and  leasing  commissions.  Generally,  funding  commitments  are  subject  to  certain ",
        "box": [
          49.5,
          319.80889599999995,
          564.9,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions that must be met, such as customary construction draw certifications, minimum credit metrics or executions of new ",
        "box": [
          49.5,
          331.80889599999995,
          564.8399999999999,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "leases before advances are made to the borrower.",
        "box": [
          49.5,
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          245.9000000000001,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  January  2017,  KREF  committed  $40.0  million  to  invest  in  an  aggregator  vehicle  alongside  RECOP  I.  The  two-year ",
        "box": [
          49.5,
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          564.89001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment  period  for  RECOP  I  ended  in  April  2019.  As  of  March  31,  2026,  KREF  had  a  remaining  commitment  of  $4.3 ",
        "box": [
          49.5,
          379.80889599999995,
          564.90002,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million to RECOP I.",
        "box": [
          49.5,
          391.80889599999995,
          131.64999999999998,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
          13.781005400000026,
          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
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          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 44,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Note 16. Related Party Transactions ",
        "box": [
          49.5,
          67.64892600000007,
          206.60001,
          75.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management Agreement",
        "box": [
          49.5,
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          151.36,
          99.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Management Agreement between KREF and the Manager is subject to certain termination and nonrenewal rights, which in ",
        "box": [
          49.5,
          115.808896,
          564.9899999999999,
          124.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  case  of  KREF  are  exercisable  by  a  two-thirds  vote  by  the  independent  directors  of  KREF's  board  of  directors.  If  the ",
        "box": [
          49.5,
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          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent directors of KREF's board of directors decline to renew the Management Agreement other than for cause, KREF is ",
        "box": [
          49.5,
          139.808896,
          564.9099999999996,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "required to pay the Manager a termination fee equal to three times the total 24-month trailing average annual management fee ",
        "box": [
          49.5,
          151.808896,
          564.96999,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and incentive compensation earned by the Manager through the most recently completed calendar quarter.",
        "box": [
          49.5,
          163.808896,
          473.9499999999998,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pursuant  to  the  Management  Agreement,  the  Manager,  as  agent  to  KREF  and  under  the  supervision  of  KREF's  board  of ",
        "box": [
          49.5,
          187.808896,
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          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "directors,  manages  the  investments,  subject  to  investment  guidelines  approved  by  KREF's  board  of  directors;  financing ",
        "box": [
          49.5,
          199.808896,
          564.9700000000001,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "activities; and day-to-day business and affairs of KREF and its subsidiaries.",
        "box": [
          49.5,
          211.808896,
          352.2299999999999,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For its services to KREF, the Manager is entitled to a quarterly management fee equal to the greater of $62,500 or 0.375% of ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted average adjusted equity and quarterly incentive compensation equal to 20.0% of the excess of (a) the trailing 12-",
        "box": [
          49.5,
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          562.39,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "month distributable earnings (before incentive compensation payable to the Manager) over (b) 7.0% of the trailing 12-month ",
        "box": [
          49.5,
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          564.85999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted average adjusted equity ('Hurdle Rate'), less incentive compensation KREF already paid to the Manager with respect ",
        "box": [
          49.5,
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          564.95,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the first three calendar quarters of such trailing 12-month period. The quarterly incentive compensation is calculated and paid ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in arrears with a one-quarter lag.",
        "box": [
          49.5,
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          179.88000000000005,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjusted  equity  generally  represents  the  proceeds  received  by  KREF  and  its  subsidiaries  from  equity  issuances,  without ",
        "box": [
          49.5,
          319.80889599999995,
          564.9200000000002,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "duplication  and  net  of  offering  costs,  and  distributable  earnings,  reduced  by  distributions,  equity  repurchases,  and  incentive ",
        "box": [
          49.5,
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          564.9200000000002,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation paid. Distributable earnings generally represent the net income, or loss, attributable to equity interests in KREF ",
        "box": [
          49.5,
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          564.9999999999999,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and its subsidiaries, without duplication, as well as realized losses not otherwise included in such net income, or loss, excluding ",
        "box": [
          49.5,
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          564.9299999999997,
          364.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-cash equity compensation expense, incentive compensation, depreciation and amortization and unrealized gains or losses, ",
        "box": [
          49.5,
          367.80889599999995,
          564.96,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from and after the effective date to the end of the most recently completed calendar quarter. KREF's board of directors, after ",
        "box": [
          49.5,
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          564.8900000000003,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "majority  approval  by  independent  directors,  may  also  exclude  one-time  events  pursuant  to  changes  in  GAAP  and  certain ",
        "box": [
          49.5,
          391.80889599999995,
          564.9200000000005,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "material non-cash income or expense items from distributable earnings. For purposes of calculating incentive compensation, ",
        "box": [
          49.5,
          403.80889599999995,
          564.9999999999998,
          412.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjusted equity excludes: (i) the effects of equity issued by KREF and its subsidiaries that provides for fixed distributions or ",
        "box": [
          49.5,
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          564.97,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other debt characteristics and (ii) unrealized provision for (reversal of) credit losses.",
        "box": [
          49.5,
          427.80889599999995,
          385.16999999999985,
          436.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF is also required  to  reimburse  the  Manager  or  its  affiliates  for  documented  costs  and  expenses  incurred  by  it  and  its ",
        "box": [
          49.5,
          451.80889599999995,
          564.95,
          460.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "affiliates on behalf of KREF, except those specifically required to be borne by the Manager under the Management Agreement. ",
        "box": [
          49.5,
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          564.97,
          472.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  Manager  is  responsible  for,  and  KREF  does  not  reimburse  the  Manager  or  its  affiliates  for,  the  expenses  related  to ",
        "box": [
          49.5,
          475.80889599999995,
          564.9599999999999,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment personnel of the Manager and its affiliates who provide services to KREF. However, KREF does reimburse the ",
        "box": [
          49.5,
          487.80889599999995,
          564.9700000000005,
          496.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager for KREF's allocable share of compensation paid to certain of the Manager's non-investment personnel, based on the ",
        "box": [
          49.5,
          499.80889599999995,
          564.9899999999999,
          508.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "percentage of time devoted by such personnel to KREF's affairs.",
        "box": [
          49.5,
          511.80889599999995,
          307.12999999999994,
          520.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Related Party Services",
        "box": [
          49.5,
          535.648926,
          141.57999999999998,
          543.8772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  connection  with  the  ATM  and  various  financing  arrangements,  and  in  consideration  for  its  services  as  a  structuring  and ",
        "box": [
          49.5,
          559.808896,
          564.8899999999999,
          568.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "placement agent, KKR Capital Markets LLC (\"KCM\"), an affiliate of KKR, is entitled to receive commissions for the shares of ",
        "box": [
          49.5,
          571.808896,
          565.0,
          580.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF  common  stock  that  KCM  sells  and  structuring  fees  generally  based  on  a  contractual  percentage  of  the  respective ",
        "box": [
          49.5,
          583.808896,
          564.9,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing provided under each facility.",
        "box": [
          49.5,
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          204.5800000000001,
          604.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF has entered into various agreements with K-Star Asset Management LLC ('K-Star'), an affiliate of KKR, in connection ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with KREF's investments, including but not limited to due diligence and value-add services. Under the agreements, K-Star is ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entitled to receive certain fees in consideration for its services.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
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          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
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          383.70999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 45,
    "width": 612.0,
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    "cells": [
      {
        "text": "The following table summarizes the fees incurred in connection with the Management Agreement and various related parties ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "services:",
        "box": [
          49.5,
          79.808896,
          84.44999999999999,
          88.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
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          107.73315479999997,
          501.9840100000002,
          114.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          380.5,
          120.48315479999997,
          396.5,
          127.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          497.5,
          120.48315479999997,
          513.5,
          127.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager",
        "box": [
          52.13,
          133.23315479999997,
          80.56200000000003,
          139.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees",
        "box": [
          132.38,
          133.23315479999997,
          189.0279999999999,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          133.23315479999997,
          340.13,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,511 ",
        "box": [
          424.09,
          133.23315479999997,
          444.09,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          451.13,
          133.23315479999997,
          457.13,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,797 ",
        "box": [
          541.09,
          133.23315479999997,
          561.09,
          139.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager",
        "box": [
          52.13,
          145.98315479999997,
          80.56200000000003,
          152.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expense reimbursements",
        "box": [
          132.38,
          145.98315479999997,
          212.57999999999987,
          152.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          145.98315479999997,
          336.13,
          152.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,432 ",
        "box": [
          424.09,
          145.98315479999997,
          444.09,
          152.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          451.13,
          145.98315479999997,
          453.13,
          152.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,483 ",
        "box": [
          541.09,
          145.98315479999997,
          561.09,
          152.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KCM",
        "box": [
          52.13,
          158.73315479999997,
          70.354,
          165.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Structuring fees",
        "box": [
          132.38,
          158.73315479999997,
          183.2519999999999,
          165.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          158.73315479999997,
          336.13,
          165.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          434.09,
          158.73315479999997,
          444.09,
          165.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          451.13,
          158.73315479999997,
          453.13,
          165.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "425 ",
        "box": [
          547.09,
          158.73315479999997,
          561.09,
          165.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "K-Star",
        "box": [
          52.13,
          171.48315479999997,
          73.45000000000002,
          178.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diligence and servicing fees",
        "box": [
          132.38,
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          223.24399999999986,
          178.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          171.48315479999997,
          336.13,
          178.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55 ",
        "box": [
          434.09,
          171.48315479999997,
          444.09,
          178.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          451.13,
          171.48315479999997,
          453.13,
          178.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.09,
          171.48315479999997,
          561.09,
          178.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.13,
          184.23315479999997,
          69.01,
          190.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          184.23315479999997,
          340.13,
          190.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,998 ",
        "box": [
          424.09,
          184.23315479999997,
          444.09,
          190.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          451.13,
          184.23315479999997,
          457.13,
          190.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,705 ",
        "box": [
          541.09,
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          561.09,
          190.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees are paid one quarter in arrears and, together with any accrued expense reimbursements, KCM and K-Star ",
        "box": [
          49.5,
          212.45892600000002,
          564.9000000000002,
          220.68722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fees, are included within \"Due to related parties\" in the Condensed Consolidated Balance Sheets.",
        "box": [
          49.5,
          224.45892600000002,
          436.89000000000004,
          232.68722255618263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned and Equity Method Investment, Real Estate Asset",
        "box": [
          49.5,
          248.29888600000004,
          333.68,
          256.52718255618265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In June 2024, KREF and a KKR affiliate took title to a Mountain View, CA office property. The property was held in a joint ",
        "box": [
          49.5,
          272.45886600000006,
          564.7799999999999,
          280.6871625561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "venture where KREF and the KKR affiliate held a 68.9% and 31.1% interest, respectively, and shared decision-making (Note ",
        "box": [
          49.5,
          284.458896,
          564.9399999999999,
          292.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11). ",
        "box": [
          49.5,
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          67.83,
          304.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In June 2024, KREF and a KKR affiliate took title to a Seattle, WA life science property through a deed-in-lieu of foreclosure ",
        "box": [
          49.5,
          320.458896,
          564.8100000000002,
          328.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under a TIC agreement. Under the TIC agreement, KREF and the KKR affiliate held an economic interest of 74.6% and 25.4%, ",
        "box": [
          49.5,
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          565.0,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, and shared decision-making (Note",
        "box": [
          49.5,
          344.458896,
          240.11000000000007,
          352.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          240.10001,
          344.458896,
          242.60001,
          352.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11).",
        "box": [
          242.60001,
          344.458896,
          258.43001000000004,
          352.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method Investment, Unconsolidated Entity",
        "box": [
          49.5,
          368.29891599999996,
          255.71000000000006,
          376.5272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In October 2025, KREF acquired an economic interest in an affiliated company, which invested in a senior mortgage loan that ",
        "box": [
          49.5,
          392.458896,
          564.85,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is  collateralized  by  industrial  properties  in  France.  KREF  holds  an  economic  interest  of  50%,  and  does  not  have  unilateral ",
        "box": [
          49.5,
          404.458896,
          564.9200100000002,
          412.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "authority to direct the activities that most significantly impact the affiliated company's economic performance (Note 11).",
        "box": [
          49.5,
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          531.74003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated CMBS Trusts",
        "box": [
          49.5,
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          162.21999999999994,
          448.5272125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF and a KKR affiliate invested in securities issued by CMBS trusts controlled and consolidated by KREF (Note 8). As of ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, the CMBS securities held by the KKR affiliate had a fair value of $63.2 million and was presented within ",
        "box": [
          49.5,
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          564.86,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\"Consolidated variable interest entities liabilities, CMBS trusts, at fair value\" on the Condensed Consolidated Balance Sheets.",
        "box": [
          49.5,
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          552.5700000000002,
          496.6871925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Co-Borrowing Financing Facility",
        "box": [
          49.5,
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          188.84000000000006,
          520.5271825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In June 2025, KREF, through a wholly owned subsidiary (\"KREF Borrower\"), and a KKR affiliate, through a wholly owned ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiary (\"Other KKR Borrower\"), entered into a term lending financing facility with a financial institution (\"KREF Lending ",
        "box": [
          49.5,
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          564.8599999999999,
          556.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "XVI Facility\"). Currently the facility is collateralized by one loan investment, but could be expanded in the future to include ",
        "box": [
          49.5,
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          564.8500000000005,
          568.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "more  loan  investments.  In  such  event,  all  loan  investments  thereunder  would  be  cross-collateralized.  An  affiliate  of  KREF ",
        "box": [
          49.5,
          572.458926,
          564.9699999999998,
          580.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrower  (\"KREF  Guarantor\")  guarantees  the  obligations  of  KREF  Borrower,  and  an  affiliate  of  Other  KKR  Borrower ",
        "box": [
          49.5,
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          564.9200000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "guarantees the obligations of Other KKR Borrower, with each respective guarantor's liability capped at its respective borrower's ",
        "box": [
          49.5,
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          564.86,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share of the KREF Lending XVI Facility. As of March 31, 2026, KREF's share of the outstanding financing principal was 50%, ",
        "box": [
          49.5,
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          564.94,
          616.6872225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or $100.0 million.",
        "box": [
          49.5,
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          121.68,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
          24.448916000000054,
          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45",
        "box": [
          301.0,
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          311.0,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 46,
    "width": 612.0,
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    "cells": [
      {
        "text": "Note 17. Fair Value of Financial Instruments",
        "box": [
          49.5,
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          240.75000000000006,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The carrying values and fair values of KREF's financial assets and liabilities recorded at fair value on a recurring basis, as well ",
        "box": [
          49.5,
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          564.8400000000003,
          100.03719255618262
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        "from_ocr": false,
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      },
      {
        "text": "as other financial instruments not carried at fair value, as of March 31, 2026, were as follows:",
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          423.79999999999995,
          112.03719255618262
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        "text": "Fair Value",
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        "text": "Principal ",
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      {
        "text": "Balance",
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          161.5657920449462
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        "text": "Amortized ",
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      {
        "text": "Cost",
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        "text": "Carrying ",
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        "text": "Value",
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      {
        "text": "Level 1",
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        "from_ocr": false,
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      {
        "text": "Level 2",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Level 3",
        "box": [
          475.17001,
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          499.83401000000003,
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      {
        "text": "Total",
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      {
        "text": "Assets",
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      {
        "text": "Cash and cash equivalents",
        "box": [
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          143.08800000000002,
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        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          211.13,
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          217.13,
          187.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "135,437 ",
        "box": [
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          255.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          268.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "135,437 ",
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          306.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "135,437 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "135,437 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          415.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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          459.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          466.13,
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          472.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          500.09,
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          510.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          517.13,
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          523.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "135,437 ",
        "box": [
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          561.09,
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        "from_ocr": false,
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      },
      {
        "text": "Commercial real estate loans, held-for-",
        "box": [
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          183.95999999999998,
          200.0657920449462
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        "confidence": 1.0
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      {
        "text": "investment, net",
        "box": [
          58.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          211.13,
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          213.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,898,951 ",
        "box": [
          221.09,
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          255.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          262.13,
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          264.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,885,906 ",
        "box": [
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          306.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          315.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,627,227 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          364.13,
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          366.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          398.09,
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          408.09,
          208.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          449.09,
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          459.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          466.13,
          201.48315479999997,
          468.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,641,012 ",
        "box": [
          476.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          517.13,
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          519.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,641,012 ",
        "box": [
          527.09,
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          561.09,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Commercial real estate loans, held for sale",
        "box": [
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          195.07199999999997,
          220.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          213.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "219,990 ",
        "box": [
          227.09,
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          255.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          264.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "219,990 ",
        "box": [
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          306.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          315.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "219,990 ",
        "box": [
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          357.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          366.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          398.09,
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          408.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          415.13,
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          417.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          449.09,
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          459.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          466.13,
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          468.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "219,990 ",
        "box": [
          482.09,
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          510.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          519.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "219,990 ",
        "box": [
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          561.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated variable interest entities assets, ",
        "box": [
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          204.19999999999987,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "CMBS trusts, at fair value",
        "box": [
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          142.648,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          213.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,218,593 ",
        "box": [
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          255.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          262.13,
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          264.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,254,366 ",
        "box": [
          272.09,
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          306.09,
          241.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          315.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,265,973 ",
        "box": [
          323.09,
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          357.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          398.09,
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          408.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          459.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          468.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,265,973 ",
        "box": [
          476.09,
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          510.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          519.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,265,973 ",
        "box": [
          527.09,
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          561.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in CMBS securities",
        "box": [
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          161.45799999999994,
          254.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          213.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,800 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,800 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,800 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          417.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          449.09,
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          459.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,800 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,800 ",
        "box": [
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          561.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency forward contracts (A)",
        "box": [
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          178.3476,
          267.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "5,591 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,591 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,591 ",
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "5,746,070 ",
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      {
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      {
        "text": "Included within \"Other assets\" on the Condensed Consolidated Balance Sheets.",
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      {
        "text": "financial instruments for which fair value is disclosed, as of December 31, 2025, were as follows:",
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        "text": "Fair Value",
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        "text": "Balance",
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        "text": "Cost",
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        "text": "Level 1",
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        "text": "Level 2",
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        "text": "Total",
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        "text": "Assets",
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "84,617 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "84,617 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "84,617 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,617 ",
        "box": [
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          407.418,
          498.5157720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          458.418,
          498.5157720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          498.5157720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          509.418,
          498.5157720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          517.13,
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          523.13,
          498.5157720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,617 ",
        "box": [
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          560.418,
          498.5157720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial real estate loans, held-for-",
        "box": [
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          183.95999999999998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "investment, net",
        "box": [
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          107.76800000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          213.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,361,863 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,347,756 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,145,832 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          397.418,
          512.9331048,
          407.418,
          519.5157420449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          458.418,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,146,650 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,146,650 ",
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        "from_ocr": false,
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      {
        "text": "Consolidated variable interest entity assets, ",
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          199.3119999999999,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "CMBS trust, at fair value",
        "box": [
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          139.536,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "489,940 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
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      },
      {
        "text": "488,603 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
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      },
      {
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "from_ocr": false,
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      },
      {
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "from_ocr": false,
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      {
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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      },
      {
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Total",
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          69.01,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,936,420 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,920,976 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,733,200 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "84,617 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,649,401 ",
        "box": [
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          509.418,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,734,018 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Liabilities",
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        "from_ocr": false,
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      {
        "text": "Secured financing agreements, net",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,871,049 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,862,689 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,862,689 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,862,689 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  2,862,689 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Collateralized loan obligations, net",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,198,378 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,198,332 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,198,332 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "text": "632,516 ",
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        "from_ocr": false,
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      {
        "text": "632,516 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "- ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "651,601 ",
        "box": [
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          458.418,
          604.2657420449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "651,601 ",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "liabilities, CMBS trust, at fair value",
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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      {
        "text": "493,680 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "- ",
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        "from_ocr": false,
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        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "text": "493,680 ",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "493,680 ",
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        "text": "Foreign currency forward contracts (A)",
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        "confidence": 1.0
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      {
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        "from_ocr": false,
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      {
        "text": "1,265 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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        "text": "1,265 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "1,265 ",
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
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      {
        "text": "- ",
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        "from_ocr": false,
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      {
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      {
        "text": "1,265 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          519.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,265 ",
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        "text": "Total",
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          69.01,
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        "confidence": 1.0
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      {
        "text": "$  5,187,886 ",
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          254.418,
          650.7657420449461
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        "confidence": 1.0
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      {
        "text": "$  5,174,438 ",
        "box": [
          262.13,
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          305.418,
          650.7657420449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  5,188,482 ",
        "box": [
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          356.418,
          650.7657420449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          370.13,
          650.7657420449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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          650.7657420449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          421.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "652,866 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$  4,546,280 ",
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        "confidence": 1.0
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      {
        "text": "$  5,199,146 ",
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      {
        "text": "(A) ",
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      {
        "text": "Included within \"Other liabilities\" on the Condensed Consolidated Balance Sheets.",
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      {
        "text": "Table of Contents ",
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      {
        "text": "KKR Real Estate Finance Trust Inc.",
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        "text": "Notes to Condensed Consolidated Financial Statements",
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      {
        "text": "(amount in tables in thousands, except per share amounts)",
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      {
        "text": "46",
        "box": [
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        "text": "The following table presents the activities of Level 3 financial assets and liabilities recorded at fair value:",
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        "text": "interest entities assets, ",
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        "text": "CMBS trusts, at fair ",
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        "text": "interest entities ",
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      {
        "text": "liabilities, CMBS ",
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        "text": "trusts, at fair value",
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        "text": "Net",
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      {
        "text": "Balance as of December 31, 2025",
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      {
        "text": "$ ",
        "box": [
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      {
        "text": "505,230 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
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        "text": "496,060 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
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        "text": "9,170 ",
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        "text": "Purchases and repayments",
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        "text": "Purchases",
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        "text": " ",
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        "text": "14,950 ",
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        "confidence": 1.0
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      {
        "text": " ",
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      {
        "text": "- ",
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      {
        "text": " ",
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        "text": "14,950 ",
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        "text": "Consolidation of CMBS trust",
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "751,378 ",
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          395.334,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "751,378 ",
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          483.084,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          551.09,
          184.23315479999997,
          561.09,
          190.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments",
        "box": [
          58.13,
          196.98315479999997,
          97.68200000000002,
          203.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          314.63,
          196.98315479999997,
          316.63,
          203.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(565) ",
        "box": [
          378.678,
          196.98315479999997,
          398.006,
          203.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          402.38,
          196.98315479999997,
          404.38,
          203.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(565) ",
        "box": [
          466.428,
          196.98315479999997,
          485.756,
          203.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          196.98315479999997,
          492.13,
          203.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.09,
          196.98315479999997,
          561.09,
          203.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gains (losses) included in net income",
        "box": [
          52.13,
          209.73315479999997,
          172.33799999999994,
          216.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized gain (loss) included in change in net assets of consolidated ",
        "box": [
          58.13,
          222.73315479999997,
          284.9779999999999,
          229.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "variable interest entities, CMBS trusts",
        "box": [
          58.13,
          230.73315479999997,
          180.12200000000004,
          237.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          314.63,
          230.73315479999997,
          316.63,
          237.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,541) ",
        "box": [
          372.678,
          230.73315479999997,
          398.006,
          237.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          402.38,
          230.73315479999997,
          404.38,
          237.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,592) ",
        "box": [
          460.428,
          230.73315479999997,
          485.756,
          237.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          230.73315479999997,
          492.13,
          237.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51 ",
        "box": [
          551.09,
          230.73315479999997,
          561.09,
          237.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other (A)",
        "box": [
          52.13,
          242.84194112,
          77.5476,
          250.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          314.63,
          243.48315479999997,
          316.63,
          250.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,741 ",
        "box": [
          375.334,
          243.48315479999997,
          395.334,
          250.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          402.38,
          243.48315479999997,
          404.38,
          250.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,577 ",
        "box": [
          463.084,
          243.48315479999997,
          483.084,
          250.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          243.48315479999997,
          492.13,
          250.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "164 ",
        "box": [
          547.09,
          243.48315479999997,
          561.09,
          250.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of March 31, 2026",
        "box": [
          52.13,
          256.23315479999997,
          152.08601000000004,
          262.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          314.63,
          256.23315479999997,
          320.63,
          262.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,272,193 ",
        "box": [
          361.334,
          256.23315479999997,
          395.334,
          262.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          402.38,
          256.23315479999997,
          408.38,
          262.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,247,858 ",
        "box": [
          449.084,
          256.23315479999997,
          483.084,
          262.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          256.23315479999997,
          496.13,
          262.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,335 ",
        "box": [
          537.09,
          256.23315479999997,
          561.09,
          262.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A)  ",
        "box": [
          49.5,
          279.59313480000003,
          64.604,
          286.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Primarily consists of changes in accrued interest.",
        "box": [
          85.508,
          279.59313480000003,
          242.13999999999982,
          286.1757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in ",
        "box": [
          500.01999,
          293.4331348,
          551.9959899999999,
          300.0157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS Securities",
        "box": [
          495.81,
          301.4331348,
          554.226,
          308.0157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of December 31, 2025",
        "box": [
          52.13,
          314.1831348,
          163.63001000000003,
          320.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          314.1831348,
          496.13,
          320.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.09,
          314.1831348,
          561.09,
          320.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases and repayments",
        "box": [
          52.13,
          326.9331348,
          136.54600000000002,
          333.5157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Purchases",
        "box": [
          58.13,
          339.6831348,
          90.114,
          346.2657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          339.6831348,
          492.13,
          346.2657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,800 ",
        "box": [
          537.09,
          339.6831348,
          561.09,
          346.2657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repayments",
        "box": [
          58.13,
          352.4331348,
          97.68200000000002,
          359.0157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          352.4331348,
          492.13,
          359.0157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.09,
          352.4331348,
          561.09,
          359.0157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gains (losses) included in net income",
        "box": [
          52.13,
          365.1831348,
          172.33799999999994,
          371.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrealized gain (loss) on investments in CMBS securities",
        "box": [
          58.13,
          377.9331348,
          243.6659999999999,
          384.5157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          377.9331348,
          492.13,
          384.5157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          551.09,
          377.9331348,
          561.09,
          384.5157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance as of March 31, 2026",
        "box": [
          52.13,
          390.6831348,
          152.08601000000004,
          397.2657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          390.6831348,
          496.13,
          397.2657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,800 ",
        "box": [
          537.09,
          390.6831348,
          561.09,
          397.2657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table contains the Level 3 inputs used to value assets and liabilities on a recurring and nonrecurring basis or ",
        "box": [
          49.5,
          423.708896,
          564.8399999999999,
          431.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "where KREF discloses fair value as of March 31, 2026:",
        "box": [
          49.5,
          435.708896,
          271.51998999999995,
          443.9371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value",
        "box": [
          224.31,
          471.8831148,
          260.958,
          478.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation ",
        "box": [
          298.5,
          462.2831148,
          334.268,
          468.8657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Methodologies",
        "box": [
          290.5,
          471.8831148,
          340.26000000000005,
          478.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unobservable Inputs",
        "box": [
          363.73999,
          471.8831148,
          435.0359900000001,
          478.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted ",
        "box": [
          455.69,
          462.2831148,
          490.562,
          468.8657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average (A)",
        "box": [
          454.31,
          471.24191112,
          489.94761,
          478.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Range",
        "box": [
          522.73999,
          471.8831148,
          544.50799,
          478.46575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          52.13,
          484.6331148,
          73.45800000000001,
          491.21575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial real estate loans, held-for-",
        "box": [
          58.88,
          496.0331148,
          183.95999999999998,
          502.6157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment",
        "box": [
          58.88,
          505.6331148,
          93.99200000000002,
          512.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          216.38,
          505.6331148,
          222.38,
          512.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,641,012 ",
        "box": [
          236.084,
          505.6331148,
          270.084,
          512.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted cash flow",
        "box": [
          277.88,
          505.6331148,
          347.2000000000001,
          512.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount margin",
        "box": [
          361.88,
          505.6331148,
          415.432,
          512.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.7%",
        "box": [
          464.73001,
          505.6331148,
          481.39401,
          512.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.4% - 5.6%",
        "box": [
          513.63,
          505.6331148,
          553.61401,
          512.2157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capitalization rate",
        "box": [
          361.88,
          518.3831147999999,
          420.76000000000005,
          524.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.4%",
        "box": [
          464.73001,
          518.3831147999999,
          481.39401,
          524.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.5% - 11.3%",
        "box": [
          511.63,
          518.3831147999999,
          555.61401,
          524.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discount rate",
        "box": [
          361.88,
          531.1331147999999,
          404.76000000000005,
          537.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.8%",
        "box": [
          462.73001,
          531.1331147999999,
          483.39401,
          537.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.8% - 12.5%",
        "box": [
          511.63,
          531.1331147999999,
          555.61401,
          537.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated variable interest entities assets, ",
        "box": [
          58.88,
          544.1331148,
          204.19999999999987,
          550.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS trusts, at fair value",
        "box": [
          58.88,
          552.1331148,
          142.648,
          558.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          216.38,
          552.1331148,
          218.38,
          558.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,265,973 ",
        "box": [
          236.084,
          552.1331148,
          270.084,
          558.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted cash flow",
        "box": [
          277.88,
          552.1331148,
          347.2000000000001,
          558.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield",
        "box": [
          361.88,
          552.1331148,
          379.656,
          558.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.1%",
        "box": [
          464.73001,
          552.1331148,
          481.39401,
          558.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.3%- 33.9%",
        "box": [
          512.63,
          552.1331148,
          554.61401,
          558.7157520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Duration (years)",
        "box": [
          361.88,
          564.8831148,
          414.528,
          571.4657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.7",
        "box": [
          467.12,
          564.8831148,
          477.12,
          571.4657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.1 - 7.0",
        "box": [
          520.28998,
          564.8831148,
          546.94995,
          571.4657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          52.13,
          590.3831148,
          86.35400000000003,
          596.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated variable interest entities ",
        "box": [
          58.88,
          603.3831148,
          181.53599999999992,
          609.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities, CMBS trusts, at fair value",
        "box": [
          58.88,
          611.3831148,
          176.43199999999993,
          617.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          216.38,
          611.3831148,
          222.38,
          617.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,241,901 ",
        "box": [
          236.084,
          611.3831148,
          270.084,
          617.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Discounted cash flow",
        "box": [
          277.88,
          611.3831148,
          347.2000000000001,
          617.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Yield",
        "box": [
          361.88,
          611.3831148,
          379.656,
          617.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.1%",
        "box": [
          464.73001,
          611.3831148,
          481.39401,
          617.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.3% - 33.9%",
        "box": [
          511.63,
          611.3831148,
          555.61401,
          617.9657520449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Duration (years)",
        "box": [
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          414.528,
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        "confidence": 1.0
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      {
        "text": "6.7",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.1 - 7.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(A) ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Represents the average of the input value, weighted by the unpaid principal balance of the financial instrument.",
        "box": [
          85.508,
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        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
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          421.84998999999993,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
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  {
    "page_no": 48,
    "width": 612.0,
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    "cells": [
      {
        "text": "Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis",
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        "confidence": 1.0
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      {
        "text": "Certain assets not measured at fair value on an ongoing basis but subject to fair value adjustments only in certain circumstances, ",
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      {
        "text": "such as when there is evidence of impairment, are measured at fair value on a nonrecurring basis. KREF measures commercial ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate loans held-for-sale at the lower of cost or fair value and may be required, from time to time, to record a nonrecurring ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value adjustment. KREF measures commercial real estate loans held-for-investment at amortized cost, but may be required, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from time to time, to record a nonrecurring fair value adjustment in the form of a CECL allowance.",
        "box": [
          49.5,
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        "confidence": 1.0
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      {
        "text": "Assets and Liabilities for Which Fair Value is Only Disclosed",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF does not carry its secured financing agreements at fair value as management did not elect the fair value option for these ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities. As of March 31, 2026, the fair value of KREF's financing facilities approximated their respective carrying value.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
          13.781005400000026,
          116.2,
          21.186472300564446
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
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          383.70999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
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          44.67721255618267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
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          421.84998999999993,
          56.8371825561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 49,
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    "cells": [
      {
        "text": "Note 18. Income Taxes ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxable year ended December 31, 2014. A REIT is generally not subject to U.S. federal and state income tax on that portion of ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income, determined without regard ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the deduction for dividends paid and excluding any net capital gains. A REIT will also be subject to a nondeductible excise ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "tax to the extent certain percentages of its taxable income are not distributed within specified dates. While KREF expects to ",
        "box": [
          49.5,
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          564.9300000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distribute  at  least  90%  of  its  net  taxable  income  for  the  foreseeable  future,  KREF  will  continue  to  evaluate  its  capital  and ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liquidity needs in light of existing economic and market conditions.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KREF consolidates subsidiaries that incur U.S. federal, state and local income taxes, based on the tax jurisdiction in which each ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "subsidiary operates. There were no material deferred tax assets or liabilities as of March 31, 2026 and December 31, 2025.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
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          116.2,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
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          383.70999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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  {
    "page_no": 50,
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    "cells": [
      {
        "text": "Note 19. Subsequent Events",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In April 2026, KREF's Board of Directors declared a dividend of $0.10 per share of common stock with respect to the second ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quarter of 2026. The dividend is payable July 15, 2026 to KREF's common stockholders of record as of June 30, 2026.",
        "box": [
          49.5,
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          524.29999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In April 2026, the Board of Directors authorized a modified repurchase program, which replaces the prior authorization and ",
        "box": [
          49.5,
          131.40893600000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "authorizes KREF to repurchase up to an aggregate of $75.0 million of common stock and 6.50% Series A Cumulative ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redeemable Preferred Stock.",
        "box": [
          49.5,
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          166.27999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents ",
        "box": [
          49.5,
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          116.2,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc.",
        "box": [
          228.28999,
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          383.70999,
          32.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes to Condensed Consolidated Financial Statements",
        "box": [
          188.42,
          36.448916000000054,
          423.56997999999993,
          44.67721255618267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amount in tables in thousands, except per share amounts)",
        "box": [
          190.14999,
          48.608885999999984,
          421.84998999999993,
          56.8371825561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 51,
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    "cells": [
      {
        "text": "ITEM  2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL  CONDITION  AND  RESULTS  OF ",
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        "confidence": 1.0
      },
      {
        "text": "OPERATIONS",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "notes thereto appearing elsewhere in this Form 10-Q. The historical consolidated financial data below reflects the historical ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "results  and  financial  position  of  KREF.  In  addition,  this  discussion  and  analysis  contains  forward-looking  statements  and ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "involves numerous risks and uncertainties, including those described under Part I, Item 1A. \"Risk Factors\" in the Form 10-K ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  under  \"Cautionary  Note  Regarding  Forward-Looking  Statements.\"  Actual  results  may  differ  materially  from  those ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contained in any forward-looking statements.",
        "box": [
          49.5,
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          231.28,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Overview",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our Company and Our Investment Strategy",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are a real estate finance company that focuses primarily on originating and acquiring transitional senior loans secured by ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial  real  estate  (\"CRE\")  assets.  We  are  a  Maryland  corporation  that  was  formed  and  commenced  operations  on ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2, 2014, and we have elected to qualify as a REIT for U.S. federal income tax purposes. Our investment strategy is to ",
        "box": [
          49.5,
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          268.0371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originate or acquire transitional senior loans collateralized by institutional-quality CRE assets that are owned and operated by ",
        "box": [
          49.5,
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          280.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "experienced and well-capitalized sponsors and located in top markets with strong underlying fundamentals. The assets in which ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we invest include senior loans, mezzanine loans, preferred equity and commercial mortgage-backed securities (\"CMBS\") and ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other real estate-related securities. Our investment allocation strategy is influenced by prevailing market conditions at the time ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we invest, including interest rate, economic and credit market conditions. In addition, we may invest in assets other than our ",
        "box": [
          49.5,
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          328.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "target assets in the future, in each case subject to maintaining our qualification as a REIT for U.S. federal income tax purposes ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and our exclusion from registration under the Investment Company Act. Our investment objective is capital preservation and ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generating attractive risk-adjusted returns for our stockholders over the long term, primarily through dividends.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our Manager",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are externally managed by our Manager, KKR Real Estate Finance Manager LLC, an indirect subsidiary of KKR & Co. ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inc. KKR is a leading global investment firm with an over 45-year history of leadership, innovation, and investment excellence. ",
        "box": [
          49.5,
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          564.8800000000003,
          424.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR manages multiple alternative asset classes, including private equity, real estate,  energy,  infrastructure  and  credit,  with ",
        "box": [
          49.5,
          427.80889599999995,
          564.8900000000001,
          436.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "strategic manager partnerships that manage hedge funds. Our Manager manages our investments and our day-to-day business ",
        "box": [
          49.5,
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          448.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and affairs in conformity with our investment guidelines and other policies that are approved and monitored by our board of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "directors.  Our  Manager  is  responsible  for,  among  other  matters,  (i)  the  selection,  origination  or  purchase  and  sale  of  our ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio investments, (ii) our financing activities and (iii) providing us with investment advisory services. Our Manager is also ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "responsible for our day-to-day operations and performs (or causes to be performed) such services and activities relating to our ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments and business and affairs as may be appropriate. Our investment decisions are approved by an investment committee ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  our  Manager  that  is  comprised  of  senior  investment  professionals  of  KKR,  including  senior  investment  professionals  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR's global real estate group. For a summary of certain terms of the management agreement, see Note 16 to our condensed ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated financial statements included in this Form 10-Q.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Macroeconomic Environment",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The last  several  quarters  have  been  marked  by  significant  volatility  in  global  markets,  driven  by  inflation,  elevated  interest ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates, slowing economic growth, increased tariffs, trade tensions, geopolitical conditions, including as a result of the outbreak of ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a military conflict between the United States, Israel and Iran on February 28, 2026, and political and regulatory uncertainty. ",
        "box": [
          49.5,
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          564.9399999999997,
          614.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These conditions have adversely impacted, and may continue to adversely impact, the U.S. and global economies, the real estate ",
        "box": [
          49.5,
          617.408936,
          564.9500000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "industry and our borrowers, and the performance of the properties securing our loans. Collectively, these market dynamics pose ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "challenges to commercial real estate values and transaction activity, which have resulted in lower demand for office space and ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "elevated levels of vacancy and default rates.",
        "box": [
          49.5,
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          225.61000000000007,
          659.2372025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Although the Federal Reserve lowered interest  rates  three  times  during  2024  and  three  times  in  2025,  interest  rates  remain ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "elevated and the timing, direction and extent of any future interest rate changes remain uncertain. Although higher interest rates ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will generally correlate to increases in our net income, increases in interest rates may adversely affect our existing borrowers ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the cost  of  financing  their  properties  and  lead  to  nonperformance.  Higher  interest  rates  may  also  adversely  impact  real ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate asset values and increase our interest expense, which expense may not be fully offset by any resulting increase in interest ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 52,
    "width": 612.0,
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    "cells": [
      {
        "text": "Key Financial Measures and Indicators",
        "box": [
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        "confidence": 1.0
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      {
        "text": "As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per share, ",
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          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dividends declared, Distributable Earnings and book value per share.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Earnings (Loss) Per Share and Dividends Declared",
        "box": [
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        "confidence": 1.0
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      {
        "text": "The following table sets forth the calculation of basic and diluted net income (loss) per share and dividends declared per share ",
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        "confidence": 1.0
      },
      {
        "text": "(amounts in thousands, except share and per share data):",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to common stockholders",
        "box": [
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          238.26599999999988,
          211.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          361.13,
          205.23315479999997,
          367.13,
          211.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61,881) ",
        "box": [
          431.674,
          205.23315479999997,
          461.00199999999995,
          211.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          465.38,
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          471.38,
          211.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31,989) ",
        "box": [
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          563.756,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average number of shares of common stock outstanding, basic and diluted",
        "box": [
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          340.21799999999985,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,673,125",
        "box": [
          421.12,
          225.48315479999997,
          457.12,
          232.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,442,561",
        "box": [
          523.87,
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          559.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) per share, basic and diluted",
        "box": [
          52.13,
          238.23315479999997,
          206.72999999999996,
          244.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          361.13,
          238.23315479999997,
          367.13,
          244.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.96) ",
        "box": [
          439.674,
          238.23315479999997,
          461.00199999999995,
          244.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          465.38,
          238.23315479999997,
          471.38,
          244.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.49) ",
        "box": [
          542.428,
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          563.756,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per share",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          361.13,
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          367.13,
          257.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.25 ",
        "box": [
          442.33799999999997,
          250.98315479999997,
          458.33799999999997,
          257.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          465.38,
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          471.38,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.25 ",
        "box": [
          545.084,
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          561.084,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings, a measure that is not prepared in accordance with GAAP, is a key indicator of our ability to generate ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sufficient income to pay our quarterly dividends and in determining the amount of such dividends, which is the primary focus ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  yield/income  investors  who  comprise  a  significant  portion  of  our  investor  base.  Accordingly,  we  believe  providing ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings on a supplemental basis to our net income as determined in accordance with GAAP is helpful to our ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholders in assessing the overall performance of our business.",
        "box": [
          49.5,
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          313.41,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We define Distributable Earnings as net income (loss) attributable to our stockholders or, without duplication, owners of our ",
        "box": [
          49.5,
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          565.0000000000001,
          381.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) ",
        "box": [
          49.5,
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          565.0000000000003,
          393.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains or losses ",
        "box": [
          49.5,
          396.80889599999995,
          564.9999999999998,
          405.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such ",
        "box": [
          49.5,
          408.80889599999995,
          564.8199999999998,
          417.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "items  are  included  in  other  comprehensive  income  or  loss,  or  in  net  income,  and  (iv)  one-time  events  pursuant  to  changes ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in GAAP and certain material non-cash income or expense items agreed upon after discussions between our Manager and our ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "board of directors and after approval by a majority of our independent directors. The exclusion of depreciation and amortization ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent we foreclose ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "upon the property or properties underlying such debt investments.",
        "box": [
          49.5,
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          312.88,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "While Distributable Earnings excludes the impact of our unrealized current provision for (reversal of) credit losses, any loan ",
        "box": [
          49.5,
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          564.9899999999999,
          501.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses  are  charged  off  and  realized  through  Distributable  Earnings  when  deemed  non-recoverable.  Non-recoverability  is ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally  determined  (i)  upon  the  resolution  of  a  loan  (i.e.  when  the  loan  is  repaid,  fully  or  partially,  or,  in  the  case  of ",
        "box": [
          49.5,
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          525.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosure, when the underlying asset is sold), or (ii) if, in our determination, it is nearly certain that all amounts due under a ",
        "box": [
          49.5,
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          537.0371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan will not be collected.",
        "box": [
          49.5,
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          152.96,
          549.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings should not be considered as a substitute for GAAP net income or taxable income. We caution readers ",
        "box": [
          49.5,
          564.808896,
          564.9700000000003,
          573.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that our methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to ",
        "box": [
          49.5,
          576.808896,
          565.0,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculate the same or similar supplemental performance measures, and as a result, our reported Distributable Earnings may not ",
        "box": [
          49.5,
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          564.9099999999997,
          597.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "be comparable to similar measures presented by other REITs.",
        "box": [
          49.5,
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          609.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We also use Distributable Earnings (before incentive compensation payable to our Manager) to determine the management and ",
        "box": [
          49.5,
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          633.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incentive compensation we pay our Manager. For its services to KREF, our Manager is entitled to a quarterly management fee ",
        "box": [
          49.5,
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          564.8299999999999,
          645.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equal to the greater of $62,500 or 0.375% of weighted average adjusted equity and quarterly incentive compensation equal to ",
        "box": [
          49.5,
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          564.97,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.0%  of  the  excess  of  (a)  the  trailing  12-month  Distributable  Earnings  (before  incentive  compensation  payable  to  our ",
        "box": [
          49.5,
          660.808896,
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          669.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager)  over  (b)  7.0%  of  the  trailing  12-month  weighted  average  adjusted  equity  ('Hurdle  Rate'),  less  incentive ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation KREF already paid to the Manager with respect to the first three calendar quarters of such trailing 12-month ",
        "box": [
          49.5,
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          564.84,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period. For purposes of calculating incentive compensation under our Management Agreement, adjusted equity excludes: (i) the ",
        "box": [
          49.5,
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          564.9600000000002,
          705.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "effects of equity issued that provides for fixed distributions or other debt characteristics and (ii) the unrealized provision for ",
        "box": [
          49.5,
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          717.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(reversal of) credit losses. The quarterly incentive compensation is calculated and paid in arrears with a three-month lag.",
        "box": [
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        "text": "The  following  table  provides  a  reconciliation  of  GAAP  net  income  attributable  to  common  stockholders  to  Distributable ",
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        "text": "March 31, 2026",
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        "text": "December 31, 2025",
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        "text": "0.03 ",
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        "from_ocr": false,
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        "box": [
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          254.58312479999995,
          561.088,
          261.1657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss)",
        "box": [
          52.13,
          267.33312479999995,
          153.43400000000005,
          273.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          296.63,
          267.33312479999995,
          302.63,
          273.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,106) ",
        "box": [
          348.678,
          267.33312479999995,
          374.006,
          273.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          378.38,
          267.33312479999995,
          384.38,
          273.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.06) ",
        "box": [
          405.924,
          267.33312479999995,
          427.25199999999995,
          273.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          267.33312479999995,
          437.63,
          273.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,417 ",
        "box": [
          483.83799999999997,
          267.33312479999995,
          507.83799999999997,
          273.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          514.88,
          267.33312479999995,
          520.88,
          273.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.22 ",
        "box": [
          545.088,
          267.33312479999995,
          561.088,
          273.9157620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted weighted average common shares outstanding",
        "box": [
          52.13,
          280.0831248,
          236.26599999999993,
          286.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,673,125",
        "box": [
          334.12,
          280.0831248,
          370.12,
          286.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,442,561",
        "box": [
          470.62,
          280.0831248,
          506.62,
          286.6657620449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A)  ",
        "box": [
          49.5,
          302.5031148,
          64.604,
          309.08575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per share amounts presented may not foot due to rounding.",
        "box": [
          85.508,
          302.5031148,
          274.36399999999986,
          309.08575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value per Share",
        "box": [
          49.5,
          321.60891599999997,
          140.84999999999997,
          329.8372125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We believe that book value per share is helpful to stockholders in evaluating the growth of our company as we have scaled our ",
        "box": [
          49.5,
          345.768916,
          564.8199999999999,
          353.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity capital base and continue to invest in our target assets.",
        "box": [
          49.5,
          357.768916,
          293.91,
          365.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table calculates our book value per share (amounts in thousands, except share and per share data):",
        "box": [
          49.5,
          381.768916,
          499.5299999999999,
          389.9972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          420.45001,
          397.6931148,
          473.5460100000001,
          404.27575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          492.69,
          397.6931148,
          557.33,
          404.27575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "KKR Real Estate Finance Trust Inc. stockholders' equity",
        "box": [
          52.13,
          410.4431148,
          247.16199999999986,
          417.02575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          410.4431148,
          418.13,
          417.02575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,095,644 ",
        "box": [
          449.09,
          410.4431148,
          483.09,
          417.02575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          410.4431148,
          496.13,
          417.02575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,172,550 ",
        "box": [
          527.09,
          410.4431148,
          561.09,
          417.02575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Series A preferred stock (liquidation preference of $25.00 per share)",
        "box": [
          58.13,
          423.1931148,
          277.06,
          429.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          423.1931148,
          414.13,
          429.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(327,750) ",
        "box": [
          452.426,
          423.1931148,
          485.75399999999996,
          429.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          423.1931148,
          492.13,
          429.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(327,750) ",
        "box": [
          530.426,
          423.1931148,
          563.754,
          429.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stockholders' equity",
        "box": [
          52.13,
          435.9431148,
          154.306,
          442.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          435.9431148,
          418.13,
          442.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "767,894 ",
        "box": [
          455.09,
          435.9431148,
          483.09,
          442.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          435.9431148,
          496.13,
          442.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "844,800 ",
        "box": [
          533.09,
          435.9431148,
          561.09,
          442.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares of common stock issued and outstanding at period end",
        "box": [
          52.13,
          461.4431148,
          262.4739999999999,
          468.02575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          461.4431148,
          414.13,
          468.02575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,275,643 ",
        "box": [
          445.09,
          461.4431148,
          483.09,
          468.02575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          461.4431148,
          492.13,
          468.02575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,367,737 ",
        "box": [
          523.09,
          461.4431148,
          561.09,
          468.02575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Add: Deferred stock units",
        "box": [
          58.13,
          474.1931148,
          141.002,
          480.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "395,889",
        "box": [
          455.87,
          474.1931148,
          481.87,
          480.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          474.1931148,
          492.13,
          480.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "395,889 ",
        "box": [
          533.09,
          474.1931148,
          561.09,
          480.77575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total shares outstanding at period end",
        "box": [
          52.13,
          486.9431148,
          183.85799999999995,
          493.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          486.9431148,
          414.13,
          493.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,671,532 ",
        "box": [
          445.09,
          486.9431148,
          483.09,
          493.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          486.9431148,
          492.13,
          493.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,763,626 ",
        "box": [
          523.09,
          486.9431148,
          561.09,
          493.52575204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value per share",
        "box": [
          52.13,
          512.4431148,
          124.32200000000007,
          519.0257520449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          512.4431148,
          418.13,
          519.0257520449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.87 ",
        "box": [
          463.09,
          512.4431148,
          483.09,
          519.0257520449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          512.4431148,
          496.13,
          519.0257520449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13.04 ",
        "box": [
          541.09,
          512.4431148,
          561.09,
          519.0257520449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value as of March 31, 2026 included the impact of an estimated CECL allowance of $260.3 million, or ($4.03) per share ",
        "box": [
          49.5,
          538.268916,
          564.8800100000003,
          546.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and accumulated depreciation of $6.5 million, or ($0.10) per share. See Note 2 - Summary of Significant Accounting Policies, ",
        "box": [
          49.5,
          550.268916,
          564.84001,
          558.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to our condensed consolidated financial statements included in this Form 10-Q for detailed discussion of allowance for credit ",
        "box": [
          49.5,
          562.268916,
          564.9800100000002,
          570.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses.",
        "box": [
          49.5,
          574.268916,
          75.86999999999999,
          582.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.781005400000026,
          113.99399999999999,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 54,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Our Portfolio",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have established a $5,725.4 million  portfolio  of  diversified  investments,  consisting  primarily  of  senior  commercial  real ",
        "box": [
          49.5,
          91.808896,
          564.95,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate loans as of March 31, 2026.",
        "box": [
          49.5,
          103.808896,
          186.03999,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, the average risk rating of our loan portfolio was 3.3, weighted by loan outstanding principal. As of ",
        "box": [
          49.5,
          127.808896,
          564.8600100000001,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March  31,  2026,  the  average  loan  commitment  in  our  portfolio  was  $107.8  million  and  multifamily  and  industrial  loans ",
        "box": [
          49.5,
          139.808896,
          565.00001,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comprised 63% of our loan portfolio. ",
        "box": [
          49.5,
          151.808896,
          200.7800000000001,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition, we owned Real Estate Assets with an investment amount of $505.0 million, comprised of the acquired properties ",
        "box": [
          49.5,
          175.808896,
          564.9000000000001,
          184.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(directly  or  indirectly)  and  capitalized  redevelopment  costs,  as  of  March  31,  2026.  These  properties  are  reflected  on  our ",
        "box": [
          49.5,
          187.808896,
          564.9200100000002,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Balance Sheets.",
        "box": [
          49.5,
          199.808896,
          214.86000000000004,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have executed on our primary investment strategy of originating floating-rate transitional senior loans and, as we continue ",
        "box": [
          49.5,
          223.808896,
          564.8899999999999,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to scale our loan portfolio, we expect that our originations will be heavily weighted toward floating-rate loans. As of March 31, ",
        "box": [
          49.5,
          235.808896,
          564.9600000000003,
          244.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, substantially all of our loans by outstanding principal earned a floating rate of interest. We expect the majority of our ",
        "box": [
          49.5,
          247.808896,
          564.9599999999997,
          256.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "future  investment  activity  to  focus  on  originating  floating-rate  senior  loans  that  we  finance  with  our  repurchase  and  other ",
        "box": [
          49.5,
          259.808896,
          565.0000000000003,
          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing facilities. As of March 31, 2026, all of our investments were located in the United States and Europe.",
        "box": [
          49.5,
          271.808896,
          493.99999999999994,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following charts illustrate the diversification and composition of our loan portfolio as of March 31, 2026, based on type of ",
        "box": [
          49.5,
          295.80889599999995,
          564.93,
          304.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment, interest rate, underlying property type, geographic location, vintage and LTV:",
        "box": [
          49.5,
          307.80889599999995,
          409.63000000000005,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A) ",
        "box": [
          49.5,
          691.7931548,
          62.604,
          698.3757920449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charts are based on outstanding principal of our commercial real estate loans. Excludes fully written off loans, loans held in CMBS investments, and ",
        "box": [
          85.5,
          691.7931548,
          564.7160000000001,
          698.3757920449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity method investment, unconsolidated entity.",
        "box": [
          85.5,
          701.3931248,
          243.27599999999987,
          707.9757620449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(B) ",
        "box": [
          49.5,
          710.9931048,
          62.164,
          717.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We classify 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.",
        "box": [
          85.5,
          710.9931048,
          531.57,
          717.5757420449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(C) ",
        "box": [
          49.5,
          720.5931348,
          62.164,
          727.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\"Other\" property type includes Student Housing (2%) and Mixed Use (<1%).",
        "box": [
          85.50800000000001,
          720.5931348,
          332.59398999999996,
          727.1757720449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(D) ",
        "box": [
          49.5,
          730.1931148,
          62.604,
          736.7757520449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "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. Weighted average LTV ",
        "box": [
          85.508,
          730.1931148,
          564.5880000000002,
          736.7757520449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excludes risk-rated 5 loans.",
        "box": [
          85.5,
          739.7931548,
          173.03599999999994,
          746.3757920449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54",
        "box": [
          301.0,
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          311.0,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio(A)",
        "box": [
          271.66666666666663,
          340.3333333333333,
          339.0,
          350.3333333333333
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        "from_ocr": true,
        "confidence": 0.99987
      },
      {
        "text": "Investment Type",
        "box": [
          101.66666666666666,
          369.3333333333333,
          171.0,
          380.3333333333333
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        "from_ocr": true,
        "confidence": 0.99992
      },
      {
        "text": "Interest Rate Type",
        "box": [
          268.33333333333337,
          368.6666666666667,
          344.0,
          380.6666666666667
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        "from_ocr": true,
        "confidence": 0.99992
      },
      {
        "text": "Property Type",
        "box": [
          445.3333333333333,
          368.6666666666667,
          504.6666666666667,
          380.0
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        "from_ocr": true,
        "confidence": 0.99992
      },
      {
        "text": "Fixed",
        "box": [
          280.33333333333337,
          386.6666666666667,
          296.66666666666663,
          395.3333333333333
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        "from_ocr": true,
        "confidence": 0.99968
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      {
        "text": "Hospitality Other(c)",
        "box": [
          444.0,
          387.0,
          498.3333333333333,
          394.3333333333333
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        "from_ocr": true,
        "confidence": 0.98023
      },
      {
        "text": "1%",
        "box": [
          282.66666666666663,
          393.0,
          294.66666666666663,
          401.0
        ],
        "from_ocr": true,
        "confidence": 0.99928
      },
      {
        "text": "3%",
        "box": [
          453.3333333333333,
          393.0,
          464.6666666666667,
          401.0
        ],
        "from_ocr": true,
        "confidence": 0.98092
      },
      {
        "text": "2%",
        "box": [
          481.3333333333333,
          392.3333333333333,
          492.6666666666667,
          400.0
        ],
        "from_ocr": true,
        "confidence": 0.99995
      },
      {
        "text": "Life Science(\u65e5)",
        "box": [
          403.3333333333333,
          399.3333333333333,
          440.3333333333333,
          406.6666666666667
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        "from_ocr": true,
        "confidence": 0.97986
      },
      {
        "text": "14%",
        "box": [
          415.0,
          405.0,
          429.3333333333333,
          412.3333333333333
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        "from_ocr": true,
        "confidence": 0.99995
      },
      {
        "text": "Multifamily",
        "box": [
          477.0,
          423.3333333333333,
          506.6666666666667,
          431.3333333333333
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        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "Senior Loans",
        "box": [
          120.0,
          432.3333333333333,
          153.66666666666669,
          439.3333333333333
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        "from_ocr": true,
        "confidence": 0.99995
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      {
        "text": "Office",
        "box": [
          441.6666666666667,
          430.6666666666667,
          458.6666666666667,
          439.3333333333333
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        "from_ocr": true,
        "confidence": 0.99663
      },
      {
        "text": "41%",
        "box": [
          485.0,
          429.3333333333333,
          499.3333333333333,
          437.0
        ],
        "from_ocr": true,
        "confidence": 0.9998
      },
      {
        "text": "100%",
        "box": [
          128.0,
          438.3333333333333,
          145.33333333333331,
          445.3333333333333
        ],
        "from_ocr": true,
        "confidence": 0.99997
      },
      {
        "text": "18%",
        "box": [
          443.0,
          437.3333333333333,
          457.0,
          444.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.9999
      },
      {
        "text": "Floating",
        "box": [
          293.66666666666663,
          445.0,
          316.0,
          453.66666666666663
        ],
        "from_ocr": true,
        "confidence": 0.9999
      },
      {
        "text": "%66",
        "box": [
          297.33333333333337,
          451.3333333333333,
          312.3333333333333,
          458.66666666666663
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        "from_ocr": true,
        "confidence": 0.99852
      },
      {
        "text": "Industrial",
        "box": [
          461.6666666666667,
          452.0,
          487.0,
          460.33333333333337
        ],
        "from_ocr": true,
        "confidence": 0.99996
      },
      {
        "text": "22%",
        "box": [
          468.0,
          458.33333333333337,
          482.6666666666667,
          465.66666666666663
        ],
        "from_ocr": true,
        "confidence": 0.9998
      },
      {
        "text": "Geography",
        "box": [
          112.66666666666667,
          499.33333333333337,
          160.0,
          513.0
        ],
        "from_ocr": true,
        "confidence": 0.99998
      },
      {
        "text": "Original Vintage",
        "box": [
          272.33333333333337,
          500.66666666666663,
          339.6666666666667,
          511.66666666666663
        ],
        "from_ocr": true,
        "confidence": 0.9991
      },
      {
        "text": "LTV(D)",
        "box": [
          461.3333333333333,
          500.0,
          488.3333333333333,
          510.33333333333337
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        "from_ocr": true,
        "confidence": 0.99438
      },
      {
        "text": "2019",
        "box": [
          247.33333333333334,
          517.6666666666666,
          262.33333333333337,
          525.3333333333334
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        "from_ocr": true,
        "confidence": 0.99999
      },
      {
        "text": "2018",
        "box": [
          277.0,
          516.6666666666666,
          292.0,
          524.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99999
      },
      {
        "text": "2017",
        "box": [
          307.6666666666667,
          516.6666666666666,
          322.6666666666667,
          524.3333333333334
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        "from_ocr": true,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          249.0,
          523.6666666666666,
          260.66666666666663,
          531.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99974
      },
      {
        "text": "2%",
        "box": [
          278.66666666666663,
          523.0,
          290.33333333333337,
          530.6666666666666
        ],
        "from_ocr": true,
        "confidence": 0.9996
      },
      {
        "text": "4%",
        "box": [
          309.0,
          523.0,
          320.6666666666667,
          530.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.9996
      },
      {
        "text": "2026",
        "box": [
          332.0,
          522.0,
          347.3333333333333,
          529.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99998
      },
      {
        "text": "75-80%",
        "box": [
          434.0,
          523.0,
          456.3333333333333,
          530.0
        ],
        "from_ocr": true,
        "confidence": 0.99996
      },
      {
        "text": "4%",
        "box": [
          334.0,
          527.6666666666666,
          345.6666666666667,
          535.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "8%",
        "box": [
          439.3333333333333,
          528.3333333333334,
          451.0,
          536.0
        ],
        "from_ocr": true,
        "confidence": 0.99985
      },
      {
        "text": "MN",
        "box": [
          90.66666666666666,
          532.6666666666666,
          101.66666666666666,
          539.6666666666666
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        "from_ocr": true,
        "confidence": 0.9999
      },
      {
        "text": "4%",
        "box": [
          91.0,
          538.6666666666666,
          101.33333333333334,
          546.3333333333334
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        "from_ocr": true,
        "confidence": 0.93518
      },
      {
        "text": "Other",
        "box": [
          119.66666666666667,
          538.6666666666666,
          135.33333333333331,
          545.6666666666666
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        "from_ocr": true,
        "confidence": 0.99851
      },
      {
        "text": "18%",
        "box": [
          142.66666666666669,
          541.6666666666666,
          155.0,
          549.3333333333334
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        "from_ocr": true,
        "confidence": 0.99995
      },
      {
        "text": "CA",
        "box": [
          144.33333333333331,
          535.6666666666666,
          153.33333333333331,
          542.3333333333334
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        "from_ocr": true,
        "confidence": 0.99981
      },
      {
        "text": "2020",
        "box": [
          237.33333333333334,
          534.0,
          252.33333333333334,
          541.3333333333334
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        "from_ocr": true,
        "confidence": 0.99998
      },
      {
        "text": "3%",
        "box": [
          239.0,
          539.6666666666666,
          251.0,
          547.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99981
      },
      {
        "text": "5%",
        "box": [
          82.0,
          554.0,
          92.33333333333334,
          562.0
        ],
        "from_ocr": true,
        "confidence": 0.99978
      },
      {
        "text": "NY",
        "box": [
          82.66666666666666,
          547.6666666666666,
          91.66666666666666,
          554.6666666666666
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        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "16%",
        "box": [
          121.33333333333333,
          545.0,
          134.0,
          552.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.9999
      },
      {
        "text": "MA",
        "box": [
          157.0,
          556.6666666666666,
          168.33333333333331,
          564.6666666666666
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        "from_ocr": true,
        "confidence": 0.99982
      },
      {
        "text": "2025",
        "box": [
          314.3333333333333,
          545.3333333333334,
          329.3333333333333,
          552.6666666666666
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        "from_ocr": true,
        "confidence": 1.0
      },
      {
        "text": "19%",
        "box": [
          314.6666666666667,
          550.6666666666666,
          328.0,
          559.3333333333334
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        "from_ocr": true,
        "confidence": 0.99981
      },
      {
        "text": "2024",
        "box": [
          355.6666666666667,
          552.0,
          370.6666666666667,
          559.3333333333334
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        "from_ocr": true,
        "confidence": 1.0
      },
      {
        "text": "<1%",
        "box": [
          355.6666666666667,
          558.0,
          370.6666666666667,
          565.3333333333334
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        "from_ocr": true,
        "confidence": 0.99864
      },
      {
        "text": "<60%",
        "box": [
          480.0,
          547.3333333333334,
          497.3333333333333,
          554.6666666666666
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        "from_ocr": true,
        "confidence": 0.99926
      },
      {
        "text": "24%",
        "box": [
          481.3333333333333,
          552.6666666666666,
          495.6666666666667,
          560.3333333333334
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        "from_ocr": true,
        "confidence": 0.99986
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      {
        "text": "PA",
        "box": [
          83.0,
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          91.66666666666666,
          572.3333333333334
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        "from_ocr": true,
        "confidence": 0.99932
      },
      {
        "text": "12%",
        "box": [
          156.33333333333331,
          563.6666666666666,
          169.0,
          571.3333333333334
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        "from_ocr": true,
        "confidence": 0.99988
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      {
        "text": "70-75%",
        "box": [
          444.0,
          563.0,
          466.3333333333333,
          571.3333333333334
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        "from_ocr": true,
        "confidence": 0.93415
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      {
        "text": "5%",
        "box": [
          82.66666666666666,
          572.0,
          92.33333333333334,
          578.6666666666666
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        "from_ocr": true,
        "confidence": 0.99948
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      {
        "text": "D.C.",
        "box": [
          83.33333333333334,
          577.6666666666666,
          95.0,
          585.0
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        "from_ocr": true,
        "confidence": 0.99408
      },
      {
        "text": "5%",
        "box": [
          85.0,
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          94.33333333333334,
          591.3333333333333
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        "from_ocr": true,
        "confidence": 0.99982
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      {
        "text": "TX",
        "box": [
          138.0,
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          146.66666666666669,
          590.3333333333333
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        "from_ocr": true,
        "confidence": 0.98952
      },
      {
        "text": "11%",
        "box": [
          151.33333333333331,
          581.0,
          164.0,
          588.3333333333333
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        "from_ocr": true,
        "confidence": 0.99397
      },
      {
        "text": "FL",
        "box": [
          154.0,
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          162.0,
          581.6666666666667
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        "from_ocr": true,
        "confidence": 0.99812
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      {
        "text": "2021",
        "box": [
          282.33333333333337,
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          296.66666666666663,
          580.3333333333334
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        "from_ocr": true,
        "confidence": 0.99999
      },
      {
        "text": "41%",
        "box": [
          282.33333333333337,
          579.0,
          296.66666666666663,
          586.0
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        "from_ocr": true,
        "confidence": 0.9999
      },
      {
        "text": "2022",
        "box": [
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          333.6666666666667,
          579.0
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        "from_ocr": true,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          319.0,
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          333.3333333333333,
          585.0
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        "from_ocr": true,
        "confidence": 0.97729
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      {
        "text": "37%",
        "box": [
          448.3333333333333,
          569.6666666666666,
          463.0,
          577.0
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        "from_ocr": true,
        "confidence": 0.9201
      },
      {
        "text": "65-70%",
        "box": [
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          490.6666666666667,
          593.6666666666667
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        "from_ocr": true,
        "confidence": 0.99282
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      {
        "text": "60-65%",
        "box": [
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          508.6666666666667,
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        "from_ocr": true,
        "confidence": 0.99999
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      {
        "text": "15%",
        "box": [
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          504.6666666666667,
          586.0
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        "from_ocr": true,
        "confidence": 0.99997
      },
      {
        "text": "11%",
        "box": [
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          148.66666666666669,
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        "from_ocr": true,
        "confidence": 0.99979
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      {
        "text": "16%",
        "box": [
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          487.0,
          600.0
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        "from_ocr": true,
        "confidence": 0.99991
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      {
        "text": "U.K.",
        "box": [
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        "from_ocr": true,
        "confidence": 0.9993
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      {
        "text": "6%",
        "box": [
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          102.33333333333334,
          610.0
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        "from_ocr": true,
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      {
        "text": "NCl",
        "box": [
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        "from_ocr": true,
        "confidence": 0.8905
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      {
        "text": "7%",
        "box": [
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          615.3333333333333
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        "from_ocr": true,
        "confidence": 0.99986
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  },
  {
    "page_no": 55,
    "width": 612.0,
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    "cells": [
      {
        "text": "The following table details our quarterly loan activity (amounts in thousands):",
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          85.63723255618265
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        "confidence": 1.0
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      {
        "text": "Three Months Ended",
        "box": [
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          105.33312479999995,
          444.4460000000001,
          111.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
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          317.5460100000001,
          124.66576204494618
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        "from_ocr": false,
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      {
        "text": "December 31, 2025",
        "box": [
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          401.3300000000001,
          124.66576204494618
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        "from_ocr": false,
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      {
        "text": "September 30, 2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "June 30, 2025",
        "box": [
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          548.212,
          124.66576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan originations",
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          108.78600000000002,
          137.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          262.13,
          137.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "179,694 ",
        "box": [
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          327.09,
          137.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          130.83312479999995,
          340.13,
          137.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "424,403 ",
        "box": [
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          405.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
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          418.13,
          137.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131,850 ",
        "box": [
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          483.09,
          137.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
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          496.13,
          137.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "210,650 ",
        "box": [
          533.09,
          130.83312479999995,
          561.09,
          137.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan fundings",
        "box": [
          52.13,
          159.33312479999995,
          98.562,
          165.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          256.13,
          159.33312479999995,
          262.13,
          165.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "197,895 ",
        "box": [
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          327.09,
          165.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
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          340.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "425,722 ",
        "box": [
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          405.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          159.33312479999995,
          418.13,
          165.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,149 ",
        "box": [
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          483.09,
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "230,232 ",
        "box": [
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          561.09,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan repayments",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          258.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(415,372) ",
        "box": [
          296.426,
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          329.75399999999996,
          178.66576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          336.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(379,936) ",
        "box": [
          374.426,
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          407.75399999999996,
          178.66576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          414.13,
          178.66576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(479,658) ",
        "box": [
          452.426,
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          485.75399999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          492.13,
          178.66576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(450,053) ",
        "box": [
          530.426,
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          563.754,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net fundings",
        "box": [
          52.13,
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          93.682,
          191.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          258.13,
          191.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(217,477) ",
        "box": [
          296.426,
          184.83312479999995,
          329.75399999999996,
          191.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
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          336.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,786 ",
        "box": [
          381.09,
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          405.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          414.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(395,509) ",
        "box": [
          452.426,
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          485.75399999999996,
          191.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          492.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(219,821) ",
        "box": [
          530.426,
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          563.754,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment-in-kind (\"PIK\") interest",
        "box": [
          52.13,
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          158.18599999999995,
          204.16576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
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          258.13,
          204.16576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          317.09,
          197.58312479999995,
          327.09,
          204.16576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
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          336.13,
          204.16576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "322 ",
        "box": [
          391.09,
          197.58312479999995,
          405.09,
          204.16576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
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          414.13,
          204.16576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "410 ",
        "box": [
          469.09,
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          483.09,
          204.16576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          492.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "369 ",
        "box": [
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          561.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net write-offs",
        "box": [
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          97.22600000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          258.13,
          216.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,292) ",
        "box": [
          300.426,
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          329.75399999999996,
          216.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
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          336.13,
          216.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          395.09,
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          405.09,
          216.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          414.13,
          216.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,394) ",
        "box": [
          456.426,
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          485.75399999999996,
          216.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          492.13,
          216.91576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,434) ",
        "box": [
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          563.754,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer to REO",
        "box": [
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          105.43400000000001,
          229.66576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          258.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          317.09,
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          327.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
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          336.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          395.09,
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          405.09,
          229.66576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          414.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(71,081) ",
        "box": [
          456.426,
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          485.75399999999996,
          229.66576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          492.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(91,766) ",
        "box": [
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          563.754,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on foreign currency translation",
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          52.13,
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          188.3219999999999,
          242.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          258.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,151) ",
        "box": [
          304.426,
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          329.75399999999996,
          242.41576204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
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          336.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,344 ",
        "box": [
          385.09,
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          405.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          414.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          473.09,
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          483.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          492.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total activity",
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        "confidence": 1.0
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      {
        "text": "$ ",
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        "confidence": 1.0
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      {
        "text": "(242,920) ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "51,452 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(480,574) ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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        "confidence": 1.0
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      {
        "text": "(331,652) ",
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      {
        "text": "The following table details overall statistics for our loan portfolio as of March 31, 2026 (amounts in thousands):",
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      {
        "text": "Outstanding Principal",
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      {
        "text": "Total",
        "box": [
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      {
        "text": "Floating Rate Loans",
        "box": [
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      {
        "text": "Fixed Rate Loans (A)",
        "box": [
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      {
        "text": "Number of loans (B)",
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "51 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "51 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Principal balance",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "5,118,941 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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      {
        "text": "5,044,541 ",
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        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "74,400 ",
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      {
        "text": "Amortized cost",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,105,896 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5,031,496 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "74,400 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Unfunded loan commitments",
        "box": [
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          145.45800000000003,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "379,593 ",
        "box": [
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          398.426,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "374,593 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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      {
        "text": "5,000 ",
        "box": [
          541.09,
          363.6831348,
          561.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average cash coupon (C)",
        "box": [
          52.13,
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          158.76639999999998,
          382.89575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.0 %",
        "box": [
          386.42999,
          376.4331348,
          405.74998999999997,
          383.0157720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " + 3.3 %",
        "box": [
          455.92001,
          376.4331348,
          483.75201,
          383.0157720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*",
        "box": [
          555.87,
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          559.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average all-in yield (C)",
        "box": [
          52.13,
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          153.8664,
          395.64575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  7.2 %",
        "box": [
          386.42999,
          389.1831348,
          405.74998999999997,
          395.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " + 3.6 %",
        "box": [
          455.92001,
          389.1831348,
          483.75201,
          395.7657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*",
        "box": [
          555.87,
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          559.87,
          395.7657720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average maximum maturity (years) (D)",
        "box": [
          52.13,
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          205.00761,
          408.39575204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          401.9331348,
          336.13,
          408.5157720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.7 ",
        "box": [
          386.426,
          401.9331348,
          398.426,
          408.5157720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          401.9331348,
          414.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.7 ",
        "box": [
          464.426,
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          476.426,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
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          492.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.3 ",
        "box": [
          549.09,
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          561.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average LTV (E)",
        "box": [
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          134.2452,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  66 %",
        "box": [
          388.42999,
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          405.74998999999997,
          421.2657720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  66 %",
        "box": [
          466.42999,
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          483.74998999999997,
          421.2657720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n.a.",
        "box": [
          548.32001,
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          559.87201,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "* ",
        "box": [
          49.5,
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          55.5,
          444.62576204494616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rounds to zero",
        "box": [
          85.5,
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          133.94,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A) ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents a mezzanine loan with a commitment of $79.4 million accompanying a senior loan. $74.4 million of loan principal was funded and on ",
        "box": [
          85.508,
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          564.4840100000002,
          454.2257620449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nonaccrual status as of March 31, 2026. Refer to Note 3 to our condensed consolidated financial statements for additional information.",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(B)  ",
        "box": [
          49.5,
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          64.164,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes fully written off loans. ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(C) ",
        "box": [
          49.5,
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          62.164,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  addition  to  cash  coupon,  all-in  yield  includes  the  amortization  of  deferred  origination  fees,  loan  origination  costs  and  purchase  discounts. ",
        "box": [
          85.5,
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          564.4920000000002,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average cash coupon and all-in yield excludes loans on nonaccrual status.",
        "box": [
          85.5,
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          353.884,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(D)  ",
        "box": [
          49.5,
          495.6431248,
          64.604,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum maturity assumes all extension options are exercised by the borrower; however, our loans may be repaid prior to such date.",
        "box": [
          85.508,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(E)  ",
        "box": [
          49.5,
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          63.756,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "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. Weighted average LTV ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excludes risk-rated 5 loans.",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 56,
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    "cells": [
      {
        "text": "The table below sets forth additional information relating to our portfolio as of March 31, 2026 (amounts in millions):",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loans",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1",
        "box": [
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          58.87,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior Loan",
        "box": [
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          93.602,
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        "confidence": 1.0
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      {
        "text": "Boston, MA",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Life Science",
        "box": [
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        "confidence": 1.0
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      {
        "text": "8/3/2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "312.5 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "312.5 ",
        "box": [
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          415.004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "229.6 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "34.1 ",
        "box": [
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          518.51,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+ 4.2%",
        "box": [
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          552.128,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          567.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.4 ",
        "box": [
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          612.26,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$747 / SF",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n.a.",
        "box": [
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          704.25403,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5",
        "box": [
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          726.75,
          142.9243415337096
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2",
        "box": [
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          58.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
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          93.602,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Various, U.S.",
        "box": [
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          176.27599999999998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Industrial",
        "box": [
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          237.85399999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4/28/2022",
        "box": [
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          313.12399000000005,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          322.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "504.5 ",
        "box": [
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          364.76,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          371.63,
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          373.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "252.3 ",
        "box": [
          400.01,
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          415.01,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "252.3 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.13,
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          473.63,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "64.1 ",
        "box": [
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          518.51,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+ 2.7",
        "box": [
          532.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          567.38,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.1 ",
        "box": [
          603.26,
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          612.26,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$98 / SF",
        "box": [
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          639.4580000000001,
          154.9243415337096
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  64 ",
        "box": [
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          697.7660099999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
          55.87,
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          58.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          64.13,
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          93.602,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bronx, NY",
        "box": [
          143.63,
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          170.28799999999998,
          166.9243415337096
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          214.88,
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          237.85399999999998,
          166.9243415337096
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/27/2021",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "381.2 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          373.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "228.7 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "217.2 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58.0 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "+ 10.5",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.2 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$277 / SF",
        "box": [
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        "text": "$ ",
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        "text": "7.0%",
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        "text": " ",
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        "text": "1.8 ",
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        "text": "  66 %",
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        "text": "3.3",
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        "text": "Investment (A)",
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        "text": "Location",
        "box": [
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        "text": "Property Type",
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        "text": "Investment ",
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        "text": "Date",
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        "text": "Total Whole ",
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        "text": "Loan (B)",
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        "text": "Principal/",
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        "text": "Investment ",
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        "text": "Amount",
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        "text": "Outstanding ",
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        "text": "Investment ",
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        "text": "Amount",
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        "text": "Net Equity (C)",
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        "text": "Coupon (D)(E)",
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        "text": "Max Remaining ",
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        "text": "Term ",
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      {
        "text": "(Years) (D)(F)",
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        "text": "Loan/Investment ",
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        "text": "Per SF / Unit / ",
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        "text": "Key (G)",
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        "text": "Rating",
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      {
        "text": " * ",
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        "text": "Numbers presented may not foot due to rounding.",
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      {
        "text": "Table of Contents",
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      {
        "text": "57",
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      {
        "text": "(A) ",
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      {
        "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 loans that were fully ",
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      {
        "text": "written off.",
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      {
        "text": "For Senior Loan 5, the total whole loan is on non-accrual and 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 ",
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      {
        "text": "of S+2.25% and (ii) a mezzanine note with a commitment of $79.4 million, of which $74.4 million was funded as of March 31, 2026, at a fixed interest rate of 4.5% PIK.",
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      {
        "text": "(B) ",
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      {
        "text": "Total Whole Loan represents the total commitment of the entire loan originated, including participations by KKR affiliated entities. KREF has been the sole or lead investor across all of its originations ",
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        "confidence": 1.0
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      {
        "text": "since its 2015 inception. As of December 31, 2025, KKR's investment portfolio has less than 0.5% overlap with KREF's portfolio on a KKR AUM basis. Global Atlantic's investment portfolio has less than ",
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        "confidence": 1.0
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      {
        "text": "1% overlap with KREF's portfolio on a Global Atlantic AUM basis.",
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      {
        "text": "(C) ",
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        "confidence": 1.0
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      {
        "text": "Net 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 equity method ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "investments, net of borrowings.",
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      {
        "text": "(D) ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Weighted 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 weighted average ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "coupon excludes loans on nonaccrual status. ",
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      {
        "text": "(E) ",
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      {
        "text": "Coupon expressed as spread over Term SOFR, SONIA or EURIBOR.",
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      {
        "text": "(F) ",
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        "confidence": 1.0
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      {
        "text": "Maximum remaining term (years) assumes all extension options are exercised, if applicable.",
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        "confidence": 1.0
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      {
        "text": "(G) ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. For Senior Loans 1, 3, 10, 22 and 37, Loan Per SF / Unit / Key is calculated as the total ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "commitment amount of the loan divided by the proposed SF / Unit / Key.",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(H) ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "For 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 calculated as the total ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 appraised value as of the date the loan was ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "originated; for CMBS investments, LTV is based on the weighted average LTV of the underlying loan pool at issuance. Weighted Average LTV excludes risk-rated 5 loans. ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(I) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Represents 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 decision-making ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "with the KKR affiliate under the TIC agreement.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(J)  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Represents our investment in an aggregator vehicle that invests in CMBS B-Pieces. Committed principal represents our total commitment to the aggregator vehicle whereas current principal represents the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "current funded amount.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(K) ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Represents 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 senior mortgage ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 the underlying senior mortgage ",
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        "confidence": 1.0
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      {
        "text": "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  the  affiliated  company's  economic ",
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        "confidence": 1.0
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      {
        "text": "performance. ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Table of Contents",
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        "confidence": 1.0
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      {
        "text": "58",
        "box": [
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        "from_ocr": false,
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  },
  {
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      {
        "text": "Portfolio Surveillance and Credit Quality",
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      {
        "text": "Our Manager actively manages our portfolio and assesses the risk of any deterioration in credit quality by quarterly evaluating ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the  performance  of  the  underlying  property,  the  valuation  of  comparable  assets  as  well  as  the  financial  wherewithal  of  the ",
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      {
        "text": "associated  borrower.  Our  loan  documents  generally  give  us  the  right  to  receive  regular  property,  borrower  and  guarantor ",
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      {
        "text": "financial  statements;  approve  annual  budgets  and  tenant  leases;  and  enforce  loan  covenants  and  remedies.  In  addition,  our ",
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      {
        "text": "Manager evaluates the macroeconomic environment, prevailing real estate fundamentals and micro-market dynamics where the ",
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      {
        "text": "underlying  property  is  located.  Through  site  inspections,  local  market  experts  and  various  data  sources,  as  part  of  its  risk ",
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      {
        "text": "assessment, our Manager monitors criteria such as new supply and tenant demand, market occupancy and rental rate trends, and ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "capitalization rates and valuation trends.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We maintain a robust asset management relationship with our borrowers and have utilized these relationships to maximize the ",
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        "confidence": 1.0
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      {
        "text": "performance of our portfolio, including during periods of volatility.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "We believe our loan sponsors are generally committed to supporting assets collateralizing our loans through additional equity ",
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        "confidence": 1.0
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      {
        "text": "investments, and that we will benefit from our long-standing core business model of originating senior loans collateralized by ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "large assets in major markets with experienced, well-capitalized institutional sponsors. While we believe the principal amounts ",
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        "confidence": 1.0
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      {
        "text": "of our loans are generally adequately protected by underlying collateral value, there is a risk that we will not realize the entire ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "principal value of certain investments.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "In  addition  to  ongoing  asset  management,  our  Manager  performs  a  quarterly  review  of  our  portfolio  whereby  each  loan  is ",
        "box": [
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      {
        "text": "assigned a risk rating of 1 through 5, from lowest risk to highest risk. Our Manager is responsible for reviewing, assigning and ",
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        "confidence": 1.0
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      {
        "text": "updating the risk ratings for each loan at least once per quarter. The risk ratings are based on many factors, including, but not ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "limited to, underlying real estate performance, values of comparable properties, durability and quality of property cash flows, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sponsor  experience  and  financial  wherewithal,  and  the  existence  of  a  risk-mitigating  loan  structure.  Additional  key ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "considerations include debt service coverage ratios, real estate and credit market dynamics, and risk of default or principal loss. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In  performing  this  review  and  assigning  a  risk  rating  with  respect  to  each  loan,  our  Manager  assesses  these  various  factors ",
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        "confidence": 1.0
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      {
        "text": "holistically and considers these factors on a case-by-case basis, determining whether to give additional weight to any of these ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "factors  based  upon  the  specific  facts  and  circumstances  of  each  loan.  Based  on  a  five-point  scale,  our  loans  are  rated  \"1\" ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "through \"5,\" from less risk to greater risk, which ratings are defined as follows: 1 (Very Low Risk); 2 (Low Risk); 3 (Medium ",
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        "confidence": 1.0
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      {
        "text": "Risk); 4 (High Risk/Potential for Loss); and 5 (Impaired/Loss Likely).",
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        "confidence": 1.0
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      {
        "text": "As of March 31, 2026, the average risk rating of KREF's portfolio was 3.3, weighted by outstanding loan principal, compared to ",
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        "confidence": 1.0
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      {
        "text": "3.2 with that as of  December 31, 2025.",
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      {
        "text": "March 31, 2026",
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        "confidence": 1.0
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      {
        "text": "December 31, 2025",
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      {
        "text": "Risk Rating",
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      {
        "text": "Number of ",
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      {
        "text": "Loans (A)",
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        "text": "Carrying ",
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        "text": "Value",
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        "text": "Outstanding ",
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        "text": "Principal",
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        "text": "Outstanding ",
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        "text": "Principal %",
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        "text": "Number of ",
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        "text": "Loans (A)",
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        "text": "Carrying ",
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        "text": "Value",
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        "text": "Outstanding ",
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        "text": "Principal",
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        "text": "Outstanding ",
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        "from_ocr": false,
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        "text": "567,995 ",
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        "text": "Total loan receivable",
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      {
        "text": "51 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,105,896 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
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        "text": "5,118,941 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  100 %",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "53 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          414.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,347,756 ",
        "box": [
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          453.836,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
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          466.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5,361,863 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  100 %",
        "box": [
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          561.7499899999999,
          595.6957320449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for credit losses",
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          139.44200000000004,
          608.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          198.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(258,679) ",
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          608.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(201,924) ",
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          456.508,
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        "confidence": 1.0
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      {
        "text": "Loan receivable, net",
        "box": [
          52.13,
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          117.21000000000005,
          621.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          196.13,
          614.7331548,
          202.13,
          621.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,847,217 ",
        "box": [
          207.58599999999998,
          614.7331548,
          241.58599999999998,
          621.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          408.38,
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          414.38,
          621.1957320449461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,145,832 ",
        "box": [
          419.836,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(A) ",
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        "confidence": 1.0
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        "text": "Excludes fully written off loans.",
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      {
        "text": "Table of Contents",
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      {
        "text": "59",
        "box": [
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      {
        "text": "In March 2026, we modified a risk-rated 5 senior life science loan located in Cambridge, MA, with an outstanding principal ",
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      {
        "text": "balance of $100.4 million. The terms of the modification included a $20.2 million principal repayment, and a restructure of the ",
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      {
        "text": "$80.2 million senior loan (after the $20.2 million repayment) into (i) a $62.9 million committed senior mortgage loan (with ",
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      {
        "text": "$35.5 million in unfunded commitment), and (ii) a $17.3 million subordinated note which is subordinate to a new $14.4 million ",
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        "confidence": 1.0
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      {
        "text": "sponsor  interest.  The  restructured  senior  loan  earns  a  coupon  rate  of  S+3.7%  and  has  a  new  term  of  five  years.  The ",
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      {
        "text": "$17.3 million subordinated note was deemed uncollectible and written off in March 2026. The loan modification was accounted ",
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      {
        "text": "for as a new loan for GAAP purposes. The restructured senior loan with an outstanding principal balance of $64.1 million was ",
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      {
        "text": "risk-rated 3 as of March 31, 2026.",
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        "from_ocr": false,
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      {
        "text": "CMBS B-Piece Investments",
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        "confidence": 1.0
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      {
        "text": "Our Manager has processes and procedures in place to monitor and assess the credit quality of our CMBS B-Piece investments ",
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      {
        "text": "and  promote  the  regular  and  active  management  of  these  investments.  This  includes  reviewing  the  performance  of  the  real ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "estate  assets  underlying  the  loans  that  collateralize  the  investments  and  determining  the  impact  of  such  performance  on  the ",
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        "confidence": 1.0
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      {
        "text": "credit  and  return  profile  of  the  investments.  Our  Manager  holds  monthly  surveillance  calls  with  the  special  servicer  of  our ",
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      {
        "text": "CMBS B-Piece investments to monitor the performance of our portfolio and discuss issues associated with the loans underlying ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our  CMBS B-Piece investments. At each meeting, our Manager is provided with a due diligence submission for each loan ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "underlying  our  CMBS B-Piece investments, which includes both property-level and loan-level  information.  These  meetings ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "assist our Manager in monitoring our portfolio, identifying any potential loan issues, determining if a re-underwriting of any ",
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        "confidence": 1.0
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      {
        "text": "loan is warranted and examining the timing and severity of any potential losses or impairments.",
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      {
        "text": "Total Financing",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our financing arrangements include our term loan facility, term lending agreements, collateralized loan obligations, secured ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term  loan,  warehouse  facility,  asset  specific  financing,  corporate  revolving  credit  agreement  (\"Revolver\"),  non-consolidated ",
        "box": [
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      {
        "text": "senior interest (collectively 'Non-Mark-to-Market Financing Sources') and master repurchase agreements.",
        "box": [
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      {
        "text": "Our Non-Mark-to-Market Financing Sources, which accounted for 77% of our total financing as of March 31, 2026, are not ",
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        "text": "subject to credit or capital markets mark-to-market provisions. The remaining 23% of our total financing, which is comprised of ",
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      {
        "text": "three master repurchase agreements, are only subject to credit marks.",
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      {
        "text": "We plan to expand and diversify our financing sources, especially those sources that provide non-mark-to-market financing, ",
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      {
        "text": "reducing our exposure to market volatility.",
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        "text": "The following table summarizes our financing agreements (amounts in thousands):",
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      {
        "text": "March 31, 2026",
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        "confidence": 1.0
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      {
        "text": "December 31, 2025",
        "box": [
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          557.33,
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      {
        "text": "Borrowings",
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        "confidence": 1.0
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      {
        "text": "Maximum ",
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      {
        "text": "Outstanding ",
        "box": [
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      {
        "text": "Principal",
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      {
        "text": "Available (B)",
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      {
        "text": "Outstanding ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Principal",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Outstanding ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Principal",
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        "confidence": 1.0
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      {
        "text": "Master Repurchase Agreements",
        "box": [
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        "confidence": 1.0
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        "text": "Mark-to-Credit",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "1,646,765 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "1,017,980 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "11,331 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,606,659 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,220,707 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized Loan Obligations",
        "box": [
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          154.77800000000002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Non-Mark-to-Market",
        "box": [
          177.87,
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          246.2939999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          259.13,
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          261.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,066,134 ",
        "box": [
          275.834,
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          309.834,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          318.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,066,134 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          376.63,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          415.334,
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          425.334,
          569.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.38,
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          434.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,423,384 ",
        "box": [
          449.084,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,198,378 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Lending Agreements",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          261.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,377,032 ",
        "box": [
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          309.834,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          318.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "708,607 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,454 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "932,331 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "771,823 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Term Loan Facility",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "from_ocr": false,
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      },
      {
        "text": "1,000,000 ",
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "511,934 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "from_ocr": false,
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      {
        "text": "1,820 ",
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        "from_ocr": false,
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      {
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        "from_ocr": false,
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      {
        "text": "668,601 ",
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        "from_ocr": false,
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      {
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      {
        "text": "513,202 ",
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        "from_ocr": false,
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      {
        "text": "Warehouse Facility",
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        "from_ocr": false,
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      {
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        "from_ocr": false,
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      {
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        "from_ocr": false,
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        "from_ocr": false,
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      {
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        "from_ocr": false,
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        "from_ocr": false,
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      {
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        "from_ocr": false,
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      {
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        "from_ocr": false,
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "700,000 ",
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        "text": " ",
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        "text": "200,000 ",
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      {
        "text": " ",
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      {
        "text": "500,000 ",
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        "text": "n.a.",
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        "text": " ",
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        "text": "- ",
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        "text": "Secured Term Loan",
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        "text": "Non-Mark-to-Market",
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        "text": " ",
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        "text": "645,125 ",
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        "text": " ",
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        "text": "645,125 ",
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        "text": " ",
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        "text": "- ",
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        "text": "n.a.",
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        "text": " ",
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        "text": "646,750 ",
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      {
        "text": "Total leverage",
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        "confidence": 1.0
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      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,165,681 ",
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          309.834,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
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        "confidence": 1.0
      },
      {
        "text": "4,518,933 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "517,979 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,716,178 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum facility  size  represents  the  largest  amount  of  borrowings  available  under  a  given  facility  once  sufficient  collateral  assets  have  been ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "approved by the lender and pledged by us.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(B) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Available borrowings represents the undrawn amount we could draw under the terms of each credit facility, based on collateral already approved ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and pledged.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          301.0,
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        "confidence": 1.0
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    ]
  },
  {
    "page_no": 61,
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    "cells": [
      {
        "text": "Master Repurchase Agreements",
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      {
        "text": "We utilize master repurchase facilities to finance the origination of senior loans. After a mortgage asset is identified by us, the ",
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      {
        "text": "lender agrees to advance a certain percentage of the principal of the mortgage to us in exchange for a secured interest in the ",
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      {
        "text": "mortgage. We have not received any margin calls on any of our master repurchase facilities to date.",
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      {
        "text": "Repurchase agreements effectively allow us to borrow against loans and participations that we own in an amount generally ",
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      {
        "text": "equal  to  (i)  the  market  value  of  such  loans  and/or  participations  multiplied  by  (ii)  the  applicable  advance  rate.  Under  these ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "agreements, we sell our loans and participations to a counterparty and agree to repurchase the same loans and participations ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "from the counterparty at a price equal to the original sales price plus an interest factor. The transaction is treated as a secured ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "loan from the financial institution for GAAP purposes. During the term of a repurchase agreement, we receive the principal and ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "interest on the related loans and participations and pay interest to the lender under the master repurchase agreement. At any ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "point in time, the amounts and the cost of our repurchase borrowings will be based upon the assets being financed-higher risk ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "assets will result in lower advance rates (i.e., levels of leverage) at higher borrowing costs and vice versa. In addition, these ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "facilities include various financial covenants and limited recourse guarantees, including those described below.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Each of our existing master repurchase facilities includes \"credit mark-to-market\" features. \"Credit mark-to-market\" provisions ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "in repurchase facilities are designed to keep the lenders' credit exposure generally constant as a percentage of the underlying ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral value of the assets pledged as security to them. If the credit underlying collateral value decreases, the gross amount of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "leverage available to us will be reduced as our assets are marked-to-market, which would reduce our liquidity. The lender under ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the applicable repurchase facility sets the valuation and any revaluation of the collateral assets in its sole, good faith discretion. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  a  contractual  matter,  the  lender  has  the  right  to  reset  the  value  of  the  assets  at  any  time  based  on  then-current  market ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions, but the market convention is to reassess valuations on a monthly, quarterly and annual basis using the financial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information delivered pursuant to the facility documentation regarding the real property, borrower and guarantor under such ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "underlying loans. Generally, if the lender determines (subject to certain conditions) that the market value of the collateral in a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase transaction has decreased by more than a defined minimum amount, the lender may require us to provide additional ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "collateral or lead to margin calls that may require us to repay all or a portion of the funds advanced. We closely monitor our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "liquidity and intend to maintain sufficient liquidity on our balance sheet in order to meet any margin calls in the event of any ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significant  decreases  in  asset  values.  In  addition,  our  existing  master  repurchase  facilities  are  not  entirely  term-matched ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "financings and may mature before our CRE debt investments that represent underlying collateral to those financings. As we ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "negotiate  renewals  and  extensions  of  these  liabilities,  we  may  experience  lower  advance  rates  and  higher  pricing  under  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "renewed or extended agreements.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Lending Agreements",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  term  lending  agreements  provide  us  with  asset-based  financing  on  a  non-mark-to-market  basis,  are  match-term  to  the ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "underlying loans and are partial recourse. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Loan Facility",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our term loan facility provides us with asset-based financing on a non-mark-to-market basis, is match-term up to five years, ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with an additional two-year extension available, and is non-recourse.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Warehouse Facility ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our warehouse facility provides us with asset-based financing on a non-mark-to-market basis, has a current facility maturity of ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2026, and is partial recourse.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Specific Financing",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our asset specific financing facilities provide us with asset-based financing on a non-mark-to-market basis, are match-term to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the underlying loans and are non-recourse.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          301.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 62,
    "width": 612.0,
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    "cells": [
      {
        "text": "Revolving Credit Agreement",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  March  2025,  we  upsized  our  Revolver,  administered  by  Morgan  Stanley  Senior  Funding,  Inc.,  to  $660.0  million  and ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extended the maturity date to March 2030. In September 2025, we further upsized our Revolver to $700.0 million. We may use ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  Revolver  as  a  source  of  financing,  which  is  designed  to  provide  short-term  liquidity  to  originate  or  de-lever  loans,  pay ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "operating expenses and borrow amounts for general corporate purposes. Our Revolver is secured by corporate level guarantees ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and includes net equity interests in the investment portfolio.",
        "box": [
          49.5,
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          288.94,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized Loan Obligations",
        "box": [
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          179.4,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  2021,  we  financed  a  pool  of  loan  participations  from  our  existing  loan  portfolio  through  a  managed  collateralized  loan ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligation (\"CLO\" or \"KREF 2021-FL2\") and, in 2022, we financed a pool of loan participations from our existing multifamily ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan portfolio through a managed CLO (\"KREF 2022-FL3\"). The CLOs provide us with match-term financing on a non-mark-",
        "box": [
          49.5,
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          562.35,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to-market and non-recourse basis.",
        "box": [
          49.5,
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          184.90999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Term Loan",
        "box": [
          49.5,
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          128.33999999999997,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2025, we refinanced our existing term loan of $339.5 million with a new $550.0 million secured term loan due March ",
        "box": [
          49.5,
          271.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2032. In September 2025, we upsized our secured term loan to $650.0 million and reduced the spread to S+2.5%. The secured ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term  loan  is  partially  amortizing,  with  an  amount  equal  to  1.0%  per  annum  of  the  principal  balance  due  in  quarterly ",
        "box": [
          49.5,
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          564.8899900000001,
          304.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "installments. The secured term loan contains restrictions relating to liens, asset sales, indebtedness, investments and transactions ",
        "box": [
          49.5,
          307.80889599999995,
          564.9900000000001,
          316.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with affiliates, and is secured by corporate level guarantees and does not include asset-based collateral.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Notes 2 and 7 to our condensed consolidated financial statements for additional discussion of our secured term loan.",
        "box": [
          49.5,
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          548.9500199999998,
          352.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Covenants ",
        "box": [
          49.5,
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          95.3,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-  Each  of  our  repurchase  facilities,  term  lending  agreements,  warehouse  facility  and  our  Revolver  contain ",
        "box": [
          97.92,
          367.80889599999995,
          564.8800000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "customary terms and conditions, including, but not limited to, negative covenants relating to restrictions on our operations with ",
        "box": [
          49.5,
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          388.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respect to our status as a REIT, and financial covenants, such as:",
        "box": [
          49.5,
          391.80889599999995,
          307.8,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.5,
          415.80889599999995,
          71.0,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a trailing four quarter interest income to interest expense ratio covenant (1.3 to 1.0);",
        "box": [
          85.5,
          415.80889599999995,
          420.92000999999993,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.5,
          427.80889599999995,
          71.0,
          436.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a consolidated tangible net worth covenant ($1.0 billion or less, depending upon the facility, plus 75% of the aggregate ",
        "box": [
          85.5,
          427.80889599999995,
          563.3300000000002,
          436.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash proceeds of any equity issuances we make and any capital contributions we receive, less share repurchases);",
        "box": [
          85.5,
          439.00890599999997,
          537.9899999999999,
          447.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.5,
          450.208896,
          71.0,
          458.4371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a total indebtedness covenant (83.3% of our Total Assets, as defined in the applicable financing agreements); and",
        "box": [
          85.5,
          450.208896,
          538.8399999999999,
          458.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          67.5,
          462.208896,
          71.0,
          470.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a cash liquidity covenant (the greater of (i) $10.0 million or (ii) 5.0% of KREF's recourse indebtedness; the Revolver ",
        "box": [
          85.5,
          462.208896,
          564.95001,
          470.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "has a minimum cash liquidity covenant of $75.0 million)",
        "box": [
          85.5,
          474.208896,
          312.77,
          482.4371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "With  respect  to  our  secured  term  loan,  we  are  required  to  comply  with  customary  loan  covenants  and  event  of  default ",
        "box": [
          49.5,
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          564.96,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provisions that include, but are not limited to, negative covenants relating to restrictions on operations with respect to our status ",
        "box": [
          49.5,
          510.20892599999996,
          564.90001,
          518.4372225561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a REIT, and financial covenants. Such financial covenants include a minimum consolidated tangible net worth of $650.0 ",
        "box": [
          49.5,
          522.208926,
          564.8599999999998,
          530.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million and a maximum total debt to total assets ratio of 83.3%.",
        "box": [
          49.5,
          534.208926,
          303.92999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, we were in compliance with the covenants of our financing facilities. ",
        "box": [
          49.5,
          558.208926,
          421.03998999999993,
          566.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Consolidated Senior Interests",
        "box": [
          49.5,
          582.218936,
          188.26999999999998,
          590.4472325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  certain  instances,  we  finance  our  loans  through  the  non-recourse  sale  of  a  senior  loan  interest  that  is  not  included  in  our ",
        "box": [
          49.5,
          606.208926,
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          614.4372225561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condensed  consolidated  financial  statements.  These  non-consolidated  senior  interests  provide  structural  leverage  on  a  non-",
        "box": [
          49.5,
          618.208926,
          562.4599999999998,
          626.4372225561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mark-to-market, match-term basis for our net investments, which are typically reflected in the form of mezzanine loans or other ",
        "box": [
          49.5,
          630.208926,
          564.9699999999998,
          638.4372225561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subordinate interests on our condensed consolidated balance sheets and in our condensed consolidated statement of income. We ",
        "box": [
          49.5,
          642.208926,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "had no outstanding financing through non-consolidated senior interests as of March 31, 2026.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 63,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Guarantees ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-  In  connection  with  our  financing  arrangements,  including  master  repurchase  agreements,  term  lending ",
        "box": [
          102.94,
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          564.89,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements, and asset specific financing, KKR Real Estate Finance Holdings L.P. (our \"Operating Partnership\") has entered ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into  a  limited  guarantee  in  favor  of  each  lender,  under  which  our  Operating  Partnership  guarantees  the  obligations  of  the ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrower under the respective financing agreement (i) in the case of certain defaults, up to a maximum liability of 25.0% of the ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "then-outstanding  repurchase  price  of  the  eligible  loans,  participations  or  securities,  as  applicable,  or  (ii)  up  to  a  maximum ",
        "box": [
          49.5,
          115.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liability of 100.0% in the case of certain \"bad boy\" defaults. The borrower in each case is a special purpose subsidiary of ours. ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition, some guarantees include certain full recourse insolvency-related trigger events.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "With respect to our Revolver, amounts borrowed are full recourse to certain guarantor wholly-owned subsidiaries of ours.",
        "box": [
          49.5,
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          536.2199999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Assets, Held For Investment",
        "box": [
          49.5,
          187.64892600000007,
          215.44,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portland, OR Retail",
        "box": [
          49.5,
          211.81890600000008,
          130.91999999999996,
          220.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " / ",
        "box": [
          130.91,
          211.81890600000008,
          139.29000000000002,
          220.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Redevelopment ",
        "box": [
          139.89999,
          211.81890600000008,
          203.40999000000008,
          220.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          204.02,
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          216.52,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In December 2021, we took title a Portland retail property and recorded the property ",
        "box": [
          217.13,
          211.81890600000008,
          564.9500000000002,
          220.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  its  net  assets  on  the  Condensed  Consolidated  Balance  Sheets  based  on  the  estimated  fair  value  of  acquired  assets  and ",
        "box": [
          49.5,
          223.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumed  liabilities.  We  contributed  a  portion  of  the  REO  asset  to  a  joint  venture  (the  \"REO  JV\")  with  a  third  party  local ",
        "box": [
          49.5,
          235.808896,
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          244.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "developer ('JV Partner'), whereby we had a 90% interest and the JV Partner had a 10% interest. The JV Partner's interest in the ",
        "box": [
          49.5,
          247.808896,
          564.97999,
          256.0371925561826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property  was  presented  within  \"Noncontrolling  interests  in  equity  of  consolidated  joint  ventures\"  on  the  Condensed ",
        "box": [
          49.5,
          259.808896,
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          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Balance Sheets. In June 2025, we sold a portion of the property for $6.0 million and recognized a realized gain of ",
        "box": [
          49.5,
          271.808896,
          564.8999900000003,
          280.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.7 million after closing costs. As of March 31, 2026, we have a priority of distributions up to $82.4 million before the JV ",
        "box": [
          49.5,
          283.80889599999995,
          564.8899900000001,
          292.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Partner can participate in the economics of the REO JV. ",
        "box": [
          49.5,
          295.80889599999995,
          276.1500000000001,
          304.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mountain View, CA Office",
        "box": [
          49.5,
          319.81890599999997,
          157.02,
          328.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " - ",
        "box": [
          157.01001,
          319.81890599999997,
          172.52000999999998,
          328.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In June 2024, we and the KKR affiliate took title to a Mountain View office property through a ",
        "box": [
          173.03,
          319.81890599999997,
          564.9199999999997,
          328.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deed-in-lieu of foreclosure (\"DIL\") and we accounted for the property on a consolidated basis. Ours and the KKR affiliate's ",
        "box": [
          49.5,
          331.80889599999995,
          564.84,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest  in  the  property  were  68.9% and 31.1%, respectively. We recorded the property and its net assets on the Condensed ",
        "box": [
          49.5,
          343.80889599999995,
          564.92001,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Balance Sheets based on the estimated fair value of acquired assets and assumed liabilities. The KKR affiliate's ",
        "box": [
          49.5,
          355.80889599999995,
          564.9199999999998,
          364.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest  in  the  property  was  presented  within  \"Noncontrolling  interests  in  equity  of  consolidated  joint  ventures\"  on  the ",
        "box": [
          49.5,
          367.80889599999995,
          564.91,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Balance Sheets.",
        "box": [
          49.5,
          379.80889599999995,
          167.95000000000002,
          388.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Raleigh, NC Multifamily",
        "box": [
          49.5,
          403.81890599999997,
          150.13999999999996,
          412.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - In August 2025, we took title to a Raleigh multifamily property and accounted for the property ",
        "box": [
          150.13,
          403.81890599999997,
          564.8699999999999,
          412.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through  an  assignment-in-lieu  of  foreclosure  (\"AIL\").  We  recorded  the  property  and  its  net  assets  on  the  Condensed ",
        "box": [
          49.5,
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          564.8799700000001,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Balance Sheets based on the estimated fair value of acquired assets and assumed liabilities.",
        "box": [
          49.5,
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          468.6499999999998,
          436.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Assets, Held For Sale",
        "box": [
          49.5,
          451.648896,
          187.7,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Philadelphia, PA Office",
        "box": [
          49.5,
          475.81890599999997,
          146.33,
          484.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " - ",
        "box": [
          146.32001,
          475.81890599999997,
          161.88001,
          484.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In December 2023, we took title to a Philadelphia office portfolio through a DIL and recorded the ",
        "box": [
          162.44,
          475.81890599999997,
          564.8500000000001,
          484.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio and its net assets on the Condensed Consolidated Balance Sheets based on the estimated fair value of acquired assets ",
        "box": [
          49.5,
          487.80889599999995,
          564.8499999999999,
          496.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  assumed  liabilities.  Portions  of  the  portfolio  were  sold  in  June  2024  and  May  2025.  The  May  2025  sale  resulted  in  a ",
        "box": [
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          508.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realized gain of $0.5 million. As of March 31, 2026, there was one office property remaining.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West Hollywood, CA Condo",
        "box": [
          49.5,
          535.818906,
          165.16,
          544.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          165.16,
          535.818906,
          167.66,
          544.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          168.64999,
          535.818906,
          177.53999,
          544.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  In  April 2025, we took title to a West Hollywood multifamily property through an AIL. We ",
        "box": [
          177.53999,
          535.818906,
          564.9799900000002,
          544.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded the property and its net assets on the Condensed Consolidated Balance Sheets based on the estimated fair value of ",
        "box": [
          49.5,
          547.808896,
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          556.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquired assets and assumed liabilities.",
        "box": [
          49.5,
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          205.67000000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, the Philadelphia, PA Office and West Hollywood, CA Condo properties met the criteria to be classified ",
        "box": [
          49.5,
          583.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as held for sale under ASC 360. As such, depreciation and amortization on the properties and related lease intangibles were ",
        "box": [
          49.5,
          595.808896,
          564.97,
          604.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "suspended.",
        "box": [
          49.5,
          607.808896,
          93.63999999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "63",
        "box": [
          301.0,
          769.728886,
          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 64,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Real Estate Asset, Equity Method Investment",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Seattle, WA Life Science",
        "box": [
          49.5,
          91.81890600000008,
          148.47999999999996,
          100.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          148.47,
          91.81890600000008,
          150.97,
          100.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          151.42,
          91.81890600000008,
          161.42,
          100.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " In June 2024, we and the KKR affiliates took title to a Seattle life science property through a DIL ",
        "box": [
          161.42,
          91.81890600000008,
          564.7799999999999,
          100.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under a Tenant-in-Common (\"TIC\") agreement. Under the TIC agreement, we and the KKR affiliate held an economic interest ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of 74.6% and 25.4%, respectively, and shared decision-making. Under ASC 970-810, we accounted for the TIC agreement as ",
        "box": [
          49.5,
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          564.9000000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "an undivided interest in the property and recorded an equity method investment based on our share of the estimated fair value of ",
        "box": [
          49.5,
          127.808896,
          564.89,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the property's net assets.",
        "box": [
          49.5,
          139.808896,
          146.74999999999994,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS B-Pieces, Equity Method Investment",
        "box": [
          49.5,
          163.64892600000007,
          230.16000000000003,
          171.8772225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  March  31,  2026,  we  held  a  3.5%  interest  in  RECOP  I,  an  unconsolidated  VIE  of  which  we  were  not  the  primary ",
        "box": [
          49.5,
          187.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "beneficiary.  The  aggregator  vehicle  in  which  we  invested  is  controlled  and  advised  by  affiliates  of  our  Manager.  RECOP  I ",
        "box": [
          49.5,
          199.808896,
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          208.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "primarily acquired junior tranches of CMBS newly issued by third parties. We do not pay any fees to RECOP I, but we bear the ",
        "box": [
          49.5,
          211.808896,
          564.95,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pro rata share of RECOP I's expenses. We reported our share of the net asset value of RECOP I in our Condensed Consolidated ",
        "box": [
          49.5,
          223.808896,
          564.98999,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance  Sheets,  presented  as  'Equity  method  investments'  and  our  share  of  net  income,  presented  as  'Income  (loss)  from ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity method investments' on the Condensed Consolidated Statements of Income.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unconsolidated Entity, Equity Method Investment",
        "box": [
          49.5,
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          255.7100000000001,
          279.8772225561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In October 2025, we acquired a 50% economic interest in an affiliated company, which invested in a senior mortgage loan that ",
        "box": [
          49.5,
          295.80889599999995,
          564.8199999999999,
          304.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is collateralized by industrial properties in France. The affiliated company's investment in the underlying senior mortgage loan ",
        "box": [
          49.5,
          307.80889599999995,
          564.9200000000001,
          316.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is 80% financed, with a funding cost of EURIBOR + 1.6%. We do not have unilateral authority to direct the activities that most ",
        "box": [
          49.5,
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          564.8699899999996,
          328.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significantly impact the affiliated company's economic performance. Accordingly, we reported the net investment value of the ",
        "box": [
          49.5,
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          340.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic interest in our Condensed Consolidated Balance Sheets, presented as 'Equity method investments' and our share of ",
        "box": [
          49.5,
          343.80889599999995,
          564.94,
          352.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net  income,  presented  as  'Income  (loss)  from  equity  method  investments'  on  the  Condensed  Consolidated  Statements  of ",
        "box": [
          49.5,
          355.80889599999995,
          564.9500000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income.",
        "box": [
          49.5,
          367.80889599999995,
          81.95999999999998,
          376.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Variable Interest Entity Liabilities",
        "box": [
          49.5,
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          190.1500000000001,
          399.8771925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In connection with our investments in CMBS B-Pieces, we consolidated the CMBS trusts that hold the pools of senior loans ",
        "box": [
          49.5,
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          564.93,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "underlying the CMBS because we determined such trusts are VIEs and we are the primary beneficiary of such VIEs. As a result ",
        "box": [
          49.5,
          427.80889599999995,
          564.9899999999999,
          436.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the consolidations, our financial statements include the liabilities of the consolidated CMBS trusts. However, the liabilities ",
        "box": [
          49.5,
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          564.9900000000001,
          448.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are not recourse to us, and our risk of loss is limited to the value of our investment in the related CMBS B-Pieces. See Note 8 to ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the consolidated financial statements for additional information on these liabilities as of March 31, 2026.",
        "box": [
          49.5,
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          468.42999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          113.99399999999999,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 65,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Results of Operations ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31, 2026 Compared to Three Months Ended December 31, 2025",
        "box": [
          49.5,
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          432.35,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  summarizes  the  changes  in  our  results  of  operations  for  three  months  ended  March  31,  2026  and ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025 (amounts in thousands, except per share data):",
        "box": [
          49.5,
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          315.62001,
          136.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
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          366.4460000000001,
          162.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase (Decrease)",
        "box": [
          452.59,
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          519.4380000000002,
          162.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          264.45001,
          168.48315479999997,
          317.5460100000001,
          175.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          336.69,
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          401.3300000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dollars",
        "box": [
          434.56,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage",
        "box": [
          506.13,
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          543.874,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest Income",
        "box": [
          52.13,
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          120.09000000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          58.88,
          193.98315479999997,
          108.42400000000005,
          200.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          256.13,
          193.98315479999997,
          262.13,
          200.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95,906 ",
        "box": [
          303.09,
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          327.09,
          200.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          193.98315479999997,
          340.13,
          200.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101,341 ",
        "box": [
          377.09,
          193.98315479999997,
          405.09,
          200.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          193.98315479999997,
          418.13,
          200.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,435) ",
        "box": [
          460.426,
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          485.75399999999996,
          200.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (5)  %",
        "box": [
          545.77002,
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          561.76202,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          58.88,
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          110.64000000000004,
          213.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
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          258.13,
          213.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,717 ",
        "box": [
          303.09,
          206.73315479999997,
          327.09,
          213.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          206.73315479999997,
          336.13,
          213.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75,549 ",
        "box": [
          381.09,
          206.73315479999997,
          405.09,
          213.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          206.73315479999997,
          414.13,
          213.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,832) ",
        "box": [
          460.426,
          206.73315479999997,
          485.75399999999996,
          213.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (8) ",
        "box": [
          545.77002,
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          557.09802,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net interest income",
        "box": [
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          143.14000000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          219.48315479999997,
          258.13,
          226.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,189 ",
        "box": [
          303.09,
          219.48315479999997,
          327.09,
          226.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          219.48315479999997,
          336.13,
          226.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,792 ",
        "box": [
          381.09,
          219.48315479999997,
          405.09,
          226.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          219.48315479999997,
          414.13,
          226.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "397 ",
        "box": [
          469.09,
          219.48315479999997,
          483.09,
          226.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2 ",
        "box": [
          548.42999,
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          554.42999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income",
        "box": [
          52.13,
          244.98315479999997,
          99.88200000000003,
          251.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned operations",
        "box": [
          58.88,
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          197.28799999999998,
          264.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          257.73315479999997,
          258.13,
          264.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,944 ",
        "box": [
          307.09,
          257.73315479999997,
          327.09,
          264.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          257.73315479999997,
          336.13,
          264.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,866 ",
        "box": [
          385.09,
          257.73315479999997,
          405.09,
          264.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          257.73315479999997,
          414.13,
          264.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "78 ",
        "box": [
          473.09,
          257.73315479999997,
          483.09,
          264.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  2 ",
        "box": [
          548.42999,
          257.73315479999997,
          554.42999,
          264.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) from equity method investments",
        "box": [
          58.88,
          270.48315479999997,
          208.42399999999992,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          270.48315479999997,
          258.13,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "657 ",
        "box": [
          313.09,
          270.48315479999997,
          327.09,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          270.48315479999997,
          336.13,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413 ",
        "box": [
          391.09,
          270.48315479999997,
          405.09,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          270.48315479999997,
          414.13,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "244 ",
        "box": [
          469.09,
          270.48315479999997,
          483.09,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  59 ",
        "box": [
          544.42999,
          270.48315479999997,
          554.42999,
          277.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in net assets of consolidated variable interest ",
        "box": [
          58.88,
          282.9931348,
          230.40799999999984,
          289.5757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entities, CMBS trusts",
        "box": [
          58.88,
          290.9931348,
          127.55200000000002,
          297.5757720449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          290.7331248,
          258.13,
          297.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "439 ",
        "box": [
          313.09,
          290.7331248,
          327.09,
          297.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          290.7331248,
          336.13,
          297.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "342 ",
        "box": [
          391.09,
          290.7331248,
          405.09,
          297.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          290.7331248,
          414.13,
          297.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "97 ",
        "box": [
          473.09,
          290.7331248,
          483.09,
          297.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  28 ",
        "box": [
          544.42999,
          290.7331248,
          554.42999,
          297.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on foreign currency translation",
        "box": [
          58.88,
          303.4831248,
          195.0719999999999,
          310.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          303.4831248,
          258.13,
          310.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,377) ",
        "box": [
          304.426,
          303.4831248,
          329.75399999999996,
          310.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          303.4831248,
          336.13,
          310.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,190 ",
        "box": [
          385.09,
          303.4831248,
          405.09,
          310.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          303.4831248,
          414.13,
          310.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,567) ",
        "box": [
          460.426,
          303.4831248,
          485.75399999999996,
          310.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (552) ",
        "box": [
          537.77002,
          303.4831248,
          557.09802,
          310.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on foreign currency forward contracts",
        "box": [
          58.88,
          316.2331248,
          217.49599999999987,
          322.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          316.2331248,
          258.13,
          322.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,853 ",
        "box": [
          307.09,
          316.2331248,
          327.09,
          322.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          316.2331248,
          336.13,
          322.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,265) ",
        "box": [
          382.426,
          316.2331248,
          407.75399999999996,
          322.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          316.2331248,
          414.13,
          322.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,118 ",
        "box": [
          463.09,
          316.2331248,
          483.09,
          322.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  642 ",
        "box": [
          540.42999,
          316.2331248,
          554.42999,
          322.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other miscellaneous income",
        "box": [
          58.88,
          328.9831248,
          149.97600000000003,
          335.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          328.9831248,
          258.13,
          335.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "894 ",
        "box": [
          313.09,
          328.9831248,
          327.09,
          335.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          328.9831248,
          336.13,
          335.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,302 ",
        "box": [
          385.09,
          328.9831248,
          405.09,
          335.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          328.9831248,
          414.13,
          335.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(408) ",
        "box": [
          466.426,
          328.9831248,
          485.75399999999996,
          335.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (31) ",
        "box": [
          541.77002,
          328.9831248,
          557.09802,
          335.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other income",
        "box": [
          63.38,
          341.7331248,
          124.25200000000005,
          348.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          341.7331248,
          258.13,
          348.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,410 ",
        "box": [
          307.09,
          341.7331248,
          327.09,
          348.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          341.7331248,
          336.13,
          348.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,848 ",
        "box": [
          385.09,
          341.7331248,
          405.09,
          348.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          341.7331248,
          414.13,
          348.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,562 ",
        "box": [
          463.09,
          341.7331248,
          483.09,
          348.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  23 ",
        "box": [
          544.42999,
          341.7331248,
          554.42999,
          348.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating Expenses",
        "box": [
          52.13,
          367.2331248,
          120.77000000000004,
          373.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for credit losses, net",
        "box": [
          58.88,
          379.9831248,
          155.97599999999997,
          386.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          379.9831248,
          258.13,
          386.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,541 ",
        "box": [
          303.09,
          379.9831248,
          327.09,
          386.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          379.9831248,
          336.13,
          386.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,686 ",
        "box": [
          381.09,
          379.9831248,
          405.09,
          386.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          379.9831248,
          414.13,
          386.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,855 ",
        "box": [
          459.09,
          379.9831248,
          483.09,
          386.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  68 ",
        "box": [
          544.42999,
          379.9831248,
          554.42999,
          386.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from real estate owned operations",
        "box": [
          58.88,
          392.7331248,
          199.50399999999993,
          399.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          392.7331248,
          258.13,
          399.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,122 ",
        "box": [
          307.09,
          392.7331248,
          327.09,
          399.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          392.7331248,
          336.13,
          399.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,721 ",
        "box": [
          385.09,
          392.7331248,
          405.09,
          399.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          392.7331248,
          414.13,
          399.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,401 ",
        "box": [
          463.09,
          392.7331248,
          483.09,
          399.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  21 ",
        "box": [
          544.42999,
          392.7331248,
          554.42999,
          399.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fee to related parties",
        "box": [
          58.88,
          405.4831248,
          167.73599999999996,
          412.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          405.4831248,
          258.13,
          412.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,511 ",
        "box": [
          307.09,
          405.4831248,
          327.09,
          412.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          405.4831248,
          336.13,
          412.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,524 ",
        "box": [
          385.09,
          405.4831248,
          405.09,
          412.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          405.4831248,
          414.13,
          412.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13) ",
        "box": [
          470.426,
          405.4831248,
          485.75399999999996,
          412.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - ",
        "box": [
          544.42999,
          405.4831248,
          554.42999,
          412.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative",
        "box": [
          58.88,
          418.2331248,
          145.52800000000002,
          424.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          418.2331248,
          258.13,
          424.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,584 ",
        "box": [
          307.09,
          418.2331248,
          327.09,
          424.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          418.2331248,
          336.13,
          424.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,804 ",
        "box": [
          385.09,
          418.2331248,
          405.09,
          424.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          418.2331248,
          414.13,
          424.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "780 ",
        "box": [
          469.09,
          418.2331248,
          483.09,
          424.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  21 ",
        "box": [
          544.42999,
          418.2331248,
          554.42999,
          424.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total operating expenses",
        "box": [
          63.38,
          430.9831248,
          143.35600000000002,
          437.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          430.9831248,
          258.13,
          437.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,758 ",
        "box": [
          303.09,
          430.9831248,
          327.09,
          437.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          430.9831248,
          336.13,
          437.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59,735 ",
        "box": [
          381.09,
          430.9831248,
          405.09,
          437.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          430.9831248,
          414.13,
          437.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,023 ",
        "box": [
          459.09,
          430.9831248,
          483.09,
          437.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  54 ",
        "box": [
          544.42999,
          430.9831248,
          554.42999,
          437.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (Loss) Before Income Taxes",
        "box": [
          52.13,
          456.4831248,
          174.314,
          463.06576204494615
        ],
        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "(57,159) ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          336.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,095) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          414.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,064) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  111 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax expense",
        "box": [
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          122.41600000000005,
          475.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          317.09,
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          327.09,
          475.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          469.2331248,
          336.13,
          475.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(156) ",
        "box": [
          388.426,
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          407.75399999999996,
          475.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "156 ",
        "box": [
          469.09,
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          483.09,
          475.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100 ",
        "box": [
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          554.42999,
          475.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income (Loss)",
        "box": [
          52.13,
          481.9831248,
          114.33,
          488.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
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          258.13,
          488.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(57,159) ",
        "box": [
          300.426,
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          329.75399999999996,
          488.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          481.9831248,
          336.13,
          488.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,939) ",
        "box": [
          378.426,
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          407.75399999999996,
          488.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
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          414.13,
          488.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,220) ",
        "box": [
          456.426,
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          485.75399999999996,
          488.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  112 ",
        "box": [
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          554.42999,
          488.56576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to noncontrolling interests",
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          58.88,
          494.7331248,
          240.19999999999985,
          501.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          494.7331248,
          258.13,
          501.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,019) ",
        "box": [
          304.426,
          494.7331248,
          329.75399999999996,
          501.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          494.7331248,
          336.13,
          501.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(697) ",
        "box": [
          388.426,
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          501.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          414.13,
          501.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(322) ",
        "box": [
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          501.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (46) ",
        "box": [
          541.77002,
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          557.09802,
          501.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income (Loss) Attributable to KKR Real Estate ",
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          52.13,
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          230.7379999999999,
          514.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Finance Trust Inc. and Subsidiaries",
        "box": [
          52.13,
          515.7331548,
          174.06599999999995,
          522.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          258.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(56,140) ",
        "box": [
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          522.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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          336.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,242) ",
        "box": [
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          522.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,898) ",
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          522.3157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  114 ",
        "box": [
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          522.3157920449462
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        "from_ocr": false,
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      },
      {
        "text": "Preferred stock dividends",
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          140.63200000000003,
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      },
      {
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      },
      {
        "text": "5,326 ",
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        "from_ocr": false,
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      },
      {
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        "from_ocr": false,
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      },
      {
        "text": "5,326 ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": " ",
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      },
      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Participating securities' share in earnings",
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          189.62399999999997,
          547.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "415 ",
        "box": [
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          327.09,
          547.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
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      },
      {
        "text": "421 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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      {
        "text": "(6) ",
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      },
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        "text": "  (1) ",
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        "text": "Net Income (Loss) Attributable to Common Stockholders",
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          247.59399999999985,
          560.5657920449462
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        "confidence": 1.0
      },
      {
        "text": "$ ",
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          262.13,
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      },
      {
        "text": "(61,881) ",
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          329.75399999999996,
          560.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
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          340.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31,989) ",
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          560.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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          418.13,
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        "from_ocr": false,
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      },
      {
        "text": "(29,892) ",
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      {
        "text": "  93 ",
        "box": [
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      {
        "text": "Net Income (Loss) Per Share of Common Stock",
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          213.60999999999996,
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        "confidence": 1.0
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      {
        "text": "Basic and Diluted",
        "box": [
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          116.20800000000004,
          598.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
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          262.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.96) ",
        "box": [
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          598.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.49) ",
        "box": [
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          598.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
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          418.13,
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        "from_ocr": false,
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      },
      {
        "text": "(0.47) ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  96 ",
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      {
        "text": "Weighted Average Number of Shares of Common Stock ",
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      {
        "text": "Outstanding",
        "box": [
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          94.778,
          619.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic and Diluted",
        "box": [
          58.88,
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          116.20800000000004,
          632.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          258.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,673,125 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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          336.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "65,442,561 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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          414.13,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(769,436) ",
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        "text": "  (1) ",
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        "text": "Dividends Declared per Share of Common Stock",
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      {
        "text": "$ ",
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      {
        "text": "0.25 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ ",
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      {
        "text": "0.25 ",
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      {
        "text": "- ",
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        "from_ocr": false,
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        "text": "  - ",
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      {
        "text": "Table of Contents",
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      {
        "text": "65",
        "box": [
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      {
        "text": "Net Interest Income ",
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        "text": "Net interest income increased by $0.4 million during the three months ended March 31, 2026, as compared to the preceding ",
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      {
        "text": "three-month period. This increase was due to the decline in interest expense exceeding the decline in interest income, which ",
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      {
        "text": "both declined primarily due to lower index rates and a reduced loan portfolio size. We recorded $4.1 million of deferred loan ",
        "box": [
          49.5,
          115.808896,
          564.8099900000003,
          124.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fees and origination discounts accreted into interest income during the three months ended March 31, 2026, as compared to ",
        "box": [
          49.5,
          127.808896,
          564.9499900000002,
          136.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4.8 million during the preceding period. In addition, we recorded $3.5 million of deferred financing costs amortization into ",
        "box": [
          49.5,
          139.808896,
          564.91001,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest expense during the three months ended March 31, 2026, as compared to $3.3 million for the preceding period. ",
        "box": [
          49.5,
          151.808896,
          524.31,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income",
        "box": [
          49.5,
          175.81890600000008,
          104.72999999999999,
          184.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other income increased by $1.6 million during the three months ended March 31, 2026, as compared to the preceding ",
        "box": [
          49.5,
          199.808896,
          564.9700100000002,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period. This increase was driven by current period gains on foreign currency forward contracts of $6.9 million partially offset ",
        "box": [
          49.5,
          211.808896,
          564.8399900000002,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by losses on foreign currency translation of $5.4 million.",
        "box": [
          49.5,
          223.808896,
          276.52002,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating Expenses",
        "box": [
          49.5,
          247.81890600000008,
          130.24999999999994,
          256.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total  operating  expenses  increased  by  $32.0  million  during  the  three  months  ended  March  31,  2026,  as  compared  to  the ",
        "box": [
          49.5,
          271.808896,
          564.8999900000002,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preceding period. This increase was primarily due to a $29.9 million change in the provision for credit losses. The provision for ",
        "box": [
          49.5,
          283.80889599999995,
          564.9099999999999,
          292.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit losses during the three months ended March 31, 2026 was due primarily to additional reserves on risk-rated 5 office and ",
        "box": [
          49.5,
          295.80889599999995,
          564.90999,
          304.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "life science loans.",
        "box": [
          49.5,
          307.80889599999995,
          120.76999999999997,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.781005400000026,
          113.99399999999999,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 67,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025 ",
        "box": [
          49.5,
          67.64892600000007,
          423.51999,
          75.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  summarizes  the  changes  in  our  results  of  operations  for  the  three  months  ended  March  31,  2026  and ",
        "box": [
          49.5,
          91.808896,
          564.9299900000001,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2025 (amounts in thousands, except per share data):",
        "box": [
          49.5,
          103.808896,
          300.65999999999997,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          275.04001,
          131.73315479999997,
          384.9840100000002,
          138.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase (Decrease)",
        "box": [
          452.59,
          131.73315479999997,
          519.4380000000002,
          138.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          283.0,
          144.48315479999997,
          299.0,
          151.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          361.0,
          144.48315479999997,
          377.0,
          151.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dollars",
        "box": [
          434.56,
          144.48315479999997,
          459.44800000000004,
          151.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage",
        "box": [
          506.13,
          144.48315479999997,
          543.874,
          151.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest Income",
        "box": [
          52.13,
          157.23315479999997,
          120.09000000000003,
          163.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          58.88,
          169.98315479999997,
          108.42400000000005,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          256.13,
          169.98315479999997,
          262.13,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95,906 ",
        "box": [
          303.09,
          169.98315479999997,
          327.09,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          169.98315479999997,
          340.13,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "113,967 ",
        "box": [
          377.09,
          169.98315479999997,
          405.09,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          169.98315479999997,
          418.13,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,061) ",
        "box": [
          456.426,
          169.98315479999997,
          485.75399999999996,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (16)  %",
        "box": [
          541.77002,
          169.98315479999997,
          561.76202,
          176.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          58.88,
          182.73315479999997,
          110.64000000000004,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          182.73315479999997,
          258.13,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69,717 ",
        "box": [
          303.09,
          182.73315479999997,
          327.09,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          182.73315479999997,
          336.13,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,626 ",
        "box": [
          381.09,
          182.73315479999997,
          405.09,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          182.73315479999997,
          414.13,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,909) ",
        "box": [
          456.426,
          182.73315479999997,
          485.75399999999996,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (16) ",
        "box": [
          541.77002,
          182.73315479999997,
          557.09802,
          189.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net interest income",
        "box": [
          63.38,
          195.48315479999997,
          143.14000000000004,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          195.48315479999997,
          258.13,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,189 ",
        "box": [
          303.09,
          195.48315479999997,
          327.09,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          195.48315479999997,
          336.13,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,341 ",
        "box": [
          381.09,
          195.48315479999997,
          405.09,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          195.48315479999997,
          414.13,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,152) ",
        "box": [
          460.426,
          195.48315479999997,
          485.75399999999996,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (16) ",
        "box": [
          541.77002,
          195.48315479999997,
          557.09802,
          202.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income",
        "box": [
          52.13,
          220.98315479999997,
          99.88200000000003,
          227.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned operations",
        "box": [
          58.88,
          233.73315479999997,
          197.28799999999998,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          233.73315479999997,
          258.13,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,944 ",
        "box": [
          307.09,
          233.73315479999997,
          327.09,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          233.73315479999997,
          336.13,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,889 ",
        "box": [
          385.09,
          233.73315479999997,
          405.09,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          233.73315479999997,
          414.13,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,055 ",
        "box": [
          463.09,
          233.73315479999997,
          483.09,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  71 ",
        "box": [
          544.42999,
          233.73315479999997,
          554.42999,
          240.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) from equity method investments",
        "box": [
          58.88,
          246.48315479999997,
          208.42399999999992,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          246.48315479999997,
          258.13,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "657 ",
        "box": [
          313.09,
          246.48315479999997,
          327.09,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          246.48315479999997,
          336.13,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(201) ",
        "box": [
          388.426,
          246.48315479999997,
          407.75399999999996,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          246.48315479999997,
          414.13,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "858 ",
        "box": [
          469.09,
          246.48315479999997,
          483.09,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  427 ",
        "box": [
          540.42999,
          246.48315479999997,
          554.42999,
          253.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in net assets of consolidated variable interest ",
        "box": [
          58.88,
          258.73315479999997,
          230.40799999999984,
          265.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entities, CMBS trusts",
        "box": [
          58.88,
          266.73315479999997,
          127.55200000000002,
          273.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          266.73315479999997,
          258.13,
          273.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "439 ",
        "box": [
          313.09,
          266.73315479999997,
          327.09,
          273.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          266.73315479999997,
          336.13,
          273.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          395.09,
          266.73315479999997,
          405.09,
          273.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          266.73315479999997,
          414.13,
          273.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "439 ",
        "box": [
          469.09,
          266.73315479999997,
          483.09,
          273.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100 ",
        "box": [
          540.42999,
          266.73315479999997,
          554.42999,
          273.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on foreign currency translation",
        "box": [
          58.88,
          279.4831247999999,
          195.0719999999999,
          286.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          279.4831247999999,
          258.13,
          286.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,377) ",
        "box": [
          304.426,
          279.4831247999999,
          329.75399999999996,
          286.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          279.4831247999999,
          336.13,
          286.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          395.09,
          279.4831247999999,
          405.09,
          286.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          279.4831247999999,
          414.13,
          286.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,377) ",
        "box": [
          460.426,
          279.4831247999999,
          485.75399999999996,
          286.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100 ",
        "box": [
          540.42999,
          279.4831247999999,
          554.42999,
          286.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on foreign currency forward contracts",
        "box": [
          58.88,
          292.2331248,
          217.49599999999987,
          298.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          292.2331248,
          258.13,
          298.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,853 ",
        "box": [
          307.09,
          292.2331248,
          327.09,
          298.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          292.2331248,
          336.13,
          298.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          395.09,
          292.2331248,
          405.09,
          298.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          292.2331248,
          414.13,
          298.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,853 ",
        "box": [
          463.09,
          292.2331248,
          483.09,
          298.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  100 ",
        "box": [
          540.42999,
          292.2331248,
          554.42999,
          298.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other miscellaneous income",
        "box": [
          58.88,
          304.9831248,
          149.97600000000003,
          311.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          304.9831248,
          258.13,
          311.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "894 ",
        "box": [
          313.09,
          304.9831248,
          327.09,
          311.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          304.9831248,
          336.13,
          311.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,187 ",
        "box": [
          385.09,
          304.9831248,
          405.09,
          311.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          304.9831248,
          414.13,
          311.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(293) ",
        "box": [
          466.426,
          304.9831248,
          485.75399999999996,
          311.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (25) ",
        "box": [
          541.77002,
          304.9831248,
          557.09802,
          311.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other income",
        "box": [
          63.38,
          317.7331248,
          124.25200000000005,
          324.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          317.7331248,
          258.13,
          324.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,410 ",
        "box": [
          307.09,
          317.7331248,
          327.09,
          324.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          317.7331248,
          336.13,
          324.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,875 ",
        "box": [
          385.09,
          317.7331248,
          405.09,
          324.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          317.7331248,
          414.13,
          324.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,535 ",
        "box": [
          463.09,
          317.7331248,
          483.09,
          324.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  117 ",
        "box": [
          540.42999,
          317.7331248,
          554.42999,
          324.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating Expenses",
        "box": [
          52.13,
          343.2331248,
          120.77000000000004,
          349.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for credit losses, net",
        "box": [
          58.88,
          355.9831248,
          155.97599999999997,
          362.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          355.9831248,
          258.13,
          362.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,541 ",
        "box": [
          303.09,
          355.9831248,
          327.09,
          362.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          355.9831248,
          336.13,
          362.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,863 ",
        "box": [
          381.09,
          355.9831248,
          405.09,
          362.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          355.9831248,
          414.13,
          362.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,678 ",
        "box": [
          459.09,
          355.9831248,
          483.09,
          362.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  196 ",
        "box": [
          540.42999,
          355.9831248,
          554.42999,
          362.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from real estate owned operations",
        "box": [
          58.88,
          368.7331248,
          199.50399999999993,
          375.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          368.7331248,
          258.13,
          375.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,122 ",
        "box": [
          307.09,
          368.7331248,
          327.09,
          375.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          368.7331248,
          336.13,
          375.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,474 ",
        "box": [
          385.09,
          368.7331248,
          405.09,
          375.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          368.7331248,
          414.13,
          375.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,648 ",
        "box": [
          463.09,
          368.7331248,
          483.09,
          375.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  48 ",
        "box": [
          544.42999,
          368.7331248,
          554.42999,
          375.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fee to related parties",
        "box": [
          58.88,
          381.4831248,
          167.73599999999996,
          388.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          381.4831248,
          258.13,
          388.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,511 ",
        "box": [
          307.09,
          381.4831248,
          327.09,
          388.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          381.4831248,
          336.13,
          388.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,797 ",
        "box": [
          385.09,
          381.4831248,
          405.09,
          388.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          381.4831248,
          414.13,
          388.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(286) ",
        "box": [
          466.426,
          381.4831248,
          485.75399999999996,
          388.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (5) ",
        "box": [
          545.77002,
          381.4831248,
          557.09802,
          388.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative",
        "box": [
          58.88,
          394.2331248,
          145.52800000000002,
          400.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          394.2331248,
          258.13,
          400.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,584 ",
        "box": [
          307.09,
          394.2331248,
          327.09,
          400.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          394.2331248,
          336.13,
          400.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,831 ",
        "box": [
          385.09,
          394.2331248,
          405.09,
          400.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          394.2331248,
          414.13,
          400.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(247) ",
        "box": [
          466.426,
          394.2331248,
          485.75399999999996,
          400.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (5) ",
        "box": [
          545.77002,
          394.2331248,
          557.09802,
          400.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total operating expenses",
        "box": [
          63.38,
          406.9831248,
          143.35600000000002,
          413.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          406.9831248,
          258.13,
          413.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,758 ",
        "box": [
          303.09,
          406.9831248,
          327.09,
          413.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          406.9831248,
          336.13,
          413.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,965 ",
        "box": [
          381.09,
          406.9831248,
          405.09,
          413.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          406.9831248,
          414.13,
          413.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,793 ",
        "box": [
          459.09,
          406.9831248,
          483.09,
          413.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  124 ",
        "box": [
          540.42999,
          406.9831248,
          554.42999,
          413.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (Loss) Before Income Taxes",
        "box": [
          52.13,
          432.4831248,
          174.314,
          439.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          432.4831248,
          258.13,
          439.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(57,159) ",
        "box": [
          300.426,
          432.4831248,
          329.75399999999996,
          439.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          432.4831248,
          336.13,
          439.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,749) ",
        "box": [
          382.426,
          432.4831248,
          407.75399999999996,
          439.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          432.4831248,
          414.13,
          439.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(51,410) ",
        "box": [
          456.426,
          432.4831248,
          485.75399999999996,
          439.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  894 ",
        "box": [
          540.42999,
          432.4831248,
          554.42999,
          439.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax expense",
        "box": [
          58.88,
          445.2331248,
          122.41600000000005,
          451.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          445.2331248,
          258.13,
          451.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          317.09,
          445.2331248,
          327.09,
          451.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          445.2331248,
          336.13,
          451.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          395.09,
          445.2331248,
          405.09,
          451.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          445.2331248,
          414.13,
          451.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          473.09,
          445.2331248,
          483.09,
          451.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          445.2331248,
          492.13,
          451.81576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          544.426,
          445.2331248,
          554.426,
          451.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income (Loss)",
        "box": [
          52.13,
          457.9831248,
          114.33,
          464.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          457.9831248,
          258.13,
          464.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(57,159) ",
        "box": [
          300.426,
          457.9831248,
          329.75399999999996,
          464.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          457.9831248,
          336.13,
          464.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,749) ",
        "box": [
          382.426,
          457.9831248,
          407.75399999999996,
          464.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          457.9831248,
          414.13,
          464.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(51,410) ",
        "box": [
          456.426,
          457.9831248,
          485.75399999999996,
          464.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  894 ",
        "box": [
          540.42999,
          457.9831248,
          554.42999,
          464.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to noncontrolling interests",
        "box": [
          58.88,
          470.7331248,
          240.19999999999985,
          477.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          470.7331248,
          258.13,
          477.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,019) ",
        "box": [
          304.426,
          470.7331248,
          329.75399999999996,
          477.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          470.7331248,
          336.13,
          477.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(888) ",
        "box": [
          388.426,
          470.7331248,
          407.75399999999996,
          477.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          470.7331248,
          414.13,
          477.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(131) ",
        "box": [
          466.426,
          470.7331248,
          485.75399999999996,
          477.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (15) ",
        "box": [
          541.77002,
          470.7331248,
          557.09802,
          477.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income (Loss) Attributable to KKR Real Estate ",
        "box": [
          52.13,
          483.7331248,
          230.7379999999999,
          490.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Finance Trust Inc. and Subsidiaries",
        "box": [
          52.13,
          491.7331248,
          174.06599999999995,
          498.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          491.7331248,
          258.13,
          498.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(56,140) ",
        "box": [
          300.426,
          491.7331248,
          329.75399999999996,
          498.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          491.7331248,
          336.13,
          498.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,861) ",
        "box": [
          382.426,
          491.7331248,
          407.75399999999996,
          498.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          491.7331248,
          414.13,
          498.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(51,279) ",
        "box": [
          456.426,
          491.7331248,
          485.75399999999996,
          498.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  1,055 ",
        "box": [
          534.42999,
          491.7331248,
          554.42999,
          498.31576204494615
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Preferred stock dividends",
        "box": [
          58.88,
          504.4831248,
          140.63200000000003,
          511.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          504.4831248,
          258.13,
          511.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,326 ",
        "box": [
          307.09,
          504.4831248,
          327.09,
          511.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          504.4831248,
          336.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,326 ",
        "box": [
          385.09,
          504.4831248,
          405.09,
          511.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          504.4831248,
          414.13,
          511.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          473.09,
          504.4831248,
          483.09,
          511.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - ",
        "box": [
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          504.4831248,
          554.42999,
          511.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Participating securities' share in earnings",
        "box": [
          58.88,
          517.2331548,
          189.62399999999997,
          523.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          517.2331548,
          258.13,
          523.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "415 ",
        "box": [
          313.09,
          517.2331548,
          327.09,
          523.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          517.2331548,
          336.13,
          523.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "363 ",
        "box": [
          391.09,
          517.2331548,
          405.09,
          523.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          517.2331548,
          414.13,
          523.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52 ",
        "box": [
          473.09,
          517.2331548,
          483.09,
          523.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  14 ",
        "box": [
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          554.42999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income (Loss) Attributable to Common Stockholders",
        "box": [
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          529.9831548,
          247.59399999999985,
          536.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          256.13,
          529.9831548,
          262.13,
          536.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61,881) ",
        "box": [
          300.426,
          529.9831548,
          329.75399999999996,
          536.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          529.9831548,
          340.13,
          536.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10,550) ",
        "box": [
          378.426,
          529.9831548,
          407.75399999999996,
          536.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          529.9831548,
          418.13,
          536.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(51,331) ",
        "box": [
          456.426,
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          485.75399999999996,
          536.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (487) ",
        "box": [
          537.77002,
          529.9831548,
          557.09802,
          536.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income (Loss) Per Share of Common Stock",
        "box": [
          52.13,
          555.4831548,
          213.60999999999996,
          562.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic and Diluted",
        "box": [
          58.88,
          568.2331548,
          116.20800000000004,
          574.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          256.13,
          568.2331548,
          262.13,
          574.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.96) ",
        "box": [
          308.426,
          568.2331548,
          329.75399999999996,
          574.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
          568.2331548,
          340.13,
          574.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.15) ",
        "box": [
          386.426,
          568.2331548,
          407.75399999999996,
          574.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          568.2331548,
          418.13,
          574.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.81) ",
        "box": [
          464.426,
          568.2331548,
          485.75399999999996,
          574.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (540) ",
        "box": [
          537.77002,
          568.2331548,
          557.09802,
          574.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average Number of Shares of Common Stock ",
        "box": [
          52.13,
          581.2331548,
          244.92199999999994,
          587.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding",
        "box": [
          52.13,
          589.2331548,
          94.778,
          595.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic and Diluted",
        "box": [
          58.88,
          601.9831548,
          116.20800000000004,
          608.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.13,
          601.9831548,
          258.13,
          608.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,673,125 ",
        "box": [
          289.09,
          601.9831548,
          327.09,
          608.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          334.13,
          601.9831548,
          336.13,
          608.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68,765,877 ",
        "box": [
          367.09,
          601.9831548,
          405.09,
          608.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          601.9831548,
          414.13,
          608.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,092,752) ",
        "box": [
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          608.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  (6) ",
        "box": [
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          557.09802,
          608.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Dividends Declared per Share of Common Stock",
        "box": [
          52.13,
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          217.826,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          256.13,
          627.4831548,
          262.13,
          634.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.25 ",
        "box": [
          311.09,
          627.4831548,
          327.09,
          634.0657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          334.13,
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          340.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.25 ",
        "box": [
          389.09,
          627.4831548,
          405.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
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          418.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          473.09,
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          483.09,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  - ",
        "box": [
          544.42999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 68,
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    "cells": [
      {
        "text": "Net Interest Income",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Net  interest  income  decreased  by  $5.2  million  during  the  three  months  ended  March  31,  2026,  as  compared  to  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "corresponding  period  in  the  prior  year.  This  decrease  was  due  primarily  to  a  reduced  loan  portfolio  size  as  a  result  of ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "repayments or other resolutions and lower index rates. We recorded $4.1 million of deferred loan fees and origination discounts ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "accreted into interest income during the three months ended March 31, 2026, as compared to $3.4 million during the prior year ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period. In addition, we recorded $3.5 million of deferred financing costs amortization into interest expense during the three ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2026, as compared to $3.1 million during the prior year period.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other income increased by $4.5 million during the three months ended March 31, 2026, as compared to the prior year ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period.  This  decrease  was  due  primarily  to  a  $2.1  million  increase  in  revenue  from  REO  operations  and  gains  on  foreign ",
        "box": [
          49.5,
          211.808896,
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          220.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "currency forward contracts of $6.9 million partially offset by losses on foreign currency translation of $5.4 million",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating Expenses",
        "box": [
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          256.0472025561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total operating expenses increased by $50.8 million during the three months ended March 31, 2026, as compared to the prior ",
        "box": [
          49.5,
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          564.9499900000001,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "year period. The provision for credit losses during the three months ended March 31, 2026 was due primarily to additional ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reserves on risk-rated 5 office and life science loans.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "68",
        "box": [
          301.0,
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          311.0,
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        "confidence": 1.0
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    ]
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  {
    "page_no": 69,
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    "cells": [
      {
        "text": "Liquidity and Capital Resources ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Overview",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We have capitalized our business to date primarily through the issuance and sale of our common stock and preferred stock, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "borrowings from three master repurchase agreements, and borrowings from our Non-Mark-to-Market Financing Sources, which ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "were comprised of collateralized loan obligations, term lending agreements, term loan facility, secured term loan, asset specific ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing,  warehouse  facility,  and  Revolver.  Our  Non-Mark-to-Market  Financing  Sources,  which  accounted  for  77%  of  our ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "total financing as of March 31, 2026, are not subject to credit or capital markets mark-to-market provisions. The remaining 23% ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our total financing, which are comprised of four master repurchase agreements, are only subject to credit marks.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our primary sources of liquidity include $135.4 million of cash on our Condensed Consolidated Balance Sheets, $500.0 million ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  available  capacity  on  our  Revolver,  $18.0  million  of  available  borrowings  under  our  financing  arrangements  based  on ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "existing collateral, and cash flows from operations. In addition, we had $535.0 million of total unencumbered assets, including ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$217.4 million of real estate owned assets, $86.5 million of CMBS investments and $231.1 million of unencumbered senior ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans,  that  can  be  financed,  as  of  March  31,  2026.  Our  Revolver  and  secured  term  loan  are  secured  by  corporate  level ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "guarantees  and  include  net  equity  interests  in  the  investment  portfolio.  We  may  seek  additional  sources  of  liquidity  from ",
        "box": [
          49.5,
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          268.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "syndicated  financing,  other  borrowings  (including  borrowings  not  related  to  a  specific  investment)  and  future  offerings  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity and debt securities.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our primary liquidity needs include our ongoing commitments to repay the principal and interest on our borrowings and to pay ",
        "box": [
          49.5,
          305.40890599999994,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other  financing  costs,  financing  our  assets,  meeting  future  funding  obligations,  making  distributions  to  our  stockholders, ",
        "box": [
          49.5,
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          564.8699999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funding our operations that includes making payments to our Manager in accordance with the management agreement, and ",
        "box": [
          49.5,
          329.40890599999994,
          564.9700000000004,
          337.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other general business needs. We believe that our cash position and sources of liquidity will be sufficient to meet anticipated ",
        "box": [
          49.5,
          341.40890599999994,
          564.9100000000001,
          349.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requirements for financing, operating and other expenditures in both the short- and long-term, based on current conditions. ",
        "box": [
          49.5,
          353.40890599999994,
          542.3399999999998,
          361.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As described in Note 11 to our condensed consolidated financial statements, we have off-balance sheet arrangements related to ",
        "box": [
          49.5,
          377.40890599999994,
          564.9500199999999,
          385.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VIEs that  we  account  for  by  either  consolidating  or  by  using  the  equity  method  of  accounting  when  we  hold  an  economic ",
        "box": [
          49.5,
          389.40890599999994,
          564.8599999999999,
          397.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest or have a capital commitment. Our maximum risk of loss associated with our interests in these VIEs is limited to the ",
        "box": [
          49.5,
          401.40890599999994,
          564.9199999999998,
          409.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying value of our net investment in such entities and any unfunded capital commitments. As of March 31, 2026, we held ",
        "box": [
          49.5,
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          564.99004,
          421.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$24.1  million  of  net  investments  in  consolidated  CMBS  trusts,  and  $35.4  million  of  interests  in  a  CMBS  equity  method ",
        "box": [
          49.5,
          425.40890599999994,
          564.9000100000001,
          433.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment.",
        "box": [
          49.5,
          437.40890599999994,
          95.82999999999998,
          445.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To facilitate future offerings of equity, debt and other securities, we have in place an effective shelf registration statement (the ",
        "box": [
          49.5,
          461.40890599999994,
          564.9300000000004,
          469.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'Shelf') with the SEC. The amount of securities that may be issued pursuant to this Shelf is not to exceed $750 million. The ",
        "box": [
          49.5,
          473.40890599999994,
          564.9700100000001,
          481.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities covered by this Shelf include: (i) common stock, (ii) preferred stock, (iii) depository shares, (iv) debt securities, (v) ",
        "box": [
          49.5,
          485.40890599999994,
          564.9599999999999,
          493.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "warrants, (vi) subscription rights, (vii) purchase contracts, and (viii) units. The specifics of any future offerings, along with the ",
        "box": [
          49.5,
          497.40890599999994,
          564.8799999999997,
          505.6372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering material, at ",
        "box": [
          49.5,
          509.408936,
          564.9100000000001,
          517.6372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the time of any offering.",
        "box": [
          49.5,
          521.408936,
          146.89000000000001,
          529.6372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have also entered into an equity distribution agreement with certain sales agents, pursuant to which we may sell, from time ",
        "box": [
          49.5,
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          553.6372325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to time, up to an aggregate sales price of $100.0 million of our common stock, pursuant to a continuous offering program (the ",
        "box": [
          49.5,
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          564.9400000000002,
          565.6372325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'ATM'), under the Shelf. Sales of our common stock made pursuant to the ATM may be made in negotiated transactions or ",
        "box": [
          49.5,
          569.408936,
          564.9499999999998,
          577.6372325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions that are deemed to be 'at the market' offerings as defined in Rule 415 under the Securities Act. During the three ",
        "box": [
          49.5,
          581.408936,
          565.0000400000001,
          589.6372325561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2026, we did not sell any shares of common stock under the ATM. As of March 31, 2026, $93.2 ",
        "box": [
          49.5,
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          564.85999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million remained available for issuance under the ATM.",
        "box": [
          49.5,
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          274.2100000000001,
          613.6372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See  Notes  5,  6,  7  and  12  to  our  condensed  consolidated  financial  statements  for  additional  details  regarding  our  secured ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing agreements, collateralized loan obligations, secured term loan and stock activity.",
        "box": [
          49.5,
          641.408936,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 70,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Debt-to-Equity Ratio and Total Leverage Ratio",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents our debt-to-equity ratio and total leverage ratio:",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          420.45001,
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          473.5460100000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          492.69,
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          557.33,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt-to-equity ratio (A)",
        "box": [
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          119.84194112,
          123.06761,
          127.06579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.2x",
        "box": [
          440.94,
          120.48315479999997,
          454.94,
          127.06579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.2x",
        "box": [
          518.94,
          120.48315479999997,
          532.94,
          127.06579204494619
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total leverage ratio (B)",
        "box": [
          52.13,
          132.59194112,
          121.6564,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.0x",
        "box": [
          440.94,
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          454.94,
          139.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.9x",
        "box": [
          518.94,
          133.23315479999997,
          532.94,
          139.8157920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A)  ",
        "box": [
          49.5,
          156.59313479999992,
          65.388,
          163.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents (i) total outstanding debt agreements (excluding non-recourse facilities) and secured term loan, less cash to (ii) KREF's stockholders' ",
        "box": [
          86.292,
          156.59313479999992,
          564.524,
          163.17577204494614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity, in each case, at period end.",
        "box": [
          85.5,
          166.1931148,
          195.91599999999994,
          172.77575204494622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(B) ",
        "box": [
          49.5,
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          62.164,
          182.37573204494618
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents (i) total outstanding debt agreements, secured term loan, and collateralized loan obligations, less cash to (ii) KREF's stockholders' equity, ",
        "box": [
          85.50800000000001,
          175.79309479999995,
          564.6280000000004,
          182.37573204494618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in each case, at period end.",
        "box": [
          85.5,
          185.3931248,
          171.91599999999997,
          191.97576204494624
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sources of Liquidity ",
        "box": [
          49.5,
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          135.26,
          215.1272225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  primary  sources  of  liquidity  include  cash  and  cash  equivalents  and  available  borrowings  under  our  secured  financing ",
        "box": [
          49.5,
          231.058896,
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          239.28719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements, inclusive of our Revolver. Amounts available under these sources as of the date presented are summarized in the ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "following table (amounts in thousands):",
        "box": [
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          255.058896,
          208.80999999999997,
          263.2871925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          420.45001,
          270.98315479999997,
          473.5460100000001,
          277.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          492.69,
          270.98315479999997,
          557.33,
          277.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          52.13,
          283.7331248,
          136.33800000000002,
          290.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          283.7331248,
          418.13,
          290.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "135,437 ",
        "box": [
          455.09,
          283.7331248,
          483.09,
          290.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          283.7331248,
          496.13,
          290.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,617 ",
        "box": [
          537.09,
          283.7331248,
          561.09,
          290.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Available borrowings under revolving credit agreement",
        "box": [
          52.13,
          296.4831248,
          230.08999999999986,
          303.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          296.4831248,
          414.13,
          303.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000 ",
        "box": [
          455.09,
          296.4831248,
          483.09,
          303.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          296.4831248,
          492.13,
          303.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "700,000 ",
        "box": [
          533.09,
          296.4831248,
          561.09,
          303.06576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Available borrowings under financing arrangements",
        "box": [
          52.13,
          309.2331248,
          219.20199999999988,
          315.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          309.2331248,
          414.13,
          315.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,978 ",
        "box": [
          459.09,
          309.2331248,
          483.09,
          315.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          309.2331248,
          492.13,
          315.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,662 ",
        "box": [
          537.09,
          309.2331248,
          561.09,
          315.81576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan principal repayments held by a servicer (A)",
        "box": [
          52.13,
          321.34191111999996,
          203.67761000000002,
          328.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          412.13,
          321.9831248,
          414.13,
          328.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          473.09,
          321.9831248,
          483.09,
          328.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          490.13,
          321.9831248,
          492.13,
          328.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74,279 ",
        "box": [
          537.09,
          321.9831248,
          561.09,
          328.56576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.13,
          334.7331248,
          69.01,
          341.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          412.13,
          334.7331248,
          418.13,
          341.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "653,415 ",
        "box": [
          455.09,
          334.7331248,
          483.09,
          341.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          490.13,
          334.7331248,
          496.13,
          341.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "886,558 ",
        "box": [
          533.09,
          334.7331248,
          561.09,
          341.31576204494615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A)  ",
        "box": [
          49.5,
          360.4931348,
          64.604,
          367.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan principal repayments held by a servicer at December 31, 2025 were received in January 2026.",
        "box": [
          85.508,
          360.4931348,
          404.19401000000016,
          367.0757720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We also had $535.0 million of total unencumbered assets, including $217.4 million of real estate owned assets, $86.5 million of ",
        "box": [
          49.5,
          379.75890599999997,
          564.8600000000001,
          387.9872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CMBS investments and $231.1 million of unencumbered senior loans as of March 31, 2026. In addition to our primary sources ",
        "box": [
          49.5,
          391.75890599999997,
          564.8700100000001,
          399.9872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of liquidity, we have the ability to access further liquidity through our ATM program and public offerings of debt and equity ",
        "box": [
          49.5,
          403.75890599999997,
          564.9200000000001,
          411.9872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities. Our existing loan portfolio also provides us with liquidity as loans are repaid or sold, in whole or in part, and the ",
        "box": [
          49.5,
          415.75890599999997,
          564.8100000000001,
          423.9872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds from repayment become available for us to invest.",
        "box": [
          49.5,
          427.75890599999997,
          288.37000000000006,
          435.9872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows",
        "box": [
          49.5,
          451.598906,
          98.08999999999999,
          459.8272025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth changes in cash and cash equivalents for the three months ended March 31, 2026, and 2025 ",
        "box": [
          49.5,
          475.75890599999997,
          564.98999,
          483.9872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amounts in thousands):",
        "box": [
          49.5,
          487.75890599999997,
          145.54999999999995,
          495.9872025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          428.04001,
          503.6831348,
          537.9840100000001,
          510.2657720449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          436.0,
          516.4331048,
          452.0,
          523.0157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          514.0,
          516.4331048,
          530.0,
          523.0157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows From Operating Activities",
        "box": [
          52.13,
          529.1831048,
          176.11399999999992,
          535.7657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          409.13,
          529.1831048,
          415.13,
          535.7657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,144 ",
        "box": [
          456.09,
          529.1831048,
          480.09,
          535.7657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          487.13,
          529.1831048,
          493.13,
          535.7657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,916 ",
        "box": [
          534.09,
          529.1831048,
          558.09,
          535.7657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows From Investing Activities",
        "box": [
          52.13,
          541.9331048,
          173.89799999999994,
          548.5157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          409.13,
          541.9331048,
          411.13,
          548.5157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "249,472 ",
        "box": [
          452.09,
          541.9331048,
          480.09,
          548.5157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.13,
          541.9331048,
          489.13,
          548.5157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(220,466) ",
        "box": [
          527.426,
          541.9331048,
          560.754,
          548.5157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows From Financing Activities",
        "box": [
          52.13,
          554.6831048,
          176.11399999999992,
          561.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          409.13,
          554.6831048,
          411.13,
          561.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(212,610) ",
        "box": [
          449.426,
          554.6831048,
          482.75399999999996,
          561.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.13,
          554.6831048,
          489.13,
          561.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "205,347 ",
        "box": [
          530.09,
          554.6831048,
          558.09,
          561.2657420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash",
        "box": [
          52.13,
          567.4331048,
          282.954,
          574.0157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          409.13,
          567.4331048,
          415.13,
          574.0157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,006 ",
        "box": [
          456.09,
          567.4331048,
          480.09,
          574.0157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          487.13,
          567.4331048,
          493.13,
          574.0157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "797 ",
        "box": [
          544.09,
          567.4331048,
          558.09,
          574.0157420449461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows from Operating Activities ",
        "box": [
          49.5,
          593.268916,
          204.0600000000001,
          601.4972125561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our cash flows from operating activities  were  primarily  driven  by  our  net  interest  income,  which  is  a  result  of  the  income ",
        "box": [
          49.5,
          617.258906,
          564.8599999999999,
          625.4872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generated  by  our  investments  less  financing  costs.  The  following  table  sets  forth  interest  received  from,  and  paid  for,  our ",
        "box": [
          49.5,
          629.258906,
          564.9399999999999,
          637.4872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments (amounts in thousands):",
        "box": [
          49.5,
          641.258906,
          195.76999999999998,
          649.4872025561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
          13.781005400000026,
          113.99399999999999,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 71,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Three Months Ended March 31,",
        "box": [
          428.04001,
          71.73315479999997,
          537.9840100000001,
          78.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          436.0,
          84.48315479999997,
          452.0,
          91.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          514.0,
          84.48315479999997,
          530.0,
          91.06579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Received:",
        "box": [
          52.13,
          97.23315479999997,
          114.09000000000006,
          103.81579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loans",
        "box": [
          58.13,
          109.98315479999997,
          100.55400000000002,
          116.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          409.13,
          109.98315479999997,
          411.13,
          116.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,693 ",
        "box": [
          456.09,
          109.98315479999997,
          480.09,
          116.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.13,
          109.98315479999997,
          489.13,
          116.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,907 ",
        "box": [
          530.09,
          109.98315479999997,
          558.09,
          116.56579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net assets of consolidated variable interest entity, CMBS trusts",
        "box": [
          58.13,
          122.73315479999997,
          260.55399999999986,
          129.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          409.13,
          122.73315479999997,
          411.13,
          129.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "371 ",
        "box": [
          466.09,
          122.73315479999997,
          480.09,
          129.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.13,
          122.73315479999997,
          489.13,
          129.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          548.09,
          122.73315479999997,
          558.09,
          129.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          52.13,
          135.48315479999997,
          69.01,
          142.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          409.13,
          135.48315479999997,
          411.13,
          142.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90,064 ",
        "box": [
          456.09,
          135.48315479999997,
          480.09,
          142.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.13,
          135.48315479999997,
          489.13,
          142.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "110,907 ",
        "box": [
          530.09,
          135.48315479999997,
          558.09,
          142.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest paid:",
        "box": [
          52.13,
          148.23315479999997,
          98.54600000000005,
          154.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loans",
        "box": [
          58.13,
          160.98315479999997,
          100.55400000000002,
          167.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          409.13,
          160.98315479999997,
          411.13,
          167.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,351 ",
        "box": [
          456.09,
          160.98315479999997,
          480.09,
          167.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.13,
          160.98315479999997,
          489.13,
          167.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84,721 ",
        "box": [
          534.09,
          160.98315479999997,
          558.09,
          167.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest collections",
        "box": [
          52.13,
          173.73315479999997,
          125.89800000000005,
          180.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          409.13,
          173.73315479999997,
          415.13,
          180.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,713 ",
        "box": [
          456.09,
          173.73315479999997,
          480.09,
          180.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          487.13,
          173.73315479999997,
          493.13,
          180.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,186 ",
        "box": [
          534.09,
          173.73315479999997,
          558.09,
          180.3157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our net interest collections were partially offset by cash used to pay management fees, as follows (amounts in thousands):",
        "box": [
          49.5,
          199.558896,
          537.56,
          207.78719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          428.04001,
          227.48315479999997,
          537.9840100000001,
          234.0657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          436.0,
          240.23315479999997,
          452.0,
          246.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          514.0,
          240.23315479999997,
          530.0,
          246.8157920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management Fees to related parties",
        "box": [
          52.88,
          252.98315479999997,
          166.62399999999997,
          259.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          409.13,
          252.98315479999997,
          415.13,
          259.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,524 ",
        "box": [
          460.09,
          252.98315479999997,
          480.09,
          259.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          487.13,
          252.98315479999997,
          493.13,
          259.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,919 ",
        "box": [
          538.09,
          252.98315479999997,
          558.09,
          259.5657920449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows from Investing Activities",
        "box": [
          49.5,
          278.81890599999997,
          197.10000000000005,
          287.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, our cash flows from investing activities were primarily driven by CRE loan ",
        "box": [
          49.5,
          302.80889599999995,
          564.9899999999997,
          311.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayments  of  $489.7  million,  a  CRE  loan  origination  and  loan  fundings  of  $194.7  million,  and  purchases  of  CMBS ",
        "box": [
          49.5,
          314.80889599999995,
          564.97001,
          323.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments of $41.8 million.",
        "box": [
          49.5,
          326.80889599999995,
          166.89999,
          335.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2025, our cash flows from investing activities were primarily driven by CRE loan ",
        "box": [
          49.5,
          350.80889599999995,
          564.9899999999997,
          359.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fundings of $400.2 million and loan repayments of $182.1 million.",
        "box": [
          49.5,
          362.80889599999995,
          316.53,
          371.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Flows from Financing Activities",
        "box": [
          49.5,
          386.81890599999997,
          201.55000000000004,
          395.0472025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, our cash flows from financing activities were primarily driven by repayments ",
        "box": [
          49.5,
          410.80889599999995,
          564.9500000000002,
          419.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of $300.1 million on our secured financing agreements and repayments of $132.2 million on our collateralized loan obligations, ",
        "box": [
          49.5,
          422.80889599999995,
          564.9600099999998,
          431.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partially offset by borrowing proceeds of $239.7 million under our secured financing agreements.",
        "box": [
          49.5,
          434.80889599999995,
          439.66998999999987,
          443.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2025, our cash flows from financing activities were primarily driven by borrowing ",
        "box": [
          49.5,
          458.80889599999995,
          564.8700099999996,
          467.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds of $603.4 million under our secured financing agreements and proceeds of  $209.8 million issued under our secured ",
        "box": [
          49.5,
          470.80889599999995,
          564.9000000000002,
          479.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term  loan,  partially  offset  by  repayments  of  $377.0  million  on  our  secured  financing  agreements  and  repayments  of ",
        "box": [
          49.5,
          482.80889599999995,
          564.9299999999998,
          491.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$185.1 million on our collateralized loan obligations.",
        "box": [
          49.5,
          494.80889599999995,
          262.0400000000002,
          503.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          113.99399999999999,
          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "71",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 72,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Contractual Obligations and Commitments ",
        "box": [
          49.5,
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          237.19000000000005,
          75.87722255618269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents our contractual obligations and commitments (including interest payments) as of March 31, 2026 ",
        "box": [
          49.5,
          91.808896,
          564.89001,
          100.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(amounts in thousands):",
        "box": [
          49.5,
          103.808896,
          145.54999999999995,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          247.77,
          119.73315479999997,
          265.99399999999997,
          126.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less than 1 year",
        "box": [
          297.25,
          119.73315479999997,
          353.0100000000001,
          126.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 to 3 years",
        "box": [
          373.94,
          119.73315479999997,
          412.82000000000005,
          126.31579204494619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 to 5 years",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "text": "13,000 ",
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        "from_ocr": false,
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        "text": " ",
        "box": [
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          501.88,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "612,625 ",
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        "text": "Interest payable (C)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          228.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "767,936 ",
        "box": [
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          247.23315479999997,
          288.08799999999997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          297.13,
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        "from_ocr": false,
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        "text": "222,359 ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "text": "279,264 ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          433.63,
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        "text": "218,624 ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          501.88,
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        "text": "47,689 ",
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        "text": "Future funding obligations (D)",
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        "confidence": 1.0
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        "text": " ",
        "box": [
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        "text": "379,593 ",
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        "from_ocr": false,
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        "text": " ",
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        "text": "256,015 ",
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        "from_ocr": false,
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        "text": " ",
        "box": [
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        "text": "123,578 ",
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        "text": " ",
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        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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      {
        "text": "Equity method investment, CMBS B-Pieces",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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        "text": "4,324 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,324 ",
        "box": [
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          356.33799999999997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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      {
        "text": "Total",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,670,786 ",
        "box": [
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          292.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          295.13,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,281,650 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          363.38,
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          369.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,618,999 ",
        "box": [
          390.58799999999997,
          285.4831248,
          424.58799999999997,
          292.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          431.63,
          285.4831248,
          437.63,
          292.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,043,689 ",
        "box": [
          458.83799999999997,
          285.4831248,
          492.83799999999997,
          292.06576204494615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          499.88,
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          505.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,726,448 ",
        "box": [
          527.088,
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          561.088,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(A) ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The allocation of repurchase facilities and term lending agreements is based on the earlier of (i) the maximum maturity of the underlying loans ",
        "box": [
          85.508,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pledged as collateral or (ii) the maximum maturity of the respective financing agreements. Amounts borrowed are subject to a maximum 25.0% ",
        "box": [
          85.5,
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          564.668,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recourse limit.",
        "box": [
          85.5,
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          334.62576204494616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(B) ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Any  amounts  borrowed  are  full  recourse  to  certain  subsidiaries  of  KREF.  Amounts  are  estimated  based  on  the  amount  outstanding  under  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revolver and the interest rate in effect as of March 31, 2026. This is only an estimate as actual amounts borrowed, the timing of repayments and ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rates may vary over time. The Revolver matures in March 2030. ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(C) ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The amounts are estimated by assuming the amounts outstanding under these facilities and the interest rates in effect as of March 31, 2026 will ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remain constant into the future. The actual amounts borrowed and rates may vary over time. ",
        "box": [
          85.5,
          376.0431248,
          382.09999999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(D) ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have future funding obligations related to our investments in senior loans. These future funding obligations primarily relate to construction ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "projects, capital improvements, tenant improvements and leasing commissions. Generally, funding obligations are subject to certain conditions that ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "must be met, such as customary construction draw certifications, minimum debt service coverage ratios, minimal debt yield tests, or executions of ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "new leases before advances are made to the borrower. As such, the allocation of our future funding obligations is based on the earlier of the expected ",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "funding or commitment expiration date.",
        "box": [
          85.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We are also required to settle our foreign exchange contracts with our derivative counterparties upon maturity which, depending ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "on exchange rate movements, may result in cash received from or due to the respective counterparty. The table above does not ",
        "box": [
          49.5,
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          463.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include  these  amounts  as  they  are  not  fixed  and  determinable.  Refer  to  Note",
        "box": [
          49.5,
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          376.72999999999996,
          475.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.72,
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          379.22,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10  to  our  condensed  consolidated  financial ",
        "box": [
          381.22,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "statements for details regarding our derivative contracts.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We are required to pay our Manager a base management fee, an incentive fee and reimbursements for certain expenses pursuant ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to our management agreement. The table above does not include the amounts payable to our Manager under our management ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreement as they are not fixed and determinable. See Note 16 to our condensed consolidated financial statements included in ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "this Form 10-Q for additional terms and details of the fees payable under our management agreement.",
        "box": [
          49.5,
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          547.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As a REIT, we generally must distribute at least 90% of our REIT taxable income, determined without regard to the deduction ",
        "box": [
          49.5,
          563.308896,
          564.9499999999999,
          571.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for dividends paid and excluding net capital gains, to stockholders in the form of dividends to comply with the REIT provisions ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the Code. Our taxable income does not necessarily equal our net income as calculated in accordance with GAAP, or our ",
        "box": [
          49.5,
          587.308896,
          564.9200000000001,
          595.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings as described above under \"Key Financial Measures and Indicators - Distributable Earnings\".",
        "box": [
          49.5,
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          607.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subsequent Events",
        "box": [
          49.5,
          623.148926,
          130.30999999999997,
          631.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our subsequent events are detailed in Note 19 to our condensed consolidated financial statements.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Critical Accounting Policies and Use of Estimates",
        "box": [
          49.5,
          671.148926,
          259.86,
          679.3772225561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  discussion  and  analysis  of  our  financial  condition  and  results  of  operations  is  based  upon  our  condensed  consolidated ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial statements, which have been prepared in accordance with GAAP. The preparation of these condensed consolidated ",
        "box": [
          49.5,
          707.308896,
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          715.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial  statements  requires  our  Manager  to  make  estimates  and  assumptions  that  affect  the  reported  amounts  of  assets, ",
        "box": [
          49.5,
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          727.5371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities,  revenue  and  expenses,  and  related  disclosure  of  contingent  assets  and  liabilities.  Actual  results  could  differ  from ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 73,
    "width": 612.0,
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    "cells": [
      {
        "text": "these estimates. There have been no material changes to our Critical Accounting Policies and Use of Estimates described in our ",
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      {
        "text": "Annual Report on Form 10-K.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for Credit Losses",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We originate and purchase CRE debt and related instruments generally to be held as long-term investments at amortized cost. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We recognize and measure the allowance for credit losses under the Current Expected Credit Loss (\"CECL\") model, which ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requires  us  to  estimate  expected  credit  losses,  not  only  based  on  historical  experience  and  current  conditions,  but  also  by ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including reasonable and supportable forecasts incorporating forward-looking information. The measurement of expected credit ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses under CECL is applicable to financial assets measured at amortized cost, and off-balance sheet credit exposures such as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfunded loan commitments. The allowance for credit losses is deducted from the respective loans' amortized cost basis on our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Condensed Consolidated Balance Sheets. The allowance for credit losses attributed to unfunded loan commitments is included ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in 'Other liabilities' on the Condensed Consolidated Balance Sheets.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We estimate CECL reserves using the Weighted-Average Remaining Maturity, or WARM method, which has been identified as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a  loss-rate  method  for  estimating  CECL  reserves  by  the  Financial  Accounting  Standards  Board  ('FASB').  In  estimating  a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve using the WARM method, we reference historical loan loss data across a comparable data set and apply such loss ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate to each loan over its expected remaining term, taking into consideration expected economic conditions over the relevant ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "timeframe. In certain instances, we might use other acceptable alternative approaches in the future depending on, among other ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factors, the type of loan, underlying collateral and availability of relevant historical market loan loss data.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To arrive at a CECL reserve using the WARM method, we considered various factors including (i) historical loss experience in ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the commercial real estate lending market, (ii) timing of expected repayments and expected loan future funding, (iii) and our ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current  and  future  view  of  the  macroeconomic  environment  for  a  reasonable  and  supportable  forecast  period.  We  derive  a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "historical loss rate predominately based on a CMBS database with historical losses since 1998 provided by a third party. We ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "focus  on  the  most  relevant  subset  of  CMBS  data  that  is  determined  to  be  the  most  comparable  to  our  own  portfolio.  The ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "historical  loss  rate  is  further  adjusted  to  consider  expected  macroeconomic  conditions,  such  as  commercial  real  estate  price ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indices,  unemployment  rates  and  market  liquidity,  over  reasonable  and  supportable  forecast  periods.  There  is  significant ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "uncertainty related to future macroeconomic conditions. Therefore, we also consider other loan specific credit quality factors ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "such as the risk rating of the loan, a near-term maturity, nature of construction loans, and economic conditions specific to the ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property type of the underlying collateral.",
        "box": [
          49.5,
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          216.5200000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For collateral dependent loans that we determine foreclosure of the collateral is probable, we measure the expected losses based ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. ",
        "box": [
          49.5,
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          564.8600000000001,
          472.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For  collateral  dependent  loans  where  we  determine  foreclosure  is  not  probable,  we  apply  a  practical  expedient  to  estimate ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected losses using the difference between the collateral's fair value (less costs to sell the asset if repayment is expected ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through the sale of the collateral) and the amortized cost basis of the loan. A loan is determined to be collateral dependent if (i) ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a borrower or sponsor is experiencing financial difficulty, and (ii) the loan is expected to be substantially repaid through the ",
        "box": [
          49.5,
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          564.85,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale of the underlying collateral; such determination requires the use of significant judgment and can be based on several factors ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subject to uncertainty. Considerations used in determination of financial difficulty may include, but are not limited to, whether ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the borrower's operating cash flow is sufficient to cover the current and future debt service requirements, the borrower's ability ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to refinance the loan, market liquidity and other circumstances that can affect the borrower's ability to satisfy its contractual ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "obligations under the loan agreement.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to Note 2 to our condensed consolidated financial statements for the description of our significant accounting policies.",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73",
        "box": [
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        "confidence": 1.0
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    ]
  },
  {
    "page_no": 74,
    "width": 612.0,
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    "cells": [
      {
        "text": "Recent Accounting Pronouncements",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In December 2025, the FASB issued ASU No. 2025-11, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interim Reporting (Topic 270)-Narrow-Scope Improvements",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", which ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "provides a clearer framework and more consistent application of interim disclosure requirements for public business entities. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  guidance  is  effective  for  our  2027  annual  reporting.  The  guidance  is  applied  prospectively  and  may  be  applied ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "retrospectively. Adoption is not expected to have a material impact on our condensed consolidated financial statements.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In December 2025, the FASB issued ASU No. 2025-12, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Codification Improvements",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", which refines existing guidance to further ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "enhance the interpretation and application of the Codification. The guidance is effective for our 2026 annual reporting. The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "guidance is applied prospectively and may be applied retrospectively. Adoption is not expected to have a material impact on our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condensed consolidated financial statements.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74",
        "box": [
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    ]
  },
  {
    "page_no": 75,
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    "cells": [
      {
        "text": "ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK",
        "box": [
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      {
        "text": "We seek to manage our risks related to the credit quality of our assets, interest rates, liquidity, prepayment rates and market ",
        "box": [
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      {
        "text": "value, while at the same time seeking to provide an opportunity to stockholders to realize attractive risk-adjusted returns. While ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "risks are inherent in any business enterprise, we seek to quantify and justify risks in light of available returns and to maintain ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "capital levels consistent with the risks we undertake.",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Credit Risk",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our investments are subject to credit risk, including the risk of default. The performance and value of our investments depend ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "upon the sponsors' ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest and principal due to us. To monitor this risk, we review our investment portfolio and are in regular contact with the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sponsors, monitoring performance of the collateral and enforcing our rights as necessary.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inflation, rising interest rates and increasing costs may dampen consumer spending and slow corporate profit growth, which ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may negatively  impact  the  value  of  underlying  real  estate  collateral  relating  to  our  investments  and  impair  our  borrowers' ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ability to execute on their business plans and potentially their ability to perform under the terms of their loan obligations. These ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risks may be exacerbated by recent changes in global tariff policies and escalating global trade tensions, which have introduced ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "uncertainty in supply chains and material costs and have contributed to significant market volatility.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Yield Risk",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit  yields  measure  the  return  demanded  on  financial  instruments  by  the  lending  market  based  on  their  risk  of  default. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increasing supply of credit-sensitive financial instruments and reduced demand will generally cause the market to require a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "higher yield on such financial instruments, resulting in a lower price for the financial instruments we hold.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Risk",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The composition of our investments is such that rising interest rates will increase our net income, while declining interest rates ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "will generally decrease our net income. Rate floors relating to our loan portfolio may offset some of the impact from declining ",
        "box": [
          49.5,
          415.80889599999995,
          564.8099999999996,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates. There can be no assurance that we will continue to utilize rate floors. There can be no assurance of how our net income ",
        "box": [
          49.5,
          427.80889599999995,
          564.8400000000001,
          436.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may be affected in future quarters, which will depend on, among other things, the interest rate environment and our then-current ",
        "box": [
          49.5,
          439.80889599999995,
          564.9500000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio. ",
        "box": [
          49.5,
          451.80889599999995,
          89.46999999999998,
          460.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates, there is ",
        "box": [
          49.5,
          475.80889599999995,
          564.8499999999999,
          484.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "also the risk of non-performance on floating-rate assets. In the case of a significant increase in interest rates, the cash flows of ",
        "box": [
          49.5,
          487.80889599999995,
          564.9200000000001,
          496.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may contribute to non-",
        "box": [
          49.5,
          499.80889599999995,
          562.3299999999998,
          508.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance or, in severe cases, default.",
        "box": [
          49.5,
          511.80889599999995,
          210.39000000000004,
          520.0371925561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Federal Reserve lowered interest rates three times during 2024 and three times in 2025. Interest rates remain elevated and ",
        "box": [
          49.5,
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          544.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the timing, direction and extent of any future interest rate changes remain uncertain. In a period of declining interest rates, our ",
        "box": [
          49.5,
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          564.9100000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest income on floating-rate investments would generally decrease, while any decrease in the interest we are charged on our ",
        "box": [
          49.5,
          559.808896,
          564.9900000000006,
          568.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "floating-rate debt may be subject to floors and may not compensate for such decrease in interest income. However, rate floors ",
        "box": [
          49.5,
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          564.8900000000003,
          580.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relating to our loan portfolio may offset some of the impact from declining rates. In addition, interest we are charged on fixed-",
        "box": [
          49.5,
          583.808896,
          562.2999900000002,
          592.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate debt would not change.",
        "box": [
          49.5,
          595.808896,
          160.20999999999998,
          604.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, our accruing loan portfolio and related portfolio  financing  earned  or  paid  a  floating  rate  of  interest ",
        "box": [
          49.5,
          619.808896,
          564.8299999999999,
          628.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "benchmarked  to  Term  SOFR,  SONIA  or  EURIBOR.  Accordingly,  our  interest  income  and  expense  will  generally  change ",
        "box": [
          49.5,
          631.808896,
          564.9100000000002,
          640.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "directionally with benchmark rates; however, in certain circumstances, rate floors relating to our loan portfolio may partially ",
        "box": [
          49.5,
          643.808896,
          564.8700100000002,
          652.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset the impact from changing rates. As of March 31, 2026, a 50 basis point decrease in the benchmark rates would decrease ",
        "box": [
          49.5,
          655.808896,
          564.83999,
          664.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  expected  cash  flows  by  approximately  $0.2  million,  or  $0.00  per  common  share,  and  a  100  basis  point  decrease  in  the ",
        "box": [
          49.5,
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          564.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "benchmark rates would increase our expected cash flows by approximately $0.7 million, or $0.01 per common share, for the ",
        "box": [
          49.5,
          679.808896,
          564.9300000000003,
          688.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "following  three-month  period.  Conversely,  a  50  basis  point  and  a  100  basis  point  increase  in  the  benchmark  rates  would ",
        "box": [
          49.5,
          691.808896,
          564.9899999999998,
          700.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase  our  expected  cash  flows  by  approximately  $0.6  million  and  $1.2  million,  or  $0.01  and  $0.02  per  common  share, ",
        "box": [
          49.5,
          703.808896,
          564.9500000000002,
          712.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, for the same period.",
        "box": [
          49.5,
          715.808896,
          182.66000000000003,
          724.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
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          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75",
        "box": [
          301.0,
          769.728886,
          311.0,
          777.9571825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 76,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "Prepayment Risk",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prepayment risk is the risk that principal will be repaid at an earlier date than anticipated, potentially causing the return on ",
        "box": [
          49.5,
          91.808896,
          564.8900000000003,
          100.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain investments to be less than expected. As we receive prepayments of principal on our assets, any premiums paid on such ",
        "box": [
          49.5,
          103.808896,
          564.9499999999997,
          112.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets  are  amortized  against  interest  income.  In  general,  an  increase  in  prepayment  rates  accelerates  the  amortization  of ",
        "box": [
          49.5,
          115.808896,
          564.87,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "purchase  premiums,  thereby  reducing  the  interest  income  earned  on  the  assets.  Conversely,  discounts  on  such  assets  are ",
        "box": [
          49.5,
          127.808896,
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          136.03719255618262
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accreted  into  interest  income.  In  general,  an  increase  in  prepayment  rates  accelerates  the  accretion  of  purchase  discounts, ",
        "box": [
          49.5,
          139.808896,
          564.9499999999999,
          148.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thereby increasing the interest income earned on the assets. Additionally, we may not be able to reinvest the principal repaid at ",
        "box": [
          49.5,
          151.808896,
          564.9500000000002,
          160.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the same or higher yield of the original investment.",
        "box": [
          49.5,
          163.808896,
          253.98000000000013,
          172.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Higher  interest  rates  imposed  by  the  Federal  Reserve  may  lead  to  a  decrease  in  prepayment  speeds  and  an  increase  in  the ",
        "box": [
          49.5,
          187.808896,
          564.8800000000001,
          196.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "number of our borrowers who exercise extension options, which could extend beyond the term of certain secured financing ",
        "box": [
          49.5,
          199.808896,
          564.8499999999999,
          208.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreements we use to finance our loan investments. This could have a negative impact on our results of operations, and in some ",
        "box": [
          49.5,
          211.808896,
          564.9899999999998,
          220.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "situations, we may be forced to sell assets to maintain adequate liquidity, which could cause us to incur losses.",
        "box": [
          49.5,
          223.808896,
          490.9299999999999,
          232.03719255618262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Risk",
        "box": [
          49.5,
          247.64892600000007,
          114.19,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We finance our target assets using our repurchase facilities, term lending agreements, term loan facility, warehouse facility, ",
        "box": [
          49.5,
          271.808896,
          564.9499999999998,
          280.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset based financing, revolving credit agreement, collateralized loan obligations, secured term loan and through syndicating ",
        "box": [
          49.5,
          283.80889599999995,
          564.9499999999998,
          292.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "senior participations in our originated senior loans. Over time, as market conditions change, we may use other forms of leverage ",
        "box": [
          49.5,
          295.80889599999995,
          564.94,
          304.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in addition to these methods of financing. Weakness or volatility in the financial markets, the CRE and mortgage markets or the ",
        "box": [
          49.5,
          307.80889599999995,
          564.8499999999999,
          316.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economy generally could adversely affect one or more of our lenders or potential lenders and could cause one or more of our ",
        "box": [
          49.5,
          319.80889599999995,
          564.8199999999997,
          328.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lenders or potential lenders to be unwilling or unable to provide us with financing, or to decrease the amount of our available ",
        "box": [
          49.5,
          331.80889599999995,
          564.8799999999999,
          340.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing through a market to market, or to increase the costs of that financing.",
        "box": [
          49.5,
          343.80889599999995,
          365.51000000000005,
          352.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Risk",
        "box": [
          49.5,
          367.648896,
          119.99999999999999,
          375.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The market values of commercial real estate  assets  are  subject  to  volatility  and  may  be  adversely  affected  by  a  number  of ",
        "box": [
          49.5,
          391.80889599999995,
          564.9000000000001,
          400.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factors, including, but not limited to, national, regional and local economic conditions (which may be adversely affected by ",
        "box": [
          49.5,
          403.80889599999995,
          564.9000000000003,
          412.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "industry  slowdowns  and  other  factors);  local  real  estate  conditions;  changes  or  continued  weakness  in  specific  industry ",
        "box": [
          49.5,
          415.80889599999995,
          565.0000000000002,
          424.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "segments; construction quality, age and design; demographic factors; and retroactive changes to building or similar codes. In ",
        "box": [
          49.5,
          427.80889599999995,
          564.9399999999999,
          436.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "addition, decreases in property values reduce the value of the collateral and the potential proceeds available to a borrower to ",
        "box": [
          49.5,
          439.80889599999995,
          564.8899999999998,
          448.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repay the underlying loans, which could also cause us to suffer losses.",
        "box": [
          49.5,
          451.80889599999995,
          329.5099999999999,
          460.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Currency Risk",
        "box": [
          49.5,
          475.648896,
          112.49999999999997,
          483.8771925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loans and investments that are denominated in a foreign currency are also subject to risks related to movements in currency ",
        "box": [
          49.5,
          499.00890599999997,
          564.8900000000002,
          507.2372025561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates.  We  generally  mitigate  this  exposure  by  matching  the  currency  of  our  foreign  currency  assets  to  the  currency  of  the ",
        "box": [
          49.5,
          510.20892599999996,
          564.9799999999998,
          518.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings that finance those assets. As a result, we substantially reduce our exposure to changes in portfolio value related to ",
        "box": [
          49.5,
          521.408936,
          564.96,
          529.6372325561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "changes in foreign currency rates. In addition, substantially all of our net asset exposure to the Euro and the British Pounds ",
        "box": [
          49.5,
          532.608886,
          564.9599999999995,
          540.8371825561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sterling has been hedged with foreign currency forward contracts as of March 31, 2026.",
        "box": [
          49.5,
          543.808896,
          401.66,
          552.0371925561827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table outlines our assets and liabilities that are denominated in a foreign currency (amounts in thousands):",
        "box": [
          49.5,
          566.208926,
          531.4399999999998,
          574.4372225561826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          453.82999,
          592.5331448,
          506.92599000000007,
          599.1157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EUR",
        "box": [
          430.38,
          605.2831448,
          446.372,
          611.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GBP",
        "box": [
          514.59998,
          605.2831448,
          530.1599799999999,
          611.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency assets",
        "box": [
          52.13,
          618.0331448,
          127.65800000000003,
          624.6157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          400.88,
          618.0331448,
          406.88,
          624.6157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62,435 ",
        "box": [
          453.08799999999997,
          618.0331448,
          477.08799999999997,
          624.6157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          484.88,
          618.0331448,
          490.88,
          624.6157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "247,199 ",
        "box": [
          533.088,
          618.0331448,
          561.088,
          624.6157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency liabilities",
        "box": [
          52.13,
          630.7831448,
          138.77800000000002,
          637.3657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.88,
          630.7831448,
          402.88,
          637.3657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,679) ",
        "box": [
          450.424,
          630.7831448,
          479.75199999999995,
          637.3657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.88,
          630.7831448,
          486.88,
          637.3657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(89,889) ",
        "box": [
          534.424,
          630.7831448,
          563.752,
          637.3657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency contracts - notional",
        "box": [
          52.13,
          643.5331448,
          170.76199999999997,
          650.1157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          400.88,
          643.5331448,
          402.88,
          650.1157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24,145) ",
        "box": [
          450.424,
          643.5331448,
          479.75199999999995,
          650.1157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          484.88,
          643.5331448,
          486.88,
          650.1157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(158,295) ",
        "box": [
          530.424,
          643.5331448,
          563.752,
          650.1157820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net exposure to foreign exchange rate movements",
        "box": [
          52.13,
          656.2831448,
          212.97799999999992,
          662.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u20ac ",
        "box": [
          400.88,
          656.2831448,
          406.88,
          662.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "611 ",
        "box": [
          463.08799999999997,
          656.2831448,
          477.08799999999997,
          662.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a3 ",
        "box": [
          484.88,
          656.2831448,
          490.88,
          662.8657820449462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(985) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net exposure to foreign exchange rate movements in USD",
        "box": [
          52.13,
          669.0331448,
          239.19399999999993,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          400.88,
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          406.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "706 ",
        "box": [
          463.08799999999997,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
          484.88,
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          490.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,302) ",
        "box": [
          538.424,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          21.186472300564446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76",
        "box": [
          301.0,
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          311.0,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 77,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "ITEM 4. CONTROLS AND PROCEDURES",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Evaluation of Disclosure Controls and Procedures",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange ",
        "box": [
          49.5,
          115.808896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Act) that are designed to ensure that the information required to be disclosed by us in the reports filed or submitted by us under ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "forms and such information is accumulated and communicated to management, including the Chief Executive Officer and the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Any controls and procedures, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "no matter how well designed and operated, can provide only reasonable assurances of achieving the desired controls.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of  March  31,  2026,  we  carried  out  an  evaluation,  under  the  supervision  and  with  the  participation  of  our  management, ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of our ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disclosure controls and procedures. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "concluded that, as of March 31, 2026, our disclosure controls and procedures were effective to accomplish their objectives at ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the reasonable assurance level.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes in Internal Control over Financial Reporting",
        "box": [
          49.5,
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          279.8900000000001,
          282.2772125561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No change in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "occurred  during  the  quarter  ended  March  31,  2026  that  materially  affected,  or  is  reasonably  likely  to  materially  affect,  our ",
        "box": [
          49.5,
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          564.9699999999999,
          318.4371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "internal control over financial reporting.",
        "box": [
          49.5,
          322.208896,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Table of Contents",
        "box": [
          49.5,
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          21.186472300564446
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77",
        "box": [
          301.0,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 78,
    "width": 612.0,
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    "cells": [
      {
        "text": "PART II - OTHER INFORMATION",
        "box": [
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      {
        "text": "ITEM 1. LEGAL PROCEEDINGS",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The section entitled '",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Litigation",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "' appearing in Note 15 of our condensed consolidated financial statements included in this Form ",
        "box": [
          174.98999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10-Q is incorporated herein by reference.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 1A. RISK FACTORS",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For information regarding the risk factors that could affect the Company's business, results of operations, financial condition ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and liquidity, see the information under Part I, Item 1A. 'Risk Factors' in the Form 10-K, which is accessible on the SEC's ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "website at www.sec.gov. There have been no material changes to the risk factors previously disclosed in the Form 10-K.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS",
        "box": [
          49.5,
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          443.4700000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuer Purchases of Equity Securities ",
        "box": [
          49.5,
          247.64892600000007,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Under the Company's share repurchase program, as in effect during the quarter ended March 31, 2026, which was originally ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "announced in May 2018, and subsequently extended and/or increased in June 2019, June 2020 and February 2023, we were ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "authorized to repurchase up to an aggregate of $100.0 million of our common stock effective in February 2023, of which up to ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$50.0 million may be repurchased under a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Exchange ",
        "box": [
          49.5,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Act, and provide for repurchases of common stock when the market price per share is below book value per share (calculated in ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accordance with GAAP as of end of the most recent quarterly period for which financial statements are available), and the ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remaining  $50.0  million  may  be  used  for  repurchases  in  the  open  market,  pursuant  to  pre-set  trading  plans  meeting  the ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requirements of Rule 10b5-1 under the Exchange Act, in privately negotiated transactions or otherwise. As of March 31, 2026, ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we had $46.0 million of remaining capacity to repurchase shares under the program. In April 2026, the Board of Directors ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "authorized a modified repurchase program, which replaces the prior authorization and authorizes KREF to repurchase up to an ",
        "box": [
          49.5,
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          388.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate of $75.0 million of common stock and 6.50% Series A Cumulative Redeemable Preferred Stock. The timing, manner, ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price and amount of any common or preferred stock repurchases will be determined by us in our discretion and will depend on a ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "variety of factors, including legal requirements, price and economic considerations, and market conditions. The program does ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not  require  us  to  repurchase  any  specific  number  of  shares  of  common  or  preferred  stock.  The  program  does  not  have  an ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expiration date and may be suspended, modified or discontinued at any time.",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth information regarding purchases of shares of our common stock during the three months ended ",
        "box": [
          49.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 (amounts in thousands, except share and per share data):",
        "box": [
          49.5,
          475.80889599999995,
          341.16999999999996,
          484.0371925561827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Period Beginning",
        "box": [
          53.23,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Period Ending",
        "box": [
          135.74001,
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          185.26800999999998,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total number of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares purchased",
        "box": [
          208.48,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average price ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "paid per share",
        "box": [
          282.10001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total number of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares purchased ",
        "box": [
          345.73001,
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          407.02601000000016,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as part of publicly ",
        "box": [
          344.39999,
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          408.37599,
          523.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "announced ",
        "box": [
          356.72,
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          531.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "program",
        "box": [
          360.26999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts paid for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares purchased ",
        "box": [
          419.23001,
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          480.52601000000016,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as part of publicly ",
        "box": [
          417.89999,
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          481.87599,
          523.5657920449462
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "announced ",
        "box": [
          430.22,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "program",
        "box": [
          433.76999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Approximate ",
        "box": [
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          547.04201,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dollar value of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shares that may ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "yet be purchased ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "program",
        "box": [
          507.26999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 1, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 31, 2026",
        "box": [
          133.06,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          205.88,
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          207.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92,094 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "8.25 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          343.13,
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