Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)
Left: the page cropped around the table with its final boundary (content_region, the corrected end of the table) drawn; the crop extends a little below so any footnotes sit visibly outside the box. Right: the final corrected markdown. One row per table.
kref-q1-26-10-q.pdf
67 tables
p1 · table 1 · Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|
| Common stock, par value $0.01 per share | KREF | New York Stock Exchange |
| 6.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share | KREF PRA | New York Stock Exchange |
p2 · table 2 · KKR REAL ESTATE FINANCE TRUST INC. FORM 10-Q
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| Item | PAGE |
|---|
| Part I - Financial Information | 5 |
| Item 1. Condensed Consolidated Financial Statements (Unaudited) | 5 |
| Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2026 and December 31, 2025 | 5 |
| Condensed Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2026 and 2025 | 6 |
| Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2026 and 2025 | 7 |
| Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2026 and 2025 | 8 |
| Notes to Condensed Consolidated Financial Statements (Unaudited) | 10 |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 51 |
| Item 3. Quantitative and Qualitative Disclosures about Market Risk | 75 |
| Item 4. Controls and Procedures | 77 |
| Part II - Other Information | 78 |
| Item 1. Legal Proceedings | 78 |
| Item 1A. Risk Factors | 78 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 78 |
| Item 3. Defaults Upon Senior Securities | 78 |
| Item 4. Mine Safety Disclosures | 78 |
| Item 5. Other Information | 78 |
| Item 6. Exhibits | 79 |
| Signatures | 80 |
p5 · table 3 · KKR Real Estate Finance Trust Inc. and Subsidiaries
units=(Amounts in thousands, except share and per share data) · flavor=stream · camelot_accuracy=98.2 · llm_corrected=True
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| Line Item | March 31, 2026 | December 31, 2025 |
|---|
| Assets | | |
| Cash and cash equivalents | $ 135,437 | $ 84,617 |
| Commercial real estate loans, held-for-investment | 4,885,906 | 5,347,756 |
| Less: Allowance for credit losses | (258,679) | (201,924) |
| Commercial real estate loans, held-for-investment, net | 4,627,227 | 5,145,832 |
| Commercial real estate loan, held-for-sale | 219,990 | — |
| Real estate owned, held for investment, net | 340,002 | 338,595 |
| Real estate owned assets, held for sale | 131,595 | 130,188 |
| Equity method investments | 147,290 | 147,332 |
| Investments in CMBS securities | 26,800 | — |
| Consolidated variable interest entities assets, CMBS trusts, at fair value | 1,272,193 | 505,230 |
| Other assets | 49,561 | 112,849 |
| Total Assets | $ 6,950,095 | $ 6,464,643 |
| Liabilities and Equity | | |
| Liabilities | | |
| Secured financing agreements, net | $ 2,801,204 | $ 2,862,689 |
| Collateralized loan obligations, net | 1,066,048 | 1,198,332 |
| Secured term loan, net | 631,478 | 632,516 |
| Real estate owned liabilities, held for sale | 2,970 | 3,867 |
| Consolidated variable interest entities liabilities, CMBS trusts, at fair value | 1,247,858 | 496,060 |
| Due to related parties | 5,515 | 6,506 |
| Other liabilities | 42,134 | 39,469 |
| Total Liabilities | 5,797,207 | 5,239,439 |
| Commitments and Contingencies (Note 13) | — | — |
| Equity | | |
| Preferred Stock, $0.01 par value, 50,000,000 shares authorized | | |
| Series A cumulative redeemable preferred stock, (13,110,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025); liquidation preference of $327,750, or $25.00 per share | 131 | 131 |
| Common stock, $0.01 par value, 300,000,000 authorized (64,275,643 shares issued and outstanding as of March 31, 2026; 65,488,680 shares issued and 64,367,737 shares outstanding as of December 31, 2025) | 643 | 644 |
| Additional paid-in capital | 1,678,950 | 1,687,168 |
| Accumulated deficit | (584,080) | (506,130) |
| Repurchased stock (1,120,943 shares repurchased as of December 31, 2025) | — | (9,263) |
| Total KKR Real Estate Finance Trust Inc. Stockholders’ Equity | 1,095,644 | 1,172,550 |
| Noncontrolling interests in equity of consolidated joint ventures | 57,244 | 52,654 |
| Total Equity | 1,152,888 | 1,225,204 |
| Total Liabilities and Equity | $ 6,950,095 | $ 6,464,643 |
p6 · table 4 · KKR Real Estate Finance Trust Inc. and Subsidiaries
units=(Amounts in thousands, except share and per share data) · flavor=stream · camelot_accuracy=97.7 · llm_corrected=True
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| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Net Interest Income | | |
| Interest income | $ 95,906 | $ 113,967 |
| Interest expense | 69,717 | 82,626 |
| Total net interest income | 26,189 | 31,341 |
| Other Income | | |
| Revenue from real estate owned operations | 4,944 | 2,889 |
| Income (loss) from equity method investments | 657 | (201) |
| Change in net assets of consolidated variable interest entities, CMBS trusts | 439 | — |
| Gain (loss) on foreign currency translation | (5,377) | — |
| Gain (loss) on foreign currency forward contracts | 6,853 | — |
| Other miscellaneous income | 894 | 1,187 |
| Total other income | 8,410 | 3,875 |
| Operating Expenses | | |
| Provision for credit losses, net | 73,541 | 24,863 |
| Expenses from real estate owned operations | 8,122 | 5,474 |
| Management fee to related parties | 5,511 | 5,797 |
| General and administrative | 4,584 | 4,831 |
| Total operating expenses | 91,758 | 40,965 |
| Income (Loss) Before Income Taxes | (57,159) | (5,749) |
| Income tax expense | — | — |
| Net Income (Loss) | (57,159) | (5,749) |
| Net income (loss) attributable to noncontrolling interests | (1,019) | (888) |
| Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries | (56,140) | (4,861) |
| Preferred stock dividends | 5,326 | 5,326 |
| Participating securities' share in earnings | 415 | 363 |
| Net Income (Loss) Attributable to Common Stockholders | $ (61,881) | $ (10,550) |
| Net Income (Loss) Per Share of Common Stock | | |
| Basic and Diluted | $ (0.96) | $ (0.15) |
| Weighted Average Number of Shares of Common Stock Outstanding | | |
| Basic and Diluted | 64,673,125 | 68,765,877 |
| Dividends Declared per Share of Common Stock | $ 0.25 | $ 0.25 |
p7 · table 5 · KKR Real Estate Finance Trust Inc. and Subsidiaries
units=(Amounts in thousands, except share data) · flavor=stream · camelot_accuracy=95.6 · llm_corrected=True
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| Series A Preferred Stock Shares | Series A Preferred Stock Par Value | Common Stock Shares | Common Stock Par Value | Additional Paid-In Capital | Accumulated Deficit | Repurchased Stock | Total KKR Real Estate Finance Trust Inc. Stockholders' Equity | Noncontrolling Interests in Equity of Consolidated Joint Ventures | Total Equity |
|---|
| Balance at December 31, 2025 | 13,110,000 | $ 131 | 64,367,737 | $ 644 | $ 1,687,168 | $ (506,130) | $ (9,263) | $ 1,172,550 | $ 52,654 | $ 1,225,204 |
| Repurchase of common stock | — | — | (92,094) | (1) | — | — | (761) | (762) | — | (762) |
| Retirement of common stock | — | — | — | — | (10,024) | — | 10,024 | — | — | — |
| Stock-based compensation, net | — | — | — | — | 1,806 | — | — | 1,806 | — | 1,806 |
| Net income (loss) | — | — | — | — | — | (56,141) | — | (56,141) | (1,019) | (57,160) |
| Contribution by noncontrolling interests | — | — | — | — | — | — | — | — | 5,609 | 5,609 |
| Series A preferred dividends declared, $0.41 per share | — | — | — | — | — | (5,326) | — | (5,326) | — | (5,326) |
| Common dividends declared, $0.25 per share | — | — | — | — | — | (16,069) | — | (16,069) | — | (16,069) |
| Participating security dividends declared, $0.25 per share | — | — | — | — | — | (414) | — | (414) | — | (414) |
| Balance at March 31, 2026 | 13,110,000 | $ 131 | 64,275,643 | $ 643 | $ 1,678,950 | $ (584,080) | $ — | $ 1,095,644 | $ 57,244 | $ 1,152,888 |
p7 · table 6 · Condensed Consolidated Statements of Changes in Equity
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| Series A Preferred Stock Shares | Series A Preferred Stock Par Value | Common Stock Shares | Common Stock Par Value | Additional Paid-In Capital | Accumulated Deficit | Repurchased Stock | Total KKR Real Estate Finance Trust Inc. Stockholders' Equity | Noncontrolling Interests in Equity of Consolidated Joint Ventures | Total Equity |
|---|
| Balance at December 31, 2024 | 13,110,000 | $ 131 | 68,713,596 | $ 686 | $ 1,714,684 | $ (370,471) | $ — | $ 1,345,030 | $ 53,849 | $ 1,398,879 |
| Repurchase and retirement of common stock | — | — | (889,100) | (8) | (9,823) | — | — | (9,831) | — | (9,831) |
| Stock-based compensation, net | — | — | — | — | 2,127 | — | — | 2,127 | — | 2,127 |
| Net income (loss) | — | — | — | — | — | (4,861) | — | (4,861) | (888) | (5,749) |
| Contribution by noncontrolling interest | — | — | — | — | — | — | — | — | 774 | 774 |
| Series A preferred dividends declared, $0.41 per share | — | — | — | — | — | (5,326) | — | (5,326) | — | (5,326) |
| Common dividends declared, $0.25 per share | — | — | — | — | — | (16,956) | — | (16,956) | — | (16,956) |
| Participating security dividends declared, $0.25 per share | — | — | — | — | — | (363) | — | (363) | — | (363) |
| Balance at March 31, 2025 | 13,110,000 | $ 131 | 67,824,496 | $ 678 | $ 1,706,988 | $ (397,977) | $ — | $ 1,309,820 | $ 53,735 | $ 1,363,555 |
p8 · table 7 · KKR Real Estate Finance Trust Inc. and Subsidiaries
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| Item | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Cash Flows From Operating Activities | | |
| Net income (loss) | (57,159) | $ (5,749) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | |
| Accretion of deferred loan fees and discounts | (4,139) | (3,354) |
| Payment-in-kind interest | — | (402) |
| Amortization of deferred debt issuance costs and discounts | 3,544 | 3,083 |
| Loss (income) from equity method investments | 495 | 882 |
| Change in net assets of consolidated variable interest entities, CMBS trusts | (153) | — |
| Provision for credit losses, net | 73,541 | 24,863 |
| Depreciation and amortization | 979 | 490 |
| Stock-based compensation expense | 1,808 | 2,127 |
| Loss (gain) on foreign currency translation | 5,377 | — |
| Loss (gain) on foreign currency forward contract | (6,853) | — |
| Changes in operating assets and liabilities: | | |
| Assets related to real estate owned, held for sale, net of liabilities | (1,749) | (497) |
| Accrued interest receivable, net | (1,762) | 787 |
| Other assets | (4,782) | (2,482) |
| Accrued interest payable | 1,807 | (5,178) |
| Due to related parties | (997) | (122) |
| Other liabilities | 3,187 | 1,468 |
| Net cash provided by (used in) operating activities | 13,144 | 15,916 |
| Cash Flows From Investing Activities | | |
| Proceeds from principal repayments of commercial real estate loans | 489,651 | 182,095 |
| Originations and fundings of commercial real estate loans | (194,737) | (400,204) |
| Capital expenditures on real estate owned | (2,941) | (1,282) |
| Contributions to equity method investment, real estate asset | (691) | (1,075) |
| Payments for investments in CMBS securities | (26,800) | — |
| Payment to acquire interest in consolidated CMBS trust | (15,010) | — |
| Net cash provided by (used in) investing activities | 249,472 | (220,466) |
| Cash Flows From Financing Activities | | |
| Proceeds from borrowings under secured financing agreements | 239,677 | 603,390 |
| Proceeds from issuance of secured term loan | — | 209,813 |
| Proceeds from noncontrolling interest contributions | 5,609 | 774 |
| Principal repayments on borrowings under secured financing agreements | (300,147) | (377,004) |
| Principal repayments on borrowings under collateralized loan obligations | (132,245) | (185,128) |
| Principal repayments on borrowings under secured term loan | (1,625) | — |
| Payments of debt and collateralized debt obligation issuance costs | (1,699) | (14,163) |
| Payments of common stock dividends | (16,092) | (17,178) |
| Payments of preferred stock dividends | (5,326) | (5,326) |
| Payments to repurchase common stock | (762) | (9,831) |
| Net cash provided by (used in) financing activities | (212,610) | 205,347 |
| Net Increase in Cash, Cash Equivalents and Restricted Cash | 50,006 | 797 |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 87,338 | 106,547 |
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ 137,344 | $ 107,344 |
p9 · table 8 · Reconciliation of cash, cash equivalents and restricted cash / Supplemental Disclosures
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| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Reconciliation of cash, cash equivalents and restricted cash | | |
| Cash and cash equivalents | $ 135,437 | $ 106,411 |
| Restricted cash (Note 9) | 1,907 | 933 |
| Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ 137,344 | $ 107,344 |
| Supplemental Disclosure of Cash Flow Information | | |
| Cash paid during the period for interest | $ 64,351 | $ 84,721 |
| Supplemental Schedule of Non-Cash Investing and Financing Activities | | |
| Dividend declared, not yet paid | 16,069 | 16,956 |
| Consolidation of variable interest entities, CMBS Trust (incremental assets and liabilities) | 752,719 | — |
| Modification accounted for as a repayment and new loan, net of write-off | 62,890 | — |
| Loan principal repayments held by a servicer | — | 1,500 |
| Deferred financing costs, not yet paid | — | 1,229 |
p20 · table 9 · Note 3. Commercial Real Estate Loans
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| Loan Type | Outstanding Principal | Amortized Cost(A) | Carrying Value(B) | Loan Count | Floating Rate Loan % | Weighted Average Coupon(D) | Weighted Average Life (Years)(E) |
|---|
| March 31, 2026 | | | | | | | |
| Loans held-for-investment(F) | | | | | | | |
| Senior loans | $ 4,898,951 | $ 4,885,906 | $ 4,627,227 | 50 | 98.5 % | 7.0 % | 1.8 |
| Loan held-for-sale | | | | | | | |
| Senior loan | 219,990 | 219,990 | 219,990 | 1 | 100.0 | 6.6 | — |
| Total/Weighted Average | $ 5,118,941 | $ 5,105,896 | $ 4,847,217 | 51 | 98.6 % | 7.0 % | 1.7 |
| December 31, 2025 | | | | | | | |
| Loans held-for-investment(F) | | | | | | | |
| Senior loans | $ 5,361,863 | $ 5,347,756 | $ 5,145,832 | 53 | 98.6 % | 7.0 % | 1.8 |
p20 · table 10 · Activity
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| Item | Amortized Cost | Allowance for Credit Losses | Carrying Value |
|---|
| Balance at December 31, 2025 | $ 5,347,756 | $ (201,924) | $ 5,145,832 |
| Originations and future fundings, net(A) | 257,628 | — | 257,628 |
| Proceeds from loan repayments | (478,263) | — | (478,263) |
| Accretion of loan discount and other amortization, net | 4,139 | — | 4,139 |
| (Provision for) reversal of credit losses | — | (74,089) | (74,089) |
| Write-offs charged | (17,292) | 17,292 | — |
| Gain (loss) on foreign currency translation | (8,072) | 42 | (8,030) |
| Balance at March 31, 2026 | $ 5,105,896 | $ (258,679) | $ 4,847,217 |
p21 · table 11 · The following tables summarize the carrying value of the loan portfolio based on KREF's internal risk ratings:
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| Risk Rating | Number of Loans(A) | Carrying Value | Outstanding Principal | Outstanding Principal % | Number of Loans(A) | Carrying Value | Outstanding Principal | Outstanding Principal % |
|---|
| 1 | — | $ — | $ — | — % | — | $ — | $ — | — % |
| 2 | 2 | 283,870 | 283,906 | 6 | 2 | 283,816 | 283,906 | 5 |
| 3 | 41 | 3,838,553 | 3,847,751 | 74 | 46 | 4,405,274 | 4,415,095 | 82 |
| 4 | 4 | 284,547 | 283,774 | 6 | 1 | 90,671 | 90,671 | 2 |
| 5 | 4 | 698,926 | 703,510 | 14 | 4 | 567,995 | 572,191 | 11 |
| Total loan receivable | 51 | $ 5,105,896 | $ 5,118,941 | 100 % | 53 | $ 5,347,756 | $ 5,361,863 | 100 % |
| Allowance for credit losses | | (258,679) | | | | (201,924) | | |
| Loan receivable, net | | $ 4,847,217 | | | | $ 5,145,832 | | |
p21 · table 12 · Loan Vintage
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| Risk Rating | Number of Loans(B) | Outstanding Principal(B) | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Total |
|---|
| Commercial Real Estate Loans | | | | | | | | | |
| 1 | — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — |
| 2 | 2 | 283,906 | — | — | — | — | — | 283,870 | 283,870 |
| 3 | 41 | 3,847,751 | 236,049 | 920,903 | 90,630 | — | 1,131,556 | 1,459,415 | 3,838,553 |
| 4 | 4 | 283,774 | — | — | — | 205,776 | 43,620 | 35,151 | 284,547 |
| 5 | 4 | 703,510 | — | — | — | — | 229,318 | 469,608 | 698,926 |
| Total | 51 | $ 5,118,941 | $ 236,049 | $ 920,903 | $ 90,630 | $ 205,776 | $ 1,404,494 | $ 2,248,044 | $ 5,105,896 |
| Year-to-date gross write-offs charged | | | $ — | $ — | $ — | $ — | $ — | $ 17,292 | $ 17,292 |
p21 · table 13 · December 31, 2025
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| Risk Rating | Number of Loans(B) | Outstanding Principal(B) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total |
|---|
| Commercial Real Estate Loans | | | | | | | | | |
| 1 | — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — |
| 2 | 2 | 283,906 | — | — | — | — | 283,816 | — | 283,816 |
| 3 | 46 | 4,415,095 | 996,802 | 86,039 | 115,106 | 1,397,773 | 1,671,380 | 138,174 | 4,405,274 |
| 4 | 1 | 90,671 | — | — | 90,671 | — | — | — | 90,671 |
| 5 | 4 | 572,191 | — | — | — | — | 377,883 | 190,112 | 567,995 |
| Total | 53 | $ 5,361,863 | $ 996,802 | $ 86,039 | $ 205,777 | $ 1,397,773 | $ 2,333,079 | $ 328,286 | $ 5,347,756 |
| Year-to-date gross write-offs charged | | | $ — | $ — | $ — | $ 34,828 | $ — | $ — | $ 34,828 |
p22 · table 14 · Allowance for Credit Losses
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| Commercial Real Estate Loans | Unfunded Loan Commitments | Total |
|---|
| Balance at December 31, 2025 | $ 201,924 | $ 2,201 | $ 204,125 |
| Provision for (reversal of) credit losses, net | 74,089 | (548) | 73,541 |
| Write-offs charged | (17,292) | — | (17,292) |
| Gain (loss) on foreign currency translation | (42) | 2 | (40) |
| Balance at March 31, 2026 | $ 258,679 | $ 1,655 | $ 260,334 |
p23 · table 15 · KKR Real Estate Finance Trust Inc.
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| Geography(A) | March 31, 2026 | December 31, 2025 | Collateral Property Type(A) | March 31, 2026 | December 31, 2025 |
|---|
| California | 17.6 % | 16.6 % | Multifamily | 40.6 % | 40.3 % |
| Massachusetts | 11.8 | 11.9 | Industrial | 22.1 | 17.9 |
| Florida | 11.4 | 10.9 | Office | 17.8 | 22.8 |
| Texas | 10.9 | 12.0 | Life Science | 13.9 | 13.7 |
| North Carolina | 6.7 | 6.4 | Hospitality | 2.9 | 2.8 |
| United Kingdom | 6.4 | 2.9 | Student Housing | 2.2 | 2.1 |
| Washington D.C. | 5.5 | 5.2 | Mixed Use | 0.5 | 0.4 |
| Pennsylvania | 4.9 | 4.7 | Total | 100.0 % | 100.0 % |
| New York | 4.8 | 4.5 | | | |
| Minnesota | 3.8 | 3.6 | | | |
| Nevada | 3.0 | 2.8 | | | |
| Virginia | 2.3 | 2.2 | | | |
| Georgia | 2.2 | 2.1 | | | |
| New Jersey | 1.9 | 1.9 | | | |
| Illinois | 1.8 | 1.7 | | | |
| Tennessee | 1.5 | 1.4 | | | |
| Colorado | 1.4 | 1.3 | | | |
| Other U.S. | 1.1 | 0.8 | | | |
| Other Europe | 1.0 | 1.1 | | | |
| Washington | — | 4.2 | | | |
| Arizona | — | 1.8 | | | |
| Total | 100.0 % | 100.0 % | | | |
p25 · table 16 · Notes to Condensed Consolidated Financial Statements
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| March 31, 2026 | December 31, 2025 |
|---|
| Real estate owned, held for investment | | |
| Assets | | |
| Real estate owned - land | $ 207,191 | $ 207,191 |
| Real estate owned - land improvements | 11,028 | 10,932 |
| Real estate owned - buildings | 117,317 | 117,317 |
| Real estate owned - building improvements | 7,397 | 5,280 |
| Real estate owned - furniture and fixtures | 1,637 | 1,462 |
| Real estate owned | 344,570 | 342,182 |
| Less: Accumulated depreciation | (4,568) | (3,587) |
| Real estate owned, net | 340,002 | 338,595 |
| Cash(A) | 16,652 | 2,546 |
| In-place lease intangibles(B) | 50 | 67 |
| Tenant receivables(B) | 612 | 152 |
| Other assets(B) | 5,087 | 2,501 |
| Total | $ 362,403 | $ 343,861 |
| Liabilities | | |
| Unfavorable lease intangibles(C) | 274 | 365 |
| Other liabilities(C) | 7,215 | 4,977 |
| Total | $ 7,489 | $ 5,342 |
| Real estate owned, held for sale | | |
| Assets | | |
| Real estate owned, held for sale | 118,775 | 118,220 |
| In-place lease intangibles | 7,678 | 7,678 |
| Favorable lease intangibles | 2,663 | 2,663 |
| Tenant receivables | 591 | 543 |
| Other assets | 1,888 | 1,084 |
| Total | $ 131,595 | $ 130,188 |
| Liabilities | | |
| Unfavorable lease intangibles | 167 | 167 |
| Other liabilities | 2,803 | 3,700 |
| Total | $ 2,970 | $ 3,867 |
p25 · table 17 · The following table presents the REO operations and related income (loss) included in KREF's Condensed Consolidated Statements of Income:
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| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Rental income | $ 4,246 | $ 1,690 |
| Other operating income | 698 | 1,199 |
| Revenue from REO operations | 4,944 | 2,889 |
| Operating expense | (7,143) | (4,984) |
| Depreciation expense | (979) | (490) |
| Expenses from REO operations | (8,122) | (5,474) |
| Total | $ (3,178) | $ (2,585) |
p26 · table 18 · KKR Real Estate Finance Trust Inc.
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| Asset | Income Statement Location | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Asset | | | |
| In-place lease intangibles | Expenses from real estate owned operations | $ 17 | $ 17 |
| Liability | | | |
| Unfavorable lease intangibles | Revenue from real estate owned operations | 91 | 91 |
p26 · table 19 · The following table presents the amortization of lease intangibles related to REO, held for investment for each of the succeeding fiscal years:
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| Year | In-place Lease Intangible Assets | Unfavorable Lease Intangible Liabilities |
|---|
| 2026 | 50 | 274 |
p26 · table 20 · Future Minimum Lease Payments
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| Year | Contractual Lease Payments |
|---|
| 2026 | $ 7,427 |
| 2027 | 5,079 |
| 2028 | 3,644 |
| 2029 | 2,814 |
| 2030 | 2,266 |
| Thereafter | 5,975 |
p27 · table 21 · Secured Financing Arrangements
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| Item | Current Maturity | Final Stated Maturity(A) | March 31, 2026 Facility Maximum Facility Size | March 31, 2026 Facility Outstanding Principal | March 31, 2026 Facility Carrying Value(B) | March 31, 2026 Facility Weighted Average Funding Cost(C) | March 31, 2026 Collateral Outstanding Principal | March 31, 2026 Collateral Carrying Value | December 31, 2025 Facility Carrying Value(B) |
|---|
| Master Repurchase Agreements | | | | | | | | | |
| Wells Fargo | Sep 2027 | Sep 2029 | $ 600,000 | $ 401,929 | $ 400,877 | 5.5 % | $ 594,000 | $ 590,363 | $ 578,569 |
| Morgan Stanley | Jul 2027 | Jul 2027 | 500,000 | 308,922 | 308,922 | 5.8 | 527,735 | 519,811 | 308,388 |
| Goldman Sachs | Dec 2028 | Dec 2030 | 150,000 | 147,582 | 146,971 | 6.4 | 272,195 | 270,137 | 169,451 |
| Morgan Stanley - GBP/EUR | Nov 2031 | Nov 2032 | 396,765 | 159,547 | 158,737 | 4.8 | 212,729 | 208,709 | 160,725 |
| Term Loan Facility | | | | | | | | | |
| KREF Lending VII(D) | Match-term | Match-term | 1,000,000 | 511,934 | 511,660 | 5.7 | 668,601 | 632,096 | 512,897 |
| Term Lending Agreements | | | | | | | | | |
| KREF Lending IX | Match-term | Match-term | 277,032 | 271,769 | 271,415 | 5.8 | 380,159 | 378,957 | 271,455 |
| KREF Lending XV | Match-term | Match-term | 300,000 | 175,360 | 174,503 | 5.3 | 219,200 | 215,803 | 237,422 |
| KREF Lending XVI | Match-term | Match-term | 100,000 | 100,000 | 99,173 | 5.4 | 125,000 | 122,932 | 99,083 |
| KREF Lending XVII | Match-term | Match-term | 250,000 | 90,352 | 89,256 | 5.3 | 117,177 | 114,484 | 89,178 |
| BMO Facility | Match-term | Match-term | 300,000 | 71,126 | 71,074 | 5.4 | 90,795 | 89,926 | 71,063 |
| KREF Lending XII | Match-term | Match-term | 150,000 | — | — | — | — | — | — |
| Warehouse Facility | | | | | | | | | |
| HSBC Facility | Mar 2028 | Mar 2028 | 250,000 | — | — | — | — | — | — |
| Asset Specific Financing | | | | | | | | | |
| KREF Lending XIII | Aug 2026 | Aug 2027 | 265,625 | 195,198 | 194,891 | 7.0 | 229,644 | 191,802 | 194,678 |
| KREF Lending XI | Jun 2026 | Jun 2026 | 90,000 | 90,000 | 90,000 | 6.4 | 125,000 | 124,901 | 90,000 |
| KREF Lending XIV | Oct 2026 | Oct 2027 | 125,000 | 83,955 | 83,725 | 6.8 | 105,412 | 104,331 | 79,780 |
| Revolving Credit Agreement | | | | | | | | | |
| Revolver(E) | Mar 2030 | Mar 2030 | 700,000 | 200,000 | 200,000 | 5.9 | n.a. | n.a. | — |
| Total / Weighted Average | | | $ 5,454,422 | $ 2,807,674 | $ 2,801,204 | 5.8 % | | | $ 2,862,689 |
p28 · table 22 · KKR Real Estate Finance Trust Inc.
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| Outstanding Principal | Net Counterparty Exposure | Percent of Stockholders' Equity | Weighted Average Life (Years)(A) |
|---|
| March 31, 2026 | | | | |
| Morgan Stanley | $ 740,238 | $ 374,242 | 34.1 % | 1.9 |
| Wells Fargo | 401,929 | 194,108 | 17.7 | 2.2 |
| Goldman Sachs | 147,582 | 125,154 | 11.4 | 0.4 |
| Total / Weighted Average | $ 1,289,749 | $ 693,504 | 63.2 % | 1.8 |
| December 31, 2025 | | | | |
| Morgan Stanley | $ 742,301 | $ 367,560 | 31.3 % | 2.1 |
| Wells Fargo | 579,974 | 249,598 | 21.3 | 1.8 |
| Goldman Sachs | 170,200 | 133,543 | 11.4 | 0.6 |
| Total / Weighted Average | $ 1,492,475 | $ 750,701 | 64.0 % | 1.8 |
p28 · table 23 · Activity
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| Secured Financing Agreements, Net |
|---|
| Balance as of December 31, 2025 | $ 2,862,689 |
| Principal borrowings | 239,677 |
| Principal repayments | (300,147) |
| Deferred debt issuance costs | (676) |
| Amortization of deferred debt issuance costs | 2,559 |
| Loss (gain) on foreign currency translation | (2,898) |
| Balance as of March 31, 2026 | $ 2,801,204 |
p29 · table 24 · Maturities
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| Year | Nonrecourse(A) | Recourse(A)(B) | Total |
|---|
| 2026 | $ 304,851 | $ 32,500 | $ 337,351 |
| 2027 | 1,043,379 | 202,242 | 1,245,621 |
| 2028 | 185,366 | 27,271 | 212,637 |
| 2029 | 114,956 | 38,319 | 153,275 |
| 2030 | 485,905 | 317,457 | 803,362 |
| 2031 | 41,571 | 13,857 | 55,428 |
| Total | $ 2,176,028 | $ 631,646 | $ 2,807,674 |
p30 · table 25 · The following tables outline CLO collateral assets and respective borrowing as of March 31, 2026 and December 31, 2025:
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| March 31, 2026 Facility Wtd. Avg. Term(A) | March 31, 2026 Facility Maximum Facility Size | March 31, 2026 Facility Outstanding Principal | March 31, 2026 Facility Carrying Value | March 31, 2026 Facility Wtd. Avg. Funding Cost(B) | March 31, 2026 Collateral Outstanding Principal | March 31, 2026 Collateral Carrying Value | December 31, 2025 Facility Carrying Value |
|---|
| KREF 2021-FL2 | February 2039 | $ 566,582 | $ 566,582 | $ 566,558 | 5.3 % | $ 771,332 | $ 691,534 | $ 654,964 |
| KREF 2022-FL3 | February 2039 | 499,552 | 499,552 | 499,490 | 5.6 | 652,052 | 650,414 | 543,368 |
| Total | | $ 1,066,134 | $ 1,066,134 | $ 1,066,048 | 5.4 % | $ 1,423,384 | $ 1,341,948 | $ 1,198,332 |
p30 · table 26 · The following table presents the CLO assets and liabilities included in KREF's Condensed Consolidated Balance Sheets:
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| March 31, 2026 | December 31, 2025 |
|---|
| Assets | | |
| Commercial real estate loans, held-for-investment | $ 1,202,641 | $ 1,513,255 |
| Less: Allowance for credit losses | (80,683) | (43,027) |
| Commercial real estate loans, held-for-investment, net | 1,121,958 | 1,470,228 |
| Commercial real estate loan, held-for-sale | 219,990 | — |
| Other assets(A) | 7,374 | 47,804 |
| Total | $ 1,349,322 | $ 1,518,032 |
| Liabilities | | |
| Collateralized loan obligations | $ 1,066,134 | $ 1,198,378 |
| Deferred financing costs | (86) | (46) |
| Collateralized loan obligations, net | 1,066,048 | 1,198,332 |
| Other liabilities | 2,276 | 2,548 |
| Total | $ 1,068,324 | $ 1,200,880 |
p30 · table 27 · The following table presents the components of net interest income of CLOs included in KREF's Condensed Consolidated Statements of Income:
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| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Interest income | $ 25,357 | $ 36,971 |
| Interest expense | 15,235 | 25,058 |
| Net interest income | $ 10,122 | $ 11,913 |
p31 · table 28 · Secured Term Loan
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| March 31, 2026 | December 31, 2025 |
|---|
| Principal | $ 645,125 | $ 646,750 |
| Deferred financing costs | (10,972) | (11,448) |
| Unamortized discount | (2,675) | (2,786) |
| Carrying value | $ 631,478 | $ 632,516 |
p32 · table 29 · The following table presents the assets and liabilities of the consolidated CMBS trusts:
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| March 31, 2026 | December 31, 2025 |
|---|
| Assets | | |
| Commercial real estate loans, at fair value | $ 1,265,973 | $ 502,751 |
| Accrued interest receivable | 6,220 | 2,479 |
| Consolidated variable interest entities assets, CMBS trusts, at fair value | $ 1,272,193 | $ 505,230 |
| Liabilities | | |
| Commercial mortgage-backed securities, at fair value | $ 1,241,901 | $ 493,680 |
| Accrued interest payable | 5,957 | 2,380 |
| Consolidated variable interest entities liabilities, CMBS trusts, at fair value | $ 1,247,858 | $ 496,060 |
p32 · table 30 · The following table presents the change in net assets of the consolidated CMBS trusts:
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| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Net interest income | $ 388 | $ — |
| Unrealized gain (loss) | 51 | — |
| Change in net assets of consolidated variable interest entities, CMBS trusts | $ 439 | $ — |
p33 · table 31 · KKR Real Estate Finance Trust Inc.
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| Geography | March 31, 2026 | December 31, 2025 | Collateral Property Type | March 31, 2026 | December 31, 2025 |
|---|
| New York | 39.8 % | 46.2 % | Retail | 27.7 % | 24.1 % |
| California | 14.8 | 17.4 | Office | 23.4 | 26.6 |
| Arizona | 8.7 | 5.1 | Self-Storage | 15.3 | 1.8 |
| Maryland | 7.2 | 9.9 | Multifamily | 12.5 | 11.7 |
| Oregon | 4.0 | 10.0 | Mixed Use | 10.3 | 13.0 |
| Florida | 3.2 | 1.4 | Co-op | 9.2 | 22.8 |
| North Carolina | 2.8 | 2.2 | Hospitality | 1.1 | — |
| Texas | 2.8 | — | Manufactured Housing | 0.5 | — |
| Pennsylvania | 2.3 | — | Total | 100.0 % | 100.0 % |
| Ohio | 1.7 | 1.0 | | | |
| Wisconsin | 1.6 | — | | | |
| Tennessee | 1.2 | 1.2 | | | |
| Massachusetts | 1.2 | — | | | |
| Virginia | 1.1 | — | | | |
| Missouri | 1.1 | — | | | |
| Other | 6.5 | 5.6 | | | |
| Total | 100.0 % | 100.0 % | | | |
p34 · table 32 · Other Assets and Other Liabilities
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| March 31, 2026 | December 31, 2025 |
|---|
| Other assets | | |
| Restricted cash | $ 1,907 | $ 2,721 |
| Accrued interest receivable | 26,987 | 25,199 |
| Assets related to real estate owned, held for investment | 5,749 | 2,720 |
| Foreign currency forward contracts | 5,591 | — |
| Deferred financing cost, Revolver | 5,540 | 5,887 |
| Loan principal repayments held by a servicer | — | 74,279 |
| Other | 3,787 | 2,043 |
| Total | $ 49,561 | $ 112,849 |
| Other liabilities | | |
| Dividends payable | $ 16,069 | $ 16,092 |
| Accrued interest payable | 14,715 | 12,893 |
| Liabilities related to real estate owned, held for investment | 7,489 | 5,342 |
| Allowance for credit losses on unfunded commitments | 1,655 | 2,201 |
| Foreign currency forward contracts | — | 1,265 |
| Other | 2,206 | 1,676 |
| Total | $ 42,134 | $ 39,469 |
p35 · table 33 · March 31, 2026
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| Derivative Type | Number of Contracts | Notional Amount | Maturity | Weighted Average Maturity (Years) |
|---|
| Forward Contract - EUR | 3 | € 24,145 | September 2028 - November 2029 | 3.1 |
| Forward Contract - GBP | 5 | £ 158,295 | April 2026 - November 2029 | 1.1 |
p35 · table 34 · Outstanding derivative financial instruments as of December 31, 2025
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| Derivative Type | Number of Contracts | Notional Amount | Maturity | Weighted Average Maturity (Years) |
|---|
| Forward Contract - EUR | 2 | € 24,746 | September 2028 - November 2029 | 3.3 |
| Forward Contract - GBP | 2 | £ 28,358 | May 2029 - November 2029 | 3.4 |
p35 · table 35 · Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Income
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| Location of Gain (Loss) Recognized | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Unrealized gain (loss) on derivative instruments | Gain (loss) on foreign currency forward contracts | $ 6,818 | $ — |
| Forward points on derivative instruments(A) | Gain (loss) on foreign currency forward contracts | 35 | — |
| Total | | $ 6,853 | $ — |
p36 · table 36 · Equity Method Investments
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| Equity Method Investments | March 31, 2026 | December 31, 2025 |
|---|
| Equity method investment, real estate asset | $ 96,940 | $ 96,798 |
| Equity method investment, CMBS B-Pieces | 35,438 | 35,424 |
| Equity method investment, unconsolidated entity | 14,912 | 15,110 |
| Total | $ 147,290 | $ 147,332 |
p39 · table 37 · Dividends
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| Declaration Date | Record Date | Payment Date | Amount Per Share | Amount Total |
|---|
| 2026 | | | | |
| March 11, 2026 | March 31, 2026 | April 15, 2026 | $ 0.25 | $ 16,069 |
| 2025 | | | | |
| March 14, 2025 | March 31, 2025 | April 15, 2025 | $ 0.25 | $ 16,956 |
p39 · table 38 · Series A Preferred Stock Dividends
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| Declaration Date | Record Date | Payment Date | Amount Per Share | Amount Total |
|---|
| 2026 | | | | |
| January 30, 2026 | February 27, 2026 | March 13, 2026 | $ 0.41 | $ 5,326 |
| 2025 | | | | |
| January 31, 2025 | February 28, 2025 | March 14, 2025 | $ 0.41 | $ 5,326 |
p40 · table 39 · RSU Activity
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| Restricted Stock Units | Weighted Average Grant Date Fair Value Per RSU(A) |
|---|
| Unvested as of December 31, 2025 | 1,295,796 | $ 10.14 |
| Granted | — | — |
| Vested | — | — |
| Forfeited / cancelled | (32,418) | 11.28 |
| Unvested as of March 31, 2026 | 1,263,378 | $ 10.11 |
p40 · table 40 · Unvested RSUs expected to vest by year
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| Year | Restricted Stock Units |
|---|
| 2026 | 593,028 |
| 2027 | 464,183 |
| 2028 | 206,167 |
| Total | 1,263,378 |
p42 · table 41 · The following table illustrates the computation of basic and diluted EPS for the three months ended March 31, 2026 and 2025:
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| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Earnings | | |
| Net Income (Loss) | (56,140) | $ (4,861) |
| Less: Preferred stock dividends | 5,326 | 5,326 |
| Less: Participating securities' share in earnings | 415 | 363 |
| Net income (loss) attributable to common stockholders, basic and diluted | $ (61,881) | $ (10,550) |
| Shares | | |
| Weighted average common shares outstanding | 64,277,236 | 68,559,765 |
| Add: Weighted average deferred stock units | 395,889 | 206,112 |
| Diluted weighted average common shares outstanding | 64,673,125 | 68,765,877 |
| Net income (loss) attributable to common stockholders, per: | | |
| Basic and diluted common share | $ (0.96) | $ (0.15) |
p45 · table 42 · KKR Real Estate Finance Trust Inc.
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| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Manager | Management fees | $ 5,511 | $ 5,797 |
| Manager | Expense reimbursements | 1,432 | 1,483 |
| KCM | Structuring fees | — | 425 |
| K-Star | Diligence and servicing fees | 55 | — |
| Total | | $ 6,998 | $ 7,705 |
p46 · table 43 · Fair Value of Financial Assets and Liabilities
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| Principal Balance | Amortized Cost | Carrying Value | Fair Value Level 1 | Fair Value Level 2 | Fair Value Level 3 | Fair Value Total |
|---|
| Assets | | | | | | | |
| Cash and cash equivalents | $ 135,437 | $ 135,437 | $ 135,437 | $ 135,437 | $ — | $ — | $ 135,437 |
| Commercial real estate loans, held-for-investment, net | 4,898,951 | 4,885,906 | 4,627,227 | — | — | 4,641,012 | 4,641,012 |
| Commercial real estate loans, held for sale | 219,990 | 219,990 | 219,990 | — | — | 219,990 | 219,990 |
| Consolidated variable interest entities assets, CMBS trusts, at fair value | 1,218,593 | 1,254,366 | 1,265,973 | — | — | 1,265,973 | 1,265,973 |
| Investments in CMBS securities | 26,800 | 26,800 | 26,800 | — | — | 26,800 | 26,800 |
| Foreign currency forward contracts(A) | 5,591 | 5,591 | 5,591 | — | 5,591 | — | 5,591 |
| Total | $ 6,505,362 | $ 6,528,090 | $ 6,281,018 | $ 135,437 | $ 5,591 | $ 6,153,775 | $ 6,294,803 |
| Liabilities | | | | | | | |
| Secured financing agreements, net | $ 2,807,674 | $ 2,801,204 | $ 2,801,204 | $ — | $ — | $ 2,801,204 | $ 2,801,204 |
| Collateralized loan obligations, net | 1,066,134 | 1,066,048 | 1,066,048 | — | — | 1,061,872 | 1,061,872 |
| Secured term loan, net | 645,125 | 631,478 | 631,478 | — | 641,093 | — | 641,093 |
| Consolidated variable interest entities liabilities, CMBS trusts, at fair value | 1,169,320 | 1,230,449 | 1,241,901 | — | — | 1,241,901 | 1,241,901 |
| Total | $ 5,688,253 | $ 5,729,179 | $ 5,740,631 | $ — | $ 641,093 | $ 5,104,977 | $ 5,746,070 |
p46 · table 44 · The carrying values and fair values of KREF's financial assets recorded at fair value on a recurring basis, as well as other financial instruments for which fair value is disclosed, as of December 31, 2025, were as follows:
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| Item | Principal Balance | Amortized Cost | Carrying Value | Fair Value Level 1 | Fair Value Level 2 | Fair Value Level 3 | Fair Value Total |
|---|
| Assets | | | | | | | |
| Cash and cash equivalents | $ 84,617 | $ 84,617 | $ 84,617 | $ 84,617 | $ — | $ — | $ 84,617 |
| Commercial real estate loans, held-for-investment, net | 5,361,863 | 5,347,756 | 5,145,832 | — | — | 5,146,650 | 5,146,650 |
| Consolidated variable interest entity assets, CMBS trust, at fair value | 489,940 | 488,603 | 502,751 | — | — | 502,751 | 502,751 |
| Total | $ 5,936,420 | $ 5,920,976 | $ 5,733,200 | $ 84,617 | $ — | $ 5,649,401 | $ 5,734,018 |
| Liabilities | | | | | | | |
| Secured financing agreements, net | $ 2,871,049 | $ 2,862,689 | $ 2,862,689 | $ — | $ — | $ 2,862,689 | $ 2,862,689 |
| Collateralized loan obligations, net | 1,198,378 | 1,198,332 | 1,198,332 | — | — | 1,189,911 | 1,189,911 |
| Secured term loan, net | 646,750 | 632,516 | 632,516 | — | 651,601 | — | 651,601 |
| Consolidated variable interest entity liabilities, CMBS trust, at fair value | 470,444 | 479,636 | 493,680 | — | — | 493,680 | 493,680 |
| Foreign currency forward contracts(A) | 1,265 | 1,265 | 1,265 | — | 1,265 | — | 1,265 |
| Total | $ 5,187,886 | $ 5,174,438 | $ 5,188,482 | $ — | $ 652,866 | $ 4,546,280 | $ 5,199,146 |
p47 · table 45 · The following table presents the activities of Level 3 financial assets and liabilities recorded at fair value:
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| Consolidated variable interest entities assets, CMBS trusts, at fair value | Consolidated variable interest entities liabilities, CMBS trusts, at fair value | Net |
|---|
| Balance as of December 31, 2025 | $ 505,230 | $ 496,060 | $ 9,170 |
| Purchases and repayments | | | |
| Purchases | 14,950 | — | 14,950 |
| Consolidation of CMBS trust | 751,378 | 751,378 | — |
| Repayments | (565) | (565) | — |
| Gains (losses) included in net income | | | |
| Unrealized gain (loss) included in change in net assets of consolidated variable interest entities, CMBS trusts | (2,541) | (2,592) | 51 |
| Other(A) | 3,741 | 3,577 | 164 |
| Balance as of March 31, 2026 | $ 1,272,193 | $ 1,247,858 | $ 24,335 |
p47 · table 46 · Investments in CMBS Securities activity
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| Item | Investments in CMBS Securities |
|---|
| Balance as of December 31, 2025 | $ — |
| Purchases and repayments | |
| Purchases | 26,800 |
| Repayments | — |
| Gains (losses) included in net income | |
| Unrealized gain (loss) on investments in CMBS securities | — |
| Balance as of March 31, 2026 | $ 26,800 |
p47 · table 47 · Level 3 inputs used to value assets and liabilities
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| Fair Value | Valuation Methodologies | Unobservable Inputs | Weighted Average(A) | Range |
|---|
| Assets | | | | | |
| Commercial real estate loans, held-for-investment | $ 4,641,012 | Discounted cash flow | Discount margin | 3.7% | 2.4% - 5.6% |
| | | Capitalization rate | 8.4% | 5.5% - 11.3% |
| | | Discount rate | 10.8% | 8.8% - 12.5% |
| Consolidated variable interest entities assets, CMBS trusts, at fair value | 1,265,973 | Discounted cash flow | Yield | 6.1% | 4.3%- 33.9% |
| | | Duration (years) | 6.7 | 2.1 - 7.0 |
| Liabilities | | | | | |
| Consolidated variable interest entities liabilities, CMBS trusts, at fair value | $ 1,241,901 | Discounted cash flow | Yield | 6.1% | 4.3% - 33.9% |
| | | Duration (years) | 6.7 | 2.1 - 7.0 |
p52 · table 48 · The following table sets forth the calculation of basic and diluted net income (loss) per share and dividends declared per share
units=(amounts in thousands, except share and per share data) · flavor=stream · camelot_accuracy=93.6 · llm_corrected=True
before — table + bounding box
after — final markdown
| Three Months Ended March 31, 2026 | Three Months Ended December 31, 2025 |
|---|
| Net income (loss) attributable to common stockholders | $ (61,881) | $ (31,989) |
| Weighted-average number of shares of common stock outstanding, basic and diluted | 64,673,125 | 65,442,561 |
| Net income (loss) per share, basic and diluted | $ (0.96) | $ (0.49) |
| Dividends declared per share | $ 0.25 | $ 0.25 |
p53 · table 49 · Reconciliation of GAAP Net Income to Distributable Earnings
units=(amounts in thousands, except share and per share data) · flavor=stream · camelot_accuracy=96.6 · llm_corrected=True
before — table + bounding box
after — final markdown
| Three Months Ended March 31, 2026 | Per Diluted Share(A) | Three Months Ended December 31, 2025 | Per Diluted Share(A) |
|---|
| Net Income (Loss) Attributable to Common Stockholders | $ (61,881) | $ (0.96) | $ (31,989) | $ (0.49) |
| Adjustments | | | | |
| Non-cash equity compensation expense | 1,808 | 0.03 | 1,485 | 0.02 |
| Depreciation and amortization | 1,358 | 0.02 | 1,167 | 0.02 |
| Unrealized (gain) loss on investments | (164) | — | (47) | — |
| Unrealized (gain) loss on foreign currency translation | 5,377 | 0.08 | (1,190) | (0.02) |
| Unrealized (gain) loss on foreign currency forward contracts | (6,853) | (0.11) | 1,305 | 0.02 |
| Provision for credit losses, net | 73,541 | 1.14 | 43,686 | 0.67 |
| Distributable Earnings before realized losses | $ 13,186 | $ 0.20 | $ 14,417 | $ 0.22 |
| Realized loss on loan write-off | (17,292) | (0.27) | — | — |
| Distributable Earnings (Loss) | $ (4,106) | $ (0.06) | $ 14,417 | $ 0.22 |
| Diluted weighted average common shares outstanding | 64,673,125 | | 65,442,561 | |
p53 · table 50 · Book Value Per Share
units=(amounts in thousands, except share and per share data) · flavor=stream · camelot_accuracy=97.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| March 31, 2026 | December 31, 2025 |
|---|
| KKR Real Estate Finance Trust Inc. stockholders' equity | $ 1,095,644 | $ 1,172,550 |
| Series A preferred stock (liquidation preference of $25.00 per share) | (327,750) | (327,750) |
| Common stockholders' equity | $ 767,894 | $ 844,800 |
| Shares of common stock issued and outstanding at period end | 64,275,643 | 64,367,737 |
| Add: Deferred stock units | 395,889 | 395,889 |
| Total shares outstanding at period end | 64,671,532 | 64,763,626 |
| Book value per share | $ 11.87 | $ 13.04 |
p55 · table 51 · Quarterly Loan Activity
units=(amounts in thousands) · flavor=stream · camelot_accuracy=97.4 · llm_corrected=True
before — table + bounding box
after — final markdown
| Three Months Ended March 31, 2026 | Three Months Ended December 31, 2025 | Three Months Ended September 30, 2025 | Three Months Ended June 30, 2025 |
|---|
| Loan originations | $ 179,694 | $ 424,403 | $ 131,850 | $ 210,650 |
| Loan fundings | $ 197,895 | $ 425,722 | $ 84,149 | $ 230,232 |
| Loan repayments | (415,372) | (379,936) | (479,658) | (450,053) |
| Net fundings | (217,477) | 45,786 | (395,509) | (219,821) |
| Payment-in-kind ("PIK") interest | — | 322 | 410 | 369 |
| Net write-offs | (17,292) | — | (14,394) | (20,434) |
| Transfer to REO | — | — | (71,081) | (91,766) |
| Gain (loss) on foreign currency translation | (8,151) | 5,344 | — | — |
| Total activity | $ (242,920) | $ 51,452 | $ (480,574) | $ (331,652) |
p55 · table 52 · The following table details overall statistics for our loan portfolio as of March 31, 2026 (amounts in thousands):
units=(none) · flavor=stream · camelot_accuracy=90.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| Outstanding Principal Total | Outstanding Principal Floating Rate Loans | Outstanding Principal Fixed Rate Loans(A) |
|---|
| Number of loans(B) | 51 | 51 | — |
| Principal balance | $ 5,118,941 | $ 5,044,541 | $ 74,400 |
| Amortized cost | 5,105,896 | 5,031,496 | 74,400 |
| Unfunded loan commitments | 379,593 | 374,593 | 5,000 |
| Weighted average cash coupon(C) | 7.0 % | + 3.3 % | * |
| Weighted average all-in yield(C) | 7.2 % | + 3.6 % | * |
| Weighted average maximum maturity (years)(D) | 1.7 | 1.7 | 0.3 |
| Weighted average LTV(E) | 66 % | 66 % | n.a. |
p56 · table 53 · The table below sets forth additional information relating to our portfolio as of March 31, 2026 (amounts in millions):
units=(none) · flavor=stream · camelot_accuracy=99.3 · llm_corrected=True
before — table + bounding box
after — final markdown
| # | Investment(A) | Location | Property Type | Investment Date | Total Whole Loan(B) | Committed Principal/Investment Amount | Outstanding Principal/Investment Amount | Net Equity(C) | Coupon(D)(E) | Max Remaining Term (Years)(D)(F) | Loan/Investment Per SF / Unit / Key(G) | Origination LTV(D)(H) | Risk Rating |
|---|
| Senior Loans | | | | | | | | | | | | |
| 1 | Senior Loan | Boston, MA | Life Science | 8/3/2022 | $ 312.5 | $ 312.5 | $ 229.6 | $ 34.1 | + 4.2% | 1.4 | $747 / SF | n.a. | 5 |
| 2 | Senior Loan | Various, U.S. | Industrial | 4/28/2022 | 504.5 | 252.3 | 252.3 | 64.1 | + 2.7 | 1.1 | $98 / SF | 64 | 3 |
| 3 | Senior Loan | Bronx, NY | Industrial | 8/27/2021 | 381.2 | 228.7 | 217.2 | 58.0 | + 10.5 | 0.2 | $277 / SF | 52 | 3 |
| 4 | Senior Loan | Los Angeles, CA | Multifamily | 2/19/2021 | 220.0 | 220.0 | 220.0 | 54.8 | + 2.9 | — | $410,430 / unit | 68 | 3 |
| 5 | Senior Loan | Minneapolis, MN | Office | 11/13/2017 | 199.4 | 199.4 | 194.4 | 102.0 | + 2.3 | 0.3 | $182 / SF | n.a. | 5 |
| 6 | Senior Loan | Washington, D.C. | Office | 11/9/2021 | 181.0 | 181.0 | 180.5 | 72.2 | + 3.4 | 1.7 | $506 / SF | 55 | 3 |
| 7 | Senior Loan | Various, United Kingdom | Industrial | 3/5/2026 | 427.4 | 179.7 | 173.6 | 171.8 | + 2.6 | 5.1 | $73 / SF | 72 | 3 |
| 8 | Senior Loan | West Palm Beach, FL | Multifamily | 12/29/2021 | 171.5 | 171.5 | 171.4 | 42.5 | + 2.8 | 0.8 | $211,091 / unit | 73 | 2 |
| 9 | Senior Loan | Boston, MA | Life Science | 4/27/2021 | 332.3 | 166.2 | 164.1 | 66.2 | + 3.7 | — | $681 / SF | n.a. | 5 |
| 10 | Senior Loan | Redwood City, CA | Life Science | 9/30/2022 | 580.9 | 145.2 | 105.4 | 21.3 | + 4.5 | 1.5 | $886 / SF | 53 | 3 |
| 11 | Senior Loan | Various, United Kingdom | Industrial | 11/19/2025 | 462.7 | 138.8 | 138.8 | 33.5 | + 2.8 | 4.6 | $145 / SF | 75 | 3 |
| 12 | Senior Loan | Plano, TX | Office | 2/6/2020 | 137.8 | 137.8 | 134.8 | 35.3 | + 4.1 | 0.4 | $186 / SF | 64 | 3 |
| 13 | Senior Loan | Raleigh, NC | Industrial | 6/24/2025 | 407.6 | 125.0 | 125.0 | 24.1 | + 2.4 | 4.3 | $152 / SF | 71 | 3 |
| 14 | Senior Loan | Arlington, VA | Multifamily | 1/20/2022 | 119.3 | 119.3 | 119.3 | 28.9 | + 3.1 | 0.9 | $397,644 / unit | 65 | 3 |
| 15 | Senior Loan | San Diego, CA | Multifamily | 10/20/2021 | 115.7 | 115.7 | 115.4 | 45.5 | + 3.7 | 0.6 | $499,500 / unit | n.a. | 5 |
| 16 | Senior Loan | Philadelphia, PA | Office | 6/19/2018 | 114.3 | 114.3 | 114.3 | 31.4 | + 2.8 | 0.9 | $117 / SF | 71 | 4 |
| 17 | Senior Loan | Dallas, TX | Office | 11/7/2025 | 228.2 | 114.1 | 94.1 | 19.6 | + 3.2 | 4.6 | $373 / SF | 52 | 3 |
| 18 | Senior Loan | Pittsburgh, PA | Student Housing | 6/8/2021 | 112.5 | 112.5 | 112.5 | 25.3 | + 3.0 | 0.2 | $155,602 / unit | 74 | 2 |
| 19 | Senior Loan | Chicago, IL | Office | 7/15/2019 | 105.0 | 105.0 | 90.7 | 53.8 | + 2.3 | 2.4 | $87 / SF | 59 | 4 |
| 20 | Senior Loan | Las Vegas, NV | Multifamily | 12/28/2021 | 101.1 | 101.1 | 101.1 | 25.1 | + 2.8 | 0.8 | $191,460 / unit | 61 | 3 |
| 21 | Senior Loan | Washington, D.C. | Office | 1/13/2022 | 228.5 | 100.0 | 100.0 | 15.1 | + 3.3 | 1.9 | $365 / SF | 55 | 3 |
| 22 | Senior Loan | Cambridge, MA | Life Science | 12/22/2021 | 341.3 | 98.4 | 64.1 | 14.2 | + 3.7 | 4.8 | $912 / SF | 51 | 3 |
| 23 | Senior Loan | Various, U.S. | Industrial | 6/15/2022 | 195.2 | 97.6 | 83.4 | 21.4 | + 2.9 | 1.3 | $96 / SF | 51 | 3 |
| 24 | Senior Loan | Cary, NC | Multifamily | 11/21/2022 | 95.3 | 95.3 | 95.3 | 22.6 | + 3.4 | 1.7 | $244,275 / unit | 63 | 3 |
| 25 | Senior Loan | Jersey City, NJ | Multifamily | 10/9/2025 | 190.0 | 95.0 | 95.0 | 18.2 | + 2.5 | 4.5 | $455,635 / unit | 76 | 3 |
| 26 | Senior Loan | Orlando, FL | Multifamily | 12/14/2021 | 94.9 | 94.9 | 94.9 | 24.6 | + 3.1 | 0.8 | $250,396 / unit | 74 | 3 |
| 27 | Senior Loan | Boston, MA | Industrial | 6/28/2022 | 259.4 | 90.9 | 90.8 | 19.3 | + 2.7 | 2.3 | $195 / SF | 52 | 3 |
| 28 | Senior Loan | San Carlos, CA | Life Science | 2/1/2022 | 139.7 | 89.1 | 66.2 | 27.7 | + 1.0 | 1.6 | $452 / SF | 68 | 3 |
| 29 | Senior Loan | Brisbane, CA | Life Science | 7/22/2021 | 88.3 | 88.3 | 80.8 | 24.0 | + 3.4 | 2.4 | $698 / SF | 71 | 3 |
| 30 | Senior Loan | North Palm Beach, FL | Multifamily | 5/22/2025 | 85.7 | 85.7 | 85.4 | 16.5 | + 2.3 | 4.2 | $341,600 / unit | 72 | 3 |
| 31 | Senior Loan | Various, U.S. | Multifamily | 1/31/2025 | 142.2 | 85.3 | 85.1 | 21.5 | + 3.0 | 3.9 | $214,211 / unit | 70 | 3 |
| 32 | Senior Loan | Various, Europe | Hospitality | 12/2/2025 | 351.1 | 77.9 | 73.9 | 17.8 | + 3.0 | 4.9 | $70,861 / key | 70 | 3 |
| 33 | Senior Loan | Philadelphia, PA | Mixed Use | 6/28/2024 | 77.7 | 77.7 | 24.4 | 24.4 | + 4.0 | 3.3 | $75 / SF | 72 | 3 |
| 34 | Senior Loan | Brandon, FL | Multifamily | 1/13/2022 | 76.7 | 76.7 | 73.8 | 24.1 | + 3.1 | 0.9 | $189,240 / unit | 75 | 3 |
| 35 | Senior Loan | Nashville, TN | Hospitality | 1/6/2025 | 75.8 | 75.8 | 75.0 | 14.6 | + 3.3 | 3.8 | $326,087 / key | 64 | 3 |
| 36 | Senior Loan | Delray Beach, FL | Multifamily | 3/26/2025 | 73.0 | 73.0 | 73.0 | 14.2 | + 2.3 | 4.0 | $257,042 / unit | 71 | 3 |
p57 · table 54 · Investment Portfolio Summary
units=(none) · flavor=stream · camelot_accuracy=98.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| # | Investment(A) | Location | Property Type | Investment Date | Total Whole Loan(B) | Committed Principal/Investment Amount | Outstanding Principal/Investment Amount | Net Equity(C) | Coupon(D)(E) | Max Remaining Term (Years)(D)(F) | Loan/Investment Per SF / Unit / Key(G) | Origination LTV(D)(H) | Risk Rating | |
|---|
| 37 | Senior Loan | Melville, NY | Multifamily | 7/25/2025 | 142.1 | 71.1 | 22.2 | 7.3 | + 3.9 | 4.4 | $475,251 / unit | 55 | 3 | |
| 38 | Senior Loan | Hollywood, FL | Multifamily | 12/20/2021 | 71.0 | 71.0 | 71.0 | 17.1 | + 2.8 | 0.8 | $287,449 / unit | 74 | 3 | |
| 39 | Senior Loan | Denver, CO | Multifamily | 9/14/2021 | 70.3 | 70.3 | 70.3 | 16.3 | + 2.8 | 0.5 | $290,496 / unit | 78 | 3 | |
| 40 | Senior Loan | Charlotte, NC | Multifamily | 12/14/2021 | 65.3 | 65.3 | 63.0 | 14.7 | + 3.1 | 0.8 | $171,125 / unit | 74 | 3 | |
| 41 | Senior Loan | Plano, TX | Multifamily | 3/31/2022 | 63.3 | 63.3 | 63.3 | 30.1 | + 2.8 | 1.4 | $238,000 / unit | 75 | 3 | |
| 42 | Senior Loan | Dallas, TX | Multifamily | 8/18/2021 | 63.1 | 63.1 | 63.1 | 15.6 | + 3.9 | 0.4 | $175,278 / unit | 70 | 3 | |
| 43 | Senior Loan | Atlanta, GA | Multifamily | 9/16/2025 | 60.8 | 60.8 | 60.8 | 11.7 | + 2.4 | 4.5 | $211,847 / unit | 67 | 3 | |
| 44 | Senior Loan | Durham, NC | Multifamily | 12/15/2021 | 59.5 | 59.5 | 58.2 | 24.1 | + 2.8 | 1.8 | $168,700 / unit | 67 | 3 | |
| 45 | Senior Loan | San Antonio, TX | Multifamily | 4/20/2022 | 57.6 | 57.6 | 56.4 | 15.3 | + 2.7 | 1.1 | $164,950 / unit | 79 | 3 | |
| 46 | Senior Loan | Sharon, MA | Multifamily | 12/1/2021 | 51.9 | 51.9 | 51.9 | 12.1 | + 2.9 | 0.7 | $270,443 / unit | 70 | 3 | |
| 47 | Senior Loan | Atlanta, GA | Multifamily | 12/10/2021 | 51.4 | 51.4 | 51.4 | 13.0 | + 3.0 | 0.8 | $170,197 / unit | 67 | 3 | |
| 48 | Senior Loan | Reno, NV | Industrial | 4/28/2022 | 140.4 | 50.5 | 50.5 | 11.5 | + 2.7 | 1.1 | $117 / SF | 74 | 3 | |
| 49 | Senior Loan | Carrollton, TX | Multifamily | 4/1/2022 | 43.7 | 43.7 | 43.7 | 20.7 | + 2.9 | 0.2 | $136,478 / unit | 74 | 4 | |
| 50 | Senior Loan | Dallas, TX | Multifamily | 4/1/2022 | 42.4 | 42.4 | 42.4 | 20.4 | + 2.9 | 0.1 | $119,144 / unit | 73 | 3 | |
| 51 | Senior Loan | Georgetown, TX | Multifamily | 12/16/2021 | 35.2 | 35.2 | 35.2 | 8.8 | + 3.4 | 0.8 | $167,381 / unit | 68 | 4 | |
| Total/Weighted Average Senior Loans Unlevered | | | | | $ 8,747.6 | $ 5,498.5 | $ 5,118.9 | $ 1,568.1 | + 3.4% | 1.7 | | 66 % | 3.3 |
| Real Estate Assets | | | | | | | | | | | | | |
| 1 | Real Estate Owned | Mountain View, CA | Office | 6/28/2024 | n.a. | $ 122.6 | $ 122.6 | $ 122.6 | n.a. | n.a. | $396 / SF | n.a. | | |
| 2 | Equity Method Investment(I) | Seattle, WA | Life Science | 6/28/2024 | n.a. | 96.9 | 96.9 | 55.9 | n.a. | n.a. | $610 / SF | n.a. | | |
| 3 | Real Estate Owned | West Hollywood, CA | Condo | 4/15/2025 | n.a. | 95.4 | 95.4 | 40.4 | n.a. | n.a. | $2,578,378 / unit | n.a. | | |
| 4 | Real Estate Owned | Portland, OR | Retail / Redevelopment | 12/16/2021 | n.a. | 94.8 | 94.8 | 94.8 | n.a. | n.a. | n.a. | n.a. | | |
| 5 | Real Estate Owned | Raleigh, NC | Multifamily | 8/12/2025 | n.a. | 71.9 | 71.9 | 31.9 | n.a. | n.a. | $224,688 / unit | n.a. | | |
| 6 | Real Estate Owned | Philadelphia, PA | Office | 12/22/2023 | n.a. | 23.4 | 23.4 | 23.4 | n.a. | n.a. | $111 / SF | n.a. | | |
| Total/Weighted Average Real Estate Assets | | | | | $ 505.0 | $ 505.0 | $ 368.9 | | | | | | |
| CMBS Investments | | | | | | | | | | | | | |
| 1 | Equity Method Investment(J) | Various, U.S. | Various | 2/13/2017 | n.a. | $ 40.0 | $ 35.4 | $ 35.4 | 4.7% | 3.2 | | 58 % | | |
| 2 | CMBS B-Pieces | Various, U.S. | Various | 3/12/2026 | n.a. | 15.1 | 15.1 | 15.1 | 6.1 | 9.7 | | 50 | | |
| 3 | CMBS Investment | Kailua-Kona, HI | Hospitality | 3/17/2026 | n.a. | 14.0 | 14.0 | 14.0 | + 5.8 | 6.8 | | 55 | | |
| 4 | CMBS Investment | Dallas, TX | Mixed Use | 2/20/2026 | n.a. | 12.8 | 12.8 | 12.8 | + 6.8 | 6.7 | | 62 | | |
| 5 | CMBS B-Pieces | Various, U.S. | Various | 6/18/2025 | n.a. | 9.2 | 9.2 | 9.2 | 5.9 | 9.0 | | 42 | | |
| Total/Weighted Average CMBS Investments | | | | | $ 91.1 | $ 86.5 | $ 86.5 | 5.5% | 6.0 | | 55 % | | |
| Other Investments | | | | | | | | | | | | | |
| 1 | Equity Method Investment(K) | Various, Europe | Industrial | 10/10/2025 | n.a. | 14.9 | 14.9 | 14.9 | n.a. | n.a. | | n.a. | | |
| Total/Weighted Average Other Investments | | | | | $ 14.9 | $ 14.9 | $ 14.9 | | | | | | |
| Grand Total / Weighted Average | | | | | $ 6,109.5 | $ 5,725.4 | $ 2,038.5 | 7.0% | 1.8 | | 66 % | 3.3 | |
p59 · table 55 · Risk Rating by Loan Portfolio - March 31, 2026 vs December 31, 2025
units=(none) · flavor=stream · camelot_accuracy=97.6 · llm_corrected=True
before — table + bounding box
after — final markdown
| Risk Rating | Number of Loans(A) | Carrying Value | Outstanding Principal | Outstanding Principal % | Number of Loans(A) | Carrying Value | Outstanding Principal | Outstanding Principal % |
|---|
| 1 | — | $ — | $ — | — % | — | $ — | $ — | — % |
| 2 | 2 | 283,870 | 283,906 | 6 | 2 | 283,816 | 283,906 | 5 |
| 3 | 41 | 3,838,553 | 3,847,751 | 74 | 46 | 4,405,274 | 4,415,095 | 82 |
| 4 | 4 | 284,547 | 283,774 | 6 | 1 | 90,671 | 90,671 | 2 |
| 5 | 4 | 698,926 | 703,510 | 14 | 4 | 567,995 | 572,191 | 11 |
| Total loan receivable | 51 | $ 5,105,896 | $ 5,118,941 | 100 % | 53 | $ 5,347,756 | $ 5,361,863 | 100 % |
| Allowance for credit losses | | (258,679) | | | | (201,924) | | |
| Loan receivable, net | | $ 4,847,217 | | | | $ 5,145,832 | | |
p60 · table 56 · The following table summarizes our financing agreements
units=(amounts in thousands) · flavor=stream · camelot_accuracy=95.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| Non-/Mark-to-Market | Maximum Facility Size(A) | March 31, 2026 Borrowings Outstanding Principal | March 31, 2026 Borrowings Available(B) | March 31, 2026 Collateral Outstanding Principal | December 31, 2025 Borrowings Outstanding Principal |
|---|
| Master Repurchase Agreements | Mark-to-Credit | $ 1,646,765 | $ 1,017,980 | $ 11,331 | $ 1,606,659 | $ 1,220,707 |
| Collateralized Loan Obligations | Non-Mark-to-Market | 1,066,134 | 1,066,134 | — | 1,423,384 | 1,198,378 |
| Term Lending Agreements | Non-Mark-to-Market | 1,377,032 | 708,607 | 4,454 | 932,331 | 771,823 |
| Term Loan Facility | Non-Mark-to-Market | 1,000,000 | 511,934 | 1,820 | 668,601 | 513,202 |
| Warehouse Facility | Non-Mark-to-Market | 250,000 | — | — | — | — |
| Asset Specific Financing | Non-Mark-to-Market | 480,625 | 369,153 | 374 | 460,056 | 365,318 |
| Revolver | Non-Mark-to-Market | 700,000 | 200,000 | 500,000 | n.a. | — |
| Secured Term Loan | Non-Mark-to-Market | 645,125 | 645,125 | — | n.a. | 646,750 |
| Total leverage | | $ 7,165,681 | $ 4,518,933 | $ 517,979 | | $ 4,716,178 |
p65 · table 57 · Three Months Ended March 31, 2026 Compared to Three Months Ended December 31, 2025
units=(amounts in thousands, except per share data) · flavor=stream · camelot_accuracy=98.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| Line Item | March 31, 2026 | December 31, 2025 | Dollars | Percentage |
|---|
| Net Interest Income | | | | |
| Interest income | $ 95,906 | $ 101,341 | $ (5,435) | (5) % |
| Interest expense | 69,717 | 75,549 | (5,832) | (8) |
| Total net interest income | 26,189 | 25,792 | 397 | 2 |
| Other Income | | | | |
| Revenue from real estate owned operations | 4,944 | 4,866 | 78 | 2 |
| Income (loss) from equity method investments | 657 | 413 | 244 | 59 |
| Change in net assets of consolidated variable interest entities, CMBS trusts | 439 | 342 | 97 | 28 |
| Gain (loss) on foreign currency translation | (5,377) | 1,190 | (6,567) | (552) |
| Gain (loss) on foreign currency forward contracts | 6,853 | (1,265) | 8,118 | 642 |
| Other miscellaneous income | 894 | 1,302 | (408) | (31) |
| Total other income | 8,410 | 6,848 | 1,562 | 23 |
| Operating Expenses | | | | |
| Provision for credit losses, net | 73,541 | 43,686 | 29,855 | 68 |
| Expenses from real estate owned operations | 8,122 | 6,721 | 1,401 | 21 |
| Management fee to related parties | 5,511 | 5,524 | (13) | — |
| General and administrative | 4,584 | 3,804 | 780 | 21 |
| Total operating expenses | 91,758 | 59,735 | 32,023 | 54 |
| Income (Loss) Before Income Taxes | (57,159) | (27,095) | (30,064) | 111 |
| Income tax expense | — | (156) | 156 | 100 |
| Net Income (Loss) | (57,159) | (26,939) | (30,220) | 112 |
| Net income (loss) attributable to noncontrolling interests | (1,019) | (697) | (322) | (46) |
| Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries | (56,140) | (26,242) | (29,898) | 114 |
| Preferred stock dividends | 5,326 | 5,326 | — | — |
| Participating securities' share in earnings | 415 | 421 | (6) | (1) |
| Net Income (Loss) Attributable to Common Stockholders | $ (61,881) | $ (31,989) | $ (29,892) | 93 |
| Net Income (Loss) Per Share of Common Stock | | | | |
| Basic and Diluted | $ (0.96) | $ (0.49) | $ (0.47) | 96 |
| Weighted Average Number of Shares of Common Stock Outstanding | | | | |
| Basic and Diluted | 64,673,125 | 65,442,561 | (769,436) | (1) |
| Dividends Declared per Share of Common Stock | $ 0.25 | $ 0.25 | $ — | — |
p67 · table 58 · Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
units=(amounts in thousands, except per share data) · flavor=stream · camelot_accuracy=99.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| Item | 2026 | 2025 | Dollars | Percentage |
|---|
| Net Interest Income | | | | |
| Interest income | $ 95,906 | $ 113,967 | $ (18,061) | (16) % |
| Interest expense | 69,717 | 82,626 | (12,909) | (16) |
| Total net interest income | 26,189 | 31,341 | (5,152) | (16) |
| Other Income | | | | |
| Revenue from real estate owned operations | 4,944 | 2,889 | 2,055 | 71 |
| Income (loss) from equity method investments | 657 | (201) | 858 | 427 |
| Change in net assets of consolidated variable interest entities, CMBS trusts | 439 | — | 439 | 100 |
| Gain (loss) on foreign currency translation | (5,377) | — | (5,377) | 100 |
| Gain (loss) on foreign currency forward contracts | 6,853 | — | 6,853 | 100 |
| Other miscellaneous income | 894 | 1,187 | (293) | (25) |
| Total other income | 8,410 | 3,875 | 4,535 | 117 |
| Operating Expenses | | | | |
| Provision for credit losses, net | 73,541 | 24,863 | 48,678 | 196 |
| Expenses from real estate owned operations | 8,122 | 5,474 | 2,648 | 48 |
| Management fee to related parties | 5,511 | 5,797 | (286) | (5) |
| General and administrative | 4,584 | 4,831 | (247) | (5) |
| Total operating expenses | 91,758 | 40,965 | 50,793 | 124 |
| Income (Loss) Before Income Taxes | (57,159) | (5,749) | (51,410) | 894 |
| Income tax expense | — | — | — | — |
| Net Income (Loss) | (57,159) | (5,749) | (51,410) | 894 |
| Net income (loss) attributable to noncontrolling interests | (1,019) | (888) | (131) | (15) |
| Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries | (56,140) | (4,861) | (51,279) | 1,055 |
| Preferred stock dividends | 5,326 | 5,326 | — | — |
| Participating securities' share in earnings | 415 | 363 | 52 | 14 |
| Net Income (Loss) Attributable to Common Stockholders | $ (61,881) | $ (10,550) | $ (51,331) | (487) |
| Net Income (Loss) Per Share of Common Stock | | | | |
| Basic and Diluted | $ (0.96) | $ (0.15) | $ (0.81) | (540) |
| Weighted Average Number of Shares of Common Stock Outstanding | | | | |
| Basic and Diluted | 64,673,125 | 68,765,877 | (4,092,752) | (6) |
| Dividends Declared per Share of Common Stock | $ 0.25 | $ 0.25 | $ — | — |
p70 · table 59 · Debt-to-Equity Ratio and Total Leverage Ratio
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| March 31, 2026 | December 31, 2025 |
|---|
| Debt-to-equity ratio(A) | 2.2x | 2.2x |
| Total leverage ratio(B) | 4.0x | 3.9x |
p70 · table 60 · Sources of Liquidity
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| March 31, 2026 | December 31, 2025 |
|---|
| Cash and cash equivalents | $ 135,437 | $ 84,617 |
| Available borrowings under revolving credit agreement | 500,000 | 700,000 |
| Available borrowings under financing arrangements | 17,978 | 27,662 |
| Loan principal repayments held by a servicer(A) | — | 74,279 |
| Total | $ 653,415 | $ 886,558 |
p70 · table 61 · Cash Flow Summary
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| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Cash Flows From Operating Activities | $ 13,144 | $ 15,916 |
| Cash Flows From Investing Activities | 249,472 | (220,466) |
| Cash Flows From Financing Activities | (212,610) | 205,347 |
| Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | $ 50,006 | $ 797 |
p71 · table 62 · Interest Received/Paid - Three Months Ended March 31, 2026 and 2025
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| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Interest Received: | | |
| Senior Loans | 89,693 | 110,907 |
| Net assets of consolidated variable interest entity, CMBS trusts | 371 | — |
| Total | 90,064 | 110,907 |
| Interest paid: | | |
| Senior Loans | 64,351 | 84,721 |
| Net interest collections | $ 25,713 | $ 26,186 |
p71 · table 63 · Our net interest collections were partially offset by cash used to pay management fees, as follows (amounts in thousands):
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| Item | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Management Fees to related parties | $ 5,524 | $ 5,919 |
p72 · table 64 · Contractual Obligations and Commitments
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| Item | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | Thereafter |
|---|
| Master Repurchase Facilities(A) | $ 1,017,980 | $ 319,785 | $ 385,374 | $ 312,821 | $ — |
| Term Lending Agreements(A) | 708,607 | 65,315 | 277,580 | 365,712 | — |
| Warehouse Facility | — | — | — | — | — |
| Term Loan Facility | 511,934 | 117,352 | 261,050 | 133,532 | — |
| Asset Specific Facility | 369,153 | 90,000 | 279,153 | — | — |
| Revolver(B) | 200,000 | 200,000 | — | — | — |
| Total secured financing agreements | 2,807,674 | 792,452 | 1,203,157 | 812,065 | — |
| Collateralized Loan Obligations | 1,066,134 | — | — | — | 1,066,134 |
| Secured Term Loan | 645,125 | 6,500 | 13,000 | 13,000 | 612,625 |
| Interest payable(C) | 767,936 | 222,359 | 279,264 | 218,624 | 47,689 |
| Future funding obligations(D) | 379,593 | 256,015 | 123,578 | — | — |
| Equity method investment, CMBS B-Pieces | 4,324 | 4,324 | — | — | — |
| Total | $ 5,670,786 | $ 1,281,650 | $ 1,618,999 | $ 1,043,689 | $ 1,726,448 |
p76 · table 65 · The following table outlines our assets and liabilities that are denominated in a foreign currency
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| March 31, 2026 EUR | March 31, 2026 GBP |
|---|
| Foreign currency assets | € 62,435 | £ 247,199 |
| Foreign currency liabilities | (37,679) | (89,889) |
| Foreign currency contracts - notional | (24,145) | (158,295) |
| Net exposure to foreign exchange rate movements | € 611 | £ (985) |
| Net exposure to foreign exchange rate movements in USD | $ 706 | $ (1,302) |
p78 · table 66 · Stock Purchases
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| Period Beginning | Period Ending | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced program | Amounts paid for shares purchased as part of publicly announced program | Approximate dollar value of shares that may yet be purchased under the program |
|---|
| January 1, 2026 | January 31, 2026 | 92,094 | $ 8.25 | 11,566,669 | $ 759 | $ 45,974 |
| February 1, 2026 | February 28, 2026 | — | — | 11,566,669 | — | 45,974 |
| March 1, 2026 | March 31, 2026 | — | — | 11,566,669 | — | 45,974 |
| Total/Average | | 92,094 | $ 8.25 | | $ 759 | |
p79 · table 67 · ITEM 6. EXHIBITS
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| Exhibit Number | Exhibit Description |
|---|
| 10.1 | Fifth Amendment to Guaranty Agreement, effective as of March 31, 2026, between KKR Real Estate Finance Holdings L.P. and Morgan Stanley Bank, N.A. |
| 10.2 | Fourth Amendment to Guaranty Agreement, effective as of March 31, 2026, between KKR Real Estate Finance Holdings L.P. and Morgan Stanley Bank, N.A. (as the assignee of all the rights and obligations of MUFG Bank Ltd. under the Program Documents). |
| 10.3 | Eleventh Amendment, dated as of March 31, 2026, to the Credit Agreement among KREF Holdings X LLC, KKR Real Estate Finance Holdings L.P., the lenders party thereto and Morgan Stanley Senior Funding Inc., as administrative agent. |
| 10.4 | Amendment No. 9 to Guarantee Agreement, dated as of March 31, 2026 between Wells Fargo Bank, National Association and KKR Real Estate Finance Holdings L.P. |
| 31.1 | Certificate of Matthew A. Salem, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2 | Certificate of Kendra L. Decious, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1 | Certificate of Matthew A. Salem, Chief Executive Officer, pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
| 32.2 | Certificate of Kendra L. Decious, Chief Financial Officer, pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101. |