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-focused.pdf

15 tables

p1 · table 1 · Concentration of Credit Risk

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Geography(A)March 31, 2026December 31, 2025
California17.6 %16.6 %
Massachusetts11.811.9
Florida11.410.9
Texas10.912.0
North Carolina6.76.4
United Kingdom6.42.9
Washington D.C.5.55.2
Pennsylvania4.94.7
New York4.84.5
Minnesota3.83.6
Nevada3.02.8
Virginia2.32.2
Georgia2.22.1
New Jersey1.91.9
Illinois1.81.7
Tennessee1.51.4
Colorado1.41.3
Other U.S.1.10.8
Other Europe1.01.1
Washington—4.2
Arizona—1.8
Total100.0 %100.0 %

p1 · table 2 · Collateral Property Type

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Collateral Property Type(A)March 31, 2026December 31, 2025
Multifamily40.6 %40.3 %
Industrial22.117.9
Office17.822.8
Life Science13.913.7
Hospitality2.92.8
Student Housing2.22.1
Mixed Use0.50.4
Total100.0 %100.0 %

p2 · table 3 · Concentration of Credit Risk

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GeographyMarch 31, 2026December 31, 2025
New York39.8 %46.2 %
California14.817.4
Arizona8.75.1
Maryland7.29.9
Oregon4.010.0
Florida3.21.4
North Carolina2.82.2
Texas2.8—
Pennsylvania2.3—
Ohio1.71.0
Wisconsin1.6—
Tennessee1.21.2
Massachusetts1.2—
Virginia1.1—
Missouri1.1—
Other6.55.6
Total100.0 %100.0 %

p2 · table 4 · Concentration of Credit Risk

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Collateral Property TypeMarch 31, 2026December 31, 2025
Retail27.7 %24.1 %
Office23.426.6
Self-Storage15.31.8
Multifamily12.511.7
Mixed Use10.313.0
Co-op9.222.8
Hospitality1.1—
Manufactured Housing0.5—
Total100.0 %100.0 %

p3 · table 5 · KKR Real Estate Finance Trust Inc. and Subsidiaries

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ItemThree Months Ended March 31, 2026Three 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 discounts3,5443,083
Loss (income) from equity method investments495882
Change in net assets of consolidated variable interest entities, CMBS trusts(153)—
Provision for credit losses, net73,54124,863
Depreciation and amortization979490
Stock-based compensation expense1,8082,127
Loss (gain) on foreign currency translation5,377—
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 payable1,807(5,178)
Due to related parties(997)(122)
Other liabilities3,1871,468
Net cash provided by (used in) operating activities13,14415,916
Cash Flows From Investing Activities
Proceeds from principal repayments of commercial real estate loans489,651182,095
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 activities249,472(220,466)
Cash Flows From Financing Activities
Proceeds from borrowings under secured financing agreements239,677603,390
Proceeds from issuance of secured term loan—209,813
Proceeds from noncontrolling interest contributions5,609774
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 Cash50,006797
Cash, Cash Equivalents and Restricted Cash at Beginning of Period87,338106,547
Cash, Cash Equivalents and Restricted Cash at End of Period$ 137,344$ 107,344

p4 · table 6 · The following tables summarize the carrying value of the loan portfolio based on KREF's internal risk ratings:

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Risk RatingNumber of Loans(A)Carrying ValueOutstanding PrincipalOutstanding Principal %Number of Loans(A)Carrying ValueOutstanding PrincipalOutstanding Principal %
1—$ —$ —— %—$ —$ —— %
22283,870283,90662283,816283,9065
3413,838,5533,847,75174464,405,2744,415,09582
44284,547283,7746190,67190,6712
54698,926703,510144567,995572,19111
Total loan receivable51$ 5,105,896$ 5,118,941100 %53$ 5,347,756$ 5,361,863100 %
Allowance for credit losses(258,679)(201,924)
Loan receivable, net$ 4,847,217$ 5,145,832

p4 · table 7 · Loan Vintage

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Risk RatingNumber of Loans(B)Outstanding Principal(B)20262025202420232022PriorTotal
Commercial Real Estate Loans
1—$ —$ —$ —$ —$ —$ —$ —$ —
22283,906—————283,870283,870
3413,847,751236,049920,90390,630—1,131,5561,459,4153,838,553
44283,774———205,77643,62035,151284,547
54703,510————229,318469,608698,926
Total51$ 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

p4 · table 8 · Commercial Real Estate Loans

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Risk RatingNumber of Loans(B)Outstanding Principal(B)20252024202320222021PriorTotal
Commercial Real Estate Loans
1—$ —$ —$ —$ —$ —$ —$ —$ —
22283,906————283,816—283,816
3464,415,095996,80286,039115,1061,397,7731,671,380138,1744,405,274
4190,671——90,671———90,671
54572,191————377,883190,112567,995
Total53$ 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

p5 · table 9 · March 31, 2026

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Derivative TypeNumber of ContractsNotional AmountMaturityWeighted Average Maturity (Years)
Forward Contract - EUR3€ 24,145September 2028 - November 20293.1
Forward Contract - GBP5£ 158,295April 2026 - November 20291.1

p5 · table 10 · December 31, 2025

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Derivative TypeNumber of ContractsNotional AmountMaturityWeighted Average Maturity (Years)
Forward Contract - EUR2€ 24,746September 2028 - November 20293.3
Forward Contract - GBP2£ 28,358May 2029 - November 20293.4

p5 · table 11 · Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Income

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Location of Gain (Loss) RecognizedThree Months Ended March 31, 2026Three Months Ended March 31, 2025
Unrealized gain (loss) on derivative instrumentsGain (loss) on foreign currency forward contracts$ 6,818$ —
Forward points on derivative instruments(A)Gain (loss) on foreign currency forward contracts35—
Total$ 6,853$ —

p6 · table 12 · Investment Portfolio Summary

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#Investment(A)LocationProperty TypeInvestment DateTotal Whole Loan(B)Committed Principal/Investment AmountOutstanding Principal/Investment AmountNet Equity(C)Coupon(D)(E)Max Remaining Term (Years)(D)(F)Loan/Investment Per SF / Unit / Key(G)Origination LTV(D)(H)Risk Rating
37Senior LoanMelville, NYMultifamily7/25/2025142.171.122.27.3+ 3.94.4$475,251 / unit553
38Senior LoanHollywood, FLMultifamily12/20/202171.071.071.017.1+ 2.80.8$287,449 / unit743
39Senior LoanDenver, COMultifamily9/14/202170.370.370.316.3+ 2.80.5$290,496 / unit783
40Senior LoanCharlotte, NCMultifamily12/14/202165.365.363.014.7+ 3.10.8$171,125 / unit743
41Senior LoanPlano, TXMultifamily3/31/202263.363.363.330.1+ 2.81.4$238,000 / unit753
42Senior LoanDallas, TXMultifamily8/18/202163.163.163.115.6+ 3.90.4$175,278 / unit703
43Senior LoanAtlanta, GAMultifamily9/16/202560.860.860.811.7+ 2.44.5$211,847 / unit673
44Senior LoanDurham, NCMultifamily12/15/202159.559.558.224.1+ 2.81.8$168,700 / unit673
45Senior LoanSan Antonio, TXMultifamily4/20/202257.657.656.415.3+ 2.71.1$164,950 / unit793
46Senior LoanSharon, MAMultifamily12/1/202151.951.951.912.1+ 2.90.7$270,443 / unit703
47Senior LoanAtlanta, GAMultifamily12/10/202151.451.451.413.0+ 3.00.8$170,197 / unit673
48Senior LoanReno, NVIndustrial4/28/2022140.450.550.511.5+ 2.71.1$117 / SF743
49Senior LoanCarrollton, TXMultifamily4/1/202243.743.743.720.7+ 2.90.2$136,478 / unit744
50Senior LoanDallas, TXMultifamily4/1/202242.442.442.420.4+ 2.90.1$119,144 / unit733
51Senior LoanGeorgetown, TXMultifamily12/16/202135.235.235.28.8+ 3.40.8$167,381 / unit684
Total/Weighted Average Senior Loans Unlevered$ 8,747.6$ 5,498.5$ 5,118.9$ 1,568.1+ 3.4%1.766 %3.3
Real Estate Assets
1Real Estate OwnedMountain View, CAOffice6/28/2024n.a.$ 122.6$ 122.6$ 122.6n.a.n.a.$396 / SFn.a.
2Equity Method Investment(I)Seattle, WALife Science6/28/2024n.a.96.996.955.9n.a.n.a.$610 / SFn.a.
3Real Estate OwnedWest Hollywood, CACondo4/15/2025n.a.95.495.440.4n.a.n.a.$2,578,378 / unitn.a.
4Real Estate OwnedPortland, ORRetail / Redevelopment12/16/2021n.a.94.894.894.8n.a.n.a.n.a.n.a.
5Real Estate OwnedRaleigh, NCMultifamily8/12/2025n.a.71.971.931.9n.a.n.a.$224,688 / unitn.a.
6Real Estate OwnedPhiladelphia, PAOffice12/22/2023n.a.23.423.423.4n.a.n.a.$111 / SFn.a.
Total/Weighted Average Real Estate Assets$ 505.0$ 505.0$ 368.9
CMBS Investments
1Equity Method Investment(J)Various, U.S.Various2/13/2017n.a.$ 40.0$ 35.4$ 35.44.7%3.258 %
2CMBS B-PiecesVarious, U.S.Various3/12/2026n.a.15.115.115.16.19.750
3CMBS InvestmentKailua-Kona, HIHospitality3/17/2026n.a.14.014.014.0+ 5.86.855
4CMBS InvestmentDallas, TXMixed Use2/20/2026n.a.12.812.812.8+ 6.86.762
5CMBS B-PiecesVarious, U.S.Various6/18/2025n.a.9.29.29.25.99.042
Total/Weighted Average CMBS Investments$ 91.1$ 86.5$ 86.55.5%6.055 %
Other Investments
1Equity Method Investment(K)Various, EuropeIndustrial10/10/2025n.a.14.914.914.9n.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$ 2,038.57.0%1.866 %3.3

p7 · table 13 · Debt-to-Equity Ratio and Total Leverage Ratio

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March 31, 2026December 31, 2025
Debt-to-equity ratio(A)2.2x2.2x
Total leverage ratio(B)4.0x3.9x

p7 · table 14 · Sources of Liquidity

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March 31, 2026December 31, 2025
Cash and cash equivalents$ 135,437$ 84,617
Available borrowings under revolving credit agreement500,000700,000
Available borrowings under financing arrangements17,97827,662
Loan principal repayments held by a servicer(A)—74,279
Total$ 653,415$ 886,558

p7 · table 15 · Changes in Cash and Cash Equivalents

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ItemThree Months Ended March 31, 2026Three Months Ended March 31, 2025
Cash Flows From Operating Activities$ 13,144$ 15,916
Cash Flows From Investing Activities249,472(220,466)
Cash Flows From Financing Activities(212,610)205,347
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash$ 50,006$ 797