Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)

998c8ed06c0be22d.pdf

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

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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

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Line Item	2026	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

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Item	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 (Unaudited) - Q1 2025

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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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	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 %	Coupon(D)	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 · KREF's commercial real estate loans as a percentage of the loans' principal amounts:

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Geography(A)	March 31, 2026	December 31, 2025
California	17.6 %	16.6 %
Massachusetts	11.8	11.9
Florida	11.4	10.9
Texas	10.9	12.0
North Carolina	6.7	6.4
United Kingdom	6.4	2.9
Washington D.C.	5.5	5.2
Pennsylvania	4.9	4.7
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 %

p23 · table 16 · Concentration of Credit Risk

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Collateral Property Type(A)	March 31, 2026	December 31, 2025
Multifamily	40.6 %	40.3 %
Industrial	22.1	17.9
Office	17.8	22.8
Life Science	13.9	13.7
Hospitality	2.9	2.8
Student Housing	2.2	2.1
Mixed Use	0.5	0.4
Total	100.0 %	100.0 %

p25 · table 17 · KKR Real Estate Finance Trust Inc. 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 18 · REO Operations and Related Income (Loss)

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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 19 · KKR Real Estate Finance Trust Inc.

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Asset/Liability	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 20 · Amortization of lease intangibles related to REO, held for investment

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Year	In-place Lease Intangible Assets	Unfavorable Lease Intangible Liabilities
2026	50	274

p26 · table 21 · 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 22 · Secured Financing Arrangements

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Item	Current Maturity	Final Stated Maturity(A)	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 23 · KKR Real Estate Finance Trust Inc. Notes to Condensed Consolidated Financial Statements

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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 24 · 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 25 · 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 26 · CLO Collateral Assets and Respective Borrowing

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	Wtd. Avg. Term(A)	Maximum Facility Size	Outstanding Principal	Carrying Value	Wtd. Avg. Funding Cost(B)	Outstanding Principal	Carrying Value	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 27 · The following table presents the CLO assets and liabilities included in KREF's Condensed Consolidated Balance Sheets:

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Item	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 28 · 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 29 · 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 30 · 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 31 · 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 32 · Concentration of Credit Risk

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Geography	March 31, 2026	December 31, 2025
New York	39.8 %	46.2 %
California	14.8	17.4
Arizona	8.7	5.1
Maryland	7.2	9.9
Oregon	4.0	10.0
Florida	3.2	1.4
North Carolina	2.8	2.2
Texas	2.8	—
Pennsylvania	2.3	—
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 %

p33 · table 33 · Concentration of Credit Risk

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Collateral Property Type	March 31, 2026	December 31, 2025
Retail	27.7 %	24.1 %
Office	23.4	26.6
Self-Storage	15.3	1.8
Multifamily	12.5	11.7
Mixed Use	10.3	13.0
Co-op	9.2	22.8
Hospitality	1.1	—
Manufactured Housing	0.5	—
Total	100.0 %	100.0 %

p34 · table 34 · 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 35 · 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 36 · 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 37 · Effect of Derivatives 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 38 · 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 39 · KKR Real Estate Finance Trust Inc.

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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 40 · Series A Preferred Stock Dividends

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Declaration Date	Record Date	Payment Date	Per Share	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 41 · Restricted Stock Units 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 42 · 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 43 · 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 44 · KKR Real Estate Finance Trust Inc.

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Party	Fee Type	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 45 · Note 17. Fair Value of Financial Instruments

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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 46 · 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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	Principal Balance	Amortized Cost	Carrying Value	Level 1	Level 2	Level 3	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 47 · 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 48 · Investments in CMBS Securities

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	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 49 · Level 3 Inputs Used to Value Assets and Liabilities

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Item	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 50 · Calculation of Basic and Diluted Net Income (Loss) Per Share and Dividends Declared Per Share

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	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 51 · Reconciliation of GAAP Net Income Attributable to Common Stockholders to Distributable Earnings

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	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 52 · Book Value Per Share

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	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 53 · Quarterly Loan Activity

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	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 54 · The following table details overall statistics for our loan portfolio as of March 31, 2026

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	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 55 · The table below sets forth additional information relating to our portfolio as of March 31, 2026

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#	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 56 · Investment Portfolio Summary

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#	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 57 · Risk Rating by Carrying Value and Outstanding Principal

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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

p60 · table 58 · Financing Agreements

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	Non-/Mark-to-Market	March 31, 2026 Maximum Facility Size(A)	March 31, 2026 Borrowings Outstanding Principal	March 31, 2026 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 59 · Three Months Ended March 31, 2026 Compared to Three Months Ended December 31, 2025

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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 60 · Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

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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 61 · 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 62 · 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 63 · Cash Flows

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Item	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 64 · 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 65 · Our net interest collections were partially offset by cash used to pay management fees, as follows

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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 66 · Contractual Obligations and Commitments

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	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 67 · 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 68 · Purchases of Equity Securities by the Issuer

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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 69 · ITEM 6. EXHIBITS

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Exhibit No.	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.