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.
05d219e055142f19.pdf
78 tables
p1 · table 1 · Securities registered pursuant to Section 12(b) of the Act:
units=(none) · flavor=stream · camelot_accuracy=95.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| 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 |
p3 · table 2 · KKR REAL ESTATE FINANCE TRUST INC. FORM 10-K
units=(none) · flavor=stream · camelot_accuracy=99.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| Item | Page |
|---|
| PART I. | 1 |
| ITEM 1. BUSINESS | 1 |
| ITEM 1A. RISK FACTORS | 10 |
| ITEM 1B. UNRESOLVED STAFF COMMENTS | 53 |
| ITEM 1C. CYBERSECURITY | 53 |
| ITEM 2. PROPERTIES | 54 |
| ITEM 3. LEGAL PROCEEDINGS | 54 |
| ITEM 4. MINE SAFETY DISCLOSURES | 54 |
| PART II. | 55 |
| ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | 55 |
| ITEM 6. RESERVED | 57 |
| ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 58 |
| ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 82 |
| ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | 84 |
| ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE | 137 |
| ITEM 9A. CONTROLS AND PROCEDURES | 137 |
| ITEM 9B. OTHER INFORMATION | 138 |
| ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS | 137 |
| PART III. | 139 |
| ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | 139 |
| ITEM 11. EXECUTIVE COMPENSATION | 139 |
| ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 139 |
| ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE | 139 |
| ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES | 139 |
| PART IV. | 139 |
| ITEM 15. EXHIBITS FINANCIAL STATEMENT SCHEDULES | 139 |
| ITEM 16. FORM 10-K SUMMARY | 147 |
| SIGNATURES | 148 |
p11 · table 3 · The following table details our outstanding financing arrangements as of December 31, 2025
units=(amounts in thousands) · flavor=stream · camelot_accuracy=96.9 · llm_corrected=True
before — table + bounding box
after — final markdown
| Portfolio Financing Outstanding Principal Balance | Maximum Capacity |
|---|
| Master repurchase agreements | $ 1,220,707 | $ 2,304,250 |
| Collateralized loan obligations | 1,198,378 | 1,198,378 |
| Term lending agreements | 771,823 | 1,377,032 |
| Term loan facility | 513,202 | 1,000,000 |
| Asset specific financing | 365,318 | 480,625 |
| Warehouse facility | — | 500,000 |
| Secured term loan | 646,750 | 646,750 |
| Revolving credit agreement | — | 700,000 |
| Total portfolio financing | $ 4,716,178 | $ 8,207,035 |
p60 · table 4 · Dividends declared on common stock by quarter (2025 and 2024)
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Declaration Date | Record Date | Payment Date | Per Share |
|---|
| 2025 | | | |
| March 14, 2025 | March 31, 2025 | April 15, 2025 | $ 0.25 |
| June 10, 2025 | June 30, 2025 | July 15, 2025 | 0.25 |
| September 11, 2025 | September 30, 2025 | October 15, 2025 | 0.25 |
| December 10, 2025 | December 31, 2025 | January 15, 2026 | 0.25 |
| 2024 | | | |
| February 1, 2024 | March 28, 2024 | April 15, 2024 | $ 0.25 |
| June 13, 2024 | June 28, 2024 | July 15, 2024 | 0.25 |
| September 13, 2024 | September 30, 2024 | October 15, 2024 | 0.25 |
| December 12, 2024 | December 31, 2024 | January 15, 2025 | 0.25 |
p61 · table 5 · Total Return Performance
units=(none) · flavor=stream · camelot_accuracy=91.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| 12/31/2020 | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|
| KKR Real Estate Finance Trust, Inc. | $ 100.0 | $ 126.3 | $ 93.7 | $ 102.2 | $ 85.9 | $ 77.9 |
| Russell 2000 | 100.0 | 114.8 | 91.3 | 106.7 | 119.0 | 134.2 |
| FTSE NAREIT All Mortgage Capped Index | 100.0 | 116.8 | 85.4 | 98.3 | 98.0 | 111.6 |
p61 · table 6 · Equity Compensation Plan Information
units=(none) · flavor=stream · camelot_accuracy=90.6 · llm_corrected=True
before — table + bounding box
after — final markdown
| Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants, and rights(1) | Weighted-average exercise price of outstanding options, warrants and rights(2) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column 1) |
|---|
| Equity compensation plans approved by security holders | 1,691,685 | $ — | 2,289,960 |
| Equity compensation plans not approved by security holders | — | — | — |
| Total | 1,691,685 | $ — | 2,289,960 |
p62 · table 7 · Purchases of Equity Securities
units=(amounts in thousands, except share and per share data) · flavor=stream · camelot_accuracy=97.6 · llm_corrected=True
before — table + bounding box
after — final markdown
| 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 |
|---|
| October 1, 2025 | October 31, 2025 | — | $ — | 10,353,632 | $ — | $ 55,974 |
| November 1, 2025 | November 30, 2025 | 882,743 | 8.18 | 11,236,375 | 7,219 | 48,755 |
| December 1, 2025 | December 31, 2025 | 238,200 | 8.49 | 11,474,575 | 2,022 | 46,733 |
| Total/Average | | 1,120,943 | $ 8.24 | | $ 9,241 | |
p65 · table 8 · Earnings (Loss) Per Share and Dividends Declared
units=(amounts in thousands, except share and per share data) · flavor=stream · camelot_accuracy=92.4 · llm_corrected=True
before — table + bounding box
after — final markdown
| Three Months Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2024 |
|---|
| Net income (loss) attributable to common stockholders | $ (31,989) | $ (69,885) | $ 13,071 |
| Weighted-average number of shares of common stock outstanding, basic and diluted | 65,442,561 | 66,807,432 | 69,396,890 |
| Net income (loss) per share, basic and diluted | $ (0.49) | $ (1.05) | $ 0.19 |
| Dividends declared per share | $ 0.25 | $ 1.00 | $ 1.00 |
p66 · table 9 · Reconciliation of GAAP Net Income Attributable to Common Stockholders to Distributable Earnings
units=(amounts in thousands, except share and per share data) · flavor=stream · camelot_accuracy=97.4 · llm_corrected=True
before — table + bounding box
after — final markdown
| Three Months Ended December 31, 2025 | Three Months Ended December 31, 2025 Per Diluted Share* | Year Ended December 31, 2025 | Year Ended December 31, 2025 Per Diluted Share* | Year Ended December 31, 2024 | Year Ended December 31, 2024 Per Diluted Share* |
|---|
| Net Income (Loss) Attributable to Common Stockholders | $ (31,989) | $ (0.49) | $ (69,885) | $ (1.05) | $ 13,071 | $ 0.19 |
| Adjustments | | | | | | |
| Non-cash equity compensation expense | 1,485 | 0.02 | 7,927 | 0.12 | 8,261 | 0.12 |
| Depreciation and amortization | 1,167 | 0.02 | 3,628 | 0.05 | 1,471 | 0.02 |
| Unrealized (gain) loss on investments | (47) | — | (5) | — | (545) | (0.01) |
| Unrealized (gain) loss on foreign currency translation | (1,190) | (0.02) | (1,190) | (0.02) | — | — |
| Unrealized (gain) loss on foreign currency forward contracts | 1,305 | 0.02 | 1,305 | 0.02 | — | — |
| Provision for credit losses, net | 43,686 | 0.67 | 119,372 | 1.79 | 80,605 | 1.16 |
| (Gain) loss on sale of investments | — | — | (1,192) | (0.02) | 615 | 0.01 |
| Distributable Earnings before realized gains and losses | $ 14,417 | $ 0.22 | $ 59,960 | $ 0.90 | $ 103,478 | $ 1.49 |
| Realized loss on loan write-offs, net | — | — | (34,828) | (0.52) | (173,546) | (2.50) |
| Realized gain (loss) on sale of investments | — | — | 1,192 | 0.02 | (615) | (0.01) |
| Distributable Earnings (Loss) | $ 14,417 | $ 0.22 | $ 26,324 | $ 0.39 | $ (70,683) | $ (1.02) |
| Diluted weighted average common shares outstanding | 65,442,561 | | 66,807,432 | | 69,396,890 | |
p66 · table 10 · Book Value Per Share
units=(amounts in thousands, except share and per share data) · flavor=stream · camelot_accuracy=97.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | December 31, 2024 |
|---|
| KKR Real Estate Finance Trust Inc. stockholders' equity | $ 1,172,550 | $ 1,345,030 |
| Series A preferred stock (liquidation preference of $25.00 per share) | (327,750) | (327,750) |
| Common stockholders' equity | $ 844,800 | $ 1,017,280 |
| Shares of common stock issued and outstanding at period end | 64,367,737 | 68,713,596 |
| Add: Deferred stock units | 395,889 | 206,112 |
| Total shares outstanding at period end | 64,763,626 | 68,919,708 |
| Book value per share | $ 13.04 | $ 14.76 |
p68 · table 11 · The following table details our quarterly loan activity
units=(amounts in thousands) · flavor=stream · camelot_accuracy=96.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Three Months Ended December 31, 2025 | Three Months Ended September 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended March 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2024 |
|---|
| Loan originations | $ 424,403 | $ 131,850 | $ 210,650 | $ 376,270 | $ 1,143,173 | $ 83,700 |
| Loan fundings | $ 425,722 | $ 84,149 | $ 230,232 | $ 405,667 | $ 1,145,770 | $ 333,333 |
| Loan repayments | (379,936) | (479,658) | (450,053) | (183,595) | (1,493,242) | (1,467,218) |
| Net fundings | 45,786 | (395,509) | (219,821) | 222,072 | (347,472) | (1,133,885) |
| Payment-in-kind ("PIK") interest | 322 | 410 | 369 | 402 | 1,503 | 991 |
| Net write-offs | — | (14,394) | (20,434) | — | (34,828) | (173,546) |
| Transfer to REO | — | (71,081) | (91,766) | — | (162,847) | (201,433) |
| Other(A) | — | — | — | — | — | (150,000) |
| Gain (loss) on foreign currency translation | 5,344 | — | — | — | 5,344 | — |
| Total activity | $ 51,452 | $ (480,574) | $ (331,652) | $ 222,474 | $ (538,300) | $ (1,657,873) |
p68 · table 12 · The following table details overall statistics for our loan portfolio as of December 31, 2025
units=(amounts in thousands) · flavor=stream · camelot_accuracy=90.7 · 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) | 53 | 53 | — |
| Principal balance | $ 5,361,863 | $ 5,287,463 | $ 74,400 |
| Amortized cost | 5,347,756 | 5,273,356 | 74,400 |
| Unfunded loan commitments | 413,851 | 408,851 | 5,000 |
| Weighted average cash coupon(C) | 7.0 % | + 3.3 % | * |
| Weighted average all-in yield(C) | 7.3 % | + 3.6 % | * |
| Weighted average maximum maturity (years)(D) | 1.8 | 1.8 | 0.5 |
| Weighted average LTV(E) | 66 % | 66 % | n.a. |
p69 · table 13 · Portfolio Detail
units=(amounts in millions) · 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 | $ 34.0 | + 4.2% | 1.6 | $747 / SF | 56 % | 3 |
| 2 | Senior Loan | Bellevue, WA | Office | 9/13/2021 | 520.8 | 260.4 | 224.6 | 56.1 | + 3.7 | 1.3 | $851 / SF | 63 | 3 |
| 3 | Senior Loan | Various, U.S. | Industrial | 4/28/2022 | 504.5 | 252.3 | 252.3 | 64.1 | + 2.7 | 1.4 | $98 / SF | 64 | 3 |
| 4 | Senior Loan | Bronx, NY | Industrial | 8/27/2021 | 381.2 | 228.7 | 217.2 | 57.2 | + 8.2 | 0.2 | $277 / SF | 52 | 3 |
| 5 | Senior Loan | Los Angeles, CA | Multifamily | 2/19/2021 | 220.0 | 220.0 | 220.0 | 50.2 | + 2.9 | 0.2 | $410,430 / unit | 68 | 3 |
| 6 | Senior Loan | Minneapolis, MN | Office | 11/13/2017 | 199.4 | 199.4 | 194.4 | 98.7 | + 2.3 | 0.5 | $182 / SF | n.a. | 5 |
| 7 | Senior Loan | Washington, D.C. | Office | 11/9/2021 | 181.0 | 181.0 | 180.5 | 72.2 | + 3.4 | 1.9 | $506 / SF | 55 | 3 |
| 8 | Senior Loan | West Palm Beach, FL | Multifamily | 12/29/2021 | 171.5 | 171.5 | 171.4 | 39.3 | + 2.8 | 1.0 | $211,091 / unit | 73 | 2 |
| 9 | Senior Loan | Boston, MA | Life Science | 4/27/2021 | 332.3 | 166.2 | 164.1 | 62.5 | + 3.7 | 0.1 | $681 / SF | n.a. | 5 |
| 10 | Senior Loan | Redwood City, CA | Life Science | 9/30/2022 | 580.9 | 145.2 | 100.1 | 19.8 | + 4.5 | 1.8 | $886 / SF | 53 | 3 |
| 11 | Senior Loan | Various, United Kingdom | Industrial | 11/19/2025 | 471.5 | 141.4 | 141.4 | 34.0 | + 2.8 | 4.9 | $148 / SF | 75 | 3 |
| 12 | Senior Loan | Plano, TX | Office | 2/6/2020 | 139.7 | 139.7 | 136.7 | 33.0 | + 4.1 | 0.6 | $189 / SF | 64 | 3 |
| 13 | Senior Loan | Raleigh, NC | Industrial | 6/24/2025 | 407.6 | 125.0 | 125.0 | 24.0 | + 2.4 | 4.5 | $152 / SF | 71 | 3 |
| 14 | Senior Loan | Arlington, VA | Multifamily | 1/20/2022 | 119.3 | 119.3 | 119.3 | 28.1 | + 3.1 | 1.1 | $397,644 / unit | 65 | 3 |
| 15 | Senior Loan | San Diego, CA | Multifamily | 10/20/2021 | 115.7 | 115.7 | 114.7 | 43.7 | + 3.6 | 0.9 | $496,557 / unit | n.a. | 5 |
| 16 | Senior Loan | Cambridge, MA | Life Science | 12/22/2021 | 401.3 | 115.7 | 99.0 | 39.7 | + 4.0 | 1.0 | $1,072 / SF | n.a. | 5 |
| 17 | Senior Loan | Philadelphia, PA | Office | 6/19/2018 | 114.3 | 114.3 | 114.3 | 28.3 | + 2.8 | 1.1 | $117 / SF | 71 | 3 |
| 18 | Senior Loan | Dallas, TX | Office | 11/7/2025 | 228.2 | 114.1 | 92.6 | 18.0 | + 3.2 | 4.9 | $367 / SF | 52 | 3 |
| 19 | Senior Loan | Pittsburgh, PA | Student Housing | 6/8/2021 | 112.5 | 112.5 | 112.5 | 23.3 | + 3.0 | 0.4 | $155,602 / unit | 74 | 2 |
| 20 | Senior Loan | Chicago, IL | Office | 7/15/2019 | 105.0 | 105.0 | 90.7 | 53.8 | + 2.3 | 2.6 | $87 / SF | 59 | 4 |
| 21 | Senior Loan | Las Vegas, NV | Multifamily | 12/28/2021 | 101.1 | 101.1 | 101.1 | 23.1 | + 2.8 | 1.0 | $191,460 / unit | 61 | 3 |
| 22 | Senior Loan | Washington, D.C. | Office | 1/13/2022 | 228.5 | 100.0 | 100.0 | 15.1 | + 3.3 | 2.1 | $365 / SF | 55 | 3 |
| 23 | Senior Loan | Cary, NC | Multifamily | 11/21/2022 | 100.0 | 100.0 | 95.3 | 22.3 | + 3.4 | 1.9 | $244,275 / unit | 63 | 3 |
| 24 | Senior Loan | Various, U.S. | Industrial | 6/15/2022 | 195.2 | 97.6 | 83.4 | 21.3 | + 2.9 | 1.5 | $96 / SF | 51 | 3 |
| 25 | Senior Loan | Orlando, FL | Multifamily | 12/14/2021 | 95.4 | 95.4 | 95.4 | 24.8 | + 3.1 | 1.0 | $251,715 / unit | 74 | 3 |
| 26 | Senior Loan | Jersey City, NJ | Multifamily | 10/9/2025 | 190.0 | 95.0 | 95.0 | 18.1 | + 2.5 | 4.8 | $455,635 / unit | 76 | 3 |
| 27 | Senior Loan | Boston, MA | Industrial | 6/28/2022 | 259.4 | 90.9 | 90.8 | 19.2 | + 2.7 | 2.5 | $195 / SF | 52 | 3 |
| 28 | Senior Loan | San Carlos, CA | Life Science | 2/1/2022 | 139.7 | 89.1 | 61.6 | 23.1 | + 1.0 | 1.9 | $420 / SF | 68 | 3 |
| 29 | Senior Loan | Brisbane, CA | Life Science | 7/22/2021 | 88.3 | 88.3 | 80.8 | 23.6 | + 3.4 | 2.6 | $698 / SF | 71 | 3 |
| 30 | Senior Loan | Dallas, TX | Office | 1/22/2021 | 87.0 | 87.0 | 87.0 | 20.7 | + 3.4 | 0.1 | $294 / SF | 65 | 3 |
| 31 | Senior Loan | North Palm Beach, FL | Multifamily | 5/22/2025 | 85.7 | 85.7 | 85.4 | 16.4 | + 2.3 | 4.4 | $341,600 / unit | 72 | 3 |
| 32 | Senior Loan | Various, U.S. | Multifamily | 1/31/2025 | 142.2 | 85.3 | 84.5 | 20.8 | + 3.0 | 4.1 | $212,737 / unit | 70 | 3 |
| 33 | Senior Loan | Various, Europe | Hospitality | 12/2/2025 | 357.1 | 79.3 | 74.0 | 17.7 | + 3.0 | 5.1 | $70,987 / key | 70 | 3 |
| 34 | Senior Loan | Phoenix, AZ | Multifamily | 3/26/2025 | 79.0 | 79.0 | 79.0 | 15.3 | + 2.3 | 4.3 | $312,332 / unit | 69 | 3 |
| 35 | Senior Loan | Philadelphia, PA | Mixed Use | 6/28/2024 | 77.7 | 77.7 | 24.4 | 24.4 | + 4.0 | 3.5 | $75 / SF | 72 | 3 |
| 36 | Senior Loan | Brandon, FL | Multifamily | 1/13/2022 | 76.7 | 76.7 | 72.7 | 23.0 | + 3.1 | 1.1 | $188,319 / unit | 75 | 3 |
p70 · table 14 · 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 | Nashville, TN | Hospitality | 1/6/2025 | 75.8 | 75.8 | 75.0 | 14.5 | + 3.3 | 4.0 | $326,087 / key | 64 | 3 | |
| 38 | Senior Loan | Delray Beach, FL | Multifamily | 3/26/2025 | 73.0 | 73.0 | 73.0 | 14.1 | + 2.3 | 4.3 | $257,042 / unit | 71 | 3 | |
| 39 | Senior Loan | Melville, NY | Multifamily | 7/25/2025 | 142.1 | 71.1 | 19.8 | 4.8 | + 3.9 | 4.6 | $475,251 / unit | 55 | 3 | |
| 40 | Senior Loan | Hollywood, FL | Multifamily | 12/20/2021 | 71.0 | 71.0 | 71.0 | 16.4 | + 2.8 | 1.0 | $287,449 / unit | 74 | 3 | |
| 41 | Senior Loan | Denver, CO | Multifamily | 9/14/2021 | 70.3 | 70.3 | 70.3 | 15.2 | + 2.8 | 0.8 | $290,496 / unit | 78 | 3 | |
| 42 | Senior Loan | Charlotte, NC | Multifamily | 12/14/2021 | 67.3 | 67.3 | 65.0 | 14.3 | + 3.1 | 1.0 | $176,560 / unit | 74 | 3 | |
| 43 | Senior Loan | Plano, TX | Multifamily | 3/31/2022 | 63.3 | 63.3 | 63.3 | 29.9 | + 2.8 | 1.6 | $238,000 / unit | 75 | 3 | |
| 44 | Senior Loan | Dallas, TX | Multifamily | 8/18/2021 | 63.1 | 63.1 | 63.1 | 15.0 | + 3.9 | 0.7 | $175,278 / unit | 70 | 3 | |
| 45 | Senior Loan | Atlanta, GA | Multifamily | 9/16/2025 | 60.8 | 60.8 | 60.8 | 11.6 | + 2.4 | 4.8 | $211,847 / unit | 67 | 3 | |
| 46 | Senior Loan | Durham, NC | Multifamily | 12/15/2021 | 59.5 | 59.5 | 58.1 | 23.9 | + 2.8 | 2.0 | $168,461 / unit | 67 | 3 | |
| 47 | Senior Loan | San Antonio, TX | Multifamily | 4/20/2022 | 57.6 | 57.6 | 56.4 | 15.3 | + 2.7 | 1.3 | $164,950 / unit | 79 | 3 | |
| 48 | Senior Loan | Sharon, MA | Multifamily | 12/1/2021 | 51.9 | 51.9 | 51.9 | 11.4 | + 2.9 | 0.9 | $270,443 / unit | 70 | 3 | |
| 49 | Senior Loan | Atlanta, GA | Multifamily | 12/10/2021 | 51.4 | 51.4 | 51.4 | 13.0 | + 3.0 | 1.0 | $170,197 / unit | 67 | 3 | |
| 50 | Senior Loan | Reno, NV | Industrial | 4/28/2022 | 140.4 | 50.5 | 50.5 | 11.5 | + 2.7% | 1.4 | $117 / SF | 74 | 3 | |
| 51 | Senior Loan | Carrollton, TX | Multifamily | 4/1/2022 | 43.7 | 43.7 | 43.7 | 20.6 | + 2.9% | 1.6 | $136,478 / unit | 74 | 3 | |
| 52 | Senior Loan | Dallas, TX | Multifamily | 4/1/2022 | 42.4 | 42.4 | 42.4 | 20.4 | + 2.9% | 0.2 | $119,144 / unit | 73 | 3 | |
| 53 | Senior Loan | Georgetown, TX | Multifamily | 12/16/2021 | 35.2 | 35.2 | 35.2 | 8.8 | + 3.4 | 1.0 | $167,381 / unit | 68 | 3 | |
| Total/Weighted Average Senior Loans Unlevered | | | | | $ 9,090.9 | $ 5,775.7 | $ 5,361.9 | $ 1,469.8 | + 3.3% | 1.8 | | 66 % | 3.2 |
| Real Estate Assets | | | | | | | | | | | | | |
| 1 | Real Estate Owned | Mountain View, CA | Office | 6/28/2024 | n.a. | $ 121.2 | $ 121.2 | $ 121.2 | n.a. | n.a. | $392 / SF | n.a. | | |
| 2 | Equity Method Investment(I) | Seattle, WA | Life Science | 6/28/2024 | n.a. | 96.8 | 96.8 | 55.8 | n.a. | n.a. | $609 / SF | n.a. | | |
| 3 | Real Estate Owned | West Hollywood, CA | Condo | 4/15/2025 | n.a. | 95.0 | 95.0 | 40.0 | n.a. | n.a. | $2,566,405 / unit | n.a. | | |
| 4 | Real Estate Owned | Portland, OR | Retail / Redevelopment | 12/16/2021 | n.a. | 94.7 | 94.7 | 94.7 | n.a. | n.a. | n.a. | n.a. | | |
| 5 | Real Estate Owned | Raleigh, NC | Multifamily | 8/12/2025 | n.a. | 71.6 | 71.6 | 31.6 | n.a. | n.a. | $223,852 / unit | n.a. | | |
| 6 | Real Estate Owned | Philadelphia, PA | Office | 12/22/2023 | n.a. | 23.3 | 23.3 | 23.3 | n.a. | n.a. | $111 / SF | n.a. | | |
| Total/Weighted Average Real Estate Assets | | | | | $ 502.6 | $ 502.6 | $ 366.5 | | | | | | |
| CMBS Investments | | | | | | | | | | | | | |
| 1 | CMBS B-Pieces(J) | Various, U.S. | Various | 2/13/2017 | n.a. | $ 40.0 | $ 35.4 | $ 35.4 | 4.7% | 3.5 | | 58 % | | |
| 2 | CMBS B-Pieces | Various, U.S. | Various | 6/18/2025 | n.a. | 9.2 | 9.2 | 9.2 | 5.9 | 9.2 | | 42 | | |
| Total/Weighted Average CMBS Investments | | | | | $ 49.2 | $ 44.6 | $ 44.6 | 4.9% | 4.7 | | 55 % | | |
| Other Investments | | | | | | | | | | | | | |
| 1 | Equity Method Investment(K) | Various, France | Industrial | 10/10/2025 | n.a. | 15.1 | 15.1 | 15.1 | n.a. | n.a. | | n.a. | | |
| Total/Weighted Average Other Investments | | | | | $ 15.1 | $ 15.1 | $ 15.1 | | | | | | |
| Grand Total / Weighted Average | | | | | $ 6,342.6 | $ 5,924.2 | $ 1,896.1 | 6.9% | 1.8 | | 65 % | 3.2 | |
p72 · table 15 · Risk Rating - December 31, 2025 and 2024
units=(none) · flavor=stream · camelot_accuracy=97.3 · llm_corrected=True
before — table + bounding box
after — final markdown
| Risk Rating | December 31, 2025 Number of Loans(A) | December 31, 2025 Carrying Value | December 31, 2025 Outstanding Principal | December 31, 2025 Outstanding Principal %* | December 31, 2024 Number of Loans(A) | December 31, 2024 Carrying Value | December 31, 2024 Outstanding Principal | December 31, 2024 Outstanding Principal %* |
|---|
| 1 | — | $ — | $ — | — % | — | $ — | $ — | — % |
| 2 | 2 | 283,816 | 283,906 | 5 | — | — | — | — |
| 3 | 46 | 4,405,274 | 4,415,095 | 82 | 47 | 5,393,333 | 5,400,698 | 92 |
| 4 | 1 | 90,671 | 90,671 | 2 | 2 | 193,687 | 193,727 | 3 |
| 5 | 4 | 567,995 | 572,191 | 11 | 2 | 301,602 | 305,738 | 5 |
| Total loan receivable | 53 | $ 5,347,756 | $ 5,361,863 | 100 % | 51 | $ 5,888,622 | $ 5,900,163 | 100 % |
| Allowance for credit losses | | (201,924) | | | | (117,103) | | |
| Loan receivable, net | | $ 5,145,832 | | | | $ 5,771,519 | | |
p73 · table 16 · The following table summarizes our financing agreements
units=(amounts in thousands) · flavor=stream · camelot_accuracy=95.6 · llm_corrected=True
before — table + bounding box
after — final markdown
| Non-/Mark-to-Market | December 31, 2025 Borrowings Maximum Facility Size(A) | December 31, 2025 Borrowings Outstanding Principal | December 31, 2025 Borrowings Available(B) | December 31, 2025 Collateral Outstanding Principal | December 31, 2024 Borrowings Outstanding Principal |
|---|
| Master Repurchase Agreements | Mark-to-Credit | $ 2,304,250 | $ 1,220,707 | $ 25,567 | $ 1,895,720 | $ 1,038,066 |
| Collateralized Loan Obligations | Non-Mark-to-Market | 1,198,378 | 1,198,378 | — | 1,555,628 | 1,766,231 |
| Term Lending Agreements | Non-Mark-to-Market | 1,377,032 | 771,823 | 1,473 | 1,007,873 | 789,647 |
| Term Loan Facility | Non-Mark-to-Market | 1,000,000 | 513,202 | 622 | 667,680 | 553,966 |
| Warehouse Facility | Non-Mark-to-Market | 500,000 | — | — | — | — |
| Asset Specific Financing | Non-Mark-to-Market | 480,625 | 365,318 | — | 454,794 | 343,216 |
| Revolver | Non-Mark-to-Market | 700,000 | — | 700,000 | n.a. | 80,000 |
| Secured Term Loan | Non-Mark-to-Market | 646,750 | 646,750 | — | n.a. | 339,500 |
| Total leverage | | $ 8,207,035 | $ 4,716,178 | $ 727,662 | | $ 4,910,626 |
p78 · table 17 · Results of Operations
units=(amounts in thousands, except per share data) · flavor=stream · camelot_accuracy=99.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Increase (Decrease) Dollars | Increase (Decrease) Percentage | Year Ended December 31, 2024 | Year Ended December 31, 2023 | Increase (Decrease) Dollars | Increase (Decrease) Percentage |
|---|
| Net Interest Income | | | | | | | | |
| Interest income | $ 435,599 | $ 564,629 | $ (129,030) | (23) % | $ 564,629 | $ 640,412 | $ (75,783) | (12) % |
| Interest expense | 322,961 | 412,913 | (89,952) | (22) | 412,913 | 458,802 | (45,889) | (10) |
| Total net interest income | 112,638 | 151,716 | (39,078) | (26) | 151,716 | 181,610 | (29,894) | (16) |
| Other Income | | | | | | | | |
| Revenue from real estate owned operations | 16,522 | 22,866 | (6,344) | (28) | 22,866 | 8,545 | 14,321 | 168 |
| Income (loss) from equity method investments | (512) | 1,518 | (2,030) | (134) | 1,518 | 1,417 | 101 | 7 |
| Change in net assets of consolidated variable interest entity, CMBS trust | 730 | — | 730 | 100 | — | — | — | — |
| Gain (loss) on sale of investments | 1,192 | (615) | 1,807 | 294 | (615) | — | (615) | 100 |
| Gain (loss) on foreign currency translation | 1,190 | — | 1,190 | 100 | — | — | — | — |
| Gain (loss) on foreign currency forward contracts | (1,265) | — | (1,265) | 100 | — | — | — | — |
| Other miscellaneous income | 4,646 | 5,738 | (1,092) | (19) | 5,738 | 11,237 | (5,499) | (49) |
| Total other income | 22,503 | 29,507 | (7,004) | (24) | 29,507 | 21,199 | 8,308 | 39 |
| Operating Expenses | | | | | | | | |
| Provision for (reversal of ) credit losses, net | 119,372 | 80,605 | 38,767 | 48 | 80,605 | 175,116 | (94,511) | (54) |
| Expenses from real estate owned operations | 25,675 | 23,100 | 2,575 | 11 | 23,100 | 11,190 | 11,910 | 106 |
| Management fees to related parties | 22,677 | 24,533 | (1,856) | (8) | 24,533 | 26,171 | (1,638) | (6) |
| Incentive compensation to related parties | — | — | — | — | — | 2,491 | (2,491) | (100) |
| General and administrative | 18,062 | 18,410 | (348) | (2) | 18,410 | 18,788 | (378) | (2) |
| Total operating expenses | 185,786 | 146,648 | 39,138 | 27 | 146,648 | 233,756 | (87,108) | (37) |
| Income (Loss) Before Income Taxes | (50,645) | 34,575 | (85,220) | (246) | 34,575 | (30,947) | 65,522 | 212 |
| Income tax expense | (156) | 248 | (404) | (163) | 248 | 710 | (462) | (65) |
| Net Income (Loss) | (50,489) | 34,327 | (84,816) | (247) | 34,327 | (31,657) | 65,984 | 208 |
| Net income (loss) attributable to noncontrolling interests | (3,438) | (1,264) | (2,174) | 172 | (1,264) | (806) | (458) | 57 |
| Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries | (47,051) | 35,591 | (82,642) | (232) | 35,591 | (30,851) | 66,442 | 215 |
| Preferred stock dividends | 21,304 | 21,304 | — | — | 21,304 | 21,304 | — | — |
| Participating securities' share in earnings | 1,530 | 1,216 | 314 | 26 | 1,216 | 1,764 | (548) | (31) |
| Net Income (Loss) Attributable to Common Stockholders | $ (69,885) | $ 13,071 | $ (82,956) | (635) | $ 13,071 | $ (53,919) | $ 66,990 | 124 |
| Net Income (Loss) Per Share of Common Stock | | | | | | | | |
| Basic and Diluted | $ (1.05) | $ 0.19 | $ (1.24) | (653) | $ 0.19 | $ (0.78) | $ 0.97 | 124 |
| Weighted Average Number of Shares of Common Stock Outstanding | | | | | | | | |
| Basic and Diluted | 66,807,432 | 69,396,890 | (2,589,458) | (4) | 69,396,890 | 69,180,039 | 216,851 | — |
| Dividends Declared per Share of Common Stock | $ 1.00 | $ 1.00 | $ — | — | $ 1.00 | $ 1.72 | $ (0.72) | (42) |
p82 · table 18 · Debt-to-Equity Ratio and Total Leverage Ratio
units=(none) · flavor=stream · camelot_accuracy=80.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | December 31, 2024 |
|---|
| Debt-to-equity ratio(A) | 2.2x | 1.6x |
| Total leverage ratio(B) | 3.9x | 3.6x |
p82 · table 19 · Sources of Liquidity
units=(amounts in thousands) · flavor=stream · camelot_accuracy=94.3 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | December 31, 2024 |
|---|
| Cash and cash equivalents | $ 84,617 | $ 104,933 |
| Loan principal repayments held by a servicer(A) | 74,279 | — |
| Available borrowings under revolving credit agreement | 700,000 | 530,000 |
| Available borrowings under financing arrangements | 27,662 | 49,879 |
| Total | $ 886,558 | $ 684,812 |
p82 · table 20 · Cash Flows
units=(amounts in thousands) · flavor=stream · camelot_accuracy=95.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| Item | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Cash Flows From Operating Activities | $ 72,283 | $ 132,563 | $ 155,715 |
| Cash Flows From Investing Activities | 264,291 | 1,116,237 | 13,487 |
| Cash Flows From Financing Activities | (355,783) | (1,290,566) | (271,510) |
| Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | $ (19,209) | $ (41,766) | $ (102,308) |
p83 · table 21 · Interest Received and Paid
units=(amounts in thousands) · flavor=stream · camelot_accuracy=98.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| 2025 | 2024 | 2023 |
|---|
| Interest Received: | | | |
| Senior Loans | 420,361 | 558,478 | 612,046 |
| Net assets of consolidated variable interest entity, CMBS trust | 581 | — | — |
| Total | 420,942 | 558,478 | 612,046 |
| Interest paid: | | | |
| Senior Loans | 315,915 | 398,805 | 430,275 |
| Net interest collections | $ 105,027 | $ 159,673 | $ 181,771 |
p83 · table 22 · Our net interest collections were partially offset by cash used to pay management fees, as follows
units=(amounts in thousands) · flavor=stream · camelot_accuracy=96.9 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Management Fees to related parties | $ 23,071 | $ 25,137 | $ 26,225 |
| Incentive Fees to related parties | — | — | 2,491 |
| Total management and incentive fee payments | $ 23,071 | $ 25,137 | $ 28,716 |
p84 · table 23 · Contractual Obligations and Commitments
units=(none) · flavor=stream · camelot_accuracy=93.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| Item | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | Thereafter |
|---|
| Master Repurchase Facilities(A) | $ 1,220,706 | $ 114,035 | $ 841,839 | $ 209,304 | $ 55,528 |
| Term Lending Agreements(A) | 771,824 | 15,654 | 327,242 | 428,928 | — |
| Warehouse Facility | — | — | — | — | — |
| Term Loan Facility | 513,202 | 118,274 | 261,396 | 133,532 | — |
| Asset Specific Facility | 365,317 | 90,000 | 275,317 | — | — |
| Revolver(B) | — | — | — | — | — |
| Total secured financing agreements | 2,871,049 | 337,963 | 1,705,794 | 771,764 | 55,528 |
| Collateralized Loan Obligations | 1,198,379 | — | — | — | 1,198,379 |
| Secured Term Loan | 646,750 | 6,500 | 13,000 | 13,000 | 614,250 |
| Interest payable(C) | 851,713 | 236,761 | 316,385 | 241,200 | 57,367 |
| Future funding obligations(D) | 413,852 | 302,196 | 108,683 | 2,973 | — |
| CMBS investments | 4,324 | 4,324 | — | — | — |
| Total | $ 5,986,067 | $ 887,744 | $ 2,143,862 | $ 1,028,937 | $ 1,925,524 |
p88 · table 24 · December 31, 2025
units=(amounts in thousands) · flavor=stream · camelot_accuracy=96.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| EUR | GBP |
|---|
| Foreign currency assets | € 61,376 | £ 115,795 |
| Foreign currency liabilities | (36,742) | (88,264) |
| Foreign currency contracts - notional | (24,746) | (28,358) |
| Net exposure to foreign exchange rate movements | € (112) | £ (827) |
| Net exposure to foreign exchange rate movements in USD | $ (132) | $ (1,116) |
p94 · table 25 · KKR Real Estate Finance Trust Inc. and Subsidiaries
units=(Amounts in thousands, except share and per share data) · flavor=stream · camelot_accuracy=98.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| Item | December 31, 2025 | December 31, 2024 |
|---|
| Assets | | |
| Cash and cash equivalents | $ 84,617 | $ 104,933 |
| Commercial real estate loans, held-for-investment | 5,347,756 | 5,888,622 |
| Less: Allowance for credit losses | (201,924) | (117,103) |
| Commercial real estate loans, held-for-investment, net | 5,145,832 | 5,771,519 |
| Real estate owned, held for investment, net | 338,595 | 262,479 |
| Real estate owned assets, held for sale | 130,188 | 56,554 |
| Equity method investment, real estate asset | 96,798 | 81,708 |
| Equity method investment, CMBS B-Pieces | 35,424 | 35,598 |
| Consolidated variable interest entity assets, CMBS trust, at fair value | 505,230 | — |
| Equity method investment, unconsolidated entity | 15,110 | — |
| Accrued interest receivable | 25,199 | 28,754 |
| Other assets(A) | 87,650 | 8,853 |
| Total Assets | $ 6,464,643 | $ 6,350,398 |
| Liabilities and Equity | | |
| Liabilities | | |
| Secured financing agreements, net | $ 2,862,689 | $ 2,798,674 |
| Collateralized loan obligations, net | 1,198,332 | 1,766,104 |
| Secured term loan, net | 632,516 | 333,853 |
| Dividends payable | 16,092 | 17,178 |
| Accrued interest payable | 12,893 | 19,939 |
| Real estate owned liabilities, held for sale | 3,867 | 1,328 |
| Consolidated variable interest entity liabilities, CMBS trust, at fair value | 496,060 | — |
| Due to related parties | 6,506 | 5,919 |
| Other liabilities | 10,484 | 8,524 |
| Total Liabilities | 5,239,439 | 4,951,519 |
| 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 December 31, 2025 and December 31, 2024); liquidation preference of $327,750, or $25.00 per share | 131 | 131 |
| Common stock, $0.01 par value, 300,000,000 authorized (65,488,680 and 68,713,596 shares issued; 64,367,737 and 68,713,596 shares outstanding as of December 31, 2025 and December 31, 2024, respectively) | 644 | 686 |
| Additional paid-in capital | 1,687,168 | 1,714,684 |
| Accumulated deficit | (506,130) | (370,471) |
| Repurchased stock (1,120,943 shares repurchased as of December 31, 2025) | (9,263) | — |
| Total KKR Real Estate Finance Trust Inc. Stockholders’ Equity | 1,172,550 | 1,345,030 |
| Noncontrolling interests in equity of consolidated joint ventures | 52,654 | 53,849 |
| Total Equity | 1,225,204 | 1,398,879 |
| Total Liabilities and Equity | $ 6,464,643 | $ 6,350,398 |
p95 · table 26 · KKR Real Estate Finance Trust Inc. and Subsidiaries
units=(Amounts in thousands, except share and per share data) · flavor=stream · camelot_accuracy=98.4 · llm_corrected=True
before — table + bounding box
after — final markdown
| Item | 2025 | 2024 | 2023 |
|---|
| Net Interest Income | | | |
| Interest income | $ 435,599 | $ 564,629 | $ 640,412 |
| Interest expense | 322,961 | 412,913 | 458,802 |
| Total net interest income | 112,638 | 151,716 | 181,610 |
| Other Income | | | |
| Revenue from real estate owned operations | 16,522 | 22,866 | 8,545 |
| Income (loss) from equity method investments | (512) | 1,518 | 1,417 |
| Change in net assets of consolidated variable interest entity, CMBS trust | 730 | — | — |
| Gain (loss) on sale of investments | 1,192 | (615) | — |
| Gain (loss) on foreign currency translation | 1,190 | — | — |
| Gain (loss) on foreign currency forward contracts | (1,265) | — | — |
| Other miscellaneous income | 4,646 | 5,738 | 11,237 |
| Total other income | 22,503 | 29,507 | 21,199 |
| Operating Expenses | | | |
| Provision for credit losses, net | 119,372 | 80,605 | 175,116 |
| Expenses from real estate owned operations | 25,675 | 23,100 | 11,190 |
| Management fees to related parties | 22,677 | 24,533 | 26,171 |
| Incentive compensation to related parties | — | — | 2,491 |
| General and administrative | 18,062 | 18,410 | 18,788 |
| Total operating expenses | 185,786 | 146,648 | 233,756 |
| Income (Loss) Before Income Taxes | (50,645) | 34,575 | (30,947) |
| Income tax expense | (156) | 248 | 710 |
| Net Income (Loss) | (50,489) | 34,327 | (31,657) |
| Net income (loss) attributable to noncontrolling interests | (3,438) | (1,264) | (806) |
| Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries | (47,051) | 35,591 | (30,851) |
| Preferred stock dividends | 21,304 | 21,304 | 21,304 |
| Participating securities' share in earnings | 1,530 | 1,216 | 1,764 |
| Net Income (Loss) Attributable to Common Stockholders | $ (69,885) | $ 13,071 | $ (53,919) |
| Net Income (Loss) Per Share of Common Stock | | | |
| Basic and Diluted | $ (1.05) | $ 0.19 | $ (0.78) |
| Weighted Average Number of Shares of Common Stock Outstanding | | | |
| Basic and Diluted | 66,807,432 | 69,396,890 | 69,180,039 |
| Dividends Declared per Share of Common Stock | $ 1.00 | $ 1.00 | $ 1.72 |
p96 · table 27 · KKR Real Estate Finance Trust Inc. and Subsidiaries
units=(Amounts in thousands, except share data) · flavor=stream · camelot_accuracy=98.3 · llm_corrected=True
before — table + bounding box
after — final markdown
| Row Label | 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 Venture | Total Equity |
|---|
| Balance at December 31, 2022 | 13,110,000 | $ 131 | 69,095,011 | $ 691 | $ 1,808,983 | $ (141,503) | $ (96,764) | $ 1,571,538 | $ (102) | $ 1,571,436 |
| Series A preferred dividends declared, $1.63 per share | — | — | — | — | — | (21,304) | — | (21,304) | — | (21,304) |
| Common dividends declared, $1.72 per share | — | — | — | — | — | (118,948) | — | (118,948) | — | (118,948) |
| Participating security dividends declared, $1.72 per share | — | — | — | — | — | (1,764) | — | (1,764) | — | (1,764) |
| Stock-based compensation, net | — | — | 218,849 | 2 | 6,094 | — | — | 6,096 | — | 6,096 |
| Net income (loss) | — | — | — | — | — | (30,851) | — | (30,851) | (806) | (31,657) |
| Contribution by noncontrolling interest | — | — | — | — | — | — | — | — | 323 | 323 |
| Balance at December 31, 2023 | 13,110,000 | $ 131 | 69,313,860 | $ 693 | $ 1,815,077 | $ (314,370) | $ (96,764) | $ 1,404,767 | $ (585) | $ 1,404,182 |
| Repurchase of common stock | — | — | (859,055) | (9) | — | — | (10,017) | (10,026) | — | (10,026) |
| Series A preferred dividends declared, $1.63 per share | — | — | — | — | — | (21,304) | — | (21,304) | — | (21,304) |
| Common dividends declared, $1.00 per share | — | — | — | — | — | (69,172) | — | (69,172) | — | (69,172) |
| Participating security dividends declared, $1.00 per share | — | — | — | — | — | (1,216) | — | (1,216) | — | (1,216) |
| Stock-based compensation, net | — | — | 258,791 | 2 | 6,388 | — | — | 6,390 | — | 6,390 |
| Retirement of repurchased stock | — | — | — | — | (106,781) | — | 106,781 | — | — | — |
| Net income (loss) | — | — | — | — | — | 35,591 | — | 35,591 | (1,264) | 34,327 |
| Contribution by noncontrolling interest | — | — | — | — | — | — | — | — | 55,698 | 55,698 |
| 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 of common stock | — | — | (4,629,824) | (45) | — | — | (43,360) | (43,405) | — | (43,405) |
| Series A preferred dividends declared, $1.63 per share | — | — | — | — | — | (21,304) | — | (21,304) | — | (21,304) |
| Common dividends declared, $1.00 per share | — | — | — | — | — | (65,774) | — | (65,774) | — | (65,774) |
| Participating security dividends declared, $1.00 per share | — | — | — | — | — | (1,530) | — | (1,530) | — | (1,530) |
| Stock-based compensation, net | — | — | 283,965 | 3 | 6,581 | — | — | 6,584 | — | 6,584 |
| Retirement of repurchased stock | — | — | — | — | (34,097) | — | 34,097 | — | — | — |
| Net income (loss) | — | — | — | — | — | (47,051) | — | (47,051) | (3,438) | (50,489) |
| Contribution by noncontrolling interest | — | — | — | — | — | — | — | — | 2,243 | 2,243 |
| 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 |
p97 · table 28 · KKR Real Estate Finance Trust Inc. and Subsidiaries
units=(Amounts in thousands) · flavor=stream · camelot_accuracy=99.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Item | 2025 | 2024 | 2023 |
|---|
| Cash Flows From Operating Activities | | | |
| Net income (loss) | $ (50,489) | $ 34,327 | $ (31,657) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | |
| Accretion of net deferred loan fees and discounts | (16,920) | (17,197) | (23,597) |
| Payment-in-kind interest | (1,503) | (991) | — |
| Amortization of deferred debt issuance costs and discounts | 14,093 | 14,375 | 26,182 |
| Loss (income) from equity method investments | 3,470 | 1,527 | 1,773 |
| Change in net assets of consolidated variable interest entity, CMBS trust | (149) | — | — |
| Provision for (reversal of) credit losses, net | 119,372 | 80,605 | 175,116 |
| Depreciation and amortization | 2,604 | 983 | — |
| Stock-based compensation expense | 7,927 | 8,261 | 8,075 |
| Loss (gain) on sale of investment | (1,192) | 615 | — |
| Loss (gain) on foreign currency translation | (1,190) | — | — |
| Loss (gain) on foreign currency forward contract | 1,265 | — | — |
| Changes in operating assets and liabilities: | | | |
| Assets related to real estate owned, held for sale, net of liabilities | 1,048 | 1,561 | — |
| Accrued interest receivable, net | 3,555 | 12,178 | (1,998) |
| Other assets | 176 | (796) | 244 |
| Accrued interest payable | (7,047) | (268) | 2,350 |
| Due to related parties | 588 | (604) | (154) |
| Accounts payable, accrued expenses and other liabilities | (3,325) | (2,013) | (619) |
| Net cash provided by (used in) operating activities | 72,283 | 132,563 | 155,715 |
| Cash Flows From Investing Activities | | | |
| Proceeds from principal repayments and sale of commercial real estate loans | 1,420,100 | 1,426,422 | 691,346 |
| Origination of commercial real estate loans | (1,127,476) | (298,247) | (677,287) |
| Capital expenditures on real estate owned | (5,582) | (8,106) | (1,860) |
| Payment to acquire real estate owned | (10,651) | (363) | — |
| Net proceeds on sale of real estate owned, held for investment | 5,866 | — | — |
| Net proceeds (payment) on sale of real estate owned, held for sale | 24,395 | (1,092) | — |
| Contributions to equity method investment, real estate asset | (18,767) | (1,750) | — |
| Contributions to equity method investment, unconsolidated entity | (14,573) | — | — |
| Purchases of commercial mortgage-backed securities | (9,021) | — | — |
| Payment to acquire equity method investment, real estate asset | — | (627) | — |
| Net cash assumed from investment in real estate owned and related joint venture | — | — | 1,288 |
| Net cash provided by (used in) investing activities | 264,291 | 1,116,237 | 13,487 |
| Cash Flows From Financing Activities | | | |
| Proceeds from borrowings under secured financing agreements | 1,717,335 | 601,861 | 811,119 |
| Proceeds from issuance of secured term loan | 310,765 | — | — |
| Proceeds from noncontrolling interest contributions | 2,243 | 1,367 | 323 |
| Principal repayments on borrowings under secured financing agreements | (1,655,189) | (1,594,531) | (791,254) |
| Principal repayments on borrowings under collateralized loan obligations | (567,852) | (176,519) | — |
| Principal repayments on borrowings under secured term loan | (4,625) | — | — |
| Principal repayments on borrowings under convertible notes | — | — | (143,750) |
| Payments of debt and collateralized debt obligation issuance costs | (25,547) | (7,744) | (5,811) |
| Payments of common stock dividends | (66,860) | (81,799) | (118,854) |
| Payments of preferred stock dividends | (21,304) | (21,304) | (21,304) |
| Payments to reacquire common stock | (43,405) | (10,026) | — |
| Tax withholding on stock-based compensation | (1,344) | (1,871) | (1,979) |
p98 · table 29 · Cash Flow Statement continued - Reconciliation, Supplemental Disclosures
units=(none) · flavor=stream · camelot_accuracy=99.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Item | 2025 | 2024 | 2023 |
|---|
| Net cash provided by (used in) financing activities | (355,783) | (1,290,566) | (271,510) |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (19,209) | (41,766) | (102,308) |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 106,547 | 148,313 | 250,621 |
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ 87,338 | $ 106,547 | $ 148,313 |
| Reconciliation of cash, cash equivalents and restricted cash | | | |
| Cash and cash equivalents | $ 84,617 | $ 104,933 | $ 135,898 |
| Restricted cash | 2,721 | 1,614 | 12,415 |
| Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $ 87,338 | $ 106,547 | $ 148,313 |
| Supplemental Disclosure of Cash Flow Information | | | |
| Cash paid during the period for interest | $ 315,915 | $ 398,805 | $ 430,275 |
| Cash paid during the period for income taxes | — | 371 | 296 |
| Supplemental Schedule of Non-Cash Investing and Financing Activities | | | |
| Dividend declared, not yet paid | $ 16,092 | $ 17,178 | $ 29,805 |
| Loan principal payments held by servicer | 74,279 | — | — |
| Deferred financing costs, not yet paid | 934 | — | — |
| Acquisition of real estate owned | 164,900 | 175,000 | 76,461 |
| Acquisition of other assets related to real estate owned | 1,385 | 240 | 24,556 |
| Assumption of other liabilities related to real estate owned | (2,081) | 807 | 15,883 |
| Transfer of senior loans to real estate owned | 162,865 | 120,052 | 86,422 |
| Consolidation of variable interest entities (incremental assets and liabilities) | 482,974 | — | — |
| Noncontrolling interest contribution to real estate owned | — | 54,331 | — |
| Transfer of senior loan to equity method investment, real estate asset | — | 82,008 | — |
| Sale of real estate owned, held for sale, net of closing costs | — | 28,948 | — |
| Seller financing provided on sale of real estate owned, held for sale, net | — | 30,040 | — |
| Modifications accounted for as repayments and new loans, net of write-offs | — | 55,051 | 199,439 |
p109 · table 30 · Note 3. Commercial Real Estate Loans
units=(amount in tables in thousands, except per share amounts) · flavor=stream · camelot_accuracy=90.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| Loan Type | Outstanding Principal | Amortized Cost(A) | Carrying Value(B) | Loan Count | Weighted Average Floating Rate Loan % | Weighted Average Coupon(D) | Weighted Average Life (Years)(E) |
|---|
| 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 |
| December 31, 2024 | | | | | | | |
| Loans held-for-investment(F) | | | | | | | |
| Senior loans | $ 5,900,163 | $ 5,888,622 | $ 5,771,519 | 51 | 98.6 % | 7.5 % | 2.0 |
p109 · table 31 · Activity
units=(none) · flavor=stream · camelot_accuracy=98.4 · llm_corrected=True
before — table + bounding box
after — final markdown
| Amortized Cost | Allowance for Credit Losses | Carrying Value |
|---|
| Balance at December 31, 2023 | $ 7,343,548 | $ (210,470) | $ 7,133,078 |
| Originations and future fundings, net(A) | 383,338 | — | 383,338 |
| Proceeds from sales and loan repayments | (1,481,473) | — | (1,481,473) |
| Accretion of loan discount and other amortization, net | 17,197 | — | 17,197 |
| Payment-in-kind interest | 991 | — | 991 |
| (Provision for) reversal of credit losses | — | (80,179) | (80,179) |
| Write-offs charged | (173,771) | 173,771 | — |
| Write-offs recovered | 225 | (225) | — |
| Transfer to real estate owned | (201,433) | — | (201,433) |
| Balance at December 31, 2024 | $ 5,888,622 | $ (117,103) | $ 5,771,519 |
| Originations and future fundings, net(A) | 1,127,476 | — | 1,127,476 |
| Proceeds from loan repayments | (1,494,377) | — | (1,494,377) |
| Accretion of loan discount and other amortization, net | 16,920 | — | 16,920 |
| Payment-in-kind interest | 1,503 | — | 1,503 |
| (Provision for) reversal of credit losses | — | (119,649) | (119,649) |
| Write-offs charged | (34,828) | 34,828 | — |
| Transfer to real estate owned | (162,847) | — | (162,847) |
| Gain (loss) on foreign currency translation | 5,287 | — | 5,287 |
| Balance at December 31, 2025 | $ 5,347,756 | $ (201,924) | $ 5,145,832 |
p110 · table 32 · The following tables summarize the carrying value of the loan portfolio based on KREF's internal risk ratings:
units=(none) · flavor=stream · camelot_accuracy=95.5 · 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 | 283,816 | 283,906 | 5 | — | — | — | — |
| 3 | 46 | 4,405,274 | 4,415,095 | 82 | 47 | 5,393,333 | 5,400,698 | 92 |
| 4 | 1 | 90,671 | 90,671 | 2 | 2 | 193,687 | 193,727 | 3 |
| 5 | 4 | 567,995 | 572,191 | 11 | 2 | 301,602 | 305,738 | 5 |
| Total loan receivable | 53 | $ 5,347,756 | $ 5,361,863 | 100 % | 51 | $ 5,888,622 | $ 5,900,163 | 100 % |
| Allowance for credit losses | | (201,924) | | | | (117,103) | | |
| Loan receivable, net | | $ 5,145,832 | | | | $ 5,771,519 | | |
p110 · table 33 · Loan Vintage
units=(none) · flavor=stream · camelot_accuracy=98.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| 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 |
p111 · table 34 · KKR Real Estate Finance Trust Inc.
units=(amount in tables in thousands, except per share amounts) · flavor=stream · camelot_accuracy=94.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Risk Rating | Number of Loans(B) | Outstanding Principal(B) | Amortized Cost by Year of Origination(A) 2024 | Amortized Cost by Year of Origination(A) 2023 | Amortized Cost by Year of Origination(A) 2022 | Amortized Cost by Year of Origination(A) 2021 | Amortized Cost by Year of Origination(A) 2020 | Amortized Cost by Year of Origination(A) Prior | Amortized Cost by Year of Origination(A) Total |
|---|
| Commercial Real Estate Loans | | | | | | | | | |
| 1 | — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — |
| 2 | — | — | — | — | — | — | — | — | — |
| 3 | 47 | 5,400,698 | 85,151 | 205,586 | 1,600,399 | 3,007,464 | 150,638 | 344,095 | 5,393,333 |
| 4 | 2 | 193,727 | — | — | 84,425 | 109,262 | — | — | 193,687 |
| 5 | 2 | 305,738 | — | — | 111,490 | — | — | 190,112 | 301,602 |
| 51 | $ 5,900,163 | $ 85,151 | $ 205,586 | $ 1,796,314 | $ 3,116,726 | $ 150,638 | $ 534,207 | $ 5,888,622 |
| Year-to-date gross write-offs charged | | | $ — | $ — | $ 35,902 | $ 136,037 | $ 1,832 | $ — | $ 173,771 |
| Year-to-date gross write-offs recovered | | | $ — | $ — | $ — | $ — | $ — | $ 225 | $ 225 |
p111 · table 35 · Allowance for Credit Losses
units=(none) · flavor=stream · camelot_accuracy=96.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| Commercial Real Estate Loans | Unfunded Loan Commitments | Total |
|---|
| Balance at December 31, 2023 | $ 210,470 | $ 2,052 | $ 212,522 |
| Provision for (reversal of) credit losses, net | 80,179 | 426 | 80,605 |
| Write-offs charged | (173,771) | — | (173,771) |
| Write-offs recovered | 225 | — | 225 |
| Balance at December 31, 2024 | $ 117,103 | $ 2,478 | $ 119,581 |
| Provision for (reversal of) credit losses, net | 119,649 | (277) | 119,372 |
| Write-offs charged | (34,828) | — | (34,828) |
| Balance at December 31, 2025 | $ 201,924 | $ 2,201 | $ 204,125 |
p112 · table 36 · Concentration of Credit Risk
units=(none) · flavor=stream · camelot_accuracy=99.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| Geography(A) | December 31, 2025 | December 31, 2024 |
|---|
| California | 16.6 % | 16.9 % |
| Texas | 12.0 | 15.1 |
| Massachusetts | 11.9 | 13.1 |
| Florida | 10.9 | 8.7 |
| North Carolina | 6.4 | 5.3 |
| Washington D.C. | 5.2 | 4.6 |
| Pennsylvania | 4.7 | 4.5 |
| New York | 4.5 | 4.5 |
| Washington | 4.2 | 4.0 |
| Minnesota | 3.6 | 3.3 |
| United Kingdom | 2.9 | — |
| Nevada | 2.8 | 2.6 |
| Virginia | 2.2 | 8.6 |
| Georgia | 2.1 | 2.7 |
| New Jersey | 1.9 | — |
| Arizona | 1.8 | 0.5 |
| Illinois | 1.7 | 1.5 |
| Tennessee | 1.4 | 1.1 |
| Colorado | 1.3 | 1.2 |
| Other Europe | 1.1 | — |
| Other U.S. | 0.8 | 1.8 |
| Total | 100.0 % | 100.0 % |
p112 · table 37 · Collateral Property Type
units=(none) · flavor=stream · camelot_accuracy=99.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| Collateral Property Type(A) | December 31, 2025 | December 31, 2024 |
|---|
| Multifamily | 40.3 % | 46.7 % |
| Office | 22.8 | 19.2 |
| Industrial | 17.9 | 13.4 |
| Life Science | 13.7 | 11.7 |
| Hospitality | 2.8 | 4.2 |
| Student Housing | 2.1 | 1.9 |
| Mixed Use | 0.4 | 0.5 |
| Self-Storage | — | 2.5 |
| Total | 100.0 % | 100.0 % |
p114 · table 38 · The following table presents the REO assets and liabilities included on KREF's Consolidated Balance Sheets:
units=(none) · flavor=stream · camelot_accuracy=99.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | December 31, 2024 |
|---|
| Real estate owned, held for investment | | |
| Assets | | |
| Real estate owned - land | $ 207,191 | $ 192,652 |
| Real estate owned - land improvements | 10,932 | 9,586 |
| Real estate owned - buildings | 117,317 | 58,642 |
| Real estate owned - building improvements | 5,280 | 2,582 |
| Real estate owned - furniture and fixtures | 1,462 | — |
| Real estate owned | 342,182 | 263,462 |
| Less: Accumulated depreciation | (3,587) | (983) |
| Real estate owned, net | 338,595 | 262,479 |
| Cash(A) | 2,546 | 747 |
| In-place lease intangibles(B) | 67 | 134 |
| Tenant receivables(B) | 152 | 188 |
| Other assets(B) | 2,501 | 2,329 |
| Total | $ 343,861 | $ 265,877 |
| Liabilities | | |
| Unfavorable lease intangibles(C) | $ 365 | $ 730 |
| Other liabilities(C) | 4,977 | 3,568 |
| Total | $ 5,342 | $ 4,298 |
| Real estate owned, held for sale | | |
| Assets | | |
| Real estate owned, held for sale | $ 118,220 | $ 45,127 |
| In-place lease intangibles | 7,678 | 7,887 |
| Favorable lease intangibles | 2,663 | 2,663 |
| Tenant receivables | 543 | — |
| Other assets | 1,084 | 877 |
| Total | $ 130,188 | $ 56,554 |
| Liabilities | | |
| Unfavorable lease intangibles | $ 167 | $ 378 |
| Other liabilities | 3,700 | 950 |
| Total | $ 3,867 | $ 1,328 |
p115 · table 39 · KKR Real Estate Finance Trust Inc. Notes to Consolidated Financial Statements
units=(amount in tables in thousands, except per share amounts) · flavor=stream · camelot_accuracy=94.9 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | Year Ended December 31, 2024 |
|---|
| Rental income | $ 13,642 | $ 13,898 |
| Other operating income(A) | 2,880 | 9,005 |
| Revenue from REO operations | 16,522 | 22,903 |
| Operating expense | (23,071) | (22,117) |
| Depreciation expense | (2,604) | (983) |
| Expenses from REO operations | (25,675) | (23,100) |
| Total | $ (9,153) | $ (197) |
p115 · table 40 · The following table presents the amortization of REO, held for investment lease intangibles included on KREF's Consolidated Statements of Income:
units=(none) · flavor=stream · camelot_accuracy=92.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| Asset/Liability | Income Statement Location | Year Ended December 31, 2025 | Year Ended December 31, 2024 |
|---|
| Asset | | | |
| In-place lease intangibles | Expenses from real estate owned operations | $ 67 | $ 67 |
| Liability | | | |
| Unfavorable lease intangibles | Revenue from real estate owned operations | 365 | 365 |
p115 · table 41 · The following table presents the amortization of lease intangibles related to REO, held for investment for each of the succeeding fiscal years:
units=(none) · flavor=stream · camelot_accuracy=94.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year | In-place Lease Intangible Assets | Unfavorable Lease Intangible Liabilities |
|---|
| 2026 | 67 | 365 |
p115 · table 42 · Future Minimum Lease Payments
units=(none) · flavor=stream · camelot_accuracy=96.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year | Contractual Lease Payments |
|---|
| 2026 | $ 10,502 |
| 2027 | 4,764 |
| 2028 | 3,244 |
| 2029 | 1,970 |
| 2030 | 1,308 |
| Thereafter | 2,847 |
p116 · table 43 · Note 5. Debt Obligations
units=(amount in tables in thousands, except per share amounts) · flavor=stream · camelot_accuracy=95.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| Item | Current Maturity | Final Stated Maturity(A) | Maximum Facility Size | December 31, 2025 Facility Outstanding Principal | December 31, 2025 Facility Carrying Value(B) | December 31, 2025 Facility Weighted Average Funding Cost(C) | December 31, 2025 Collateral Outstanding Principal | December 31, 2025 Collateral Carrying Value | December 31, 2024 Facility Carrying Value(B) |
|---|
| Master Repurchase Agreements | | | | | | | | | |
| Wells Fargo | Sep 2027 | Sep 2029 | $ 1,000,000 | $ 579,974 | $ 578,569 | 5.4 % | $ 853,382 | $ 824,136 | $ 650,621 |
| Morgan Stanley | Jul 2027 | Jul 2027 | 500,000 | 308,922 | 308,388 | 6.4 | 523,062 | 516,624 | 276,875 |
| Goldman Sachs | Dec 2026 | Dec 2027 | 400,000 | 170,200 | 169,451 | 6.1 | 303,796 | 302,811 | 107,973 |
| Morgan Stanley - GBP/EUR | Nov 2031 | Nov 2032 | 404,250 | 161,610 | 160,725 | 4.7 | 215,480 | 211,088 | — |
| Term Loan Facility | | | | | | | | | |
| KREF Lending VII(D) | Match-term | Match-term | 1,000,000 | 513,202 | 512,897 | 5.8 | 667,680 | 637,187 | 553,834 |
| Term Lending Agreements | | | | | | | | | |
| KREF Lending IX | Match-term | Match-term | 277,032 | 271,769 | 271,455 | 5.8 | 379,046 | 377,610 | 437,002 |
| KREF Lending XV | Match-term | Match-term | 300,000 | 238,576 | 237,422 | 5.9 | 298,220 | 293,254 | — |
| KREF Lending XVI | Match-term | Match-term | 100,000 | 100,000 | 99,083 | 5.1 | 125,000 | 122,759 | — |
| KREF Lending XVII | Match-term | Match-term | 250,000 | 90,352 | 89,178 | 5.3 | 114,812 | 111,947 | — |
| BMO Facility | Match-term | Match-term | 300,000 | 71,126 | 71,063 | 5.5 | 90,795 | 89,801 | 74,727 |
| KREF Lending XII | Match-term | Match-term | 150,000 | — | — | — | — | — | 99,233 |
| KREF Lending V | Match-term | Match-Term | — | — | — | — | — | — | 177,408 |
| Warehouse Facility | | | | | | | | | |
| HSBC Facility | Mar 2026 | Mar 2026 | 500,000 | — | — | — | — | — | (12) |
| Asset Specific Financing | | | | | | | | | |
| KREF Lending XIII | Oct 2026 | Oct 2027 | 265,625 | 195,198 | 194,678 | 7.4 | 229,644 | 226,983 | 193,285 |
| KREF Lending XI | Mar 2026 | Mar 2026 | 90,000 | 90,000 | 90,000 | 6.4 | 125,000 | 124,419 | 99,967 |
| KREF Lending XIV | Oct 2026 | Oct 2027 | 125,000 | 80,120 | 79,780 | 6.9 | 100,150 | 98,875 | 47,761 |
| Revolving Credit Agreement | | | | | | | | | |
| Revolver(E) | Mar 2030 | Mar 2030 | 700,000 | — | — | — | n.a. | n.a. | 80,000 |
| Total / Weighted Average | | | $ 6,361,907 | $ 2,871,049 | $ 2,862,689 | 5.9 % | | | $ 2,798,674 |
p117 · table 44 · Counterparty Exposure
units=(none) · flavor=stream · camelot_accuracy=94.2 · llm_corrected=True
before — table + bounding box
after — final markdown
| Outstanding Principal | Net Counterparty Exposure | Percent of Stockholders' Equity | Weighted Average Life (Years)(A) |
|---|
| 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 |
| December 31, 2024 | | | | |
| Morgan Stanley | $ 755,455 | $ 316,833 | 23.5 % | 1.6 |
| Wells Fargo | 651,922 | 282,980 | 21.0 | 2.3 |
| Total / Weighted Average | $ 1,407,377 | $ 599,813 | 44.5 % | 1.9 |
p117 · table 45 · Activity
units=(none) · flavor=stream · camelot_accuracy=98.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| Secured Financing Agreements, Net |
|---|
| Balance as of December 31, 2023 | $ 3,782,419 |
| Principal borrowings | 601,861 |
| Principal repayments | (1,591,031) |
| Deferred debt issuance costs | (4,734) |
| Amortization of deferred debt issuance costs | 10,159 |
| Balance as of December 31, 2024 | $ 2,798,674 |
| Principal borrowings | 1,717,334 |
| Principal repayments | (1,655,189) |
| Deferred debt issuance costs | (11,145) |
| Amortization of deferred debt issuance costs | 9,018 |
| Loss (gain) on foreign currency translation | 3,997 |
| Balance as of December 31, 2025 | $ 2,862,689 |
p118 · table 46 · Maturities
units=(amount in tables in thousands, except per share amounts) · flavor=stream · camelot_accuracy=96.4 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year | Nonrecourse(A) | Recourse(A)(B) | Total |
|---|
| 2026 | $ 305,541 | $ 32,422 | $ 337,963 |
| 2027 | 1,227,812 | 264,999 | 1,492,811 |
| 2028 | 185,713 | 27,271 | 212,984 |
| 2029 | 77,416 | 25,805 | 103,221 |
| 2030 | 534,789 | 133,753 | 668,542 |
| 2031 | 41,646 | 13,882 | 55,528 |
| Total | $ 2,372,917 | $ 498,132 | $ 2,871,049 |
p119 · table 47 · CLO collateral assets and respective borrowing
units=(none) · flavor=stream · camelot_accuracy=98.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 Facility Wtd. Avg. Term(A) | December 31, 2025 Facility Maximum Facility Size | December 31, 2025 Facility Outstanding Principal | December 31, 2025 Facility Carrying Value | December 31, 2025 Facility Wtd. Avg. Funding Cost(B) | December 31, 2025 Collateral Outstanding Principal | December 31, 2025 Collateral Carrying Value | December 31, 2024 Facility Carrying Value |
|---|
| KREF 2021-FL2 | February 2039 | $ 655,010 | $ 655,010 | $ 654,964 | 5.3 % | $ 859,760 | $ 818,019 | $ 930,070 |
| KREF 2022-FL3 | February 2039 | 543,368 | 543,368 | 543,368 | 5.5 | 695,868 | 694,233 | 836,034 |
| Total | | $ 1,198,378 | $ 1,198,378 | $ 1,198,332 | 5.4 % | $ 1,555,628 | $ 1,512,252 | $ 1,766,104 |
p119 · table 48 · The following table presents the CLO assets and liabilities included in KREF's Consolidated Balance Sheets:
units=(none) · flavor=stream · camelot_accuracy=98.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | December 31, 2024 |
|---|
| Assets | | |
| Commercial real estate loans, held-for-investment | $ 1,513,255 | $ 2,123,347 |
| Less: Allowance for credit losses | (43,027) | (20,005) |
| Commercial real estate loans, held-for-investment, net | 1,470,228 | 2,103,342 |
| Accrued interest receivable | 5,908 | 9,785 |
| Other assets(A) | 41,896 | 155 |
| Total | $ 1,518,032 | $ 2,113,282 |
| Liabilities | | |
| Collateralized loan obligations | $ 1,198,378 | $ 1,766,231 |
| Deferred financing costs | (46) | (127) |
| Collateralized loan obligations, net | 1,198,332 | 1,766,104 |
| Accrued interest payable | 2,548 | 4,097 |
| Total | $ 1,200,880 | $ 1,770,201 |
p119 · table 49 · Components of Net Interest Income of CLOs
units=(none) · flavor=stream · camelot_accuracy=96.4 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | Year Ended December 31, 2024 |
|---|
| Interest income | $ 131,468 | $ 189,507 |
| Interest expense | 87,799 | 132,033 |
| Net interest income | $ 43,669 | $ 57,474 |
p120 · table 50 · The following table summarizes KREF's secured term loan as of December 31, 2025 and 2024, respectively:
units=(none) · flavor=stream · camelot_accuracy=94.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | December 31, 2024 |
|---|
| Principal | $ 646,750 | $ 339,500 |
| Deferred financing costs | (11,448) | (2,988) |
| Unamortized discount | (2,786) | (2,659) |
| Carrying value | $ 632,516 | $ 333,853 |
p121 · table 51 · The following table presents the assets and liabilities of the consolidated CMBS trust:
units=(none) · flavor=stream · camelot_accuracy=97.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | December 31, 2024 |
|---|
| Assets | | |
| Commercial real estate loans, at fair value | $ 502,751 | $ — |
| Accrued interest receivable | 2,479 | — |
| Consolidated variable interest entity assets, CMBS trust, at fair value | $ 505,230 | $ — |
| Liabilities | | |
| Commercial mortgage-backed securities, at fair value | $ 493,680 | $ — |
| Accrued interest payable | 2,380 | — |
| Consolidated variable interest entity liabilities, CMBS trust, at fair value | $ 496,060 | $ — |
p121 · table 52 · The following table presents the change in net assets of the consolidated CMBS trust:
units=(none) · flavor=stream · camelot_accuracy=96.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | Year Ended December 31, 2024 |
|---|
| Net interest income | $ 626 | $ — |
| Unrealized gain (loss) | 104 | — |
| Change in net assets of consolidated variable interest entity, CMBS trust | $ 730 | $ — |
p122 · table 53 · Concentration of Credit Risk
units=(amount in tables in thousands) · flavor=stream · camelot_accuracy=97.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Geography | December 31, 2025 | December 31, 2024 |
|---|
| New York | 46.2 % | — % |
| California | 17.4 | — |
| Oregon | 10.0 | — |
| Maryland | 9.9 | — |
| Arizona | 5.1 | — |
| North Carolina | 2.2 | — |
| Florida | 1.4 | — |
| Tennessee | 1.2 | — |
| Alabama | 1.1 | — |
| Georgia | 1.0 | — |
| Ohio | 1.0 | — |
| Other U.S. | 3.5 | — |
| Total | 100.0 % | — % |
p122 · table 54 · Concentration of Credit Risk
units=(in thousands, except per share amounts) · flavor=stream · camelot_accuracy=97.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Collateral Property Type | December 31, 2025 | December 31, 2024 |
|---|
| Office | 26.6 % | — % |
| Retail | 24.1 | — |
| Co-op | 22.8 | — |
| Mixed Use | 13.0 | — |
| Multifamily | 11.7 | — |
| Self-Storage | 1.8 | — |
| Total | 100.0 % | — % |
p123 · table 55 · Note 9. Other Assets and Liabilities
units=(amount in tables in thousands, except per share amounts) · flavor=stream · camelot_accuracy=98.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | December 31, 2024 |
|---|
| Other assets | | |
| Restricted cash | $ 2,721 | $ 1,614 |
| Loan principal repayments held by a servicer | 74,279 | — |
| Deferred financing cost, Revolver | 5,887 | 2,811 |
| Assets related to real estate owned, held for investment | 2,720 | 2,651 |
| Other | 2,043 | 1,777 |
| Total | $ 87,650 | $ 8,853 |
| Other liabilities | | |
| Liabilities related to real estate owned, held for investment | $ 5,342 | $ 4,298 |
| Allowance for credit losses on unfunded commitments | 2,201 | 2,478 |
| Foreign currency forward contracts | 1,265 | — |
| Other | 1,676 | 1,748 |
| Total | $ 10,484 | $ 8,524 |
p124 · table 56 · December 31, 2025
units=(none) · flavor=stream · camelot_accuracy=98.2 · llm_corrected=True
before — table + bounding box
after — final markdown
| 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 |
p124 · table 57 · Effect of Derivatives on Consolidated Statements of Income - Year Ended December 31, 2025
units=(none) · flavor=stream · camelot_accuracy=90.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Location of Gain (Loss) Recognized | Year Ended December 31, 2025 |
|---|
| Unrealized gain (loss) on derivative instruments | Gain (loss) on foreign currency forward contracts | $ (1,305) |
| Forward points on derivative instruments(A) | Gain (loss) on foreign currency forward contracts | 40 |
| Total | | $ (1,265) |
p128 · table 58 · Dividends
units=(none) · flavor=stream · camelot_accuracy=99.3 · llm_corrected=True
before — table + bounding box
after — final markdown
| Declaration Date | Record Date | Payment Date | Amount Per Share | Amount Total |
|---|
| 2025 | | | | |
| March 14, 2025 | March 31, 2025 | April 15, 2025 | $ 0.25 | $ 16,956 |
| June 10, 2025 | June 30, 2025 | July 15, 2025 | 0.25 | 16,419 |
| September 11, 2025 | September 30, 2025 | October 15, 2025 | 0.25 | 16,307 |
| December 10, 2025 | December 31, 2025 | January 15, 2026 | 0.25 | 16,092 |
| | | | $ 65,774 |
| 2024 | | | | |
| February 1, 2024 | March 28, 2024 | April 15, 2024 | $ 0.25 | $ 17,328 |
| June 13, 2024 | June 28, 2024 | July 15, 2024 | 0.25 | 17,333 |
| September 13, 2024 | September 30, 2024 | October 15, 2024 | 0.25 | 17,333 |
| December 12, 2024 | December 31, 2024 | January 15, 2025 | 0.25 | 17,178 |
| | | | $ 69,172 |
p128 · table 59 · Series A Preferred Stock Dividends
units=(none) · flavor=stream · camelot_accuracy=99.3 · llm_corrected=True
before — table + bounding box
after — final markdown
| Declaration Date | Record Date | Payment Date | Per Share | Total |
|---|
| 2025 | | | | |
| January 31, 2025 | February 28, 2025 | March 14, 2025 | $ 0.41 | $ 5,326 |
| April 21, 2025 | May 30, 2025 | June 13, 2025 | 0.41 | 5,326 |
| July 17, 2025 | August 29, 2025 | September 15, 2025 | 0.41 | 5,326 |
| October 16, 2025 | November 28, 2025 | December 15, 2025 | 0.41 | 5,326 |
| | | | $ 21,304 |
| 2024 | | | | |
| February 1, 2024 | February 29, 2024 | March 15, 2024 | $ 0.41 | $ 5,326 |
| April 19, 2024 | May 31, 2024 | June 14, 2024 | 0.41 | 5,326 |
| July 19, 2024 | August 30, 2024 | September 13, 2024 | 0.41 | 5,326 |
| October 18, 2024 | November 29, 2024 | December 13, 2024 | 0.41 | 5,326 |
| | | | $ 21,304 |
p129 · table 60 · The following table summarizes the activity in KREF's outstanding RSUs and the weighted-average grant date fair value per RSU:
units=(none) · flavor=stream · camelot_accuracy=93.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| Restricted Stock Units | Weighted Average Grant Date Fair Value Per RSU(A) |
|---|
| Unvested as of December 31, 2024 | 1,248,813 | $ 12.35 |
| Granted | 686,935 | 8.51 |
| Vested | (629,950) | 12.71 |
| Forfeited / cancelled | (10,002) | 11.84 |
| Unvested as of December 31, 2025 | 1,295,796 | $ 10.14 |
p129 · table 61 · KREF expects the unvested RSUs outstanding to vest during the following years:
units=(none) · flavor=stream · camelot_accuracy=97.9 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year | Restricted Stock Units |
|---|
| 2026 | 612,361 |
| 2027 | 475,101 |
| 2028 | 208,334 |
| Total | 1,295,796 |
p131 · table 62 · Computation of Basic and Diluted EPS
units=(none) · flavor=stream · camelot_accuracy=98.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| 2025 | 2024 | 2023 |
|---|
| Earnings | | | |
| Net income (loss) | $ (47,051) | $ 35,591 | $ (30,851) |
| Less: Preferred stock dividends | 21,304 | 21,304 | 21,304 |
| Less: Participating securities' share in earnings | 1,530 | 1,216 | 1,764 |
| Net income (loss) attributable to common stockholders, basic and diluted | $ (69,885) | $ 13,071 | $ (53,919) |
| Shares | | | |
| Weighted average common shares outstanding | 66,538,387 | 69,277,882 | 69,154,447 |
| Add: Weighted average deferred stock units | 269,045 | 119,008 | 25,592 |
| Diluted weighted average common shares outstanding | 66,807,432 | 69,396,890 | 69,180,039 |
| Net income (loss) attributable to common stockholders, per: | | | |
| Basic and diluted common share | $ (1.05) | $ 0.19 | $ (0.78) |
p134 · table 63 · KKR Real Estate Finance Trust Inc. Notes to Consolidated Financial Statements
units=(amount in tables in thousands, except per share amounts) · flavor=stream · camelot_accuracy=96.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Manager | Management fees | $ 22,677 | $ 24,533 | $ 26,171 |
| Manager | Incentive compensation | — | — | 2,491 |
| Manager | Expense reimbursements | 6,281 | 5,731 | 6,581 |
| KCM | Structuring fees | 7,301 | — | — |
| K-Star | Diligence and servicing fees | 391 | — | — |
| Total | | $ 36,650 | $ 30,264 | $ 35,243 |
p135 · table 64 · Note 17. Fair Value of Financial Instruments
units=(amount in tables in thousands, except per share amounts) · flavor=stream · camelot_accuracy=95.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| 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 |
p135 · table 65 · 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, 2024, were as follows:
units=(none) · flavor=stream · camelot_accuracy=94.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Principal Balance | Amortized Cost | Carrying Value | Level 1 | Level 2 | Level 3 | Total |
|---|
| Assets | | | | | | | |
| Cash and cash equivalents | $ 104,933 | $ 104,933 | $ 104,933 | $ 104,933 | $ — | $ — | $ 104,933 |
| Commercial real estate loans, held-for-investment, net | 5,900,163 | 5,888,622 | 5,771,519 | — | — | 5,768,648 | 5,768,648 |
| Total | $ 6,005,096 | $ 5,993,555 | $ 5,876,452 | $ 104,933 | $ — | $ 5,768,648 | $ 5,873,581 |
| Liabilities | | | | | | | |
| Secured financing agreements, net | $ 2,804,895 | $ 2,798,674 | $ 2,798,674 | $ — | $ — | $ 2,798,674 | $ 2,798,674 |
| Collateralized loan obligations, net | 1,766,231 | 1,766,104 | 1,766,104 | — | — | 1,745,561 | 1,745,561 |
| Secured term loan, net | 339,500 | 333,853 | 333,853 | — | 341,198 | — | 341,198 |
| Total | $ 4,910,626 | $ 4,898,631 | $ 4,898,631 | $ — | $ 341,198 | $ 4,544,235 | $ 4,885,433 |
p136 · table 66 · Notes to Consolidated Financial Statements
units=(none) · flavor=stream · camelot_accuracy=95.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Consolidated variable interest entity assets, CMBS trust, at fair value | Consolidated variable interest entity liabilities, CMBS trust, at fair value | Net |
|---|
| Balance as of December 31, 2024 | $ — | $ — | $ — |
| Purchases and repayments | | | |
| Purchases | 8,967 | — | 8,967 |
| Consolidation of CMBS trust | 480,666 | 480,666 | — |
| Repayments | (1,030) | (1,030) | — |
| Gains (losses) included in net income | | | |
| Unrealized gain (loss) included in change in net assets of consolidated variable interest entity, CMBS trust | 14,148 | 14,044 | 104 |
| Other(A) | 2,479 | 2,380 | 99 |
| Balance as of December 31, 2025 | $ 505,230 | $ 496,060 | $ 9,170 |
p136 · table 67 · Level 3 Inputs Used to Value Assets and Liabilities
units=(none) · flavor=stream · camelot_accuracy=97.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| Item | Fair Value | Valuation Methodologies | Unobservable Inputs | Weighted Average(A) | Range |
|---|
| Assets | | | | | |
| Commercial real estate loans, held-for-investment | $ 5,146,650 | Discounted cash flow | Discount margin | 4.1% | 2.6% - 8.9% |
| | | Capitalization rate | 8.4% | 5.4% - 10.3% |
| | | Discount rate | 10.4% | 8.5% - 11.0% |
| Consolidated variable interest entity assets, CMBS trust, at fair value | 502,751 | Discounted cash flow | Yield | 6.0% | 4.1% - 33.3% |
| | | Duration | 6.8 | 2.2 - 7.1 |
| Liabilities | | | | | |
| Consolidated variable interest entity liabilities, CMBS trust, at fair value | $ 493,680 | Discounted cash flow | Yield | 6.0% | 4.1% - 33.3% |
| | | Duration | 6.8 | 2.2 - 7.1 |
p137 · table 68 · Common stock distributions treated as dividends for tax purposes were taxable as follows:
units=(none) · flavor=stream · camelot_accuracy=97.3 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year | Ordinary Dividends | Qualified Dividends | Long Term Capital Gain | Return of Capital |
|---|
| 2025 | 63.2 % | — % | — % | 36.8 % |
| 2024 | — | — | — | 100.0 |
| 2023 | 91.5 | — | — | 8.5 |
p139 · table 69 · Summary Quarterly Consolidated Financial Information (2025)
units=(none) · flavor=stream · camelot_accuracy=98.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| March 31 | June 30 | September 30 | December 31 | December 31, 2025 |
|---|
| Net Interest Income | | | | | |
| Interest income | $ 113,967 | $ 112,272 | $ 108,019 | $ 101,341 | $ 435,599 |
| Interest expense | 82,626 | 82,101 | 82,685 | 75,549 | 322,961 |
| Total net interest income | 31,341 | 30,171 | 25,334 | 25,792 | 112,638 |
| Other Income | 3,875 | 5,700 | 6,080 | 6,848 | 22,503 |
| Operating Expenses | 40,965 | 66,444 | 18,642 | 59,735 | 185,786 |
| Income (Loss) Before Income Taxes | (5,749) | (30,573) | 12,772 | (27,095) | (50,645) |
| Income tax expense | — | — | — | (156) | (156) |
| Net Income (Loss) | $ (5,749) | $ (30,573) | $ 12,772 | $ (26,939) | $ (50,489) |
| Net income (loss) attributable to noncontrolling interests | (888) | (847) | (1,006) | (697) | (3,438) |
| Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries | (4,861) | (29,726) | 13,778 | $ (26,242) | $ (47,051) |
| Preferred stock dividends | 5,326 | 5,326 | 5,326 | 5,326 | 21,304 |
| Participating securities' share in earnings | 363 | 373 | 373 | 421 | 1,530 |
| Net Income (Loss) Attributable to Common Stockholders | $ (10,550) | $ (35,425) | $ 8,079 | $ (31,989) | $ (69,885) |
| Net Income (Loss) Per Share of Common Stock | | | | | |
| Basic and Diluted | $ (0.15) | $ (0.53) | $ 0.12 | $ (0.49) | $ (1.05) |
| Weighted Average Number of Shares of Common Stock Outstanding | | | | | |
| Basic and Diluted | 68,765,877 | 67,191,309 | 65,876,727 | 65,442,561 | 66,807,432 |
p140 · table 70 · KKR Real Estate Finance Trust Inc.
units=(amount in tables in thousands, except per share amounts) · flavor=stream · camelot_accuracy=97.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Item | Quarter Ended March 31 | Quarter Ended June 30 | Quarter Ended September 30 | Quarter Ended December 31 | Year Ended December 31, 2024 |
|---|
| Net Interest Income | | | | | |
| Interest income | $ 151,620 | $ 149,249 | $ 140,150 | $ 123,610 | $ 564,629 |
| Interest expense | 112,476 | 108,816 | 103,145 | 88,476 | 412,913 |
| Total net interest income | 39,144 | 40,433 | 37,005 | 35,134 | 151,716 |
| Other Income | 7,615 | 7,220 | 10,015 | 4,657 | 29,507 |
| Operating Expenses | 50,147 | 22,054 | 54,257 | 20,190 | 146,648 |
| Income (Loss) Before Income Taxes | (3,388) | 25,599 | (7,237) | 19,601 | 34,575 |
| Income tax expense | 41 | 71 | 91 | 45 | 248 |
| Net Income (Loss) | $ (3,429) | $ 25,528 | $ (7,328) | $ 19,556 | $ 34,327 |
| Net income (loss) attributable to noncontrolling interests | (321) | (304) | 60 | (699) | (1,264) |
| Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries | $ (3,108) | $ 25,832 | $ (7,388) | $ 20,255 | $ 35,591 |
| Preferred stock dividends | 5,326 | 5,326 | 5,326 | 5,326 | 21,304 |
| Participating securities' share in earnings | 305 | 283 | 277 | 351 | 1,216 |
| Net Income (Loss) Attributable to Common Stockholders | $ (8,739) | $ 20,223 | $ (12,991) | $ 14,578 | $ 13,071 |
| Net Income (Loss) Per Share of Common Stock | | | | | |
| Basic and Diluted | $ (0.13) | $ 0.29 | $ (0.19) | $ 0.21 | $ 0.19 |
| Weighted Average Number of Shares of Common Stock Outstanding | | | | | |
| Basic and Diluted | 69,386,568 | 69,423,244 | 69,434,938 | 69,342,983 | 69,396,890 |
p141 · table 71 · Schedule IV - Mortgage Loans on Real Estate
units=(dollars in millions) · flavor=stream · camelot_accuracy=97.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| Type of Loan | Description / Location | Interest Rates(A) | Maturity Date(B) | Payment Terms(C) | Principal Amount | Carrying Value |
|---|
| Senior Loans(D) | | | | | | |
| Senior Loans in excess of 3% of the carrying value of total loans | | | | | | |
| Senior Loan 1 | Industrial / Various, U.S. | + 2.7% | May 2027 | I/O | $ 252.3 | $ 252.3 |
| Senior Loan 2 | Life Science / Massachusetts | + 4.2% | August 2027 | I/O | 229.6 | 229.2 |
| Senior Loan 3 | Office / Washington | + 3.7% | April 2027 | I/O | 224.6 | 224.5 |
| Senior Loan 4 | Multifamily / California | + 2.9% | March 2026 | I/O | 220.0 | 220.0 |
| Senior Loan 5 | Industrial / New York | + 8.2% | March 2026 | I/O | 217.2 | 216.4 |
| Senior Loan 6 | Office / Washington, D.C. | + 3.4% | December 2027 | I/O | 180.5 | 180.3 |
| Senior Loan 7 | Multifamily / Florida | + 2.8% | January 2027 | I/O | 171.4 | 171.4 |
| Senior Loans less than 3% of the carrying value of total loans | | | | | | |
| Senior Loans | Multifamily / Various | + 2.3% — 3.9% | 2026 - 2030 | I/O | 1,767.9 | 1,763.2 |
| Senior Loans | Office / Various | + 2.3% — 4.1% | 2026 - 2030 | I/O | 815.6 | 812.6 |
| Senior Loans | Life Science / Various | + 1.0% — 4.5% | 2026 - 2028 | I/O | 505.7 | 505.2 |
| Senior Loans | Industrial / Various | + 2.4% — 2.9% | 2027 - 2030 | I/O | 491.2 | 488.1 |
| Senior Loan | Hospitality / Various | + 3.0 % — 3.3 % | 2030 - 2031 | I/O | 149.0 | 147.8 |
| Senior Loan | Student Housing / Pennsylvania | + 3.0 % | June 2026 | I/O | 112.5 | 112.4 |
| Senior Loan | Mixed Use / Pennsylvania | + 4.0 % | July 2029 | I/O | 24.4 | 24.4 |
| Total senior loans | | | | | $ 5,361.9 | $ 5,347.8 |
| Mezzanine Loans | | | | | | |
| Mezzanine Loans in excess of 3% of the carrying value of total loans | | | | | — | — |
| Mezzanine Loans less than 3% of the carrying value of total loans | | | | | — | — |
| Total mezzanine loans | | | | | $ — | $ — |
| Total loans | | | | | $ 5,361.9 | $ 5,347.8 |
| CECL reserve | | | | | | (201.9) |
| Total loans, net | | | | | | $ 5,145.8 |
p145 · table 72 · Exhibit Index
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Exhibit Number | Exhibit Description |
|---|
| 3.1 | Articles of Restatement of KKR Real Estate Finance Trust Inc., dated as of May 10, 2017 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 10, 2017). |
| 3.2 | Amended and Restated Bylaws of KKR Real Estate Finance Trust Inc. (incorporated by reference to Exhibit 3.2 to the Company's Registration on Form S-11/A filed on April 13, 2017). |
| 3.3 | Articles Supplementary, designating the Company's 6.5% Series A Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on April 16, 2021). |
| 3.4 | Articles Supplementary, designating additional shares of the Company's 6.5% Series A Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on January 13, 2022). |
| 4.1 | Description of securities (incorporated by reference to Exhibit 4.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021). |
| 4.2 | Form of Specimen Certificate for the Company's 6.50% Series A Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on April 16, 2021). |
| 4.3 | Indenture, dated as of August 16, 2021, among KREF 2021-FL2 Ltd., KREF 2021-FL2 LLC, KREF CLO Loan Seller LLC, Wilmington Trust, National Association, and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on August 19, 2021). |
| 4.4 | Supplemental Indenture No. 1, dated as of June 26, 2023, among KREF 2021-FL2 Ltd., KREF 2021-FL2 LLC, KREF CLO Loan Seller LLC, Wilmington Trust, National Association, and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023). |
| 4.5 | Indenture, dated as of February 10, 2022, among KREF 2022-FL3 Ltd., KREF 2022-FL3 LLC, KREF CLO Loan Seller LLC, Wilmington Trust, National Association, and Computershare Trust Company, National Association (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on February 16, 2022). |
| 10.1 | Third Amended and Restated Management Agreement, dated as of May 5, 2017, between KKR Real Estate Finance Trust Inc. and KKR Real Estate Finance Manager LLC (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on May 10, 2017). |
| 10.2 | First Amendment to the Third Amended and Restated Management Agreement, dated as of August 5, 2019, between KKR Real Estate Finance Trust Inc. and KKR Real Estate Finance Manager LLC (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2019). |
| 10.3 | Stockholders Agreement, dated as of March 29, 2016, among KKR Fund Holdings L.P., the stockholders party thereto, KKR Real Estate Finance Trust Inc. and KKR Real Estate Finance Manager LLC (incorporated by reference to Exhibit 10.2 to the Company's Registration on Form S-11 filed on April 3, 2017). |
| 10.4 | First Amendment to the Stockholders Agreement, dated as of September 29, 2016, among KKR Real Estate Finance Trust Inc., KKR Real Estate Finance Manager LLC, KKR Fund Holdings L.P. and the stockholders party thereto (incorporated by reference to Exhibit 10.3 to the Company's Registration on Form S-11 filed on April 3, 2017). |
p146 · table 73 · Exhibit Number / Exhibit Description
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Exhibit Number | Exhibit Description |
|---|
| 10.5 | Second Amendment to the Stockholders Agreement, dated as of January 9, 2017, among KKR Real Estate Finance Trust Inc., KKR Real Estate Finance Manager LLC, KKR Fund Holdings L.P. and the stockholders party thereto (incorporated by reference to Exhibit 10.4 to the Company's Registration on Form S-11 filed on April 3, 2017). |
| 10.6 | Registration Rights Agreement, dated as of March 29, 2016, among KKR Real Estate Finance Trust Inc., KKR Fund Holdings L.P. and the other investors party thereto (incorporated by reference to Exhibit 10.5 to the Company's Registration on Form S-11 filed on April 3, 2017). |
| 10.7 | First Amendment to the Registration Rights Agreement, dated as of September 29, 2016, among KKR Real Estate Finance Trust Inc., KKR Fund Holdings L.P. and the other investors party thereto (incorporated by reference to Exhibit 10.6 to the Company's Registration on Form S-11 filed on April 3, 2017). |
| 10.8 | Amended and Restated Loan and Servicing Agreement, dated as of December 20, 2022, among KREF Holdings VII LLC, KREF Lending VII LLC, PNC Bank, National Association, Midland Loan Services, a division of PNC Bank, National Association, the Initial Lender, and KKR Capital Markets LLC (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023). |
| 10.9 | First Amendment to Amended and Restated Loan and Servicing Agreement, dated as of June 27, 2023, among KREF Holdings VII LLC, KREF Lending VII LLC, PNC Bank, National Association, Midland Loan Services, a division of PNC Bank, National Association, the Initial Lender, and KKR Capital Markets LLC (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023). |
| 10.10 | Master Repurchase and Securities Contract Agreement, dated as of December 6, 2016, between Morgan Stanley Bank, N.A. and KREF Lending IV LLC (incorporated by reference to Exhibit 10.16 to the Company's Registration on Form S-11 filed on April 3, 2017). |
| 10.11 | Omnibus Amendment, dated as of November 10, 2017, to the Master Repurchase and Securities Contract Agreement, dated as of December 6, 2016, between Morgan Stanley Bank, N.A. and KREF Lending IV LLC (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 13, 2017). |
| 10.12 | Guaranty Agreement, dated as of December 6, 2016, made by KKR Real Estate Finance Holdings L.P. in favor of Morgan Stanley Bank, N.A. (incorporated by reference to Exhibit 10.20 to the Company's Annual Report on Form 10-K for the year ended December 31, 2017). |
| 10.13 | First Amendment to Guaranty Agreement, dated as of December 31, 2018, between KKR Real Estate Finance Holdings L.P. and Morgan Stanley Bank, N.A. (incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K for the year ended December 31, 2023). |
| 10.14 | Second Amendment to Guaranty Agreement, dated as of September 26, 2023, between KKR Real Estate Finance Holdings L.P. and Morgan Stanley Bank, N.A. (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023). |
| 10.15 | Third Amendment to Guaranty Agreement, effective as of September 20, 2024, between KKR Real Estate Finance Holdings L.P. and Morgan Stanley Bank, N.A. (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024). |
| 10.16 | Fourth Amendment to Guaranty Agreement, effective as of March 6, 2025, between KKR Real Estate Finance Holdings L.P. and Morgan Stanley Bank, N.A. (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025). |
p147 · table 74 · Exhibit Number / Exhibit Description
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Exhibit Number | Exhibit Description |
|---|
| 10.17 | Second Amendment to Guaranty Agreement, dated as of September 20, 2024, between KKR Real Estate Finance Holdings L.P. and Morgan Stanley Bank, N.A.. (as the assignee of all of the rights and obligations of MUFG Bank Ltd. under the Program Documents) (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024) |
| 10.18 | Third Amendment to Guaranty Agreement, effective as of March 6, 2025, 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) (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025). |
| 10.19 | First Amendment to Master Repurchase Agreement, dated December 31, 2018, between Morgan Stanley Bank, N.A. and KREF Lending IV LLC (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019). |
| 10.20 | Second Amendment to Master Repurchase Agreement, dated March 14, 2019, between Morgan Stanley Bank, N.A. and KREF Lending IV LLC and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019). |
| 10.21 | Third Amendment to Master Repurchase Agreement, dated June 7, 2019, between Morgan Stanley Bank, N.A. and KREF Lending IV LLC and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019). |
| 10.22 | Fourth Amendment to Master Repurchase Agreement, dated December 4, 2019, between Morgan Stanley Bank, N.A., KREF Lending IV LLC and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.22 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020). |
| 10.23 | Fifth Amendment to Master Repurchase Agreement, dated February 21, 2020, between Morgan Stanley Bank, N.A. and KREF Lending IV LLC and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020). |
| 10.24 | Sixth Amendment to Master Repurchase Agreement, dated as of June 29, 2021, between Morgan Stanley Bank, N.A. and KREF Lending IV LLC and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021). |
| 10.25 | Seventh Amendment to Master Repurchase Agreement, dated December 29, 2021, between Morgan Stanley Bank, N.A. and KREF Lending IV LLC and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.29 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021). |
| 10.26 | Eighth Amendment to Master Repurchase Agreement, dated February 15, 2022, among Morgan Stanley Bank, N.A., KREF Lending IV LLC, and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). |
| 10.27 | Ninth Amendment to Master Repurchase Agreement, dated March 30, 2023, among Morgan Stanley Bank, N.A., KREF Lending IV LLC, and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023). |
| 10.28 | Tenth Amendment to Master Repurchase Agreement, dated September 6, 2023, among Morgan Stanley Bank, N.A., KREF Lending IV LLC, and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023). |
p148 · table 75 · Exhibit Number / Exhibit Description
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Exhibit Number | Exhibit Description |
|---|
| 10.29* | Seventh Amendment, dated as of March 16, 2022, to the Credit Agreement among KREF Holdings X LLC, KKR Real Estate Finance Holdings L.P., Morgan Stanley Senior Funding Inc., as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). |
| 10.30 | Eighth Amendment, dated as of September 26, 2023, to the Credit Agreement among KREF Holdings X LLC, KKR Real Estate Finance Holdings L.P., Morgan Stanley Senior Funding Inc., as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023). |
| 10.31 | Ninth Amendment, dated as of September 16, 2024, to the Credit Agreement among KREF Holdings X LLC, KKR Real Estate Finance Holdings L.P., Morgan Stanley Senior Funding Inc., as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024) |
| 10.32* | Tenth Amendment, dated as of March 5, 2025, 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 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025). |
| 10.33* | Lender Joinder Agreement No. 6, dated as of March 28, 2022, to the Credit Agreement among KREF Holdings X LLC, KKR Real Estate Finance Holdings L.P., Morgan Stanley Senior Funding Inc., as administrative agent, and the new lender party thereto (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). |
| 10.34* | Lender Joinder Agreement No. 7, dated as of March 31, 2022, to the Credit Agreement among KREF Holdings X LLC, KKR Real Estate Finance Holdings L.P., Morgan Stanley Senior Funding Inc., as administrative agent, and the new lenders party thereto (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). |
| 10.35* | Lender Joinder Agreement No. 8, dated as of April 4, 2022, to the Credit Agreement among KREF Holdings X LLC, KKR Real Estate Finance Holdings L.P., Morgan Stanley Senior Funding Inc., as administrative agent, and the new lenders party thereto (incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). |
| 10.36* | Lender Joinder Agreement No. 9, dated as of April 19, 2022, to the Credit Agreement among KREF Holdings X LLC, KKR Real Estate Finance Holdings L.P., Morgan Stanley Senior Funding Inc., as administrative agent, and the new lenders party thereto (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025). |
| 10.37* | Lender Joinder Agreement No. 10, dated as of September 10, 2025, to the Credit Agreement among KREF Holdings X LLC, KKR Real Estate Finance Holdings L.P., Morgan Stanley Senior Funding Inc., as administrative agent, and the new lenders party thereto (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025). |
| 10.38 | Amended and Restated Master Repurchase and Securities Contract, dated as of April 7, 2017, between KREF Lending I LLC and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.20 to the Company's Registration on Form S-11/A filed on April 13, 2017). |
| 10.39 | Amendment No. 1 to Amended and Restated Master Repurchase and Securities Contract, dated as of September 20, 2017, between KREF Lending I LLC and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017). |
| 10.40 | Amendment No. 2 to Amended and Restated Master Repurchase and Securities Contract, dated as of November 28, 2018, between KREF Lending I LLC and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019). |
p149 · table 76 · Exhibit Index
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Exhibit Number | Exhibit Description |
|---|
| 10.41 | Amendment No. 3 to Amended and Restated Master Repurchase and Securities Contract, dated as of September 23, 2021, between KREF Lending I LLC and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021). |
| 10.42 | Amendment No. 4 to Amended and Restated Master Repurchase and Securities Contract, dated as of September 23, 2024, between KREF Lending I LLC and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024). |
| 10.43 | Letter Agreement, dated March 27, 2019, amending the Amended and Restated Master Repurchase and Securities Contract between KREF Lending I LLC and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019). |
| 10.44 | Guarantee Agreement, dated as of October 21, 2015, made by KKR Real Estate Finance Holdings L.P. in favor of Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.13 to the Company's Registration on Form S-11 filed on April 3, 2017). |
| 10.45 | Amendment No. 2 to Master Repurchase and Securities Contract, Guarantee Agreement, Servicing Agreement and Custodial Agreement, dated as of September 9, 2016, among KREF Lending I LLC, Wells Fargo Bank, National Association, KKR Real Estate Finance Holdings, L.P. and Situs Asset Management LLC (incorporated by reference to Exhibit 10.12 to the Company's Registration on Form S-11 filed on April 3, 2017). |
| 10.46 | Amendment No. 3 to Guarantee Agreement, dated as of April 7, 2017, between Wells Fargo Bank, National Association and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.21 to the Company's Registration on Form S-11/A filed on April 13, 2017). |
| 10.47 | Amendment No. 4 to Guarantee Agreement, dated as of December 28, 2018, between Wells Fargo Bank, National Association and KKR Real Estate Finance Holdings L.P (incorporated by reference to Exhibit 10.22 to the Company's Annual Report on Form 10-K for the year ended December 31, 2018). |
| 10.48 | Amendment No. 5 to Guarantee Agreement, dated as of June 30, 2021 between Wells Fargo Bank, National Association and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021). |
| 10.49 | Amendment No. 6 to Guarantee Agreement, dated as of September 26, 2023, between Wells Fargo Bank, National Association and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023). |
| 10.50 | Amendment No. 7 to Guarantee Agreement, dated as of September 20, 2024, between Wells Fargo Bank, National Association and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024). |
| 10.51 | Amendment No. 8 to Guarantee Agreement, dated as of March 6, 2025 between Wells Fargo Bank, National Association and KKR Real Estate Finance Holdings L.P. (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025). |
| 10.52 | Master Repurchase Agreement and Securities Contract, dated July 27, 2021, among MUFG Union Bank, N.A. and KREF Lending IX LLC (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). |
| 10.53 | Limited Guaranty, dated as of July 27, 2021, made by KKR Real Estate Finance Holdings L.P. in favor of MUFG Union Bank, N.A. (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). |
p150 · table 77 · Exhibit Index
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Exhibit Number | Exhibit Description |
|---|
| 10.54 | Omnibus Amendment and Reaffirmation Agreement to the MUFG Repurchase Agreement, dated March 31, 2022, among KREF Lending IX LLC, KREF Holdings IX LLC, KREF Capital LLC, KKR Real Estate Finance Holdings L.P. and MUFG Bank, Ltd. (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). |
| 10.55* | Second Omnibus Amendment and Reaffirmation Agreement to the MUFG Repurchase Agreement, dated August 23, 2022, among KREF Lending IX LLC, KREF Holdings IX LLC, KREF Capital LLC, KKR Real Estate Finance Holdings L.P. and MUFG Bank, Ltd. (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022). |
| 10.56 | Third Omnibus Amendment and Reaffirmation Agreement to the MUFG Repurchase Agreement, dated September 26, 2023, among KREF Lending IX LLC, KREF Holdings IX LLC, KREF Capital LLC, KKR Real Estate Finance Holdings L.P. and MUFG Bank, Ltd. (incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023). |
| 10.57 | Fourth Omnibus Amendment and Reaffirmation Agreement, dated as of May 22, 2024, among KREF Lending IX LLC, KKR Real Estate Finance Holdings L.P., KREF Holdings IX LLC, KREF Capital LLC, Computershare Trust Company, N.A., and Morgan Stanley Bank, N.A. (as assignee of all the rights and obligations of MUFG Bank Ltd.) (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024). |
| 10.58 | Trademark License Agreement, dated as of May 4, 2017, between Kohlberg Kravis Roberts & Co. L.P. and KKR Real Estate Finance Trust Inc. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on May 10, 2017). |
| 10.59† | Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.19 to the Company's Registration on Form S-11/A filed on April 26, 2017). |
| 10.60† | Amended and Restated KKR Real Estate Finance Trust Inc. 2016 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.18 to the Company's Registration on Form S-11/A filed on April 26, 2017). |
| 10.61† | Form of Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement for Non-Employee Directors (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021). |
| 10.62† | Form of Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.29 to the Company's Annual Report on Form 10-K for the year ended December 31, 2017). |
| 10.63† | Form of 2021 Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.49 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021). |
| 10.64† | KKR Real Estate Finance Trust Inc. Directors and Officers Deferral Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 21, 2022). |
| 10.65 | Term Loan Credit Agreement, dated as of March 5, 2025, by and among KREF Holdings X LLC, KKR Real Estate Financing Holdings L.P., the guarantors from time to time party thereto, the lenders from time to time party thereto and Goldman Sachs USA, as administrative agent (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025). |
| 10.66* | Amendment No. 1 to Term Loan Credit Agreement, dated as of September 8, 2025, by and among KREF Holdings X LLC, KKR Real Estate Financing Holdings L.P., the guarantors from time to time party thereto, the lenders from time to time party thereto and Goldman Sachs USA, as administrative agent (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025). |
p151 · table 78 · Exhibit Index
units=(none) · flavor=stream · camelot_accuracy=94.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Exhibit Number | Exhibit Description |
|---|
| 10.67† | KKR Real Estate Finance Trust Inc. 2025 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-8 filed on April 30, 2025). |
| 10.68† | Form of Restricted Stock Unit Grant Notice for Non-Employee Directors under the KKR Real Estate Finance Trust Inc. 2025 Omnibus Incentive Plan. (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025). |
| 10.69† | Form of Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025). |
| 19.1 | Policies and Procedures for Trading in Securities of KKR Real Estate Finance Trust Inc. |
| 21.1 | Subsidiaries of KKR Real Estate Finance Trust Inc. |
| 23.1 | Consent of Deloitte & Touche LLP. |
| 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). |
| 97.1 | Policy Relating to Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024. |
| 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. |