Review queue — flagged extraction decisions

Each section shows one table with flagged decisions: the table as printed, the extraction output with the flagged cells highlighted — red where the page contradicts the output (defect), gold where the output could not be verified against the page (unverified), green where the extraction added a conventional label the page does not print (total_label_added / header_label_added) — and the reasoning recorded for each. Printed text that reached no output cell is listed as 'header_text_dropped'.

05d219e055142f19-p3-t1: KKR REAL ESTATE FINANCE TRUST INC. FORM 10-K INDEX

As printed (page 3)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (0,0) header_label_added 'Item': The page shows no printed header row above the table entries; the leftmost column begins directly with the item labels without a column heading.

05d219e055142f19-p72-t1: Risk Rating by Carrying Value and Outstanding Principal

As printed (page 72)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (table) header_text_dropped 'December 31, 2025': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped 'December 31, 2024': printed above the table's first value row but carried into no output cell.

05d219e055142f19-p83-t2: Management and incentive fee payments

As printed (page 83)

Extraction output (red = defect, gold = unverified, green = added label)

Item	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

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed header text above the leftmost column of row labels; the table begins directly with the row label 'Management Fees to related parties' in the first data row.

05d219e055142f19-p84-t1: Contractual Obligations and Commitments

As printed (page 84)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with a header row containing column labels: 'Total', 'Less than 1 year', '1 to 3 years', '3 to 5 years', and 'Thereafter', but the leftmost column (where row labels like 'Master Repurchase Facilities' appear) has no printed header text above it.

05d219e055142f19-p94-t1: KKR Real Estate Finance Trust Inc. and Subsidiaries

As printed (page 94)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text in the leftmost column header position; the table begins with the date columns on the right.

05d219e055142f19-p95-t1: KKR Real Estate Finance Trust Inc. and Subsidiaries

As printed (page 95)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with no printed header row; the first visible row contains the section label 'Net Interest Income' in the leftmost column.

05d219e055142f19-p96-t1: KKR Real Estate Finance Trust Inc. and Subsidiaries

As printed (page 96)

Extraction output (red = defect, gold = unverified, green = added label)

Item	Series A Preferred Stock Shares	Series A Preferred Stock Par Value	Common Stock Shares	Common Stock Par Value	Additional Paid-In Capital	Accumulated Deficit	Repurchased Stock	Total KKR Real Estate Finance Trust Inc. Stockholders' Equity	Noncontrolling Interests in Equity of Consolidated Joint 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

Flagged decisions

• (0,0) header_label_added 'Item': The leftmost column header position is blank on the page; no text is printed there.
• (table) header_text_dropped 'Table of Contents': printed above the table's first value row but carried into no output cell.

05d219e055142f19-p97-t1: KKR Real Estate Finance Trust Inc. and Subsidiaries

As printed (page 97)

Extraction output (red = defect, gold = unverified, green = added label)

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)

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with no printed header row; the first visible row contains the line items starting with 'Cash Flows From Operating Activities', and the leftmost column position at the top is blank.

05d219e055142f19-p98-t1: Cash Flow Statement continuation - Net Increase in Cash, Reconciliation, Supplemental Disclosures

As printed (page 98)

Extraction output (red = defect, gold = unverified, green = added label)

Item	Year Ended December 31, 2025	Year Ended December 31, 2024	Year Ended December 31, 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

Flagged decisions

• (0,0) header_label_added 'Item': The image shows the table with no printed header text in the leftmost column position; the first column contains row labels like 'Net cash provided by (used in) financing activities' that begin in the data rows below.

05d219e055142f19-p110-t1: The following tables summarize the carrying value of the loan portfolio based on KREF's internal risk ratings:

As printed (page 110)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (table) header_text_dropped 'December 31, 2025': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped 'December 31, 2024': printed above the table's first value row but carried into no output cell.

05d219e055142f19-p110-t2: Loan Vintage

As printed (page 110)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (7,0) defect 'Total': The image shows 'Year-to-date gross write-offs charged' printed at this row position, not 'Total'.

05d219e055142f19-p111-t1: KKR Real Estate Finance Trust Inc.

As printed (page 111)

Extraction output (red = defect, gold = unverified, green = added label)

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
Total	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

Flagged decisions

• (7,0) defect 'Total': The image shows a row with a double-line border containing the number 51 and financial values, with no visible text label in the first column at this position.
• (table) header_text_dropped 'Table of Contents': printed above the table's first value row but carried into no output cell.

05d219e055142f19-p115-t1: KKR Real Estate Finance Trust Inc. Notes to Consolidated Financial Statements

As printed (page 115)

Extraction output (red = defect, gold = unverified, green = added label)

	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)

Flagged decisions

• (table) header_text_dropped 'Income:': printed above the table's first value row but carried into no output cell.

05d219e055142f19-p116-t1: Note 5. Debt Obligations

As printed (page 116)

Extraction output (red = defect, gold = unverified, green = added label)

Row Label	Current Maturity	Final Stated Maturity(A)	Maximum Facility Size	Outstanding Principal	Carrying Value(B)	Weighted Average Funding Cost(C)	Collateral Outstanding Principal	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

Flagged decisions

• (0,0) unverified 'Row Label': The image shows no printed text in the first column header position; the table's actual header row begins with 'Current Maturity' in the second column, with the first column left blank in the printed table.

05d219e055142f19-p118-t1: Maturities

As printed (page 118)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (7,0) defect 'Total': The bottom row of the table shows a dollar sign and numerical values across the columns, with no visible text label in the first column at that row position.

05d219e055142f19-p122-t1: Concentration of Credit Risk

As printed (page 122)

Extraction output (red = defect, gold = unverified, green = added label)

Geography	December 31, 2025	December 31, 2024	Collateral Property Type
New York	46.2 %	— %	Office
California	17.4	—	Retail
Oregon	10.0	—	Co-op
Maryland	9.9	—	Mixed Use
Arizona	5.1	—	Multifamily
North Carolina	2.2	—	Self-Storage
Florida	1.4	—	Total
Tennessee	1.2	—
Alabama	1.1	—
Georgia	1.0	—
Ohio	1.0	—
Other U.S.	3.5	—
Total	100.0 %	— %

Flagged decisions

• (5,3) defect 'Multifamily': The image shows 'Multifamily' printed in the collateral property type column at the Arizona row, but it is truncated as 'Multif' in the visible portion.
• (6,3) defect 'Self-Storage': The image shows 'Self-Storage' printed in the collateral property type column at the North Carolina row, but it is truncated as 'Self-St' in the visible portion.

05d219e055142f19-p123-t1: Note 9. Other Assets and Liabilities

As printed (page 123)

Extraction output (red = defect, gold = unverified, green = added label)

	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

Flagged decisions

• (table) header_text_dropped 'respectively:': printed above the table's first value row but carried into no output cell.

05d219e055142f19-p128-t1: Dividends

As printed (page 128)

Extraction output (red = defect, gold = unverified, green = added label)

Declaration Date	Record Date	Payment Date	Per Share	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

Flagged decisions

• (table) header_text_dropped 'dividends on shares of its common stock:': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped 'Amount': printed above the table's first value row but carried into no output cell.

05d219e055142f19-p128-t2: Series A Preferred Stock Dividends

As printed (page 128)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (table) header_text_dropped 'Amount': printed above the table's first value row but carried into no output cell.

05d219e055142f19-p134-t1: KKR Real Estate Finance Trust Inc.

As printed (page 134)

Extraction output (red = defect, gold = unverified, green = added label)

		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

Flagged decisions

• (table) header_text_dropped 'services:': printed above the table's first value row but carried into no output cell.

05d219e055142f19-p136-t2: The following table contains the Level 3 inputs used to value assets and liabilities on a recurring and nonrecurring basis or where KREF discloses fair value as of December 31, 2025:

As printed (page 136)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with column headers printed above the data: 'Fair Value', 'Valuation Methodologies', 'Unobservable Inputs', 'Weighted Average(A)', and 'Range', but the leftmost column containing item names ('Assets', 'Commercial real estate loans...', etc.) has no printed header above it.

05d219e055142f19-p139-t1: KKR Real Estate Finance Trust Inc.

As printed (page 139)

Extraction output (red = defect, gold = unverified, green = added label)

	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

Flagged decisions

• (table) header_text_dropped 'Table of Contents': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped 'Year Ended': printed above the table's first value row but carried into no output cell.

05d219e055142f19-p140-t1: KKR Real Estate Finance Trust Inc.

As printed (page 140)

Extraction output (red = defect, gold = unverified, green = added label)

	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

Flagged decisions

• (table) header_text_dropped 'Table of Contents': printed above the table's first value row but carried into no output cell.

05d219e055142f19-p141-t1: Schedule IV - Mortgage Loans on Real Estate

As printed (page 141)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (table) header_text_dropped 'Table of Contents': printed above the table's first value row but carried into no output cell.