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'.

7b3e369dc5223e3c-p10-t1: Collected 100% of interest payments due on the loan portfolio in 4Q

As printed (page 10)

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

Period	LTV Bucket	Loan-to-Value(1)	Weighted Average LTV(2)
3Q '25	0 - 60%	25%
3Q '25	60 - 65%	23%
3Q '25	65 - 70%	18%
3Q '25	70 - 75%	30%
3Q '25	75 - 80%	4%
3Q '25			65%
4Q '25	0 - 60%	25%
4Q '25	60 - 65%	20%
4Q '25	65 - 70%	17%
4Q '25	70 - 75%	30%
4Q '25	75 - 80%	8%
4Q '25			66%

Flagged decisions

• (0,0) unverified 'Period': The image shows a chart visualization with period labels (3Q '25 and 4Q '25) printed on the left side as vertical text on colored bars, but no printed header cell containing the word 'Period' appears at the top of a table structure.
• (0,1) unverified 'LTV Bucket': The image shows LTV bucket ranges (0 - 60%, 60 - 65%, etc.) printed as x-axis labels below the bars, but no printed header cell containing the words 'LTV Bucket' appears at the top of a table structure.

7b3e369dc5223e3c-p10-t2: Risk Rating Distribution

As printed (page 10)

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

Risk Rating	1	2	3	4	5
Loan Count	0	3	44	3	2
Percentage	0%	9%	78%	6%	7%
Weighted Average Risk Rating(2): 3.1
Loan Count	0	2	46	1	4
Percentage	0%	5%	82%	2%	11%
Weighted Average Risk Rating(2): 3.2

Flagged decisions

• (2,0) unverified 'Percentage': The image shows no printed text at this position; the row contains only percentage values (0%, 9%, 78%, 6%, 7%) with no label printed in the leftmost column.
• (5,0) unverified 'Percentage': The image shows no printed text at this position; the row contains only percentage values (0%, 5%, 82%, 2%, 11%) with no label printed in the leftmost column.

7b3e369dc5223e3c-p16-t1: Summary of Outstanding Financing

As printed (page 16)

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

($ in Millions)	Maximum Capacity	Outstanding Principal Amount	Weighted Avg. Coupon(1)	Advance Rate	Non-MTM
Term Credit Facilities	$2,304	$1,221	+1.8%	64.4%	(2)
Term Lending Agreements	$1,377	$772	+1.4%	67.6%	ü
Warehouse Facility	$500	$0	n/a	n/a	ü
Secured Term Loan	$647	$647	+2.5%	—	ü
Corporate Revolving Credit Facility	$700	$0	+2.0%	—	ü
Total Debt	$5,528	$2,640
Collateralized Loan Obligations	$1,198	$1,198	+1.7%	77.0%	ü
Term Loan Facility	$1,000	$513	+2.0%	76.9%	ü
Asset Specific Financing	$481	$365	+2.9%	80.3%	ü
Total Leverage	$8,207	$4,717

Flagged decisions

• (0,5) defect 'Non-MTM': The image shows 'Non-MTM' printed as a header in a purple cell at the top of the sixth column.

7b3e369dc5223e3c-p17-t1: Financing Overview: Term Credit Facilities

As printed (page 17)

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

Counterparty	Wells Fargo	Morgan Stanley U.S.	Morgan Stanley Europe	Goldman Sachs	Total or Weighted Average
Drawn	$580	$309	$162	$170	$1,222
Capacity	$1,000	$500	$404(1)	$400	$2,304
Collateral: Loans / Principal Balance	8 Loans / $853	8 Loans / $523	2 Loans / $215	6 Loans / $304	24 Loans / $1,896
Final Stated Maturity(2)	September 2029	July 2027	November 2032	December 2027	-
Weighted Average Pricing(3)	+1.6%	+2.1%	+1.4%	+2.5%	+1.8%
Weighted Average Advance	68.0%	59.1%	75.0%	56.0%	64.4%
Mark-to-market	Credit Only	Credit Only	Credit Only	Credit Only	-

Flagged decisions

• (0,1) defect 'Wells Fargo': The image shows 'WELLS FARGO' printed in white text on a red background in the header cell for the first counterparty column.
• (0,4) defect 'Goldman Sachs': The image shows 'Goldman Sachs' printed in white text on a blue background in the header cell for the fourth counterparty column.

7b3e369dc5223e3c-p27-t1: Consolidated Balance Sheets

As printed (page 27)

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	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	—	—
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 68,713,59 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 table has no printed header row; the first visible row contains section labels like 'Assets' and the column headers 'December 31, 2025' and 'December 31, 2024' appear in the top row without a label for the first column.

7b3e369dc5223e3c-p30-t1: Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)

As printed (page 30)

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

(in thousands - except share and per share data)	December 31, 2025	Per Diluted Share(1)	December 31, 2024	Per Diluted Share(1)	December 31, 2023	Per Diluted Share(1)
Net Income (Loss) Attributable to Common Stockholders	$ (69,885)	$ (1.05)	$ 13,071	$ 0.19	$ (53,919)	$ (0.78)
Adjustments
Non-cash equity compensation expense	7,927	0.12	8,261	0.12	8,075	0.12
Depreciation and amortization	3,628	0.05	1,471	0.02	—	—
Unrealized (gain) loss on investments	(5)	—	(545)	(0.01)	1,859	0.03
Unrealized (gain) loss on foreign currency translation	(1,190)	(0.02)	—	—	—	—
Unrealized (gain) loss on foreign currency forward contracts	1,305	0.02	—	—	—	—
Provision for credit losses, net	119,372	1.79	80,605	1.16	175,116	2.53
(Gain) loss on sale of investments	(1,192)	(0.02)	615	0.01	—	—
Non-cash convertible notes discount amortization	—	—	—	—	133	—
Distributable Earnings before realized gains and losses	$ 59,960	$ 0.90	$ 103,478	$ 1.49	$ 131,264	$ 1.90
Realized loss on loan write-offs, net	(34,828)	(0.52)	(173,546)	(2.50)	(73,706)	(1.07)
Realized gain (loss) on sale of investments	1,192	0.02	(615)	(0.01)	—	—
Distributable Earnings (Loss)	$ 26,324	$ 0.39	$ (70,683)	$ (1.02)	$ 57,558	$ 0.83
Diluted weighted average common shares outstanding	66,807,432		69,396,890		69,180,039

Flagged decisions

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