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.
7b3e369dc5223e3c.pdf
19 tables
p5 · table 1 · Income Statement
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| ($ in Millions) | 4Q'25 |
|---|
| Net interest income | $25.8 |
| Other income | 6.8 |
| Provision for credit losses | (43.7) |
| Operating expenses | (16.0) |
| Preferred stock dividends | (5.3) |
| Other | 0.4 |
| Net Loss Attributable to Common Stockholders | ($32.0) |
| Net Loss per Share, Diluted | ($0.49) |
| Distributable Earnings(1) | $14.4 |
| Distributable Earnings per Share, Diluted(1) | $0.22 |
| Dividend per Share | $0.25 |
| Diluted Weighted Average Shares Outstanding | 65,442,561 |
p5 · table 2 · Balance Sheet
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| ($ in Millions) | 4Q'25 |
|---|
| Commercial real estate loans, net | $5,145.8 |
| Real estate assets(2) | 565.6 |
| Consolidated VIE assets, CMBS trust | 505.2 |
| Cash | 84.6 |
| Cash held by servicer(3) | 74.3 |
| Other | 89.3 |
| Total Assets | $6,464.6 |
| Secured financing agreements, net | $2,862.7 |
| Collateralized loan obligations, net | 1,198.3 |
| Secured term loan, net | 632.5 |
| Consolidated VIE liabilities, CMBS trust | 496.1 |
| Other | 49.8 |
| Total Liabilities | $5,239.4 |
| Total Equity | $1,225.2 |
| Common Shareholders' Equity | $844.8 |
| Book Value per Share(4) | $13.04 |
| Common Shares Outstanding(5) | 64,367,737 |
p6 · table 3 · Net Income and Distributable Earnings
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| 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 |
|---|
| Net income (loss) | Net income (loss) | Net income (loss) | Net income (loss) |
| ($10.6) | ($35.4) | $8.1 | ($32.0) |
| Distributable earnings (loss) | Distributable earnings (loss) | Distributable earnings (loss) | Distributable earnings (loss) |
| $17.0 | ($2.9) | ($2.3) | $14.4 |
p6 · table 4 · Dividends and Book Value Per Share
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| 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 |
|---|
| Dividend per share | Dividend per share | Dividend per share | Dividend per share |
| $0.25 | $0.25 | $0.25 | $0.25 |
| Dividend yield on book value per share | Dividend yield on book value per share | Dividend yield on book value per share | Dividend yield on book value per share |
| 6.9% | 7.2% | 7.3% | 7.7% |
p7 · table 5 · 4Q'25 Loan Originations (U.S.) – Case Studies
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| Investment | Dallas Office | New Jersey Multifamily |
|---|
| Loan Type | Floating-Rate Senior Loan | Floating-Rate Senior Loan |
| Loan Size | $114 million(1) | $95 million(2) |
| Location | Dallas, TX | Jersey City, NJ |
| Collateral | 505k RSF Class A Office Property | 417-Unit Class A Multifamily Rental Property |
| Loan Purpose | Refinance | Acquisition |
| LTV(3) | 52% | 76% |
| Investment Date | November 2025 | October 2025 |
| Asset Photo | | |
p8 · table 6 · 4Q'25 Loan Originations (Europe) – Case Studies
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| Investment | United Kingdom Logistics Portfolio | Pan-European Hotel Portfolio |
|---|
| Loan Type | Floating-Rate Senior Loan | Floating-Rate Senior Loan |
| Loan Size | $137 million(1) | $78 million(2) |
| Location | Various, United Kingdom | Various, Europe |
| Collateral | 7 Class A Industrial Properties totaling 3.2M SF | 48 Class A Hotel Properties totaling 4.7k keys |
| Loan Purpose | Refinance | Acquisition |
| LTV(3) | 75% | 70% |
| Investment Date | November 2025 | December 2025 |
| Asset Photo | | |
p11 · table 7 · KREF Life Science Loan Portfolio Overview
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| Location | MSA | Investment Date | Loan Purpose | Development Status | Year Built or Renovated | Asset Quality | Committed Principal | Outstanding Principal | Net Equity | Loan per SF(1) | Max Term (Years)(2) |
|---|
| Boston, MA | Boston | Apr-21 | Acquisition | Complete | 2022 | Class A/B | $166.2 | $164.1 | $62.5 | $681 | 0.1 |
| Cambridge, MA | Boston | Dec-21 | Construction | Complete | 2023 | Class A | 115.7 | 99.0 | 39.7 | 1,072 | 1.0 |
| Risk-Rated 5: Total / Weighted Average | | | | | | | $281.9 | $263.1 | $102.2 | | 0.4 |
| Boston, MA(3) | Boston | Aug-22 | Construction | Complete | 2024 | Class A | 312.5 | 229.6 | 34.0 | 747 | 1.6 |
| Redwood City, CA | San Francisco | Sep-22 | Construction | In Process | 2025 | Class A | 145.2 | 100.1 | 19.8 | 886 | 1.8 |
| San Carlos, CA | San Francisco | Feb-22 | Recapitalization | Complete | 2023 | Class A | 89.1 | 61.6 | 23.1 | 420 | 1.9 |
| Brisbane, CA | San Francisco | Jul-21 | Refinance | N/A | 2020 | Class A | 88.3 | 80.8 | 23.6 | 698 | 2.6 |
| Risk-Rated 3: Total / Weighted Average | | | | | | | $635.1 | $472.1 | $100.5 | | 1.9 |
| Grand Total / Weighted Average | | | | | | | $917.0 | $735.2 | $202.7 | | 1.4 |
p12 · table 8 · Watch List Migrations Quarter-over-Quarter
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| 3Q'25 Watch List | Intra-Quarter Activity | 4Q'25 Watch List |
|---|
| Total Principal: $358 million | Risk Rating: 5 | Total Principal: $572 million |
| Minneapolis Office | | Minneapolis Office |
| Boston Life Science | | Boston Life Science |
| | Cambridge Life Science |
| | San Diego Multifamily |
| Total Principal: $302 million | Risk Rating: 4 | Total Principal: $91 million |
| Cambridge Life Science | | Chicago Office |
| San Diego Multifamily | | |
| Chicago Office | | |
p13 · table 9 · Case Studies: Watch List Loans
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| Investment | Minneapolis Office | Boston Life Science |
|---|
| Loan Type | Floating-Rate Senior Loan(1) | Floating-Rate Senior Loan |
| Investment Date | November 2017 | April 2021 |
| Collateral | Two Class-A Office Buildings totaling 1.1mm SF | Two Buildings totaling 482k SF |
| Loan Purpose | Refinance | Acquisition |
| Location | Minneapolis, MN | Boston, MA |
| Committed Amount | $199 million(1) | $166 million(2) |
| Current Principal Amount | $194 million(1) | $164 million |
| Loan Basis(3) | $182 / SF | $681 / SF |
| Coupon | + 2.3%(1) | + 3.7% |
| Max Remaining Term (Yrs.) | 0.5 | 0.1 |
| Loan Risk Rating | 5 | 5 |
p14 · table 10 · Case Studies: Watch List Loans cont.
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| Investment | Cambridge Life Science | San Diego Multifamily | Chicago Office |
|---|
| Loan Type | Floating-Rate Senior Loan | Floating-Rate Senior Loan | Floating-Rate Senior Loan |
| Investment Date | December 2021 | October 2021 | July 2019 |
| Collateral | Class-A Lab & Office Building totaling 374k SF | 231-unit Class-A Multifamily | Class-A Office Building totaling 1mm SF |
| Loan Purpose | Construction | Refinance | Refinance |
| Location | Cambridge, MA | San Diego, CA | Chicago, IL |
| Committed Amount | $116 million(1) | $116 million | $105 million |
| Current Principal Amount | $99 million | $115 million | $91 million |
| Loan Basis(2) | $1,072 / SF | $497k / unit | $87 / SF |
| Coupon | + 4.0% | + 3.6% | + 2.3% |
| Max Remaining Term (Yrs.) | 1.0 | 0.9 | 2.6 |
| Loan Risk Rating | 5 | 5 | 4 |
p15 · table 11 · Real Estate Owned
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| Location | Property Type | Acquisition Date | Square Footage/ Units | Investment Amount ($ in millions) | Investment Amount per Square Foot/ Unit |
|---|
| Mountain View, CA | Class A Office Campus | June 2024 | 449,006 | $121 | $392 / SF |
| Seattle, WA(3) | Class A Life Science | June 2024 | 213,056 | 97 | $609 / SF |
| West Hollywood, CA | Luxury Condo | April 2025 | 37 units | 95 | $2.6M / unit |
| Portland, OR | Retail / Redevelopment | December 2021 | n.a.(4) | 95 | n.a. |
| Raleigh, NC | Multifamily | August 2025 | 320 units | 72 | $224k / unit |
| Philadelphia, PA | Office | December 2023 | 210,528 | 34 | $164 / SF |
| Total REO | | | | $514 | |
p16 · table 12 · Summary of Outstanding Financing
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| ($ 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 | | | |
p17 · table 13 · Financing Overview: Term Credit Facilities
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| 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 / $1,896 |
| Final Stated Maturity(2) | September 2029 | July 2027 | November 2032 | December 2027 | - |
| Weighted Average Pricing(3) | +1.6% | +2.1% | +1.4% | +2.5% | +1.8% |
| Weighted Average Advance | 68.0% | 59.1% | 75.0% | 56.0% | 64.4% |
| Mark-to-market | Credit Only | Credit Only | Credit Only | Credit Only | - |
p21 · table 14 · 4Q'25 Portfolio Details - Senior Loans
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| ($ in Millions) | | | | | | | | | | | | | | |
|---|
| | | | | | Committed | Outstanding | | | | | | | |
| | | | | | | | | | | | Loan / Investment | | |
| | | | Investment | Total Whole | Principal / | Principal / | Net | | | Max Remaining | | Origination | Risk |
| # | Investment(1) | Location | Property Type | | | | | | | Coupon(4)(5) | | Per | | |
| | | | Date | Loan(2) | Investment | Investment | Equity(3) | | | Term (Yrs)(4)(6) | | LTV(4)(8) | Rating |
| | | | | | | | | | | | SF / Unit / Key(7) | | |
| | | | | | Amount | Amount | | | | | | | |
| 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 |
| 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 |
| *See footnotes on subsequent page | | | | | | | | | | | | | |
p22 · table 15 · 4Q'25 Portfolio Details
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| # | Investment(1) | Location | Property Type | Investment Date | Total Whole Loan(2) | Committed Principal / Investment Amount | Outstanding Principal / Investment Amount | Net Equity(3) | Coupon(4)(5) | Max Remaining Term (Yrs)(4)(6) | Loan / Investment Per SF / Unit / Key(7) | Origination LTV(4)(8) | Risk Rating |
|---|
| Senior Loans | | | | | | | | | | | | | |
| 51 | Senior Loan | Carrollton, TX | Multifamily | 4/1/2022 | | $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 | 20.4 | +2.9% | 0.2 | $119,144 / unit | 73% | 3 |
| 53 | Senior Loan | Georgetown, TX | Multifamily | 12/16/2021 | | 35.2 | 35.2 | 8.8 | +3.4% | 1.0 | $167,381 / unit | 68% | 3 |
| Total / Weighted Average | | | | | $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(9) | 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 | | | | | | $502.6 | $502.6 | $366.5 | | | | | |
| CMBS Investments | | | | | | | | | | | | | |
| 1 | CMBS B-Pieces(10) | 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 | | | | | | $49.2 | $44.6 | $44.6 | +4.9% | 4.7 | | 55% | |
| Other Investments | | | | | | | | | | | | | |
| 1 | Equity Method Investment(11) | Various, France | Industrial | 10/10/2025 | n.a. | $15.1 | $15.1 | $15.1 | n.a. | n.a. | | n.a. | |
| Total / Weighted Average | | | | | | $15.1 | $15.1 | $15.1 | | | | | |
| Portfolio Total / Weighted Average | | | | | | $6,342.6 | $5,924.2 | $1,896.1 | 6.9% | 1.8 | | 65% | 3.2 |
p27 · table 16 · Consolidated Balance Sheets
units=(in thousands - except share and per share data) · flavor=stream · camelot_accuracy=99.4 · 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 | 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 |
p28 · table 17 · Consolidated Statements of Income
units=(in thousands - except share and per share data) · flavor=stream · camelot_accuracy=98.9 · llm_corrected=True
before — table + bounding box
after — final markdown
| (in thousands - except share and per share data) | Three Months Ended December 31, 2025 | Three Months Ended September 30, 2025 | Three Months Ended December 31, 2024 | Year Ended December 31, 2025 | Year Ended December 31, 2024 |
|---|
| Net Interest Income | | | | | |
| Interest income | $ 101,341 | $ 108,019 | $ 123,610 | $ 435,599 | $ 564,629 |
| Interest expense | 75,549 | 82,685 | 88,476 | 322,961 | 412,913 |
| Total net interest income | 25,792 | 25,334 | 35,134 | 112,638 | 151,716 |
| Other Income | | | | | |
| Revenue from real estate owned operations | 4,866 | 4,742 | 3,564 | 16,522 | 22,866 |
| Income (loss) from equity method investments | 413 | (105) | (101) | (512) | 1,518 |
| Change in net assets of consolidated CMBS trust | 342 | 347 | — | 730 | — |
| Gain (loss) on sale of investments | — | — | — | 1,192 | (615) |
| Gain (loss) on foreign currency translation | 1,190 | — | — | 1,190 | — |
| Gain (loss) on foreign currency forward contracts | (1,265) | — | — | (1,265) | — |
| Other miscellaneous income | 1,302 | 1,096 | 1,194 | 4,646 | 5,738 |
| Total other income | 6,848 | 6,080 | 4,657 | 22,503 | 29,507 |
| Operating Expenses | | | | | |
| Provision for (reversal of) credit losses, net | 43,686 | 975 | 4,594 | 119,372 | 80,605 |
| Expenses from real estate owned operations | 6,721 | 7,302 | 5,722 | 25,675 | 23,100 |
| Management fees to related parties | 5,524 | 5,619 | 5,919 | 22,677 | 24,533 |
| General and administrative | 3,804 | 4,746 | 3,955 | 18,062 | 18,410 |
| Total operating expenses | 59,735 | 18,642 | 20,190 | 185,786 | 146,648 |
| Income (Loss) Before Income Taxes | (27,095) | 12,772 | 19,601 | (50,645) | 34,575 |
| Income tax expense | (156) | — | 45 | (156) | 248 |
| Net Income (Loss) | (26,939) | 12,772 | 19,556 | (50,489) | 34,327 |
| Net income (loss) attributable to noncontrolling interests | (697) | (1,006) | (699) | (3,438) | (1,264) |
| Net Income (Loss) Attributable to KREF Trust Inc. and Subsidiaries | (26,242) | 13,778 | 20,255 | (47,051) | 35,591 |
| Preferred stock dividends | 5,326 | 5,326 | 5,326 | 21,304 | 21,304 |
| Participating securities' shares in earnings | 421 | 373 | 351 | 1,530 | 1,216 |
| Net Income (Loss) Attributable to Common Stockholders | $ (31,989) | $ 8,079 | $ 14,578 | $ (69,885) | $ 13,071 |
| Net Income (Loss) Per Share of Common Stock, Basic and Diluted | $ (0.49) | $ 0.12 | $ 0.21 | $ (1.05) | $ 0.19 |
| Weighted Average Number of Shares of Common Stock Outstanding, Basic and Diluted | 65,442,561 | 65,876,727 | 69,342,983 | 66,807,432 | 69,396,890 |
| Dividends Declared per Share of Common Stock | $ 0.25 | $ 0.25 | $ 0.25 | $ 1.00 | $ 1.00 |
p29 · table 18 · Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
units=(in thousands - except share and per share data) · flavor=stream · camelot_accuracy=96.7 · 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(1) | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 Per Diluted Share(1) | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2024 Per Diluted Share(1) |
|---|
| Net Income (Loss) Attributable to Common Stockholders | $ (31,989) | $ (0.49) | $ 8,079 | $ 0.12 | $ 14,578 | $ 0.21 |
| Adjustments | | | | | | |
| Non-cash equity compensation expense | 1,485 | 0.02 | 2,174 | 0.03 | 1,559 | 0.02 |
| Depreciation and amortization | 1,167 | 0.02 | 981 | 0.01 | 739 | 0.01 |
| Unrealized (gain) loss on investments | (47) | — | (65) | — | (244) | — |
| 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 | 43,686 | 0.67 | 975 | 0.01 | 4,594 | 0.07 |
| Distributable Earnings before realized gains and losses | $ 14,417 | $ 0.22 | $ 12,144 | $ 0.18 | $ 21,226 | $ 0.31 |
| Realized loss on loan write-offs, net | — | — | (14,394) | (0.22) | (35,902) | (0.52) |
| Distributable Earnings (Loss) | $ 14,417 | $ 0.22 | $ (2,250) | $ (0.03) | $ (14,676) | $ (0.21) |
| Diluted weighted average common shares outstanding | 65,442,561 | | 65,876,727 | | 69,342,983 | |
p30 · table 19 · Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
units=(in thousands - except share and per share data) · flavor=stream · camelot_accuracy=97.4 · llm_corrected=True
before — table + bounding box
after — final markdown
| (in thousands - except share and per share data) | Year Ended December 31, 2025 | Year Ended Per Diluted Share(1) | Year Ended December 31, 2024 | Year Ended Per Diluted Share(1) | Year Ended December 31, 2023 | Year Ended 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 | |