Table of Contents


**KKR Real Estate Finance Trust Inc.**
**Notes to Condensed Consolidated Financial Statements**
(amount in tables in thousands, except per share amounts)


***Concentration of Credit Risk*** — The following tables present the geographies and property types of collateral underlying
KREF's commercial real estate loans as a percentage of the loans' principal amounts:


<table>
<tr><td></td><td>March 31, 2026</td><td>December 31, 2025</td></tr>
<tr><td>Geography&lt;sup&gt;(A)&lt;/sup&gt;</td><td></td><td></td></tr>
<tr><td>California</td><td>17.6 %</td><td>16.6 %</td></tr>
<tr><td>Massachusetts</td><td>11.8</td><td>11.9</td></tr>
<tr><td>Florida</td><td>11.4</td><td>10.9</td></tr>
<tr><td>Texas</td><td>10.9</td><td>12.0</td></tr>
<tr><td>North Carolina</td><td>6.7</td><td>6.4</td></tr>
<tr><td>United Kingdom</td><td>6.4</td><td>2.9</td></tr>
<tr><td>Washington D.C.</td><td>5.5</td><td>5.2</td></tr>
<tr><td>Pennsylvania</td><td>4.9</td><td>4.7</td></tr>
<tr><td>New York</td><td>4.8</td><td>4.5</td></tr>
<tr><td>Minnesota</td><td>3.8</td><td>3.6</td></tr>
<tr><td>Nevada</td><td>3.0</td><td>2.8</td></tr>
<tr><td>Virginia</td><td>2.3</td><td>2.2</td></tr>
<tr><td>Georgia</td><td>2.2</td><td>2.1</td></tr>
<tr><td>New Jersey</td><td>1.9</td><td>1.9</td></tr>
<tr><td>Illinois</td><td>1.8</td><td>1.7</td></tr>
<tr><td>Tennessee</td><td>1.5</td><td>1.4</td></tr>
<tr><td>Colorado</td><td>1.4</td><td>1.3</td></tr>
<tr><td>Other U.S.</td><td>1.1</td><td>0.8</td></tr>
<tr><td>Other Europe</td><td>1.0</td><td>1.1</td></tr>
<tr><td>Washington</td><td>---</td><td>4.2</td></tr>
<tr><td>Arizona</td><td>---</td><td>1.8</td></tr>
<tr><td>Total</td><td>100.0 %</td><td>100.0 %</td></tr>
</table>

(A) Excludes fully written off loans


<table>
<tr><td></td><td>March 31, 2026</td><td>December 31, 2025</td></tr>
<tr><td colspan="2">Collateral Property Type&lt;sup&gt;(A)&lt;/sup&gt;</td><td></td></tr>
<tr><td>Multifamily</td><td>40.6 %</td><td>40.3 %</td></tr>
<tr><td>Industrial</td><td>22.1</td><td>17.9</td></tr>
<tr><td>Office</td><td>17.8</td><td>22.8</td></tr>
<tr><td>Life Science</td><td>13.9</td><td>13.7</td></tr>
<tr><td>Hospitality</td><td>2.9</td><td>2.8</td></tr>
<tr><td>Student Housing</td><td>2.2</td><td>2.1</td></tr>
<tr><td>Mixed Use</td><td>0.5</td><td>0.4</td></tr>
<tr><td>Total</td><td>100.0 %</td><td>100.0 %</td></tr>
</table>

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