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:
| March 31, 2026 | December 31, 2025 |
| Geography(A) | | |
| California | 17.6 % | 16.6 % |
| Massachusetts | 11.8 | 11.9 |
| Florida | 11.4 | 10.9 |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| New Jersey | 1.9 | 1.9 |
| Illinois | 1.8 | 1.7 |
| Tennessee | 1.5 | 1.4 |
| Colorado | 1.4 | 1.3 |
| Other U.S. | 1.1 | 0.8 |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
(A) Excludes fully written off loans
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| Collateral Property Type | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
| <MISSING CELL VALUE> | <MISSING CELL VALUE> | <MISSING CELL VALUE> |
23