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'.

998c8ed06c0be22d-p2-t1: KKR REAL ESTATE FINANCE TRUST INC. FORM 10-Q

As printed (page 2)

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

Item	PAGE
Part I - Financial Information	5
Item 1. Condensed Consolidated Financial Statements (Unaudited)	5
Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2026 and December 31, 2025	5
Condensed Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2026 and 2025	6
Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2026 and 2025	7
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2026 and 2025	8
Notes to Condensed Consolidated Financial Statements (Unaudited)	10
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	51
Item 3. Quantitative and Qualitative Disclosures about Market Risk	75
Item 4. Controls and Procedures	77
Part II - Other Information	78
Item 1. Legal Proceedings	78
Item 1A. Risk Factors	78
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	78
Item 3. Defaults Upon Senior Securities	78
Item 4. Mine Safety Disclosures	78
Item 5. Other Information	78
Item 6. Exhibits	79
Signatures	80

Flagged decisions

• (0,0) defect 'Item': The image shows a table of contents/index page with entries listed on the left side and page numbers on the right; the left column contains item descriptions (like 'Part I - Financial Information', 'Item 1. Condensed Consolidated Financial Statements...', etc.) but the word 'Item' does not appear as a standalone header at the top of the left column.

998c8ed06c0be22d-p5-t1: KKR Real Estate Finance Trust Inc. and Subsidiaries

As printed (page 5)

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

Item	March 31, 2026	December 31, 2025
Assets
Cash and cash equivalents	$ 135,437	$ 84,617
Commercial real estate loans, held-for-investment	4,885,906	5,347,756
Less: Allowance for credit losses	(258,679)	(201,924)
Commercial real estate loans, held-for-investment, net	4,627,227	5,145,832
Commercial real estate loan, held-for-sale	219,990	—
Real estate owned, held for investment, net	340,002	338,595
Real estate owned assets, held for sale	131,595	130,188
Equity method investments	147,290	147,332
Investments in CMBS securities	26,800	—
Consolidated variable interest entities assets, CMBS trusts, at fair value	1,272,193	505,230
Other assets	49,561	112,849
Total Assets	$ 6,950,095	$ 6,464,643
Liabilities and Equity
Liabilities
Secured financing agreements, net	$ 2,801,204	$ 2,862,689
Collateralized loan obligations, net	1,066,048	1,198,332
Secured term loan, net	631,478	632,516
Real estate owned liabilities, held for sale	2,970	3,867
Consolidated variable interest entities liabilities, CMBS trusts, at fair value	1,247,858	496,060
Due to related parties	5,515	6,506
Other liabilities	42,134	39,469
Total Liabilities	5,797,207	5,239,439
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 March 31, 2026 and December 31, 2025); liquidation preference of $327,750, or $25.00 per share	131	131
Common stock, $0.01 par value, 300,000,000 authorized (64,275,643 shares issued and outstanding as of March 31, 2026; 65,488,680 shares issued and 64,367,737 shares outstanding as of December 31, 2025)	643	644
Additional paid-in capital	1,678,950	1,687,168
Accumulated deficit	(584,080)	(506,130)
Repurchased stock (1,120,943 shares repurchased as of December 31, 2025)	—	(9,263)
Total KKR Real Estate Finance Trust Inc. Stockholders' Equity	1,095,644	1,172,550
Noncontrolling interests in equity of consolidated joint ventures	57,244	52,654
Total Equity	1,152,888	1,225,204
Total Liabilities and Equity	$ 6,950,095	$ 6,464,643

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with a header row containing column labels; the leftmost column header position is blank (no text printed there).
• (32,0) unverified 'Total KKR Real Estate Finance Trust Inc. Stockholders' Equity': The image prints 'Total KKR Real Estate Finance Trust Inc. Stockholders' Equity' at this row position in the leftmost column.

998c8ed06c0be22d-p7-t1: KKR Real Estate Finance Trust Inc. and Subsidiaries

As printed (page 7)

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 Ventures	Total Equity
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
Repurchase of common stock	—	—	(92,094)	(1)	—	—	(761)	(762)	—	(762)
Retirement of common stock	—	—	—	—	(10,024)	—	10,024	—	—	—
Stock-based compensation, net	—	—	—	—	1,806	—	—	1,806	—	1,806
Net income (loss)	—	—	—	—	—	(56,141)	—	(56,141)	(1,019)	(57,160)
Contribution by noncontrolling interests	—	—	—	—	—	—	—	—	5,609	5,609
Series A preferred dividends declared, $0.41 per share	—	—	—	—	—	(5,326)	—	(5,326)	—	(5,326)
Common dividends declared, $0.25 per share	—	—	—	—	—	(16,069)	—	(16,069)	—	(16,069)
Participating security dividends declared, $0.25 per share	—	—	—	—	—	(414)	—	(414)	—	(414)
Balance at March 31, 2026	13,110,000	$ 131	64,275,643	$ 643	$ 1,678,950	$ (584,080)	$ —	$ 1,095,644	$ 57,244	$ 1,152,888

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with no printed header text in the leftmost column position; the first column contains row labels like 'Balance at December 31, 2025' and 'Repurchase of common stock' rather than a column header.

998c8ed06c0be22d-p8-t1: KKR Real Estate Finance Trust Inc. and Subsidiaries

As printed (page 8)

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

Item	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Cash Flows From Operating Activities
Net income (loss)	(57,159)	$ (5,749)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Accretion of deferred loan fees and discounts	(4,139)	(3,354)
Payment-in-kind interest	—	(402)
Amortization of deferred debt issuance costs and discounts	3,544	3,083
Loss (income) from equity method investments	495	882
Change in net assets of consolidated variable interest entities, CMBS trusts	(153)	—
Provision for credit losses, net	73,541	24,863
Depreciation and amortization	979	490
Stock-based compensation expense	1,808	2,127
Loss (gain) on foreign currency translation	5,377	—
Loss (gain) on foreign currency forward contract	(6,853)	—
Changes in operating assets and liabilities:
Assets related to real estate owned, held for sale, net of liabilities	(1,749)	(497)
Accrued interest receivable, net	(1,762)	787
Other assets	(4,782)	(2,482)
Accrued interest payable	1,807	(5,178)
Due to related parties	(997)	(122)
Other liabilities	3,187	1,468
Net cash provided by (used in) operating activities	13,144	15,916
Cash Flows From Investing Activities
Proceeds from principal repayments of commercial real estate loans	489,651	182,095
Originations and fundings of commercial real estate loans	(194,737)	(400,204)
Capital expenditures on real estate owned	(2,941)	(1,282)
Contributions to equity method investment, real estate asset	(691)	(1,075)
Payments for investments in CMBS securities	(26,800)	—
Payment to acquire interest in consolidated CMBS trust	(15,010)	—
Net cash provided by (used in) investing activities	249,472	(220,466)
Cash Flows From Financing Activities
Proceeds from borrowings under secured financing agreements	239,677	603,390
Proceeds from issuance of secured term loan	—	209,813
Proceeds from noncontrolling interest contributions	5,609	774
Principal repayments on borrowings under secured financing agreements	(300,147)	(377,004)
Principal repayments on borrowings under collateralized loan obligations	(132,245)	(185,128)
Principal repayments on borrowings under secured term loan	(1,625)	—
Payments of debt and collateralized debt obligation issuance costs	(1,699)	(14,163)
Payments of common stock dividends	(16,092)	(17,178)
Payments of preferred stock dividends	(5,326)	(5,326)
Payments to repurchase common stock	(762)	(9,831)
Net cash provided by (used in) financing activities	(212,610)	205,347
Net Increase in Cash, Cash Equivalents and Restricted Cash	50,006	797
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	87,338	106,547
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 137,344	$ 107,344

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 item descriptions in the first column without a header label.

998c8ed06c0be22d-p20-t2: Activity — For the three months ended March 31, 2026, the loan portfolio activity was as follows:

As printed (page 20)

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

Item	Amortized Cost	Allowance for Credit Losses	Carrying Value
Balance at December 31, 2025	$ 5,347,756	$ (201,924)	$ 5,145,832
Originations and future fundings, net(A)	257,628	—	257,628
Proceeds from loan repayments	(478,263)	—	(478,263)
Accretion of loan discount and other amortization, net	4,139	—	4,139
(Provision for) reversal of credit losses	—	(74,089)	(74,089)
Write-offs charged	(17,292)	17,292	—
Gain (loss) on foreign currency translation	(8,072)	42	(8,030)
Balance at March 31, 2026	$ 5,105,896	$ (258,679)	$ 4,847,217

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with three column headers printed at the top: 'Amortized Cost', 'Allowance for Credit Losses', and 'Carrying Value', with the first column containing row labels like 'Balance at December 31, 2025' and 'Originations and future fundings, net(A)' — no header text is printed above this first column.

998c8ed06c0be22d-p21-t1: Loan Risk Ratings

As printed (page 21)

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	283,870	283,906	6	2	283,816	283,906	5
3	41	3,838,553	3,847,751	74	46	4,405,274	4,415,095	82
4	4	284,547	283,774	6	1	90,671	90,671	2
5	4	698,926	703,510	14	4	567,995	572,191	11
Total loan receivable	51	$ 5,105,896	$ 5,118,941	100 %	53	$ 5,347,756	$ 5,361,863	100 %
Allowance for credit losses		(258,679)				(201,924)
Loan receivable, net		$ 4,847,217				$ 5,145,832

Flagged decisions

• (table) header_text_dropped 'March 31, 2026': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped 'December 31, 2025': printed above the table's first value row but carried into no output cell.

998c8ed06c0be22d-p21-t2: Loan Vintage

As printed (page 21)

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

Risk Rating	Number of Loans(B)	Outstanding Principal(B)	2026	2025	2024	2023	2022	Prior	Total
Commercial Real Estate Loans
1	—	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —
2	2	283,906	—	—	—	—	—	283,870	283,870
3	41	3,847,751	236,049	920,903	90,630	—	1,131,556	1,459,415	3,838,553
4	4	283,774	—	—	—	205,776	43,620	35,151	284,547
5	4	703,510	—	—	—	—	229,318	469,608	698,926
Total	51	$ 5,118,941	$ 236,049	$ 920,903	$ 90,630	$ 205,776	$ 1,404,494	$ 2,248,044	$ 5,105,896
Year-to-date gross write-offs charged			$ —	$ —	$ —	$ —	$ —	17,292	$ 17,292

Flagged decisions

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

998c8ed06c0be22d-p21-t3: December 31, 2025

As printed (page 21)

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'.

998c8ed06c0be22d-p23-t1: KREF's commercial real estate loans as a percentage of the loans' principal amounts:

As printed (page 23)

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

Geography(A)	March 31, 2026	December 31, 2025
California	17.6 %	16.6 %
Massachusetts	11.8	11.9
Florida	11.4	10.9
Texas	10.9	12.0
North Carolina	6.7	6.4
United Kingdom	6.4	2.9
Washington D.C.	5.5	5.2
Pennsylvania	4.9	4.7
New York	4.8	4.5
Minnesota	3.8	3.6
Nevada	3.0	2.8
Virginia	2.3	2.2
Georgia	2.2	2.1
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
Other Europe	1.0	1.1
Washington	—	4.2
Arizona	—	1.8
Total	100.0 %	100.0 %

Flagged decisions

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

998c8ed06c0be22d-p26-t1: KKR Real Estate Finance Trust Inc. Notes to Condensed Consolidated Financial Statements

As printed (page 26)

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

Asset/Liability	Income Statement Location	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Asset
In-place lease intangibles	Expenses from real estate owned operations	$ 17	$ 17
Liability
Unfavorable lease intangibles	Revenue from real estate owned operations	91	91

Flagged decisions

• (0,0) unverified 'Asset/Liability': The image shows no header row printed at the top of the table; instead, the table begins directly with row labels 'Asset' and 'Liability' in the first column, with 'Income Statement Location' and date columns to the right.

998c8ed06c0be22d-p27-t1: Secured Financing Arrangements

As printed (page 27)

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

Item	Current Maturity	Final Stated Maturity(A)	Maximum Facility Size	Facility Outstanding Principal	Facility Carrying Value(B)	Facility Weighted Average Funding Cost(C)	Collateral Outstanding Principal	Collateral Carrying Value	December 31, 2025 Facility Carrying Value(B)
Master Repurchase Agreements
Wells Fargo	Sep 2027	Sep 2029	$ 600,000	$ 401,929	$ 400,877	5.5 %	$ 594,000	$ 590,363	$ 578,569
Morgan Stanley	Jul 2027	Jul 2027	500,000	308,922	308,922	5.8	527,735	519,811	308,388
Goldman Sachs	Dec 2028	Dec 2030	150,000	147,582	146,971	6.4	272,195	270,137	169,451
Morgan Stanley - GBP/EUR	Nov 2031	Nov 2032	396,765	159,547	158,737	4.8	212,729	208,709	160,725
Term Loan Facility
KREF Lending VII(D)	Match-term	Match-term	1,000,000	511,934	511,660	5.7	668,601	632,096	512,897
Term Lending Agreements
KREF Lending IX	Match-term	Match-term	277,032	271,769	271,415	5.8	380,159	378,957	271,455
KREF Lending XV	Match-term	Match-term	300,000	175,360	174,503	5.3	219,200	215,803	237,422
KREF Lending XVI	Match-term	Match-term	100,000	100,000	99,173	5.4	125,000	122,932	99,083
KREF Lending XVII	Match-term	Match-term	250,000	90,352	89,256	5.3	117,177	114,484	89,178
BMO Facility	Match-term	Match-term	300,000	71,126	71,074	5.4	90,795	89,926	71,063
KREF Lending XII	Match-term	Match-term	150,000	—	—	—	—	—	—
Warehouse Facility
HSBC Facility	Mar 2028	Mar 2028	250,000	—	—	—	—	—	—
Asset Specific Financing
KREF Lending XIII	Aug 2026	Aug 2027	265,625	195,198	194,891	7.0	229,644	191,802	194,678
KREF Lending XI	Jun 2026	Jun 2026	90,000	90,000	90,000	6.4	125,000	124,901	90,000
KREF Lending XIV	Oct 2026	Oct 2027	125,000	83,955	83,725	6.8	105,412	104,331	79,780
Revolving Credit Agreement
Revolver(E)	Mar 2030	Mar 2030	700,000	200,000	200,000	5.9	n.a.	n.a.	—
Total / Weighted Average			$ 5,454,422	$ 2,807,674	$ 2,801,204	5.8 %			$ 2,862,689

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with a header row containing column labels, and the leftmost column header position is blank—no text is printed there.

998c8ed06c0be22d-p28-t2: Activity

As printed (page 28)

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

Item	Secured Financing Agreements, Net
Balance as of December 31, 2025	$ 2,862,689
Principal borrowings	239,677
Principal repayments	(300,147)
Deferred debt issuance costs	(676)
Amortization of deferred debt issuance costs	2,559
Loss (gain) on foreign currency translation	(2,898)
Balance as of March 31, 2026	$ 2,801,204

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text or header label in the leftmost column position at the top of the table; the table begins with the row label 'Balance as of December 31, 2025' in that column.

998c8ed06c0be22d-p29-t1: Maturities

As printed (page 29)

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

Year	Nonrecourse(A)	Recourse(A)(B)	Total
2026	$ 304,851	$ 32,500	$ 337,351
2027	1,043,379	202,242	1,245,621
2028	185,366	27,271	212,637
2029	114,956	38,319	153,275
2030	485,905	317,457	803,362
2031	41,571	13,857	55,428
Total	$ 2,176,028	$ 631,646	$ 2,807,674

Flagged decisions

• (7,0) defect 'Total': The bottom row of the table is shaded in light blue and contains dollar amounts with totals, but no text label is printed in the first column at that row position.

998c8ed06c0be22d-p32-t1: The following table presents the assets and liabilities of the consolidated CMBS trusts:

As printed (page 32)

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

Item	March 31, 2026	December 31, 2025
Assets
Commercial real estate loans, at fair value	$ 1,265,973	$ 502,751
Accrued interest receivable	6,220	2,479
Consolidated variable interest entities assets, CMBS trusts, at fair value	$ 1,272,193	$ 505,230
Liabilities
Commercial mortgage-backed securities, at fair value	$ 1,241,901	$ 493,680
Accrued interest payable	5,957	2,380
Consolidated variable interest entities liabilities, CMBS trusts, at fair value	$ 1,247,858	$ 496,060

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 'Assets' in the leftmost column, with date headers 'March 31, 2026' and 'December 31, 2025' printed above the data columns.

998c8ed06c0be22d-p32-t2: The following table presents the change in net assets of the consolidated CMBS trusts:

As printed (page 32)

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

Item	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Net interest income	$ 388	$ —
Unrealized gain (loss)	51	—
Change in net assets of consolidated variable interest entities, CMBS trusts	$ 439	$ —

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text at the top-left position where a column header would appear; the first column contains row labels (Net interest income, Unrealized gain (loss), etc.) with no header printed above them.

998c8ed06c0be22d-p39-t1: KKR Real Estate Finance Trust Inc. — Notes to Condensed Consolidated Financial Statements

As printed (page 39)

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

Declaration Date	Record Date	Payment Date	Amount Per Share	Amount Total
2026
March 11, 2026	March 31, 2026	April 15, 2026	$ 0.25	$ 16,069
2025
March 14, 2025	March 31, 2025	April 15, 2025	$ 0.25	$ 16,956

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.

998c8ed06c0be22d-p39-t2: Dividends on Series A Preferred Stock

As printed (page 39)

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

Declaration Date	Record Date	Payment Date	Per Share	Total
2026
January 30, 2026	February 27, 2026	March 13, 2026	$ 0.41	$ 5,326
2025
January 31, 2025	February 28, 2025	March 14, 2025	$ 0.41	$ 5,326

Flagged decisions

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

998c8ed06c0be22d-p45-t1: KKR Real Estate Finance Trust Inc.

As printed (page 45)

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

		Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Manager	Management fees	$ 5,511	$ 5,797
Manager	Expense reimbursements	1,432	1,483
KCM	Structuring fees	—	425
K-Star	Diligence and servicing fees	55	—
Total		$ 6,998	$ 7,705

Flagged decisions

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

998c8ed06c0be22d-p47-t1: The following table presents the activities of Level 3 financial assets and liabilities recorded at fair value:

As printed (page 47)

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

Item	Consolidated variable interest entities assets, CMBS trusts, at fair value	Consolidated variable interest entities liabilities, CMBS trusts, at fair value	Net
Balance as of December 31, 2025	$ 505,230	$ 496,060	$ 9,170
Purchases and repayments
Purchases	14,950	—	14,950
Consolidation of CMBS trust	751,378	751,378	—
Repayments	(565)	(565)	—
Gains (losses) included in net income
Unrealized gain (loss) included in change in net assets of consolidated variable interest entities, CMBS trusts	(2,541)	(2,592)	51
Other(A)	3,741	3,577	164
Balance as of March 31, 2026	$ 1,272,193	$ 1,247,858	$ 24,335

Flagged decisions

• (0,0) header_label_added 'Item': The image shows the table with a header row containing column labels, and the first column header position is blank (no text printed there).

998c8ed06c0be22d-p47-t3: Level 3 Inputs Used to Value Assets and Liabilities

As printed (page 47)

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

Description	Fair Value	Valuation Methodologies	Unobservable Inputs	Weighted Average(A)	Range
Assets
Commercial real estate loans, held-for-investment	$ 4,641,012	Discounted cash flow	Discount margin	3.7%	2.4% - 5.6%
			Capitalization rate	8.4%	5.5% - 11.3%
			Discount rate	10.8%	8.8% - 12.5%
Consolidated variable interest entities assets, CMBS trusts, at fair value	1,265,973	Discounted cash flow	Yield	6.1%	4.3%- 33.9%
			Duration (years)	6.7	2.1 - 7.0
Liabilities
Consolidated variable interest entities liabilities, CMBS trusts, at fair value	$ 1,241,901	Discounted cash flow	Yield	6.1%	4.3% - 33.9%
			Duration (years)	6.7	2.1 - 7.0

Flagged decisions

• (0,0) header_label_added 'Description': The image shows a table with column headers printed at the top: 'Fair Value', 'Valuation Methodologies', 'Unobservable Inputs', 'Weighted Average(A)', and 'Range', but the leftmost column containing asset and liability descriptions has no printed header label above it.

998c8ed06c0be22d-p65-t1: Three Months Ended March 31, 2026 Compared to Three Months Ended December 31, 2025

As printed (page 65)

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

Item	March 31, 2026	December 31, 2025	Dollars	Percentage
Net Interest Income
Interest income	$ 95,906	$ 101,341	$ (5,435)	(5) %
Interest expense	69,717	75,549	(5,832)	(8)
Total net interest income	26,189	25,792	397	2
Other Income
Revenue from real estate owned operations	4,944	4,866	78	2
Income (loss) from equity method investments	657	413	244	59
Change in net assets of consolidated variable interest entities, CMBS trusts	439	342	97	28
Gain (loss) on foreign currency translation	(5,377)	1,190	(6,567)	(552)
Gain (loss) on foreign currency forward contracts	6,853	(1,265)	8,118	642
Other miscellaneous income	894	1,302	(408)	(31)
Total other income	8,410	6,848	1,562	23
Operating Expenses
Provision for credit losses, net	73,541	43,686	29,855	68
Expenses from real estate owned operations	8,122	6,721	1,401	21
Management fee to related parties	5,511	5,524	(13)	—
General and administrative	4,584	3,804	780	21
Total operating expenses	91,758	59,735	32,023	54
Income (Loss) Before Income Taxes	(57,159)	(27,095)	(30,064)	111
Income tax expense	—	(156)	156	100
Net Income (Loss)	(57,159)	(26,939)	(30,220)	112
Net income (loss) attributable to noncontrolling interests	(1,019)	(697)	(322)	(46)
Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries	(56,140)	(26,242)	(29,898)	114
Preferred stock dividends	5,326	5,326	—	—
Participating securities' share in earnings	415	421	(6)	(1)
Net Income (Loss) Attributable to Common Stockholders	$ (61,881)	$ (31,989)	$ (29,892)	93
Net Income (Loss) Per Share of Common Stock
Basic and Diluted	$ (0.96)	$ (0.49)	$ (0.47)	96
Weighted Average Number of Shares of Common Stock Outstanding
Basic and Diluted	64,673,125	65,442,561	(769,436)	(1)
Dividends Declared per Share of Common Stock	$ 0.25	$ 0.25	$ —	—

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with a header row containing column labels, and the leftmost column header position is blank—no text is printed there.
• (table) header_text_dropped 'Increase (Decrease)': printed above the table's first value row but carried into no output cell.

998c8ed06c0be22d-p67-t1: Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

As printed (page 67)

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

Line Item	2026	2025	Dollars	Percentage
Net Interest Income
Interest income	$ 95,906	$ 113,967	$ (18,061)	(16) %
Interest expense	69,717	82,626	(12,909)	(16)
Total net interest income	26,189	31,341	(5,152)	(16)
Other Income
Revenue from real estate owned operations	4,944	2,889	2,055	71
Income (loss) from equity method investments	657	(201)	858	427
Change in net assets of consolidated variable interest entities, CMBS trusts	439	—	439	100
Gain (loss) on foreign currency translation	(5,377)	—	(5,377)	100
Gain (loss) on foreign currency forward contracts	6,853	—	6,853	100
Other miscellaneous income	894	1,187	(293)	(25)
Total other income	8,410	3,875	4,535	117
Operating Expenses
Provision for credit losses, net	73,541	24,863	48,678	196
Expenses from real estate owned operations	8,122	5,474	2,648	48
Management fee to related parties	5,511	5,797	(286)	(5)
General and administrative	4,584	4,831	(247)	(5)
Total operating expenses	91,758	40,965	50,793	124
Income (Loss) Before Income Taxes	(57,159)	(5,749)	(51,410)	894
Income tax expense	—	—	—	—
Net Income (Loss)	(57,159)	(5,749)	(51,410)	894
Net income (loss) attributable to noncontrolling interests	(1,019)	(888)	(131)	(15)
Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries	(56,140)	(4,861)	(51,279)	1,055
Preferred stock dividends	5,326	5,326	—	—
Participating securities' share in earnings	415	363	52	14
Net Income (Loss) Attributable to Common Stockholders	$ (61,881)	$ (10,550)	$ (51,331)	(487)
Net Income (Loss) Per Share of Common Stock
Basic and Diluted	$ (0.96)	$ (0.15)	$ (0.81)	(540)
Weighted Average Number of Shares of Common Stock Outstanding
Basic and Diluted	64,673,125	68,765,877	(4,092,752)	(6)
Dividends Declared per Share of Common Stock	$ 0.25	$ 0.25	$ —	—

Flagged decisions

• (0,0) unverified 'Line Item': The image shows no text printed in the top-left header cell; the first column contains only row labels like 'Net Interest Income', 'Interest income', etc., with no header label visible.
• (table) header_text_dropped 'Increase (Decrease)': printed above the table's first value row but carried into no output cell.

998c8ed06c0be22d-p71-t2: Our net interest collections were partially offset by cash used to pay management fees, as follows

As printed (page 71)

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

Item	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Management Fees to related parties	$ 5,524	$ 5,919

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text at the position where a column header would appear above 'Management Fees to related parties'; the table begins directly with the row label.

998c8ed06c0be22d-p72-t1: Contractual Obligations and Commitments

As printed (page 72)

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)	$ 1,017,980	$ 319,785	$ 385,374	$ 312,821	$ —
Term Lending Agreements(A)	708,607	65,315	277,580	365,712	—
Warehouse Facility	—	—	—	—	—
Term Loan Facility	511,934	117,352	261,050	133,532	—
Asset Specific Facility	369,153	90,000	279,153	—	—
Revolver(B)	200,000	200,000	—	—	—
Total secured financing agreements	2,807,674	792,452	1,203,157	812,065	—
Collateralized Loan Obligations	1,066,134	—	—	—	1,066,134
Secured Term Loan	645,125	6,500	13,000	13,000	612,625
Interest payable(C)	767,936	222,359	279,264	218,624	47,689
Future funding obligations(D)	379,593	256,015	123,578	—	—
Equity method investment, CMBS B-Pieces	4,324	4,324	—	—	—
Total	$ 5,670,786	$ 1,281,650	$ 1,618,999	$ 1,043,689	$ 1,726,448

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with a header row containing column labels: the first column header position is blank/empty, with the actual column headers 'Total', 'Less than 1 year', '1 to 3 years', '3 to 5 years', and 'Thereafter' printed in the subsequent columns.

998c8ed06c0be22d-p79-t1: ITEM 6. EXHIBITS

As printed (page 79)

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

Exhibit No.	Exhibit Description
10.1	Fifth Amendment to Guaranty Agreement, effective as of March 31, 2026, between KKR Real Estate Finance Holdings L.P. and Morgan Stanley Bank, N.A.
10.2	Fourth Amendment to Guaranty Agreement, effective as of March 31, 2026, between KKR Real Estate Finance Holdings L.P. and Morgan Stanley Bank, N.A. (as the assignee of all the rights and obligations of MUFG Bank Ltd. under the Program Documents).
10.3	Eleventh Amendment, dated as of March 31, 2026, to the Credit Agreement among KREF Holdings X LLC, KKR Real Estate Finance Holdings L.P., the lenders party thereto and Morgan Stanley Senior Funding Inc., as administrative agent.
10.4	Amendment No. 9 to Guarantee Agreement, dated as of March 31, 2026 between Wells Fargo Bank, National Association and KKR Real Estate Finance Holdings L.P.
31.1	Certificate of Matthew A. Salem, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certificate of Kendra L. Decious, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certificate of Matthew A. Salem, Chief Executive Officer, pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
32.2	Certificate of Kendra L. Decious, Chief Financial Officer, pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101.

Flagged decisions

• (0,0) defect 'Exhibit No.': The image shows a table with a header row containing only 'Exhibit Description' as a visible printed header; the left column header position is blank on the page.