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)

ItemPAGE
Part I - Financial Information5
Item 1. Condensed Consolidated Financial Statements (Unaudited)5
Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2026 and December 31, 20255
Condensed Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2026 and 20256
Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2026 and 20257
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2026 and 20258
Notes to Condensed Consolidated Financial Statements (Unaudited)10
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations51
Item 3. Quantitative and Qualitative Disclosures about Market Risk75
Item 4. Controls and Procedures77
Part II - Other Information78
Item 1. Legal Proceedings78
Item 1A. Risk Factors78
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds78
Item 3. Defaults Upon Senior Securities78
Item 4. Mine Safety Disclosures78
Item 5. Other Information78
Item 6. Exhibits79
Signatures80

Flagged decisions

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

As printed (page 5)

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

Line ItemMarch 31, 2026December 31, 2025
Assets  
Cash and cash equivalents$ 135,437$ 84,617
Commercial real estate loans, held-for-investment4,885,9065,347,756
Less: Allowance for credit losses(258,679)(201,924)
Commercial real estate loans, held-for-investment, net4,627,2275,145,832
Commercial real estate loan, held-for-sale219,990—
Real estate owned, held for investment, net340,002338,595
Real estate owned assets, held for sale131,595130,188
Equity method investments147,290147,332
Investments in CMBS securities26,800—
Consolidated variable interest entities assets, CMBS trusts, at fair value1,272,193505,230
Other assets49,561112,849
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, net1,066,0481,198,332
Secured term loan, net631,478632,516
Real estate owned liabilities, held for sale2,9703,867
Consolidated variable interest entities liabilities, CMBS trusts, at fair value1,247,858496,060
Due to related parties5,5156,506
Other liabilities42,13439,469
Total Liabilities5,797,2075,239,439
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 share131131
Common stock, $0.01 par value, 300,000,000 authorized (64,275,643 shares issued and outstanding as of March 31, 2026; 65,488,680 shares issued and 64,367,737 shares outstanding as of December 31, 2025)643644
Additional paid-in capital1,678,9501,687,168
Accumulated deficit(584,080)(506,130)
Repurchased stock (1,120,943 shares repurchased as of December 31, 2025)—(9,263)
Total KKR Real Estate Finance Trust Inc. Stockholders' Equity1,095,6441,172,550
Noncontrolling interests in equity of consolidated joint ventures57,24452,654
Total Equity1,152,8881,225,204
Total Liabilities and Equity$ 6,950,095$ 6,464,643

Flagged decisions

998c8ed06c0be22d-p21-t2: Loan Vintage

As printed (page 21)

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

Risk RatingNumber of Loans(B)Outstanding Principal(B)20262025202420232022PriorTotal
Commercial Real Estate Loans         
1—$ —$ —$ —$ —$ —$ —$ —$ —
22283,906—————283,870283,870
3413,847,751236,049920,90390,630—1,131,5561,459,4153,838,553
44283,774———205,77643,62035,151284,547
54703,510————229,318469,608698,926
Total51$ 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

998c8ed06c0be22d-p21-t3: Amortized Cost by Year of Origination

As printed (page 21)

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

Risk RatingNumber of Loans(B)Outstanding Principal(B)20252024202320222021PriorTotal
Commercial Real Estate Loans         
1—$ —$ —$ —$ —$ —$ —$ —$ —
22283,906————283,816—283,816
3464,415,095996,80286,039115,1061,397,7731,671,380138,1744,405,274
4190,671——90,671———90,671
54572,191————377,883190,112567,995
Total53$ 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

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/LiabilityIncome Statement LocationThree Months Ended March 31, 2026Three Months Ended March 31, 2025
Asset   
In-place lease intangiblesExpenses from real estate owned operations$ 17$ 17
Liability   
Unfavorable lease intangiblesRevenue from real estate owned operations9191

Flagged decisions

998c8ed06c0be22d-p26-t3: Future Minimum Lease Payments

As printed (page 26)

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

YearContractual Lease Payments
2026$ 7,427
20275,079
20283,644
20292,814
20302,266
Thereafter5,975

Flagged decisions

998c8ed06c0be22d-p28-t2: Activity

As printed (page 28)

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

ItemSecured Financing Agreements, Net
Balance as of December 31, 2025$ 2,862,689
Principal borrowings239,677
Principal repayments(300,147)
Deferred debt issuance costs(676)
Amortization of deferred debt issuance costs2,559
Loss (gain) on foreign currency translation(2,898)
Balance as of March 31, 2026$ 2,801,204

Flagged decisions

998c8ed06c0be22d-p29-t1: Maturities

As printed (page 29)

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

YearNonrecourse(A)Recourse(A)(B)Total
2026$ 304,851$ 32,500$ 337,351
20271,043,379202,2421,245,621
2028185,36627,271212,637
2029114,95638,319153,275
2030485,905317,457803,362
203141,57113,85755,428
Total$ 2,176,028$ 631,646$ 2,807,674

Flagged decisions

998c8ed06c0be22d-p33-t1: Concentration of Credit Risk

As printed (page 33)

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

GeographyMarch 31, 2026December 31, 2025
New York39.8 %46.2 %
California14.817.4
Arizona8.75.1
Maryland7.29.9
Oregon4.010.0
Florida3.21.4
North Carolina2.82.2
Texas2.8—
Pennsylvania2.3—
Ohio1.71.0
Wisconsin1.6—
Tennessee1.21.2
Massachusetts1.2—
Virginia1.1—
Missouri1.1—
Other6.55.6
Total100.0 %100.0 %

Flagged decisions

998c8ed06c0be22d-p40-t1: RSU Activity

As printed (page 40)

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

 Restricted Stock UnitsWeighted Average Grant Date Fair Value Per RSU(A)
Unvested as of December 31, 20251,295,796$ 10.14
Granted——
Vested——
Forfeited / cancelled(32,418)11.28
Unvested as of March 31, 20261,263,378$ 10.11

Flagged decisions

998c8ed06c0be22d-p45-t1: KKR Real Estate Finance Trust Inc. — Notes to Condensed Consolidated Financial Statements

As printed (page 45)

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

Related PartyFee DescriptionThree Months Ended March 31, 2026Three Months Ended March 31, 2025
ManagerManagement fees$ 5,511$ 5,797
ManagerExpense reimbursements1,4321,483
KCMStructuring fees—425
K-StarDiligence and servicing fees55—
Total $ 6,998$ 7,705

Flagged decisions

998c8ed06c0be22d-p46-t1: Fair Value of Financial Assets and Liabilities

As printed (page 46)

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

ItemPrincipal BalanceAmortized CostCarrying ValueFair Value Level 1Fair Value Level 2Fair Value Level 3Fair Value Total
Assets       
Cash and cash equivalents$ 135,437$ 135,437$ 135,437$ 135,437$ —$ —$ 135,437
Commercial real estate loans, held-for-investment, net4,898,9514,885,9064,627,227——4,641,0124,641,012
Commercial real estate loans, held for sale219,990219,990219,990——219,990219,990
Consolidated variable interest entities assets, CMBS trusts, at fair value1,218,5931,254,3661,265,973——1,265,9731,265,973
Investments in CMBS securities26,80026,80026,800——26,80026,800
Foreign currency forward contracts(A)5,5915,5915,591—5,591—5,591
Total$ 6,505,362$ 6,528,090$ 6,281,018$ 135,437$ 5,591$ 6,153,775$ 6,294,803
Liabilities       
Secured financing agreements, net$ 2,807,674$ 2,801,204$ 2,801,204$ —$ —$ 2,801,204$ 2,801,204
Collateralized loan obligations, net1,066,1341,066,0481,066,048——1,061,8721,061,872
Secured term loan, net645,125631,478631,478—641,093—641,093
Consolidated variable interest entities liabilities, CMBS trusts, at fair value1,169,3201,230,4491,241,901——1,241,9011,241,901
Total$ 5,688,253$ 5,729,179$ 5,740,631$ —$ 641,093$ 5,104,977$ 5,746,070

Flagged decisions

998c8ed06c0be22d-p47-t3: Level 3 Inputs

As printed (page 47)

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

ItemFair ValueValuation MethodologiesUnobservable InputsWeighted Average(A)Range
Assets     
Commercial real estate loans, held-for-investment$ 4,641,012Discounted cash flowDiscount margin3.7%2.4% - 5.6%
   Capitalization rate8.4%5.5% - 11.3%
   Discount rate10.8%8.8% - 12.5%
Consolidated variable interest entities assets, CMBS trusts, at fair value1,265,973Discounted cash flowYield6.1%4.3%- 33.9%
   Duration (years)6.72.1 - 7.0
Liabilities     
Consolidated variable interest entities liabilities, CMBS trusts, at fair value$ 1,241,901Discounted cash flowYield6.1%4.3% - 33.9%
   Duration (years)6.72.1 - 7.0

Flagged decisions

998c8ed06c0be22d-p59-t1: Risk Rating by Carrying Value and Outstanding Principal (March 31, 2026 and December 31, 2025)

As printed (page 59)

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

Risk RatingNumber of Loans(A)Carrying ValueOutstanding PrincipalOutstanding Principal %Number of Loans(A)Carrying ValueOutstanding PrincipalOutstanding Principal %
1—$ —$ —— %—$ —$ —— %
22283,870283,90662283,816283,9065
3413,838,5533,847,75174464,405,2744,415,09582
44284,547283,7746190,67190,6712
54698,926703,510144567,995572,19111
Total loan receivable51$ 5,105,896$ 5,118,941100 %53$ 5,347,756$ 5,361,863100 %
Allowance for credit losses (258,679)   (201,924)  
Loan receivable, net $ 4,847,217   $ 5,145,832  

Flagged decisions

998c8ed06c0be22d-p65-t1: Results of Operations

As printed (page 65)

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

 Three Months Ended March 31, 2026Three Months Ended December 31, 2025Increase (Decrease) DollarsIncrease (Decrease) Percentage
Net Interest Income    
Interest income$ 95,906$ 101,341$ (5,435)(5) %
Interest expense69,71775,549(5,832)(8)
Total net interest income26,18925,7923972
Other Income    
Revenue from real estate owned operations4,9444,866782
Income (loss) from equity method investments65741324459
Change in net assets of consolidated variable interest entities, CMBS trusts4393429728
Gain (loss) on foreign currency translation(5,377)1,190(6,567)(552)
Gain (loss) on foreign currency forward contracts6,853(1,265)8,118642
Other miscellaneous income8941,302(408)(31)
Total other income8,4106,8481,56223
Operating Expenses    
Provision for credit losses, net73,54143,68629,85568
Expenses from real estate owned operations8,1226,7211,40121
Management fee to related parties5,5115,524(13)—
General and administrative4,5843,80478021
Total operating expenses91,75859,73532,02354
Income (Loss) Before Income Taxes(57,159)(27,095)(30,064)111
Income tax expense—(156)156100
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 dividends5,3265,326——
Participating securities' share in earnings415421(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 Diluted64,673,12565,442,561(769,436)(1)
Dividends Declared per Share of Common Stock$ 0.25$ 0.25$ ——

Flagged decisions

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 Item20262025DollarsPercentage
Net Interest Income    
Interest income$ 95,906$ 113,967$ (18,061)(16) %
Interest expense69,71782,626(12,909)(16)
Total net interest income26,18931,341(5,152)(16)
Other Income    
Revenue from real estate owned operations4,9442,8892,05571
Income (loss) from equity method investments657(201)858427
Change in net assets of consolidated variable interest entities, CMBS trusts439—439100
Gain (loss) on foreign currency translation(5,377)—(5,377)100
Gain (loss) on foreign currency forward contracts6,853—6,853100
Other miscellaneous income8941,187(293)(25)
Total other income8,4103,8754,535117
Operating Expenses    
Provision for credit losses, net73,54124,86348,678196
Expenses from real estate owned operations8,1225,4742,64848
Management fee to related parties5,5115,797(286)(5)
General and administrative4,5844,831(247)(5)
Total operating expenses91,75840,96550,793124
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 dividends5,3265,326——
Participating securities' share in earnings4153635214
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 Diluted64,673,12568,765,877(4,092,752)(6)
Dividends Declared per Share of Common Stock$ 0.25$ 0.25$ ——

Flagged decisions

998c8ed06c0be22d-p71-t2: Management Fees to related parties - Three Months Ended March 31, 2026 and 2025

As printed (page 71)

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

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

Flagged decisions

998c8ed06c0be22d-p72-t1: Contractual Obligations and Commitments

As printed (page 72)

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

ItemTotalLess than 1 year1 to 3 years3 to 5 yearsThereafter
Master Repurchase Facilities(A)$ 1,017,980$ 319,785$ 385,374$ 312,821$ —
Term Lending Agreements(A)708,60765,315277,580365,712—
Warehouse Facility—————
Term Loan Facility511,934117,352261,050133,532—
Asset Specific Facility369,15390,000279,153——
Revolver(B)200,000200,000———
Total secured financing agreements2,807,674792,4521,203,157812,065—
Collateralized Loan Obligations1,066,134———1,066,134
Secured Term Loan645,1256,50013,00013,000612,625
Interest payable(C)767,936222,359279,264218,62447,689
Future funding obligations(D)379,593256,015123,578——
Equity method investment, CMBS B-Pieces4,3244,324———
Total$ 5,670,786$ 1,281,650$ 1,618,999$ 1,043,689$ 1,726,448

Flagged decisions

998c8ed06c0be22d-p79-t1: ITEM 6. EXHIBITS

As printed (page 79)

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

Exhibit No.Exhibit Description
10.1Fifth Amendment to Guaranty Agreement, effective as of March 31, 2026, between KKR Real Estate Finance Holdings L.P. and Morgan Stanley Bank, N.A.
10.2Fourth 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).
10.3Eleventh 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.
10.4Amendment 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.
31.1Certificate of Matthew A. Salem, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2Certificate of Kendra L. Decious, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1Certificate 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).
32.2Certificate 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.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101.

Flagged decisions