# EDGAR Filing Document

**Accession Number:** 0001631596
**File Stem:** 0001628280-26-026573
**Filing Date:** 2026-4
**Character Count:** 69799
**Document Hash:** c909a96f7495b66e621f0091846c6d05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-026573.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0001628280-26-026573

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20260422

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR Real Estate Finance Trust Inc.
- **CENTRAL INDEX KEY:** 0001631596
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 472009094
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38082
- **FILM NUMBER:** 26884195

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **STREET 2:** SUITE 7500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-750-8300

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **STREET 2:** SUITE 7500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): April 22, 2026**

**<u>KKR Real Estate Finance Trust Inc.</u>**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Maryland** | **001-38082** | **47-2009094** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

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| | | |
|:---|:---|:---|
| **30 Hudson Yards,**<br>**New York,** | **Suite 7500**<br>**New York** | **10001** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(212) 750-8300** 

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.01 per share | KREF | New York Stock Exchange |
| 6.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share | KREF PRA | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On April 22, 2026, KKR Real Estate Finance Trust Inc. (the "Company") issued an earnings release and supplemental financial information announcing its financial results for the quarter ended March 31, 2026. The earnings release and supplemental financial information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, hereto and are incorporated herein by reference.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the "Securities Act"), unless it is specifically incorporated by reference therein.

**Forward-Looking statements**

This Report contains forward-looking statements within the meaning of the "safe harbor" provisions of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. The forward-looking statements speak only as of the date of this Report or as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statements except as required by law. Information about factors affecting the Company and the forward-looking statements is available in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission, which are available at www.sec.gov.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Earnings Release dated April 22, 2026](a202603-exhibit99x1.htm)</u> |
| 99.2 | <u>[Supplemental Financial Information for the quarter ended March 31, 2026](q126krefsupplemental.htm)</u> |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| **KKR Real Estate Finance Trust Inc.** | **KKR Real Estate Finance Trust Inc.** |
| By: | /s/ Kendra Decious |
|  | Name:&nbsp;&nbsp;&nbsp;&nbsp;Kendra Decious |
|  | Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

Date: April 22, 2026

## Exhibit 99.1

![kreflogoa22.jpg](kreflogoa22.jpg)

**KKR REAL ESTATE FINANCE TRUST INC. REPORTS**

**FIRST QUARTER 2026 FINANCIAL RESULTS**

New York, NY, April 22, 2026 - KKR Real Estate Finance Trust Inc. (the "Company" or "KREF") (NYSE: KREF) today reported its financial results for the quarter ended March 31, 2026.

Reported net loss attributable to common stockholders of ($61.9) million, or ($0.96) per diluted share of common stock, for the three months ended March 31, 2026, compared to net loss attributable to common stockholders of ($32.0) million, or ($0.49) per diluted share of common stock, for the three months ended December 31, 2025.

Reported Distributable Loss of ($4.1) million, or ($0.06) per diluted share of common stock, for the three months ended March 31, 2026, compared to Distributable Earnings of $14.4 million, or $0.22 per diluted share of common stock, for the three months ended December 31, 2025.

The Company's Board of Directors declared a dividend of $0.10 per share of common stock with respect to the second quarter of 2026. The dividend is payable on July 15, 2026 to KREF's common stockholders of record as of June 30, 2026.

In April 2026, the Board of Directors authorized a modified repurchase program, which replaces the prior authorization and authorizes KREF to repurchase up to an aggregate of $75.0 million of common stock and 6.50% Series A Cumulative Redeemable Preferred Stock.

**First Quarter 2026 Highlights**

• $653.4 million liquidity position, including $135.4 million of cash and $500.0 million of undrawn capacity on our corporate revolving credit agreement as of March 31, 2026

• Originated and funded $184.1 million and $177.9 million, respectively, relating to one floating-rate senior loan, with an appraised loan-to-value ratio ("LTV")<sup>(1)</sup> of 72% and coupon of 2.6% over the applicable benchmark; and funded $20.0 million in loan principal for existing loans

• Received $415.4 million in loan repayments, including $312 million of repayments on office loans

• Current loan portfolio of $5.1 billion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 99% floating rate with a weighted average unlevered all-in yield<sup>(2)</sup> of 7.2% as of March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multifamily and industrial assets represent 63% of the loan portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average LTV at origination of 66%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Average risk rating of the loan portfolio was 3.3, weighted by outstanding principal amount

• Leased our real estate owned office property in Mountain View, CA to OpenAI

• Invested $41.7 million in CMBS securities

• Diversified financing sources totaling $7.2 billion with $2.6 billion of undrawn capacity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 77% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No final facility maturities until 2027 and no corporate debt due until 2030

• In January 2026, repurchased 92,094 shares at an average price per share of $8.25 for a total of $0.8 million

• Common book value of $767.9 million, or $11.87 per share, as of March 31, 2026, inclusive of a CECL allowance of $260.3 million, or ($4.03) per share; the CECL allowance increased $73.5 million, or ($1.14) per share, for the three months ended March 31, 2026 primarily due to additional reserves for risk-rated 5 loans

(1)&nbsp;&nbsp;&nbsp;&nbsp;LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Weighted average LTV excludes loans with a risk rating of 5.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All-in yield includes amortization of deferred origination fees, loan origination costs and purchase discounts.

------

Matt Salem, Chief Executive Officer of KREF, said "2026 is a transition year for KREF as we execute an aggressive action plan to resolve legacy exposures and reposition the portfolio. We are making tangible progress on this initiative while rotating into newer vintage, higher-quality assets, improving portfolio quality, rebuilding earnings power, and driving long-term shareholder value."

Patrick Mattson, President and Chief Operating Officer of KREF, added: "As part of a disciplined capital allocation strategy, we reduced our quarterly dividend to $0.10 per share. With strong liquidity and expected repayments, we have the flexibility to retain and redeploy capital into attractive risk-adjusted opportunities, including new investments and share repurchases. Our new $75 million repurchase authorization further enhances this flexibility and supports value creation."

**First Quarter 2026 Loan Originations**

The Company committed capital and funded the following floating-rate loan ($ in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description/Location** | **Property Type** | **Month Originated** | **Committed Principal Amount** | **Initial Principal Funded** | **Coupon** | **Coupon** | **Maturity Date**<sup>(A)</sup> | **LTV** |
| Senior Loan, Various, UK <sup>(B)</sup> | Industrial | March 2026 | $184130 | $177863 | + | 2.6% | May 2031 | 72% |
| Total |  |  | $184130 | $177863 | + | 2.6% |  | 72% |

---

(A)&nbsp;&nbsp;&nbsp;&nbsp;Maturity date assumes all extension options are exercised, if applicable.

(B)&nbsp;&nbsp;&nbsp;&nbsp;Loan size is £136 million in local currency. The total whole loan is $438 million, or £323 million, co-originated and co-funded by KREF and KKR affiliates. The Company's interest was 42% of the loan.

**Portfolio Summary**

The following table sets forth certain information regarding the Company's portfolio as of March 31, 2026 ($ in millions):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Committed Principal / Investment Amount** | **Outstanding Principal / Investment Amount** | **Carrying Value**<sup>(A)</sup> | **Net Equity**<sup>(B)</sup> | **Max Remaining Term (Years)**<sup>(C)(D)</sup> | **Weighted Average LTV**<sup>(D)</sup> |
| Senior Loans | $5498.5 | $5118.9 | $4847.2 | $1568.1 | 1.7 | 66% |
| Real Estate Assets<sup>(E)</sup> | 505.0 | 505.0 | 505.0 | 368.9 | n.a. | n.a. |
| CMBS Investments | 91.1 | 86.5 | 86.5 | 86.5 | 6.0 | 55% |
| Other Investments | 14.9 | 14.9 | 14.9 | 14.9 | n.a. | n.a. |
| Total/Weighted Average | $6109.5 | $5725.4 | $5453.6 | $2038.5 | 1.8 | 66% |

---

(A)&nbsp;&nbsp;&nbsp;&nbsp;Carrying value for senior loans represents the amortized cost, net of applicable allowance for credit losses.

(B)&nbsp;&nbsp;&nbsp;&nbsp;Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; (ii) real estate assets, net of borrowings and noncontrolling interests; (iii) fair value of CMBS investments; and (iv) the investment amount of equity method investments, net of borrowings.

(C)&nbsp;&nbsp;&nbsp;&nbsp;Max remaining term (years) assumes all extension options are exercised, if applicable.

(D)&nbsp;&nbsp;&nbsp;&nbsp;Weighted by outstanding principal amount for senior loans. Weighted average LTV excludes loans with a risk rating of 5.

(E)&nbsp;&nbsp;&nbsp;&nbsp;Real estate assets include real estate owned, net of noncontrolling interests, and an equity method investment.

------

**Non-GAAP Financial Measures**

*Reconciliation of Distributable Earnings (Loss) to Net Income (Loss) Attributable to Common Stockholders*

The tables below reconcile Distributable Earnings (Loss) and related diluted per share amounts to net income (loss) attributable to common stockholders and related diluted per share amounts, respectively, for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 ($ in thousands, except per share data):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **Per Diluted Share**<sup>(A)</sup> | **December 31, 2025** | **Per Diluted Share**<sup>(A)</sup> | **March 31, 2025** | **Per Diluted Share**<sup>(A)</sup> |
| **Net Income (Loss) Attributable to Common Stockholders** | $(61881) | $(0.96) | $(31989) | $(0.49) | $(10550) | $(0.15) |
| **Adjustments** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-cash equity compensation expense | 1808 | 0.03 | 1485 | 0.02 | 2127 | 0.03 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1358 | 0.02 | 1167 | 0.02 | 740 | 0.01 |
| &nbsp;&nbsp;&nbsp;Unrealized (gain) loss on investments | (164) |  | (47) |  | (131) |  |
| &nbsp;&nbsp;&nbsp;Unrealized (gain) loss on foreign currency translation | 5377 | 0.08 | (1190) | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized (gain) loss on foreign currency forward contracts | (6853) | (0.11) | 1305 | 0.02 |  |  |
| &nbsp;&nbsp;&nbsp;Provision for credit losses, net | 73541 | 1.14 | 43686 | 0.67 | 24863 | 0.36 |
| &nbsp;&nbsp;&nbsp;**Distributable Earnings before realized losses** | $13186 | $0.20 | $14417 | $0.22 | $17049 | $0.25 |
| &nbsp;&nbsp;&nbsp;Realized loss on loan write-off | (17292) | (0.27) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Distributable Earnings (Loss)** | $(4106) | $(0.06) | $14417 | $0.22 | $17049 | $0.25 |
| **Diluted weighted average common shares outstanding** | 64673125 |  | 65442561 |  | 68765877 |  |

---

<br>(A)&nbsp;&nbsp;&nbsp;&nbsp;Per share amounts presented may not foot due to rounding.

------

**Teleconference Details:**

The Company will host a conference call to discuss its financial results on Thursday, April 23, 2026 at 9:00 a.m. Eastern Time. Members of the public who are interested in participating in the Company's first quarter 2026 earnings teleconference call should dial from the U.S., (844) 784-1730, or from outside the U.S., +1 (412) 380-7410, shortly before 9:00 a.m. and reference the KKR Real Estate Finance Trust Inc. Teleconference Call; a pass code is not required. Please note the teleconference call will be available for replay beginning approximately two hours after the broadcast. To access the replay, callers from the U.S. should dial (855) 669-9658 and callers from outside the U.S. should dial +1 (412) 317-0088, and enter conference identification number 8477736.

**Webcast:**

The conference call will also be available on the Company's website at www.kkrreit.com. To listen to a live broadcast, please go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the webcast will also be available for 30 days on the Company's website.

**Supplemental Information**

The slide presentation accompanying this release and containing supplemental information about the Company's financial results for the quarter ended March 31, 2026 may also be accessed through the investor relations section of the Company's website at www.kkrreit.com.

**About KKR Real Estate Finance Trust Inc.** 

KKR Real Estate Finance Trust Inc. (NYSE: KREF) is a real estate investment trust that primarily originates or acquires transitional senior loans collateralized by institutional-quality commercial real estate assets that are owned and operated by experienced and well-capitalized sponsors and located in liquid markets with strong underlying fundamentals. The Company's target assets also include mezzanine loans, preferred equity and other debt-oriented instruments with these characteristics. The Company is externally managed and advised by KKR Real Estate Finance Manager LLC, a registered investment adviser and an indirect subsidiary of KKR & Co. Inc., a leading global alternative investment firm with a nearly 50-year history of leadership, innovation and investment excellence and $743.9 billion of assets under management as of December 31, 2025.

Additional information can be found on the Company's website at www.kkrreit.com.

**Forward-Looking Statements**

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current views with respect to, among other things, its future operations and financial performance. You can identify these forward looking statements by the use of words such as "outlook," "believe," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on the Company's beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the general political, economic, competitive, and other conditions in the United States and in any foreign jurisdictions in which we invest; global economic trends and conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, fluctuations in interest rates and credit spreads, labor shortages, currency fluctuations and challenges in global supply chains; deterioration in the performance of the properties securing our investments; difficulty accessing financing or raising capital; and the risks, uncertainties and factors set forth under Part I-Item 1A. "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this release. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this release and in the Company's filings with the SEC. All forward-looking statements in this release speak only as of the date of this release. The Company undertakes no

------

obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

**CONTACT INFORMATION**

**Investor Relations:**

Jack Switala

Tel: 212-763-9048

<u>kref-ir@kkr.com</u>

**Media:**

Brooke Rustad

Tel: 646-823-0893

<u>media@kkr.com</u>

**Definitions:**

"Loan-to-value ratio": Generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. For the CMBS B-Pieces, LTV is based on the weighted average LTV of the underlying loan pool.

"Distributable Earnings": Distributable Earnings, a measure that is not prepared in accordance with GAAP, is a key indicator of the Company's ability to generate sufficient income to pay its quarterly dividends and in determining the amount of such dividends, which is the primary focus of yield/income investors who comprise a significant portion of the Company's investor base. Accordingly, the Company believes providing Distributable Earnings on a supplemental basis to its net income as determined in accordance with GAAP is helpful to its stockholders in assessing the overall performance of the Company's business.

The Company defines Distributable Earnings as net income (loss) attributable to common stockholders or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items agreed upon after discussions between the Company's manager and board of directors and after approval by a majority of the Company's independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent the Company forecloses upon the property or properties underlying such debt investments.

Distributable Earnings should not be considered as a substitute for GAAP net income or taxable income. The Company cautions readers that its methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, the Company's reported Distributable Earnings may not be comparable to similar measures presented by other REITs.

## Exhibit 99.2

![](q126krefsupplemental001.jpg)

First Quarter 2026 Supplemental Information April 22, 2026

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![](q126krefsupplemental002.jpg)

2 Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF" or the "Company"). This presentation is not and shall not be construed as an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities, any investment advice or any other service by KREF. Nothing in this presentation constitutes the provision of any tax, accounting, financial, investment, regulatory, legal or other advice by KREF or its advisors. This presentation may not be referenced, quoted or linked by website by any third party, in whole or in part, except as agreed to in writing by KREF. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current views with respect to, among other things, its future operations and financial performance. You can identify these forward looking statements by the use of words such as "outlook," "believe," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on the Company's beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the general political, economic, competitive, and other conditions in the United States and in any foreign jurisdictions in which we invest; global economic trends and conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, fluctuations in interest rates and credit spreads, labor shortages, currency fluctuations and challenges in global supply chains; deterioration in the performance of the properties securing our investments; difficulty accessing financing or raising capital; and the risks, uncertainties and factors set forth under Part I-Item 1A. "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this release. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this release and in the Company's filings with the SEC. All forward-looking statements in this release speak only as of the date of this release. The Company undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward looking statements in this presentation speak only as of April 22, 2026. KREF undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All financial information in this presentation is as of March 31, 2026 unless otherwise indicated. This presentation also includes non-GAAP financial measures, including Distributable Earnings and Distributable Earnings per Diluted Share. Such non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with U.S. GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with U.S. GAAP.

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![](q126krefsupplemental003.jpg)

3 KKR Real Estate Finance Trust Inc. Overview Loan Portfolio Conservative Balance Sheet KREF's Manager Fully Integrated with KKR $5.1 B Loan Portfolio 100% Senior Loans 63% Multifamily & Industrial $108 M Average Loan Size(1) 8% European Loan Exposure Senior loans secured primarily by transitional, institutional multifamily and industrial properties owned by high quality sponsors $7.2 B Financing Capacity 77% Fully Non-Mark-to-Market(2) Conservative liability management focused on diversified non-mark-to-market financing 16% KKR Ownership in KREF $653 M Current Liquidity(3) $744 B Global AUM(4) $86 B Real Estate AUM(4)(5) ~125 Real Estate Professionals One firm culture that rewards investment discipline, creativity and determination and emphasizes the sharing of information, resources, expertise and best practices (1) Average loan size is inclusive of KREF's unfunded commitment. The whole loan average size is $172 million (2) Based on outstanding principal amount of secured financing. The remaining is subject to credit marks only (3) Includes $135 million of cash, $500 million of undrawn corporate revolver capacity and $18 million of available borrowings based on existing collateral (4) As of December 31, 2025 (5) Figures represent AUM across all KKR real estate transactions

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4 • 1Q 2026 Net loss(1) of ($0.96) per diluted share (includes a CECL provision of ($1.14) per diluted share) • 1Q 2026 Distributable loss(2) of ($0.06) per diluted share (includes a realized loss of ($0.27) per diluted share) • Book Value per Share ("BVPS") of $11.87 per share (includes a CECL allowance of ($4.03) per share as of March 31, 2026, representing 508 basis points of loan principal balance) First Quarter 2026 Highlights (1) Represents Net Income or loss attributable to common stockholders (2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (3) Includes the amortization of deferred origination fees, loan origination costs and purchase discounts. Excludes loans on nonaccrual status • Originated and funded $184 million and $178 million, respectively, relating to one floating-rate senior loan • $5.1 billion senior loan portfolio with a weighted average unlevered all-in yield(3) of 7.2% • Multifamily and industrial assets represent 63% of loan portfolio • Received $415 million in loan repayments, including $312 million of repayments on office loans • Funded $20 million for existing loans • Weighted average risk rating of 3.3 • Monitoring eight watch list loans, including three office and two life science assets • Leased our real estate owned office property in Mountain View, CA to OpenAI • Invested $42 million in CMBS securities Financials Portfolio Liquidity & Capitalization • $653 million of available liquidity, including $135 million of cash and $500 million of undrawn capacity on the corporate revolver • Extended a $150 million repurchase facility maturity date to December 2030 and a $250 million warehouse facility maturity date to March 2029 • Diversified financing sources totaling $7.2 billion with $2.6 billion of undrawn capacity • 77% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only • No final facility maturities until 2027 and no corporate debt due until 2030 • In January 2026, repurchased 92 thousand shares at an average price per share of $8.25 for a total of $0.8 million • In April 2026, the Board of Directors authorized a modified repurchase program for KREF to repurchase up to an aggregate of $75 million of common and preferred stock • The Company's Board of Directors declared a dividend of $0.10 per share of common stock with respect to the second quarter of 2026. The dividend is payable on July 15, 2026 to KREF's common stockholders of record as of June 30, 2026.

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5 1Q'26 Financial Summary (1) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (2) Includes real estate owned and an equity method investment (3) Book value per share includes CECL allowance of $260 million or ($4.03) per share and accumulated depreciation of $6 million or ($0.10) per share (4) Amount excludes 395,889 deferred stock units Income Statement ($ in Millions) 1Q'26 Net interest income $26.2 Other income 8.4 Provision for credit losses (73.5) Operating expenses (18.2) Preferred stock dividends (5.3) Other 0.6 Net Loss Attributable to Common Stockholders ($61.9) Net Loss per Share, Diluted ($0.96) Distributable Earnings (Loss)(1) ($4.1) Distributable Earnings (Loss) per Share, Diluted(1) ($0.06) Dividend per Share $0.25 Diluted Weighted Average Shares Outstanding 64,673,125 Balance Sheet ($ in Millions) 1Q'26 Commercial real estate loans, net $4,847.2 Real estate assets(2) 568.5 Consolidated VIE assets, CMBS trusts 1,272.2 Cash 135.4 CMBS investments 62.2 Other 64.5 Total Assets $6,950.1 Secured financing agreements, net $2,801.2 Collateralized loan obligations, net 1,066.0 Secured term loan, net 631.5 Consolidated VIE liabilities, CMBS trusts 1,247.9 Other 50.6 Total Liabilities $5,797.2 Total Equity $1,152.9 Common Shareholders' Equity $767.9 Book Value per Share(3) $11.87 Common Shares Outstanding(4) 64,275,643

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6 1Q'26 Loan Originations – Case Study Investment United Kingdom Industrial Portfolio Loan Type Floating-Rate Senior Loan Loan Size $184 million(1) Location Various, United Kingdom Collateral 34 Industrial Properties totaling 5.7M SF Loan Purpose Refinance LTV(2) 72% Investment Date March 2026 Asset Photo (1) Loan size is £136 million in local currency. The total whole loan is $438 million, or £323 million, co-originated and co-funded by KREF and KKR affiliates. KREF's interest was 42% of the loan (2) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated

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7 Multifamily 41% Industrial 22% Office 18% Life Science 14% Hospitality 3% Other 2% Class-A 81% Class-B 19% KREF Loan Portfolio by the Numbers (1) KREF classifies a loan as life science if more than 50% of the gross leasable area is leased to, or will be converted to, life science-related space (2) "Other" property types include: 2% Student Housing and <1% Mixed Use (3) Office property certification % is based on current principal loan balance; see description for LEED certification in the Appendix Investment Type Property Type Interest Rate TypeGeography 5% 11% 11% 18% 12% Other U.S. <4%: 15% 100% Office(3) 5% Washington, D.C. Senior Loans 100% Floating 99% Fixed 1% Class-A 87% Class-B 13% Multifamily (1) (2) 7% 5% Other Europe <4%: 1% 4% 6%

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8 2026 Portfolio Positioning & Outlook Our focus is centered on two key priorities: (1) executing a proactive and disciplined resolution strategy across our watch list assets and certain legacy office exposures, and (2) positioning a significant portion of our REO portfolio for monetization Note: This information reflects current targets as of the date presented and is subject to change. Actual results may differ (1) Represents target composition as of December 31, 2026 (2) Represents 2024 through 2026 originated loans (3) Assignment-in-lieu of foreclosure expected to close in Q2 2026

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9 KREF Office Loan Portfolio Overview Location Investment Date Loan Purpose Committed Principal Outstanding Principal Net Equity Loan per SF(1) Max Term (Years)(2) Minneapolis, MN Nov-17 Refinance $199.4 $194.4 $102.0 $182 0.3 Risk-Rated 5: Total / Weighted Average $199.4 $194.4 $102.0 0.3 Philadelphia, PA Jun-18 Refinance 114.3 114.3 31.4 117 0.9 Chicago, IL Jul-19 Refinance 105.0 90.7 53.8 87 2.4 Risk-Rated 4: Total / Weighted Average $219.3 $205.0 $85.2 1.6 Washington, DC Nov-21 Refinance 181.0 180.5 72.2 506 1.7 Plano, TX Feb-20 Refinance 137.8 134.8 35.3 186 0.4 Dallas, TX Nov-25 Refinance 114.1 94.1 19.6 373 4.6 Washington, DC Jan-22 Refinance 100.0 100.0 15.1 365 1.9 Risk-Rated 3: Total / Weighted Average $532.9 $509.4 $142.2 1.9 Grand Total / Weighted Average $951.6 $908.8 $329.4 1.5 Risk- Rated 3 Office Assets Note: Amounts shown in millions, except for Loan per SF (1) Loan Per SF based on current principal amount divided by current SF (2) Max remaining term (years) assumes all extension options are exercised, if applicable. Weighted average is weighted by current principal amount

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10 KREF Life Science Loan Portfolio Overview 100% of KREF's loan exposure is located in the top two Life Science markets 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 Aug-22 Construction Complete 2024 Class A $312.5 $229.6 $34.0 $747 1.4 Boston, MA(3) Boston Apr-21 Acquisition Complete 2022 Class A/B 166.2 164.1 66.2 681 — Risk-Rated 5: Total / Weighted Average $478.7 $393.7 $100.2 0.8 Redwood City, CA San Francisco Sep-22 Construction In Process 2025 Class A 145.2 105.4 21.3 886 1.5 Cambridge, MA Boston Dec-21 Construction Complete 2023 Class A 98.4 64.1 14.2 912 4.8 San Carlos, CA San Francisco Feb-22 Recapitalization Complete 2023 Class A 89.1 66.2 27.7 452 1.6 Brisbane, CA San Francisco Jul-21 Refinance N/A 2020 Class A 88.3 80.8 24.0 698 2.4 Risk-Rated 3: Total / Weighted Average $421.0 $316.5 $87.2 2.4 Grand Total / Weighted Average $899.7 $710.2 $187.4 1.5 Completed 74% In Process 16% N/A 10% Boston 64% San Francisco 36% Life Science Assets Development Status(4) Metropolitan Statistical Area(4) Note: Amounts shown in millions, except for Loan per SF (1) Loan Per SF based on current principal amount divided by current SF. For Construction loans, Loan per SF based on total commitment amount of the loan divided by the proposed SF (2) Max remaining term (years) assumes all extension options are exercised, if applicable. Weighted average is weighted by current principal amount (3) Loan is in maturity default as of March 31, 2026. Expected REO resolution in Q2 2026 (4) Based on committed principal

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11 0% 5% 82% 2% 11% 1 2 3 4 5 Weighted Average Risk Rating(2): 3.3 Portfolio Credit Quality Overview Note: The charts above are based on percentage of our loan portfolio (1) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Weighted average LTV excludes risk-rated 5 loans. (2) Weighted average is weighted by current principal amount Loan-to-Value(1) Risk Rating Distribution Weighted Average LTV(2): 66% Loan Count 1Q '2 6 Weighted Average LTV(2): 66% Weighted Average Risk Rating(2): 3.2 4Q '2 5 25% 20% 17% 30% 8% 0 - 60% 60 - 65% 65 - 70% 70 - 75% 75 - 80% 24% 15% 16% 37% 8% 0 - 60% 60 - 65% 65 - 70% 70 - 75% 75 - 80% 0 2 1 446 0 2 4 441Loan Count 0% 6% 74% 6% 14% 1 2 3 4 5

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12 4Q'25 Watch List Intra-Quarter Activity 1Q'26 Watch List Total Principal: $572 million Risk Rating: 5 Total Principal: $704 million Minneapolis Office Minneapolis Office Boston Life Science Boston Life Science San Diego Multifamily San Diego Multifamily downgraded from risk-rated 3 to risk-rated 5 { Boston Life Science Cambridge Life Science(1) } modified and restructured upgraded from risk-rated 5 to risk-rated 3 Total Principal: $91 million Risk Rating: 4 Total Principal: $284 million Chicago Office Chicago Office downgraded from risk-rated 3 to risk-rated 4 { Philadelphia Office downgraded from risk-rated 3 to risk-rated 4 { Georgetown Multifamily downgraded from risk-rated 3 to risk-rated 4 { Carrollton Multifamily Watch List Migrations Quarter-over-Quarter In 1Q'26, KREF had four risk rating downgrades, including four new additions to the watch list and one resolution (1) Loan was modified and restructured into (i) a $63 million senior mortgage loan net of a sponsor paydown, and (ii) a $17 million subordinated note. The restructured senior loan was upgraded to risk-rated 3, and earns a coupon rate of S+3.65% and has a new term of five years. The $17 million subordinated note was deemed uncollectible and written off in March 2026

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13 Case Studies: Watch List Loans Investment Boston Life Science Minneapolis Office Boston Life Science San Diego Multifamily Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Investment Date August 2022 November 2017 April 2021 October 2021 Collateral 418k RSF Class-A Life Science Development Two Class-A Office Buildings totaling 1.1mm SF Two Buildings totaling 482k SF 231-unit Class-A Multifamily Loan Purpose Construction Refinance Acquisition Refinance Location Boston, MA Minneapolis, MN Boston, MA San Diego, CA Committed Amount $313 million $199 million(2) $166 million(3) $116 million Current Principal Amount $230 million $194 million(2) $164 million $115 million Loan Basis(1) $747 / SF $182 / SF $681 / SF $500k / unit Coupon + 4.2% + 2.3%(2) + 3.7% + 3.7% Max Remaining Term (Yrs.) 1.4 0.3 — 0.6 Loan Risk Rating 5 5 5 5 (1) Loan basis reflects outstanding current principal amount before any CECL adjustments (2) The total whole loan was $199 million, including (i) a fully funded senior mortgage loan of $120 million, at an interest rate of S+2.3% and (ii) a mezzanine note with a commitment of $79 million, of which $74 million was funded as of March 31, 2026, at a fixed PIK interest rate of 4.5% (3) The total whole loan is $332 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 50% of the loan (4) Loan is in maturity default as of March 31, 2026. Expected REO resolution in Q2 2026 (4)

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14 Case Studies: Watch List Loans cont. Investment Philadelphia Office Chicago Office Carrollton Multifamily Georgetown Multifamily Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Investment Date June 2018 July 2019 April 2022 December 2021 Collateral Two Office Buildings totaling 1mm SF Class-A Office Building totaling 1mm SF 320-unit Multifamily 210-unit Class-A Multifamily Loan Purpose Recapitalization Refinance Acquisition Acquisition Location Philadelphia, PA Chicago, IL Carrollton, TX Georgetown, TX Committed Amount $114 million $105 million $44 million $35 million Current Principal Amount $114 million $91 million $44 million $35 million Loan Basis(1) $117 / SF $87 / SF $136k / unit $167k / unit Coupon + 2.8% + 2.3% + 2.9% + 3.4% Max Remaining Term (Yrs.) 0.9 2.4 0.2 0.8 Loan Risk Rating 4 4 4 4 (1) Loan basis reflects outstanding current principal amount before any CECL adjustments

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15 Overview of Real Estate Assets Real Estate Owned Location Property Type Acquisition Date Square Footage/ Units Investment Amount(2) ($ in millions) Investment Amount per Square Foot/ Unit Mountain View, CA Class A Office Campus June 2024 449,006 $123 $396 / SF Seattle, WA(3) Class A Life Science June 2024 213,056 97 $610 / 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 $225k / unit Philadelphia, PA Office December 2023 210,528 34 $160 / SF Total REO at 1Q'26 $515 Boston, MA(5) Life Science Q2 2026 481,679 127 $527 / SF Total REO Proforma, post 1Q'26 $642 Note: Figures as of March 31, 2026. Property type and location breakouts based on total investment amount (1) Equity represents investment amount less current financing and noncontrolling interests (2) Investment Amount represents the value of land, building, and certain other adjustments to basis, net of noncontrolling interests (3) Included in "Equity method investment, real estate asset" on the Condensed Consolidated Balance Sheets (4) Estimated entitlement of 4+ million square feet (5) Assignment-in-lieu of foreclosure expected to close in Q2 2026. Investment amount of $127 million represents the loan's Carrying Value (Amortized Cost less CECL reserve) Proforma equity(1) of approximately $506 million ($7.83 per share) was held in our Real Estate Assets Office 30% Life Science 19% Condo 19% Retail / Redevelopment 18% Multifamily 14% CA 42% WA 19% OR 18% NC 14% PA 7% Property Type Location

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16 Collateralized Loan Obligations 24% Term Lending Agreements 16% Secured Term Loan 14% Term Loan Facility 11% Asset Specific 8% Revolver 4% Term Credit Facilities 23% Financing Overview: 77% Non-Mark-To-Market Diversified financing sources totaling $7.2 billion with $2.6 billion of undrawn capacity Summary of Outstanding Financing Leverage Ratios (3) Outstanding Financing(5) ($ in Millions) Maximum Capacity Outstanding Principal Amount Weighted Avg. Coupon(1) Advance Rate Non- MTM Term Credit Facilities $1,647 $1,018 +1.8% 63.4% (2) Term Lending Agreements $1,377 $709 +1.4% 74.8% ü Warehouse Facility $250 $0 n/a n/a ü Secured Term Loan $645 $645 +2.5% — ü Corporate Revolving Credit Facility $700 $200 +2.0% — ü Total Debt $4,619 $2,572 Collateralized Loan Obligations $1,066 $1,066 +1.7% 74.9% ü Term Loan Facility $1,000 $512 +2.0% 76.6% ü Asset Specific Financing $481 $369 +2.6% 80.2% ü Total Leverage $7,166 $4,519 2.2 4.0 Debt-To-Equity Ratio Total Leverage Ratio(4) x (1) Weighted average coupon expressed as spread over the applicable benchmark rate (Term SOFR, EURIBOR or SONIA) (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions (3) Represents (i) total outstanding debt agreements (excluding non-recourse facilities), and secured term loan, less cash to (ii) KREF stockholders' equity, in each case, at period end (4) Represents (i) total outstanding debt agreements, secured term loan, and collateralized loan obligations, less cash to (ii) KREF stockholder's equity, in each case, at period end (5) Based on outstanding principal amount of secured financing Non-Mark- to-Market 77% x

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17 Financing Overview: Term Credit Facilities Counterparty Total or Weighted Average Drawn $402 $309 $160 $148 $1,018 Capacity $600 $500 $397(1) $150 $1,647 Collateral: Loans / Principal Balance 8 Loans / $594 8 Loans / $528 2 Loans / $213 5 Loans / $272 22 Loans / $1,607 Final Stated Maturity(2) September 2029 July 2027 November 2032 December 2030 - Weighted Average Pricing(3) +1.6% +2.1% +1.4% +2.4% +1.8% Weighted Average Advance 67.6% 58.5% 75.0% 54.2% 63.4% Mark-to-market Credit Only Credit Only Credit Only Credit Only - ($ in Millions) (1) Facility size is £300 million in local currency (2) Based on extended maturity date (3) Weighted average pricing expressed as spread over the applicable benchmark rate (Term SOFR, EURIBOR or SONIA) (4) Based on principal balance of financing Property Type(4) Multifamily 48% Industrial 17% Life Science 16% Office 14% Hospitality 5% U.S. Europe

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18 $135 $635 $135 $500 $18 $653 Cash Undrawn Corporate Revolver Approved and Undrawn Credit Capacity Total Available Liquidity $0 $100 $200 $300 $400 $500 $600 $700 $800 Liquidity Overview (1) Unencumbered assets includes $231 million of unencumbered senior loans, $217 million of real estate owned assets, and $87 million of CMBS investments (2) Represents under-levered amounts on financing facilities. While these amounts were previously contractually approved and/or drawn, in certain cases, the lender's consent is required for us to (re)borrow these amounts ($ in Millions) Sources of Available Liquidity In addition to the available liquidity below, KREF had $535 million of total unencumbered assets(1) as of March 31, 2026 (4) (2)

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19 Earnings Sensitivity to Change in Benchmark Rates 99% floating-rate loan portfolio indexed to benchmark rates Quarterly Net Interest Income Per Share Sensitivity to Change in Benchmark Rates Term SOFR: 3.66% EURIBOR: 2.08% SONIA: 3.73% As of March 31, 2026 ($ Impact Per Share) Note: Based on portfolio as of March 31, 2026 Change in Benchmark Rate $0.01 $0.00 $0.00 $0.01 $0.02 -1.00% -0.50% 0.00% +0.50% +1.00% (0.01) 0.00 0.01 0.02 0.03 0.04

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20 Appendix

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21 1Q'26 Portfolio Details ($ in Millions) # 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 1 Senior Loan Boston, MA Life Science 8/3/2022 $312.5 $312.5 $229.6 $34.1 +4.2% 1.4 $747 / SF n.a. 5 2 Senior Loan Various, U.S. Industrial 4/28/2022 504.5 252.3 252.3 64.1 +2.7% 1.1 $98 / SF 64% 3 3 Senior Loan Bronx, NY Industrial 8/27/2021 381.2 228.7 217.2 58.0 +10.5% 0.2 $277 / SF 52% 3 4 Senior Loan Los Angeles, CA Multifamily 2/19/2021 220.0 220.0 220.0 54.8 +2.9% — $410,430 / unit 68% 3 5 Senior Loan Minneapolis, MN Office 11/13/2017 199.4 199.4 194.4 102.0 +2.3% 0.3 $182 / SF n.a. 5 6 Senior Loan Washington, D.C. Office 11/9/2021 181.0 181.0 180.5 72.2 +3.4% 1.7 $506 / SF 55% 3 7 Senior Loan Various, United Kingdom Industrial 3/5/2026 427.4 179.7 173.6 171.8 +2.6% 5.1 $73 / SF 72% 3 8 Senior Loan West Palm Beach, FL Multifamily 12/29/2021 171.5 171.5 171.4 42.5 +2.8% 0.8 $211,091 / unit 73% 2 9 Senior Loan Boston, MA Life Science 4/27/2021 332.3 166.2 164.1 66.2 +3.7% — $681 / SF n.a. 5 10 Senior Loan Redwood City, CA Life Science 9/30/2022 580.9 145.2 105.4 21.3 +4.5% 1.5 $886 / SF 53% 3 11 Senior Loan Various, United Kingdom Industrial 11/19/2025 462.7 138.8 138.8 33.5 +2.8% 4.6 $145 / SF 75% 3 12 Senior Loan Plano, TX Office 2/6/2020 137.8 137.8 134.8 35.3 +4.1% 0.4 $186 / SF 64% 3 13 Senior Loan Raleigh, NC Industrial 6/24/2025 407.6 125.0 125.0 24.1 +2.4% 4.3 $152 / SF 71% 3 14 Senior Loan Arlington, VA Multifamily 1/20/2022 119.3 119.3 119.3 28.9 +3.1% 0.9 $397,644 / unit 65% 3 15 Senior Loan San Diego, CA Multifamily 10/20/2021 115.7 115.7 115.4 45.5 +3.7% 0.6 $499,500 / unit n.a. 5 16 Senior Loan Philadelphia, PA Office 6/19/2018 114.3 114.3 114.3 31.4 +2.8% 0.9 $117 / SF 71% 4 17 Senior Loan Dallas, TX Office 11/7/2025 228.2 114.1 94.1 19.6 +3.2% 4.6 $373 / SF 52% 3 18 Senior Loan Pittsburgh, PA Student Housing 6/8/2021 112.5 112.5 112.5 25.3 +3.0% 0.2 $155,602 / unit 74% 2 19 Senior Loan Chicago, IL Office 7/15/2019 105.0 105.0 90.7 53.8 +2.3% 2.4 $87 / SF 59% 4 20 Senior Loan Las Vegas, NV Multifamily 12/28/2021 101.1 101.1 101.1 25.1 +2.8% 0.8 $191,460 / unit 61% 3 21 Senior Loan Washington, D.C. Office 1/13/2022 228.5 100.0 100.0 15.1 +3.3% 1.9 $365 / SF 55% 3 22 Senior Loan Cambridge, MA Life Science 12/22/2021 341.3 98.4 64.1 14.2 +3.7% 4.8 $912 / SF 51% 3 23 Senior Loan Various, U.S. Industrial 6/15/2022 195.2 97.6 83.4 21.4 +2.9% 1.3 $96 / SF 51% 3 24 Senior Loan Cary, NC Multifamily 11/21/2022 95.3 95.3 95.3 22.6 +3.4% 1.7 $244,275 / unit 63% 3 25 Senior Loan Jersey City, NJ Multifamily 10/9/2025 190.0 95.0 95.0 18.2 +2.5% 4.5 $455,635 / unit 76% 3 26 Senior Loan Orlando, FL Multifamily 12/14/2021 94.9 94.9 94.9 24.6 +3.1% 0.8 $250,396 / unit 74% 3 27 Senior Loan Boston, MA Industrial 6/28/2022 259.4 90.9 90.8 19.3 +2.7% 2.3 $195 / SF 52% 3 28 Senior Loan San Carlos, CA Life Science 2/1/2022 139.7 89.1 66.2 27.7 +1.0% 1.6 $452 / SF 68% 3 29 Senior Loan Brisbane, CA Life Science 7/22/2021 88.3 88.3 80.8 24.0 +3.4% 2.4 $698 / SF 71% 3 30 Senior Loan North Palm Beach, FL Multifamily 5/22/2025 85.7 85.7 85.4 16.5 +2.3% 4.2 $341,600 / unit 72% 3 31 Senior Loan Various, U.S. Multifamily 1/31/2025 142.2 85.3 85.1 21.5 +3.0% 3.9 $214,211 / unit 70% 3 32 Senior Loan Various, Europe Hospitality 12/2/2025 351.1 77.9 73.9 17.8 +3.0% 4.9 $70,861 / key 70% 3 33 Senior Loan Philadelphia, PA Mixed Use 6/28/2024 77.7 77.7 24.4 24.4 +4.0% 3.3 $75 / SF 72% 3 34 Senior Loan Brandon, FL Multifamily 1/13/2022 76.7 76.7 73.8 24.1 +3.1% 0.9 $189,240 / unit 75% 3 35 Senior Loan Nashville, TN Hospitality 1/6/2025 75.8 75.8 75.0 14.6 +3.3% 3.8 $326,087 / key 64% 3 36 Senior Loan Delray Beach, FL Multifamily 3/26/2025 73.0 73.0 73.0 14.2 +2.3% 4.0 $257,042 / unit 71% 3 37 Senior Loan Melville, NY Multifamily 7/25/2025 142.1 71.1 22.2 7.3 +3.9% 4.4 $475,251 / unit 55% 3 38 Senior Loan Hollywood, FL Multifamily 12/20/2021 71.0 71.0 71.0 17.1 +2.8% 0.8 $287,449 / unit 74% 3 39 Senior Loan Denver, CO Multifamily 9/14/2021 70.3 70.3 70.3 16.3 +2.8% 0.5 $290,496 / unit 78% 3 40 Senior Loan Charlotte, NC Multifamily 12/14/2021 65.3 65.3 63.0 14.7 +3.1% 0.8 $171,125 / unit 74% 3 41 Senior Loan Plano, TX Multifamily 3/31/2022 63.3 63.3 63.3 30.1 +2.8% 1.4 $238,000 / unit 75% 3 42 Senior Loan Dallas, TX Multifamily 8/18/2021 63.1 63.1 63.1 15.6 +3.9% 0.4 $175,278 / unit 70% 3 43 Senior Loan Atlanta, GA Multifamily 9/16/2025 60.8 60.8 60.8 11.7 +2.4% 4.5 $211,847 / unit 67% 3 44 Senior Loan Durham, NC Multifamily 12/15/2021 59.5 59.5 58.2 24.1 +2.8% 1.8 $168,700 / unit 67% 3 45 Senior Loan San Antonio, TX Multifamily 4/20/2022 57.6 57.6 56.4 15.3 +2.7% 1.1 $164,950 / unit 79% 3 46 Senior Loan Sharon, MA Multifamily 12/1/2021 51.9 51.9 51.9 12.1 +2.9% 0.7 $270,443 / unit 70% 3 47 Senior Loan Atlanta, GA Multifamily 12/10/2021 51.4 51.4 51.4 13.0 +3.0% 0.8 $170,197 / unit 67% 3 48 Senior Loan Reno, NV Industrial 4/28/2022 140.4 50.5 50.5 11.5 +2.7% 1.1 $117 / SF 74% 3 49 Senior Loan Carrollton, TX Multifamily 4/1/2022 43.7 43.7 43.7 20.7 +2.9% 0.2 $136,478 / unit 74% 4 50 Senior Loan Dallas, TX Multifamily 4/1/2022 42.4 42.4 42.4 20.4 +2.9% 0.1 $119,144 / unit 73% 3 \*See footnotes on subsequent page

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22 1Q'26 Portfolio Details # 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 Georgetown, TX Multifamily 12/16/2021 $35.2 $35.2 $35.2 $8.8 +3.4% 0.8 $167,381 / unit 68% 4 Total / Weighted Average $8,747.6 $5,498.5 $5,118.9 $1,568.1 +3.4% 1.7 66% 3.3 Real Estate Assets 1 Real Estate Owned Mountain View, CA Office 6/28/2024 n.a. $122.6 $122.6 $122.6 n.a. n.a. $396 / SF n.a. 2 Equity Method Investment(9) Seattle, WA Life Science 6/28/2024 n.a. 96.9 96.9 55.9 n.a. n.a. $610 / SF n.a. 3 Real Estate Owned West Hollywood, CA Condo 4/15/2025 n.a. 95.4 95.4 40.4 n.a. n.a. $2,578,378 / unit n.a. 4 Real Estate Owned Portland, OR Retail / Redevelopment 12/16/2021 n.a. 94.8 94.8 94.8 n.a. n.a. n.a. n.a. 5 Real Estate Owned Raleigh, NC Multifamily 8/12/2025 n.a. 71.9 71.9 31.9 n.a. n.a. $224,688 / unit n.a. 6 Real Estate Owned Philadelphia, PA Office 12/22/2023 n.a. 23.4 23.4 23.4 n.a. n.a. $111 / SF n.a. Total / Weighted Average $505.0 $505.0 $368.9 CMBS Investments 1 Equity Method Investment(10) Various, U.S. Various 2/13/2017 n.a. $40.0 $35.4 $35.4 4.7% 3.2 58% 2 CMBS B-Pieces Various, U.S. Various 3/12/2026 n.a. 15.1 15.1 15.1 6.1% 9.7 50% 3 CMBS Investment Kailua-Kona, HI Hospitality 3/17/2026 n.a. 14.0 14.0 14.0 +5.8% 6.8 55% 4 CMBS Investment Dallas, TX Mixed Use 2/20/2026 n.a. 12.8 12.8 12.8 +6.8% 6.7 62% 5 CMBS B-Pieces Various, U.S. Various 6/18/2025 n.a. 9.2 9.2 9.2 5.9% 9.0 42% Total / Weighted Average $91.1 $86.5 $86.5 5.5% 6.0 55% Other Investments 1 Equity Method Investment(11) Various, Europe Industrial 10/10/2025 n.a. $14.9 $14.9 $14.9 n.a. n.a. n.a. Total / Weighted Average $14.9 $14.9 $14.9 Portfolio Total / Weighted Average $6,109.5 $5,725.4 $2,038.5 +7.0% 1.8 66% 3.3 \*See footnotes on subsequent page ($ in Millions)

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23 1Q'26 Portfolio Details (1) Our total portfolio represents the current principal amount or investment amount on senior and mezzanine loans, real estate assets, CMBS investments and other investments. Excludes loans that were fully written off. For Senior Loan 5, the total whole loan is on non-accrual and has an outstanding principal balance of $194.4 million, including (i) a fully funded senior mortgage loan of $120.0 million, at an interest rate of S+2.25% and (ii) a mezzanine note with a commitment of $79.4 million, of which $74.4 million was funded as of March 31, 2026, at a fixed interest rate of 4.5% PIK. (2) Total Whole Loan represents the total commitment of the entire loan originated, including participations by KKR affiliated entities. (3) Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; (ii) real estate assets, net of borrowings and noncontrolling interests, and (iii) the investment amount of equity method investments, net of borrowings. (4) Weighted average is weighted by the current principal amount of our loans and the investment amount of CMBS investments. Weighted average LTV excludes risk-rated 5 loans and weighted average coupon excludes loans on nonaccrual status. (5) Coupon expressed as spread over Term SOFR, SONIA or EURIBOR. (6) Maximum remaining term (years) assumes all extension options are exercised, if applicable. (7) Loan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. For Senior Loans 1, 3, 10, 22 and 37, Loan Per SF / Unit / Key is calculated as the total commitment amount of the loan divided by the proposed SF / Unit / Key. (8) For senior loans, LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated; for construction loans, LTV is generally calculated as the total commitment amount of the loan divided by the as-stabilized value; for mezzanine loans, LTV is based on the initial balance of the whole loan divided by the as-is appraised value as of the date the loan was originated; for CMBS investments, LTV is based on the weighted average LTV of the underlying loan pool at issuance. Weighted Average LTV excludes risk-rated 5 loans. (9) Represents real estate assets held through a Tenant-in-Common ("TIC") agreement between us and a KKR affiliate. We hold a 74.6% economic interest in the real estate assets and share decision-making with the KKR affiliate under the TIC agreement. (10) Represents our investment in an aggregator vehicle that invests in CMBS B-Pieces. Committed principal represents our total commitment to the aggregator vehicle whereas current principal represents the current funded amount. (11) Represents our 50% economic interest in an affiliated company, which is invested in a senior mortgage loan that is collateralized by industrial properties located in France. The underlying senior mortgage loan with an outstanding principal balance of €65.2 million, has a coupon of 2.8%, term to maturity of 2.8 years and LTV of 69%. The affiliated company's investment in the underlying senior mortgage loan is 80% financed with a funding cost of EURIBOR + 1.6%. KREF does not have unilateral authority to direct the activities that most significantly impact the affiliated company's economic performance.

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24 1Q'26 Portfolio Activity (1) Includes a $17 million loan write-off and an $8 million unrealized loss on FX translation (2) Future funding obligations are generally contingent upon certain events and may not result in investment by us Loan Portfolio Activity Future Funding Obligations(2) ($ in Millions) Real Estate Assets, CMBS Investments & Other Loan Portfolio Principal (1)

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25 Fully Extended Loan Maturities Note: Based on current principal amount. Excludes real estate owned and equity method investments Fully Extended Loan Maturities ($ in Millions) $1,430 $2,078 $420 $24 $854 $312 2026 2027 2028 2029 2030 2031 $0 $500 $1,000 $1,500 $2,000 $2,500 Fully extended weighted average loan maturity of 1.7 years

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26 Consolidated Balance Sheets (in thousands - except share and per share data) 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 — — 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 issued and 64,367,737 outstanding as of December 31, 2025, respectively) 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

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27 Consolidated Statements of Income (in thousands - except share and per share data) Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 Net Interest Income Interest income $95,906 $101,341 $113,967 Interest expense 69,717 75,549 82,626 Total net interest income 26,189 25,792 31,341 Other Income Revenue from real estate owned operations 4,944 4,866 2,889 Income (loss) from equity method investments 657 413 (201) Change in net assets of consolidated variable interest entities, CMBS trusts 439 342 — Gain (loss) on foreign currency translation (5,377) 1,190 — Gain (loss) on foreign currency forward contracts 6,853 (1,265) — Other miscellaneous income 894 1,302 1,187 Total other income 8,410 6,848 3,875 Operating Expenses Provision for credit losses, net 73,541 43,686 24,863 Expenses from real estate owned operations 8,122 6,721 5,474 Management fees to related parties 5,511 5,524 5,797 General and administrative 4,584 3,804 4,831 Total operating expenses 91,758 59,735 40,965 Income (Loss) Before Income Taxes (57,159) (27,095) (5,749) Income tax expense — (156) — Net Income (Loss) (57,159) (26,939) (5,749) Net income (loss) attributable to noncontrolling interests (1,019) (697) (888) Net Income (Loss) Attributable to KREF Trust Inc. and Subsidiaries (56,140) (26,242) (4,861) Preferred stock dividends 5,326 5,326 5,326 Participating securities' share in earnings 415 421 363 Net Income (Loss) Attributable to Common Stockholders $(61,881) $(31,989) $(10,550) Net Income (Loss) Per Share of Common Stock, Basic and Diluted $(0.96) $(0.49) $(0.15) Weighted Average Number of Shares of Common Stock Outstanding, Basic and Diluted 64,673,125 65,442,561 68,765,877 Dividends Declared per Share of Common Stock $0.25 $0.25 $0.25

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28 Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) (1) Numbers presented may not foot due to rounding (in thousands - except share and per share data) Three Months Ended March 31, 2026 Per Diluted Share(1) December 31, 2025 Per Diluted Share(1) March 31, 2025 Per Diluted Share(1) Net Income (Loss) Attributable to Common Stockholders $(61,881) $(0.96) $(31,989) $(0.49) $(10,550) $(0.15) Adjustments Non-cash equity compensation expense 1,808 0.03 1,485 0.02 2,127 0.03 Depreciation and amortization 1,358 0.02 1,167 0.02 740 0.01 Unrealized (gain) loss on investments (164) — (47) — (131) — Unrealized (gain) loss on foreign currency translation 5,377 0.08 (1,190) (0.02) — — Unrealized (gain) loss on foreign currency forward contracts (6,853) (0.11) 1,305 0.02 — — Provision for credit losses, net 73,541 1.14 43,686 0.67 24,863 0.36 Distributable Earnings before realized losses $13,186 $0.20 $14,417 $0.22 $17,049 $0.25 Realized loss on loan write-off (17,292) (0.27) — — — — Distributable Earnings (Loss) $(4,106) $(0.06) $14,417 $0.22 $17,049 $0.25 Diluted weighted average common shares outstanding 64,673,125 65,442,561 68,765,877

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29 Key Definitions "Distributable Earnings (Loss)": The Company defines Distributable Earnings as net income (loss) attributable to common stockholders or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items agreed upon after discussions between the Company's Manager and board of directors and after approval by a majority of the independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent the Company forecloses upon the property or properties underlying such debt investments. Distributable Earnings should not be considered as a substitute for GAAP net income or taxable income. The Company cautions readers that its methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, the Company's reported Distributable Earnings may not be comparable to similar measures presented by other REITs. LEED: LEED is the most widely used green building rating system in the world. LEED certification provides independent verification of a building or neighborhood's green features, allowing for the design, construction, operations and maintenance of resource-efficient, high-performing, healthy, cost-effective buildings.

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