v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 83,058 $ 84,617
Commercial real estate loans, held-for-investment 4,373,120 5,347,756
Less: Allowance for credit losses (291,916) (201,924)
Commercial real estate loans, held-for-investment, net 4,081,204 5,145,832
Commercial real estate loan, held-for-sale 70,355 0
Real estate owned, held-for-investment, net 360,425 338,595
Real estate owned assets, held-for-sale 132,571 130,188
Equity method investments 273,088 147,332
Investments in CMBS securities 26,800 0
Other assets [1] 290,483 112,849
Total Assets 6,559,283 6,464,643
Liabilities    
Secured financing agreements, net 3,024,096 2,862,689
Collateralized loan obligations, net 660,342 1,198,332
Secured term loan, net 630,424 632,516
Real estate owned liabilities, held-for-sale 3,039 3,867
Total Liabilities 5,568,984 5,239,439
Commitments and Contingencies (Note 15) 0 0
Equity    
Common stock, $0.01 par value, 300,000,000 authorized (60,929,760 shares issued and 58,577,948 outstanding as of June 30, 2026; 65,488,680 shares issued and 64,367,737 shares outstanding as of December 31, 2025) 609 644
Additional paid-in capital 1,659,313 1,687,168
Accumulated deficit (711,732) (506,130)
Repurchased stock (2,351,812 and 1,120,943 shares repurchased as of June 30, 2026 and December 31, 2025, respectively) (16,552) (9,263)
Total KKR Real Estate Finance Trust Inc. Stockholders’ Equity 931,769 1,172,550
Noncontrolling interests in equity of consolidated joint ventures 58,530 52,654
Total Equity 990,299 1,225,204
Total Liabilities and Equity $ 6,559,283 $ 6,464,643
Common stock outstanding (in shares) 58,577,948 64,367,737
Consolidated Entity, Excluding VIE    
Assets    
Commercial real estate loans, held-for-investment $ 4,373,120 $ 5,347,756
Less: Allowance for credit losses (291,916) (201,924)
Commercial real estate loans, held-for-investment, net 4,081,204 5,145,832
Primary beneficiary    
Assets    
Commercial real estate loans, held-for-investment, net 1,235,061 502,751
Consolidated variable interest entities assets, CMBS trusts, at fair value 1,241,299 505,230
Liabilities    
Collateralized loan obligations, net 1,210,942 493,680
Consolidated variable interest entities liabilities, CMBS trusts, at fair value 1,216,917 496,060
6.5% Series A Cumulative Redeemable Preferred Stock    
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 June 30, 2026 and December 31, 2025); liquidation preference of $327,750, or $25.00 per share 131 131
Related party    
Liabilities    
Other liabilities 7,197 6,506
Nonrelated party    
Liabilities    
Other liabilities $ 26,969 $ 39,469
[1] Includes $254.8 million of loan principal repayments held by a servicer as of June 30, 2026.