v3.26.1
Debt Obligations (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Instruments
The following table summarizes KREF's secured financing arrangements in place as of June 30, 2026 and December 31, 2025:

June 30, 2026December 31, 2025
FacilityCollateralFacility
Current Maturity
Final Stated Maturity(A)
Maximum Facility SizeOutstanding Principal
Carrying Value(B)
Weighted Average Funding Cost(C)
Outstanding PrincipalCarrying Value
Carrying Value(B)
Master Repurchase Agreements
Wells FargoSep 2027Sep 2029$600,000 $401,931 $401,244 5.5 %$595,573 $592,493 $578,569 
Morgan StanleyJul 2027Jul 2027500,000 277,528 277,523 5.8 495,699 454,656 308,388 
Morgan Stanley -
GBP/EUR		Nov 2031Nov 2032397,875 159,582 158,605 4.8 212,776 209,032 160,725 
Goldman SachsDec 2028Dec 2030150,000 78,433 77,939 6.1 179,996 169,772 169,451 
Term Loan Facility
KREF Lending VII(D)
Match-termMatch-term1,000,000 510,689 510,448 5.7 664,818 621,302 512,897 
Term Lending Agreements
KREF Lending IXMatch-termMatch-term267,998 262,735 262,659 5.7 368,274 367,867 271,455 
KREF Lending XVMatch-termMatch-term300,000 175,360 174,619 5.3 219,200 216,130 237,422 
KREF Lending XVIMatch-termMatch-term129,000 129,000 127,949 5.5 161,250 158,656 99,083 
KREF Lending XIX - GBPMatch-termMatch-term130,643 126,196 125,836 5.2 174,064 170,727 — 
KREF Lending XVIIMatch-termMatch-term250,000 94,407 93,382 5.3 122,151 119,560 89,178 
BMO FacilityMatch-termMatch-term300,000 71,126 71,086 5.4 90,795 90,047 71,063 
KREF Lending XIIMatch-termMatch-term150,000 — — — — — — 
Warehouse Facility
HSBC FacilityMar 2028Mar 2028250,000 — — — — — — 
Asset Specific Financing
KREF Lending XIIIAug 2026Aug 2027265,625 195,198 195,107 7.0 229,644 183,066 194,678 
KREF Lending XX - EURMay 2029May 2031131,282 114,486 113,864 4.4 134,690 131,765 — 
KREF Lending XIVOct 2026Oct 2027125,000 83,955 83,835 6.8 110,544 109,629 79,780 
KREF Lending XIn.a.n.a.— — — — — — 90,000 
Revolving Credit Agreement
Revolver(E)
Mar 2030Mar 2030700,000 350,000 350,000 5.9 n.a.n.a.— 
Total / Weighted Average$5,647,423 $3,030,626 $3,024,096 5.7 %$2,862,689 

(A)    Final Stated Maturity is determined based on the maximum maturity of the underlying financing agreements or corresponding loans, assuming all extension options in KREF's discretion are exercised. The weighted average life of the match-term facilities was 1.2 and 1.9 years, based on the current and final stated maturities, respectively, of the average weighted outstanding principal of collateral loans as of June 30, 2026.
(B)    Net of $6.5 million and $8.4 million unamortized deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.
(C)    Including deferred financing costs and the applicable benchmarks of Term SOFR, SONIA or EURIBOR in effect as of June 30, 2026. Average weighted by the outstanding principal of the facility.
(D)    The term loan facility provides asset-based financing on a non-mark-to-market basis with match-term up to five years, with an additional two-year extension available to KREF.
(E)    As of June 30, 2026, the revolver carrying value excluded $5.3 million unamortized debt issuance costs presented within "Other assets" on KREF's Condensed Consolidated Balance Sheets.
For the six months ended June 30, 2026, the activity related to the carrying value of KREF’s secured financing agreements were as follows:
Secured Financing Agreements, Net
Balance as of December 31, 2025$2,862,689 
Principal borrowings851,097 
Principal repayments(682,787)
Deferred debt issuance costs(2,507)
Amortization of deferred debt issuance costs4,305 
 Loss (gain) on foreign currency translation(8,701)
Balance as of June 30, 2026
$3,024,096 
Schedule of Repurchase Agreements
The following table summarizes certain characteristics of KREF's repurchase agreements where the amount at risk with any individual counterparty, or group of related counterparties, exceeded 10.0% of KREF’s stockholders' equity as of June 30, 2026 and December 31, 2025:

Outstanding
Principal		Net Counterparty ExposurePercent of Stockholders' Equity
Weighted Average
Life (Years)(A)
June 30, 2026
Morgan Stanley$699,845 $336,627 36.2 %1.5
Wells Fargo401,931 197,525 21.2 1.9
Goldman Sachs192,919 110,428 11.9 3.1
Total / Weighted Average$1,294,695 $644,580 69.3 %1.9
December 31, 2025
Morgan Stanley$742,301 $367,560 31.3 %2.1
Wells Fargo579,974 249,598 21.3 1.8
Goldman Sachs170,200 133,543 11.4 0.6
Total / Weighted Average$1,492,475 $750,701 64.0 %1.8

(A)    Average weighted by the outstanding principal of borrowings under the secured financing agreement.
Schedule of Maturities of Debt Obligations KREF’s secured financing arrangements in place as of June 30, 2026 had contractual maturities as follows:
Year
Nonrecourse(A)
Recourse(A)(B)
Total
2026$319,197 $46,931 $366,128 
2027851,219 160,417 1,011,636 
2028185,366 27,271 212,637 
2029114,956 38,319 153,275 
2030493,551 468,544 962,095 
2031291,192 33,663 324,855 
$2,255,481 $775,145 $3,030,626 

(A)    Based on the type of facility, represents the earlier of (i) the maximum maturity of the underlying loans pledged as collateral or (ii) the maximum maturity of the respective financing agreements.
(B)    Except for the Revolver, which is full recourse, amounts borrowed are subject to a maximum 25.0% recourse limit. The Revolver matures in March 2030.