| Schedule of Collateral Assets and Respective Borrowings |
The following tables outline CLO collateral assets and respective borrowing as of June 30, 2026 and December 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | Facility | | Collateral | | Facility | | | Wtd. Avg. Term(A) | | Maximum Facility Size | | Outstanding Principal | | Carrying Value | | Wtd. Avg. Funding Cost(B) | | Outstanding Principal | | Carrying Value | | Carrying Value | | KREF 2021-FL2 | | February 2039 | | $ | 327,124 | | | $ | 327,124 | | | $ | 327,124 | | | 5.6 | % | | $ | 531,874 | | | $ | 425,058 | | | $ | 654,964 | | | KREF 2022-FL3 | | February 2039 | | 333,237 | | | 333,237 | | | 333,218 | | | 5.8 | | | 483,740 | | | 482,684 | | | 543,368 | | | Total | | | $ | 660,361 | | | $ | 660,361 | | | $ | 660,342 | | | 5.7 | % | | $ | 1,015,614 | | | $ | 907,742 | | | $ | 1,198,332 | |
(A) The term of the CLO notes represents the rated final distribution date. Repayments of CLO notes are dependent on timing of underlying collateral loan asset repayments post reinvestment period. (B) Including deferred financing costs and applicable index in effect as of June 30, 2026. Average weighted by the outstanding principal of the facility.
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| Schedule of Assets and Liabilities Included in Consolidated Balance Sheet |
The following table presents the CLO assets and liabilities included in KREF’s Condensed Consolidated Balance Sheets:
| | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Assets | | | | | | | | | | | Commercial real estate loans, held-for-investment | | $ | 944,758 | | | $ | 1,513,255 | | | Less: Allowance for credit losses | | (107,371) | | | (43,027) | | | Commercial real estate loans, held-for-investment, net | | 837,387 | | | 1,470,228 | | | Commercial real estate loan, held-for-sale | | 70,355 | | | — | | | | | | | | | | | | Other assets(A) | | 5,963 | | | 47,804 | | | Total | | $ | 913,705 | | | $ | 1,518,032 | | | Liabilities | | | | | | Collateralized loan obligations | | $ | 660,361 | | | $ | 1,198,378 | | | Deferred financing costs | | (19) | | | (46) | | | Collateralized loan obligations, net | | 660,342 | | | 1,198,332 | | | | | | | | | | | | | Other liabilities | | 1,184 | | | 2,548 | | | Total | | $ | 661,526 | | | $ | 1,200,880 | |
(A) Includes $42.0 million of loan repayment proceeds held at servicer as of December 31, 2025. The following table presents the assets and liabilities of the consolidated CMBS trusts:
| | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Assets | | | | | | Commercial real estate loans, at fair value | | $ | 1,235,061 | | | $ | 502,751 | | | Accrued interest receivable | | 6,238 | | | 2,479 | | | Consolidated variable interest entities assets, CMBS trusts, at fair value | | $ | 1,241,299 | | | $ | 505,230 | | | Liabilities | | | | | | Commercial mortgage-backed securities, at fair value | | $ | 1,210,942 | | | $ | 493,680 | | | Accrued interest payable | | 5,975 | | | 2,380 | | | Consolidated variable interest entities liabilities, CMBS trusts, at fair value | | $ | 1,216,917 | | | $ | 496,060 | |
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| Schedule of Net Interest Income Included in Consolidated Statement of Income |
The following table presents the components of net interest income of CLOs included in KREF’s Condensed Consolidated Statements of Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | 2026 | | 2025 | | 2026 | | 2025 | | Interest income | | | | | | $ | 18,941 | | | $ | 34,244 | | | $ | 44,298 | | | $ | 71,215 | | Interest expense | | | | | | 11,822 | | | 22,284 | | | 27,057 | | | 47,342 | | | Net interest income | | | | | | $ | 7,119 | | | $ | 11,960 | | | $ | 17,241 | | | $ | 23,873 | |
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