Consolidated Variable Interest Entities Assets and Liabilities, CMBS Trusts, at Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

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

Schedule of Net Interest Income Included in Consolidated Statement of Income

The following table presents the change in net assets of the consolidated CMBS trusts:


	Three Months Ended June 30,			Six Months Ended June 30,
		2026			2025		2026		2025
Net interest income		$	789		$	41	$	1,177	$	41
Unrealized gain (loss)		47			—		98		—
Change in net assets of consolidated variable interest entities, CMBS trusts		$	836		$	41	$	1,275	$	41

Schedule of Concentration of Risk, by Risk Factor

The following tables present the geographies and property types of collateral underlying KREF's commercial real estate loans as a percentage of the loans' principal amounts:


	June 30, 2026		December 31, 2025			June 30, 2026		December 31, 2025
Geography(A)					Collateral Property Type(A)
California	14.8	%	16.6	%	Multifamily	45.9	%	40.3	%
Florida	12.9		10.9		Office	21.1		22.8
Texas	11.5		12.0		Industrial	14.3		17.9
Massachusetts	8.6		11.9		Life Science	12.4		13.7
North Carolina	7.5		6.4		Hospitality	3.3		2.8
United Kingdom	7.3		2.9		Student Housing	2.5		2.1
Washington D.C.	6.2		5.2		Mixed Use	0.5		0.4
Pennsylvania	5.6		4.7		Total	100.0	%	100.0	%
Minnesota	4.3		3.6
Spain	3.5		—
Nevada	3.4		2.8
Virginia	2.7		2.2
Georgia	2.5		2.1
New Jersey	2.2		1.9
Illinois	2.0		1.7
Tennessee	1.7		1.4
Colorado	1.6		1.3
New York	0.8		4.5
Other Europe	0.7		1.1
Other U.S.	0.2		0.8
Washington	—		4.2
Arizona	—		1.8
Total	100.0	%	100.0	%

(A) Excludes fully written off loans

The following tables present the geographies and property types of collateral underlying the consolidated CMBS trusts, as a percentage of the collateral outstanding principal amounts:


	June 30, 2026		December 31, 2025			June 30, 2026		December 31, 2025
Geography					Collateral Property Type
New York	39.8	%	46.2	%	Retail	27.9	%	24.1	%
California	14.8		17.4		Office	23.4		26.6
Arizona	8.7		5.1		Self-Storage	15.2		1.8
Maryland	7.2		9.9		Multifamily	12.4		11.7
Oregon	4.0		10.0		Mixed Use	10.3		13.0
Florida	3.2		1.4		Co-op	9.2		22.8
North Carolina	2.8		2.2		Hospitality	1.1		—
Texas	2.8		—		Manufactured Housing	0.5		—
Pennsylvania	2.3		—		Total	100.0	%	100.0	%
Ohio	1.7		1.0
Wisconsin	1.6		—
Tennessee	1.2		1.2
Massachusetts	1.2		—
Virginia	1.1		—
Missouri	1.1		—
Other	6.5		5.6
Total	100.0	%	100.0	%