v3.26.3
Real Estate Owned (Tables)
 9 Months Ended
Sep. 30, 2026
Real Estate [Abstract]  
Schedule of Asset Acquisition
The following table presents the REO assets and liabilities included on KREF's Condensed Consolidated Balance Sheets:

September 30, 2026December 31, 2025
Real estate owned, held-for-investment
Assets
Real estate owned - land$207,191 $207,191 
Real estate owned - land improvements11,501 10,932 
Real estate owned - buildings117,317 117,317 
Real estate owned - building improvements36,911 5,280 
Real estate owned - furniture and fixtures1,776 1,462 
Real estate owned374,696 342,182 
Less: Accumulated depreciation(6,563)(3,587)
Real estate owned, net368,133 338,595 
Cash(A)
4,070 2,546 
In-place lease intangibles(B)
1767
Tenant receivables(B)
224 152 
Other assets(B)
8,351 2,501 
Total$380,795 $343,861 
Liabilities
Unfavorable lease intangibles(C)
91 365 
Other liabilities(C)
9,520 4,977 
Total$9,611 $5,342 
Real estate owned, held-for-sale
Assets
Real estate owned, held-for-sale117,940 118,220 
In-place lease intangibles7,678 7,678 
Favorable lease intangibles
2,663 2,663 
Tenant receivables227 543 
Other assets2,381 1,084 
Total$130,889 $130,188 
Liabilities
Unfavorable lease intangibles167 167 
Other liabilities
3,099 3,700 
Total$3,266 $3,867 

(A)     Included in “Cash and cash equivalents” on the Condensed Consolidated Balance Sheets.
(B)    Included in “Other assets” on the Condensed Consolidated Balance Sheets.
(C)    Included in “Other liabilities” on the Condensed Consolidated Balance Sheets.
Schedule of Income (Loss) From Real Estate Owned
The following table presents the REO operations and related income (loss) included in KREF’s Condensed Consolidated Statements of Income:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Rental income$6,913 $4,343 $14,932 $9,467 
Other operating income182 399 1,478 2,189 
Revenue from REO operations7,095 4,742 16,410 11,656 
Operating expense(6,592)(6,572)(21,149)(17,243)
Depreciation expense(1,004)(730)(2,975)(1,711)
Expenses from REO operations(7,596)(7,302)(24,124)(18,954)
Total
$(501)$(2,560)$(7,714)$(7,298)
Schedule of Amortization of Lease Intangibles
The following table presents the amortization of REO, held-for-investment lease intangibles included on KREF’s Condensed Consolidated Statements of Income:

Three Months Ended September 30,Nine Months Ended September 30,
Income Statement Location2026202520262025
Asset
In-place lease intangiblesExpenses from real estate owned operations$17 $17 $51 $51 
Liability
Unfavorable lease intangibles
Revenue from real estate owned operations91 91 274 274 
Schedule of Future Amortization of Lease Intangibles
The following table presents the amortization of lease intangibles related to REO, held-for-investment through the remainder of the year:

YearIn-place Lease
Intangible Assets		Unfavorable Lease
Intangible Liabilities
202617 91 
Schedule of Below Market Lease, Future Amortization Income
The following table presents the amortization of lease intangibles related to REO, held-for-investment through the remainder of the year:

YearIn-place Lease
Intangible Assets		Unfavorable Lease
Intangible Liabilities
202617 91 
Schedule of Future Minimum Lease Payments The following table presents the future minimum lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses:
YearContractual
Lease Payments
2026$2,714 
20278,713 
202819,925 
202932,377 
203032,710 
Thereafter216,654