| Schedule of Collateral Assets and Respective Borrowings |
The following tables outline CLO collateral assets and respective borrowings as of September 30, 2026 and December 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | | Facility | | Collateral | | Facility | | | Wtd. Avg. Term | | Maximum Facility Size | | Outstanding Principal | | Carrying Value | | Wtd. Avg. Funding Cost | | Outstanding Principal | | Carrying Value | | Carrying Value | | KREF 2021-FL2 | | — | | $ | — | | | $ | — | | | $ | — | | | — | % | | $ | — | | | $ | — | | | $ | 654,964 | | | KREF 2022-FL3 | | — | | — | | | — | | | — | | | — | | | — | | | — | | | 543,368 | | | Total | | | $ | — | | | $ | — | | | $ | — | | | — | % | | $ | — | | | $ | — | | | $ | 1,198,332 | |
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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:
| | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Assets | | | | | | | | | | | Commercial real estate loans, held-for-investment | | $ | — | | | $ | 1,513,255 | | | Less: Allowance for credit losses | | — | | | (43,027) | | | Commercial real estate loans, held-for-investment, net | | — | | | 1,470,228 | | | Commercial real estate loan, held-for-sale | | — | | | — | | | | | | | | | | | | Other assets(A) | | — | | | 47,804 | | | Total | | $ | — | | | $ | 1,518,032 | | | Liabilities | | | | | | Collateralized loan obligations | | $ | — | | | $ | 1,198,378 | | | Deferred financing costs | | — | | | (46) | | | Collateralized loan obligations, net | | — | | | 1,198,332 | | | | | | | | | | | | | Other liabilities | | — | | | 2,548 | | | Total | | $ | — | | | $ | 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:
| | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Assets | | | | | | Commercial real estate loans, at fair value | | $ | 1,170,090 | | | $ | 502,751 | | | Accrued interest receivable | | 6,286 | | | 2,479 | | | Consolidated variable interest entities assets, CMBS trusts, at fair value | | $ | 1,176,376 | | | $ | 505,230 | | | Liabilities | | | | | | Commercial mortgage-backed securities, at fair value | | $ | 1,145,911 | | | $ | 493,680 | | | Accrued interest payable | | 6,023 | | | 2,380 | | | Consolidated variable interest entities liabilities, CMBS trusts, at fair value | | $ | 1,151,934 | | | $ | 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 September 30, | | Nine Months Ended September 30, | | | | | | | 2026 | | 2025 | | 2026 | | 2025 | | Interest income | | | | | | $ | 9,139 | | | $ | 32,307 | | | $ | 53,437 | | | $ | 103,522 | | Interest expense | | | | | | 4,696 | | | 21,822 | | | 31,753 | | | 69,164 | | | Net interest income | | | | | | $ | 4,443 | | | $ | 10,485 | | | $ | 21,684 | | | $ | 34,358 | |
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