KKR Real Estate Finance Trust Inc. · NYSE:KREF
KKR Real Estate Finance Trust — Q3 2026 Earnings Presentation
28 slides from KKR Real Estate Finance Trust's earnings presentation, Oct 28, 2026
Slide 1: Third Quarter 2026 Supplemental Information
Third Quarter 2026 Supplemental Information October 28, 2026
Slide 2: Legal Disclosures
2 Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Fina
Slide 3: KKR Real Estate Finance Trust Inc. Overview
3 KKR Real Estate Finance Trust Inc. Overview Loan Portfolio Conservative Balance Sheet KREF’s Manager Fully Integrated with KKR $3.2 B Loan Portfolio 100% Senior Loans 57% Multifamily & Industrial $92 M Average Loan Size(1) 16% European Loan Exposure Senior loans secured primarily by transitional,
Slide 4: Third Quarter 2026 Highlights
4 • 3Q 2026 Net loss(1) of ($0.11) per diluted share (includes net unrealized and realized loan losses of ($0.11) per diluted share) • 3Q 2026 Distributable loss(2) of ($2.64) per diluted share (includes a net realized loss of ($2.70) per diluted share) • Book Value per Share (“BVPS”) of $10.14 per
Slide 5: 3Q'26 Financial Summary
5 3Q'26 Financial Summary (1) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (2) Includes real estate owned and equity method investments (3) Included in “Other Assets” in the Condensed Consolidated Balance Sheets and received in October 2026 (4)
Slide 6: 3Q'26 Loan Originations – Case Studies
6 3Q'26 Loan Originations – Case Studies Investment National Senior Housing Portfolio Frisco Office Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Loan Size $80 million(2) $78 million(3) Location Various (TX, AZ, and IA) Frisco, TX Collateral 4 Class A Senior Housing properties totali
Slide 7: KREF Loan Portfolio by the Numbers
7 Multifamily 39% Office - Legacy 18% Office - Recent 6% Industrial 18% Life Science 11% Hospitality 5% Other 3% Class-A 95% Class-B 5% Class-A 61% Class-B 39% KREF Loan Portfolio by the Numbers (1) KREF classifies a loan as life science if more than 50% of the gross leasable area is leased to, or w
Slide 8: 2026 Portfolio Positioning & Outlook
8 2026 Portfolio Positioning & Outlook Our focus is centered on two key priorities: (1) executing a proactive and disciplined resolution strategy across our watch list assets and certain legacy office exposures, and (2) positioning a significant portion of our REO portfolio for monetization Note: Th
Slide 9: KREF Office Loan Portfolio Overview
9 KREF Office Loan Portfolio Overview Location Investment Date Loan Purpose Committed Principal Outstanding Principal Net Equity(1) Loan per SF(2) Max Term (Years)(3) Minneapolis, MN Nov-17 Refinance 199.4 194.4 190.1 182 — Chicago, IL Jul-19 Refinance 105.0 90.7 61.2 87 1.9 Risk-Rated 5: Total / We
Slide 10: KREF Life Science Loan Portfolio Overview
10 KREF Life Science Loan Portfolio Overview 100% of KREF's loan exposure is located in the top two Life Science markets Location MSA Investment Date Loan Purpose Development Status Year Built or Renovated Asset Quality Committed Principal Outstanding Principal Net Equity(1) Loan per SF(2) Max Term
Slide 11: Portfolio Credit Quality Overview
11 0% 6% 78% 1% 15% 1 2 3 4 5 Weighted Average Risk Rating(2): 3.2 Portfolio Credit Quality Overview Note: The charts above are based on percentage of our loan portfolio held-for-investment (1) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the
Slide 12: Watch List Migrations Quarter-over-Quarter
12 2Q'26 Watch List Intra-Quarter Activity 3Q'26 Watch List Total Principal: $674 million Risk Rating: 5 Total Principal: $329 million Minneapolis Office Minneapolis Office Chicago Office Chicago Office Carrollton Multifamily Carrollton Multifamily Boston Life Science } resolved San Diego Multifamil
Slide 13: Case Studies: Watch List Loans
13 Case Studies: Watch List Loans Investment Minneapolis Office Chicago Office Carrollton Multifamily Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Investment Date November 2017 July 2019 April 2022 Collateral Two Class-A Office Buildings totaling 1.1mm SF C
Slide 14: Overview of Real Estate Assets
14 Overview of Real Estate Assets Real Estate Owned Location Property Type Acquisition Date Square Footage/ Units Investment Amount(2) ($ in millions) Investment Amount per Square Foot/ Unit Mountain View, CA Class A Office Campus June 2024 449,006 $143 $462 / SF Boston, MA(3) Life Science June 2026
Slide 15: Financing Overview: 74% Non-Mark-To-Market
15 Term Lending Agreements 23% Secured Term Loan 21% Term Loan Facility 20% Asset Specific 7% Revolver 3% Term Credit Facilities 26% Financing Overview: 74% Non-Mark-To-Market Diversified financing sources totaling $5.5 billion with $2.4 billion of undrawn capacity Summary of Outstanding Financing L
Slide 16: Financing Overview: Term Credit Facilities
16 Financing Overview: Term Credit Facilities Counterparty Total or Weighted Average Drawn $375 $252 $160 $0 $787 Capacity $600 $300 $398 $150 $1,448 Collateral: Loans / Principal Balance 7 Loans / $561 7 Loans / $486 2 Loans / $213 1 Loan / $31 17 Loans / $1,291 Final Stated Maturity(2) September 2
Slide 17: Liquidity Overview
17 $53 $219 $819 $166 $600 $34 $853 Cash & Loan Principal Repayments Held by a Servicer Undrawn Corporate Revolver Approved and Undrawn Credit Capacity Total Available Liquidity $— $100 $200 $300 $400 $500 $600 $700 $800 $900 Liquidity Overview (1) Unencumbered assets include $188 million of unencum
Slide 18: Earnings Sensitivity to Change in Benchmark Rates
18 Earnings Sensitivity to Change in Benchmark Rates 98% floating-rate loan portfolio indexed to benchmark rates Quarterly Net Interest Income Per Share Sensitivity to Change in Benchmark Rates Term SOFR: 3.91% EURIBOR: 2.62% SONIA: 3.75% As of September 30, 2026 ($ Impact Per Share) Note: Based on
Slide 19: Appendix
Appendix KREF
Slide 20: 3Q'26 Portfolio Details
20 3Q'26 Portfolio Details ($ in Millions) # Investment(1) Location Property Type Investment Date Total Whole Loan(2) Committed Principal / Investment Amount Outstanding Principal / Investment Amount Net Equity(3) Coupon(4)(5) Max Remaining Term (Yrs)(4)(6) Loan / Investment Per SF / Unit / Key(7) O
Slide 21: 3Q'26 Portfolio Details
21 3Q'26 Portfolio Details # Investment(1) Location Property Type Investment Date Total Whole Loan(2) Committed Principal / Investment Amount Outstanding Principal / Investment Amount Net Equity(3) Coupon(4)(5) Max Remaining Term (Yrs)(4)(6) Loan / Investment Per SF / Unit / Key(7) Origination LTV(4
Slide 22: 3Q'26 Portfolio Details (footnotes)
22 3Q'26 Portfolio Details (1) Our total portfolio represents the current principal amount or investment amount on senior and mezzanine loans, real estate assets, CMBS investments and other investments. Excludes loans that were fully written off. (2) Total Whole Loan represents the total commitment
Slide 23: 3Q'26 Portfolio and Loan Activity
23 3Q'26 Portfolio and Loan Activity (1) Includes a $183 million loan assignment in full satisfaction of secured financing (2) Includes $156 million in loan write-offs and a $1 million unrealized loss on FX translation (3) Future funding obligations are generally contingent upon certain events and m
Slide 24: Fully Extended Loan Maturities
24 Fully Extended Loan Maturities Note: Based on current principal amount Fully Extended Loan Maturities ($ in Millions) $308 $954 $421 $24 $826 $618 2026 2027 2028 2029 2030 2031 $0 $250 $500 $750 $1,000 $1,250 Fully extended weighted average loan maturity of 2.4 years
Slide 25: Consolidated Balance Sheets
25 Consolidated Balance Sheets (in thousands - except share and per share data) September 30, 2026 December 31, 2025 Assets Cash and cash equivalents $ 165,883 $ 84,617 Commercial real estate loans, held-for-investment 3,137,554 5,347,756 Less: Allowance for credit losses (187,436) (201,924) Commerc
Slide 26: Consolidated Statements of Income
26 Consolidated Statements of Income (in thousands - except share and per share data) Three Months Ended Nine Months Ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net Interest Income Interest income $ 70,235 $ 85,487 $ 108,019 $ 251,628 $ 334,258 Int
Slide 27: Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
27 Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) (1) Numbers presented may not foot due to rounding (in thousands - except share and per share data) Three Months Ended September 30, 2026 Per Diluted Share(1) June 30, 2026 Per Diluted Share(1) September 30, 2025 Per Dilute
Slide 28: Key Definitions
28 Key Definitions “Distributable Earnings (Loss)”: The Company defines Distributable Earnings as net income (loss) attributable to common stockholders or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in
KKR Real Estate Finance Trust — Q3 2026 Earnings Presentation on 6ix