Kkr Real Estate Finance Trust Inc. · NYSE:KREF
Kkr Real Estate Finance Trust — Q4 2025 Earnings Presentation
31 slides from Kkr Real Estate Finance Trust's earnings presentation, Feb 4, 2026
Slide 1: Fourth Quarter & Full Year 2025 Supplemental Information
Fourth Quarter & Full Year 2025 Supplemental Information FEBRUARY 3, 2026
Slide 2: Legal Disclosures
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 Financ
Slide 3: KKR Real Estate Finance Trust Inc. Overview
KKR Real Estate Finance Trust Inc. Overview KREF’s Manager Fully Loan Portfolio Conservative Balance Sheet Integrated with KKR $5.4 B $8.2 B 16% Outstanding Principal Financing Capacity KKR Ownership in KREF 100% 58% 74% $723 B Senior Loans Multifamily & Fully Non-Mark-to-Market (2) Global AUM(4) In
Slide 4: Fourth Quarter and Full Year 2025 Highlights
Fourth Quarter and Full Year 2025 Highlights • 4Q and full year 2025 Net loss(1) of ($0.49) and ($1.05) per diluted share (includes a CECL provision of $44 million and $119 million, or ($0.67) and ($1.79) per diluted share, respectively) • 4Q and full year 2025 Distributable Earnings(2) of $0.22 and
Slide 5: 4Q'25 Financial Summary
4Q'25 Financial Summary Income Statement Balance Sheet ($ in Millions) 4Q'25 ($ in Millions) 4Q'25 Net interest income $25.8 Commercial real estate loans, net $5,145.8 Real estate assets (2) 565.6 Other income 6.8 Consolidated VIE assets, CMBS trust 505.2 Provision for credit losses (43.7) Cash 84.6
Slide 6: Recent Operating Performance
Recent Operating Performance Net Income and Distributable Earnings Dividends and Book Value Per Share ($ in Millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'25 2Q'25 3Q'25 4Q'25 Net income (loss) Dividend per share ($10.6) ($35.4) $8.1 ($32.0) $0.25 $0.25 $0.25 $0.25 Distributable earnings (loss) Dividend yield
Slide 7: 4Q'25 Loan Originations (U.S.) – Case Studies
4Q'25 Loan Originations (U.S.) – Case Studies Investment Dallas Office New Jersey Multifamily Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Loan Size $114 million(1) $95 million(2) Location Dallas, TX Jersey City, NJ 505k RSF Class A 417-Unit Class A Collateral Office Property Multif
Slide 8: 4Q'25 Loan Originations (Europe) – Case Studies
4Q'25 Loan Originations (Europe) – Case Studies Investment United Kingdom Logistics Portfolio Pan-European Hotel Portfolio Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Loan Size $137 million(1) $78 million(2) Location Various, United Kingdom Various, Europe 7 Class A Industrial Prop
Slide 9: KREF Loan Portfolio by the Numbers
KREF Loan Portfolio by the Numbers Total Portfolio(1) Investment Type Interest Rate Type ($ in Millions) $7,916 Fixed $7,752 1% $6,792 $6,272 $5,924 Senior Loans 100% Floating 99% Property Type 4Q'21 4Q'22 4Q'23 4Q'24 4Q'25 Other (3) 2% Geography Hospitality 3% (2) Life Science 4% 14% Multifamily 4%
Slide 10: Portfolio Credit Quality Overview
Portfolio Credit Quality Overview Collected 100% of interest payments due on the loan portfolio in 4Q'25 Loan-to-Value(1) Risk Rating Distribution Loan 0 3 3 2 Count 44 30% 78% 25% 23% 3Q '25 18% 4% 9% 6% 7% 0% 0 - 60% 60 - 65% 65 - 70% 70 - 75% 75 - 80% 1 2 3 4 5 Weighted Average LTV : 65% (2) Weig
Slide 11: KREF Life Science Loan Portfolio Overview
KREF Life Science Loan Portfolio Overview 100% of KREF's loan exposure is located in the top two Life Science markets Development Status(4) Year Built Loan Max N/A Investment Loan Development or Asset Committed Outstanding Net per Term 10% Location MSA Date Purpose Status Renovated Quality Principal
Slide 12: Watch List Migrations Quarter-over-Quarter
Watch List Migrations Quarter-over-Quarter In 4Q'25, KREF had two risk rating downgrades 3Q'25 Watch List Intra-Quarter Activity 4Q'25 Watch List Total Principal: $358 million Risk Rating: 5 Total Principal: $572 million Minneapolis Office Minneapolis Office Boston Life Science Boston Life Science C
Slide 13: Case Studies: Watch List Loans
Case Studies: Watch List Loans Investment Minneapolis Office Boston Life Science Loan Type Floating-Rate Senior Loan(1) Floating-Rate Senior Loan Investment Date November 2017 April 2021 Two Class-A Office Buildings Two Buildings Collateral totaling 1.1mm SF totaling 482k SF Loan Purpose Refinance A
Slide 14: Case Studies: Watch List Loans cont.
Case Studies: Watch List Loans cont. Investment Cambridge Life Science San Diego Multifamily Chicago Office Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Investment Date December 2021 October 2021 July 2019 Class-A Lab & Office Building Class-A Office Buildi
Slide 15: Overview of Real Estate Assets
Overview of Real Estate Assets Equity(1) of approximately $378 million ($5.83 per share) was held in our Real Estate Assets Real Estate Owned Square Footage/ Investment Amount(2) Investment Amount Location Property Type Acquisition Date Units ($ in millions) per Square Foot/ Unit Mountain View, CA C
Slide 16: Financing Overview: 74% Non-Mark-To-Market
Financing Overview: 74% Non-Mark-To-Market Diversified financing sources totaling $8.2 billion with $3.5 billion of undrawn capacity Summary of Outstanding Financing Leverage Ratios Outstanding Maximum Weighted Avg. Advance Non- ($ in Millions) Principal Capacity Coupon(1) Rate MTM Amount Term Credi
Slide 17: Financing Overview: Term Credit Facilities
Financing Overview: Term Credit Facilities ($ in Millions) Total or Counterparty Weighted Average U.S. Europe Drawn $580 $309 $162 $170 $1,222 Capacity $1,000 $500 $404(1) $400 $2,304 Collateral: Loans / 8 Loans / $853 8 Loans / $523 2 Loans / $215 6 Loans / $304 24 Loans / $1,896 Principal Balance
Slide 18: Liquidity Overview
Liquidity Overview In addition to the available liquidity below, KREF had $318 million of total unencumbered assets(1) as of December 31, 2025 Sources of Available Liquidity (4) ($ in Millions) $1,000 $900 $28 $800 $700 $600 $500 $700 $859 $887 $400 $300 $200 $100 $85 $159 $74 $— Cash & Loan Princip
Slide 19: Earnings Sensitivity to Change in Benchmark Rates
Earnings Sensitivity to Change in Benchmark Rates 99% floating-rate loan portfolio indexed to benchmark rates Quarterly Net Interest Income Per Share Sensitivity to Change in Benchmark Rates Term SOFR: 3.69% ($ Impact Per Share) EURIBOR: 2.03% SONIA: 3.75% as of December 31, 2025 0.04 0.03 $0.02 $0.
Slide 20: Appendix
Appendix KREF
Slide 21: 4Q'25 Portfolio Details
4Q'25 Portfolio Details ($ in Millions) Committed Outstanding Loan / Investment Investment Total Whole Principal / Principal / Net Max Remaining Origination Risk # Investment(1) Location Property Type Coupon(4)(5) Per Date Loan(2) Investment Investment Equity(3) Term (Yrs)(4)(6) LTV(4)(8) Rating SF
Slide 22: 4Q'25 Portfolio Details
4Q'25 Portfolio Details ($ in Millions) Committed Outstanding Loan / Investment Investment Total Whole Principal / Principal / Net Max Remaining Origination Risk # Investment(1) Location Property Type Coupon(4)(5) Per Date Loan(2) Investment Investment Equity(3) Term (Yrs)(4)(6) LTV(4)(8) Rating SF
Slide 23: 4Q'25 Portfolio Details
4Q'25 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. For Senior Loan 6, the total whole loan is on non-accrua
Slide 24: 4Q'25 Portfolio Activity
4Q'25 Portfolio Activity Loan Portfolio Activity ($ in Millions) (1) Future Funding Obligations(2) Real Estate Assets, CMBS Investments & Other (1) Includes $5 million of FX gain (2) Future funding obligations are generally contingent upon certain events and may not result in investment by us Loan P
Slide 25: Fully Extended Loan Maturities
Fully Extended Loan Maturities Fully extended weighted average loan maturity of 1.8 years Fully Extended Loan Maturities ($ in Millions) $3,000 $2,500 $2,437 $2,000 $1,500 $1,474 $1,000 $932 $500 $420 $24 $74 $0 2026 2027 2028 2029 2030 2031 Note: Based on current principal amount. Excludes real est
Slide 26: KREF Debt Maturities
KREF Debt Maturities No final facility maturities until 2027 and no corporate debt due until 2030 The table below may include earlier repayments based on the maturity dates of underlying loan collateral Upcoming Debt Maturities by Year ($ in Millions) $1,750 $1,500 $1,493 $1,250 $1,000 $750 $669 $64
Slide 27: Consolidated Balance Sheets
Consolidated Balance Sheets (in thousands - except share and per share data) December 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 84,617 $ 104,933 Commercial real estate loans, held-for-investment 5,347,756 5,888,622 Less: Allowance for credit losses (201,924) (117,103) Commercial
Slide 28: Consolidated Statements of Income
Consolidated Statements of Income (in thousands - except share and per share data) Three Months Ended Year Ended December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net Interest Income Interest income $ 101,341 $ 108,019 $ 123,610 $ 435,599 $ 564,629 Interest e
Slide 29: Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) (in thousands - except share and per share data) Three Months Ended December 31, Per Diluted September 30, Per Diluted December 31, Per Diluted 2025 Share(1) 2025 Share(1) 2024 Share(1) Net Income (Loss) Attributable to Common
Slide 30: Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) (in thousands - except share and per share data) Year Ended December 31, Per Diluted December 31, Per Diluted December 31, Per Diluted 2025 Share(1) 2024 Share(1) 2023 Share(1) Net Income (Loss) Attributable to Common Stockhol
Slide 31: Key Definitions
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 GA
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