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You can identify these forward looking statements by the use of words such as \"outlook,\" \"believe,\" \"expect,\" \"potential,\" \"continue,\" \"may,\" \"should,\" \"seek,\" \"approximately,\" \"predict,\" \"intend,\" \"will,\" \"plan,\" \"estimate,\" \"anticipate,\" the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on the Company's beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the general political, economic, competitive, and other conditions in the United States and in any foreign jurisdictions in which we invest; global economic trends and conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, fluctuations in interest rates and credit spreads, labor shortages, currency fluctuations and challenges in global supply chains; deterioration in the performance of the properties securing our investments; difficulty accessing financing or raising capital; and the risks, uncertainties and factors set forth under Part I-Item 1A. \"Risk Factors\" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this release. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this release and in the Company's filings with the SEC. All forward-looking statements in this release speak only as of the date of this release. 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Such non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with U.S. GAAP. 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Weighted average is weighted by the current principal amount. Loan Per SF is based on the current principal amount divided by the current SF. For the Bellevue, WA loan, Loan Per SF is calculated as the total commitment amount of the loan divided by the proposed SF. Max remaining term (years) assumes all extension options are exercised, if applicable Dallas, TX Office Loan was sold at par in October 2025", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Jan-22 Refinance 100.0 89.8 328 3.4\nDallas, TX Jan-21 Acquisition 87.0 87.0 294 1.4\nRisk-Rated 3: Total / Weighted Average $1,136.4 $1,067.0 2.3\nGrand Total / Weighted Average $1,335.8 $1,261.4 2.1", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:17:13.271+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f146941-5910-4075-801e-cb931e2996b9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.89, "x": 0.058, "y": 0.12 }, "kind": "title", "text": "Approximately 85% of the outstanding principal balance of KREF's Office segment is Risk-Rated 3", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:17:13.271+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48eb310e-7dd6-4f97-944f-48f806353674", "parentComponentId": null }, { "bbox": { "h": 0.036, "w": 0.52, "x": 0.058, "y": 0.07 }, "kind": "title", "text": "KREF Office Loan Portfolio Overview", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:17:13.271+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a311df5-4f6d-44fd-81a6-8571b57800e7", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "611cc9ff-9f51-40f5-8fc7-b68c48e9384a", "evidence": "table/data: KREF Office Loan Portfolio", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 02:06:47.471307+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 14, "name": "Solution", "beatId": "5e2c0348-2a00-41c8-8201-0a1e4ab76ba9", "matchId": "9a2b772e-69ee-4a26-a50b-9e39355f49e5", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The document presents a detailed solution on slides 14-20", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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Weighted average is weighted by the current principal amount. Loan Per SF is based on the current principal amount divided by the current SF. For the Boston, MA, Redwood City, CA and Cambridge, MA construction loans, Loan Per SF is calculated as the total commitment amount of the loan divided by the proposed SF. Max remaining term (years) assumes all extension options are exercised, if applicable", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Property type and location breakouts based on investment amount\n(1) Equity represents investment amount less current financing and noncontrolling interests\n(2) Investment Amount represents the value of land, building, and related improvements, net of noncontrolling interests\n(3) Included in \"Equity method investment, real estate asset\" on the Condensed Consolidated Balance Sheets", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Our total portfolio represents the current principal amount or investment amount on senior and mezzanine loans, real estate assets and other investments. Excludes loans that were fully written off.\nFor Senior Loan 8, the total whole loan is $199.4 million, including (i) a fully funded senior mortgage loan of $120.0 million, at an interest rate of S+2.25% and (ii) a mezzanine note with a commitment of $79.4 million, of which $74.4 million was funded as of September 30, 2024, at a fixed interest rate of 4.5%. The mezzanine note interest is payment-in-kind (\"PIK Interest\"), which is capitalized, compounded, and added to the outstanding principal balance of the respective loan.\nFor Senior Loan 26, the total whole loan is $110.7 million, including (i) a fully funded senior mortgage loan of $102.0 million, at an interest rate of S+3.06%, (ii) a senior mezzanine note with $7.2 million funded as of September 30, 2024, at a fixed interest rate of 10.0% and (iii) a fully funded junior mezzanine note of $0.8 million, at a fixed interest rate of 10.0% with certain profit share provisions, as defined in the loan agreement.\n2. Total Whole Loan represents the total commitment of the entire loan originated, including participations by KKR affiliated entities.\n3. Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; (ii) Real Estate Owned (\"REO\"), net of borrowings and noncontrolling interests, and (iii) the investment amount of equity method investments, net of borrowings.\n4. Weighted average is weighted by the current principal amount for our senior and mezzanine loans and by the investment amount of CMBS B-Pieces. Risk-rated 5 loans are excluded from the weighted average LTV.\n5. Coupon expressed as spread over Term SOFR.\n6. Maximum remaining term (years) assumes all extension options are exercised, if applicable.\n7. Loan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. For Senior Loans 2, 3, 5, 16, 20, 22, 56, and 57, Loan Per SF / Unit / Key is calculated as the total commitment amount of the loan divided by the proposed SF / Unit / Key.\n8. For senior loans, LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated; for mezzanine loans, LTV is based on the initial balance of the whole loan divided by the as-is appraised value as of the date the loan was originated; for CMBS B-Pieces, LTV is based on the weighted average LTV of the underlying loan pool at issuance. Weighted Average LTV excludes risk-rated 5 loans.\nFor Senior Loans 2, 3, 5, 16, 20, 22, 56, and 57, LTV is calculated as the total commitment amount of the loan divided by the as-stabilized value as of the date the loan was originated. For senior loans where an appraisal has been obtained post origination, the LTV, presented as follows, is calculated based on the current principal amount divided by the as-is appraised value as of the new appraisal date: Senior Loan 15 (64%); Senior Loan 18 (64%); Senior Loan 19 (78%); Senior Loan 23 (64%); Senior Loan 27 (57%); Senior Loan 28 (75%); Senior Loan 31 (83%); Senior Loan 33 (70%), Senior Loan 38 (63%); Senior Loan 42 (81%); and Senior Loan 57 (61%).\n9. Represents real estate assets held through a Tenant-in-Common (\"TIC\") agreement between us and a KKR affiliate. We hold a 74.6% economic interest in the real estate assets and share decision-making with the KKR affiliate under the TIC agreement.\n10. Represents our investment in an aggregator vehicle that invests in CMBS B-Pieces. 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The exclusion of depreciation and amortization from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent the Company forecloses upon the property or properties underlying such debt investments.\nDistributable Earnings should not be considered as a substitute for GAAP net income or taxable income. The Company cautions readers that its methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, the Company's reported Distributable Earnings may not be comparable to similar measures presented by other REITs.\nLEED: LEED is the most widely used green building rating system in the world. LEED certification provides independent verification of a building or neighborhood's green features, allowing for the design, construction, operations and maintenance of resource-efficient, high-performing, healthy, cost-effective buildings.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:17:28.768+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecd4890d-3a8a-4afb-a57f-8f9cc554abf4", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.05, "x": 0.058, "y": 0.93 }, "kind": "source-note", "text": "KREF", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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