KKR Real Estate Finance Trust : KREF Investor Presentation – May 2026 (kref 1q26 investor presentation)
KREF
Published on 05/08/2026 at 09:39 am EDT
Investor Presentation
M AY 2 0 2 6
KKR Real Estate Finance Trust Inc. Overview
Loan Portfolio
Conservative Balance Sheet
KREF's Manager Fully
Integrated with KKR
Loan Portfolio
$7.2 B
Financing Capacity
Fully Non-Mark-to-Market(2)
Current Liquidity(3)
16%
KKR Ownership in KREF
$758 B
Global AUM(4)
Conservative liability management focused on
diversified non-mark-to-market
financing
100%
Senior Loans
63%
Multifamily & Industrial
$108 M
Average Loan Size(1)
8%
European Loan Exposure
Senior loans secured primarily by transitional, institutional multifamily and industrial properties owned by
high quality sponsors
$84 B
Real Estate AUM(4)(5)
~125
Real Estate Professionals
One firm culture that rewards investment discipline, creativity and determination and emphasizes the sharing of information, resources, expertise and best practices
Average loan size is inclusive of KREF's unfunded commitment. The whole loan average size is $172 million
Based on outstanding principal amount of secured financing. The remaining is subject to credit marks only
Includes $135 million of cash, $500 million of undrawn corporate revolver capacity and $18 million of available borrowings based on existing collateral
As of March 31, 2026
Figures represent AUM across all KKR real estate transactions
Investment Highlights
4
3
5
2
1
6
KKR Sponsorship
KKR Platform - A Leading Global Asset Manager
Founded 1976
$758 B
Assets Under Management
785
Investment Professionals
30+
Cities
KKR Real Assets Attributes
KKR operates with a single culture that rewards investment discipline, creativity, determination and patience and emphasizes the sharing of information, resources, expertise and best practices across offices and asset classes
$84 billion in AUM in Real Estate strategies and $107 billion in AUM in Infrastructure globally(1)
~125 dedicated Real Estate investment professionals across 14 cities in 10 countries. Approximately 110 dedicated Infrastructure investment professionals across 15 cities in 13 countries
K-Star: Affiliated rated special servicer and asset services platform started in 2022, with a team of over 70 professionals and $46 billion of special servicing rights
Strategic Growth Vertical: $4.3 billion of KKR balance sheet and employee capital committed across KKR real estate strategies(2)
Note: Figures as of March 31, 2026 unless otherwise noted. 30+ cities represents KKR and its affiliates
Figures represent AUM across all KKR real assets strategies as reported by KKR & Co. Inc. (NYSE: KKR) as a public company
Includes investments / commitments made by KKR's balance sheet, KKR employees and other affiliates. Investments made by current and former KKR employees are retained by those individuals personally. Includes unfunded commitments made by individuals
Integrated Global Real Assets Platform
A fully integrated Real Assets platform spanning the Americas, Europe and Asia, with 230+ professionals across Real Estate Equity, Real Estate Credit and Infrastructure
Real Estate Platform
Own or lend on $262B RE assets
$68B
of Collateral Value(1)
Real Estate Equity
$72B
of Asset Value(2)
Real Estate CMBS
$121B
Underlying Asset Value(1)
Infrastructure
~$110B+ of Capital Invested(3) across ~115+ transactions(4)
Note: Figures of December 31, 2025, and headcount figure as of December 31, 2025 unless otherwise noted. Numbers may not sum due to rounding. Foreign exchange rates as of December 31, 2025
Represents implied value based on weighted average loan-to-value of respective strategies
Represents current gross asset value across all KKR real estate transactions; strategies include Real Estate Partners Americas, Real Estate Partners Europe, Asia Real Estate Partners, Property Partners Americas, Property Partners Europe, Asia Property Partners, KKR Real Estate Select Trust (credit investments in KREST are represented in the Real Estate Loans or Real Estate CMBS Securities totals, as applicable), KJR Management, KRE RESDOC, Global Atlantic equity investments, Special Situations equity investments, KKR Credit accounts equity investments, Private Equity funds, and Balance Sheet investments
Reflects all invested and committed capital by the KKR Global Infrastructure Strategy, Asia Pacific Infrastructure Strategy, Diversified Core Infrastructure Fund, Global Climate Fund and Infrastructure K-Series from 2011 through December 2025, as well as our investments in Colonial Pipeline in 2010 and Coastal Gas Link in 2020, which were made through separately managed accounts. This figure also includes amounts that have been invested and committed to co-investments
Reflects (i) all Global Infrastructure Strategy investments, Asia Pacific Infrastructure Strategy investments, Diversified Core Infrastructure Fund investments, Global Climate Transition Fund investments, Infrastructure K-Series investments from 2011 through December 2025, (ii) our investments in Colonial Pipeline in 2010 and Coastal Gas Link in 2020
KREF Integration with KKR
KREF differentiates itself by seeking opportunities where it has sourcing, underwriting and execution advantages through KKR's brand, industry knowledge, relationships and deep bench of investment professionals
KKR Private Equity
$123B of AUM, 202
professionals globally, 100+ portfolio companies globally
KKR Global Macro & Asset Allocation 60 professionals
globally, insight on
macro market observations and MSA analytics
KKR Senior Advisors(1) 128 advisors
globally, including
three dedicated real estate advisors
KKR Infrastructure
$107B of AUM, 110
professionals globally, partnership with Real Assets
KKR Credit
Strong financing creates
attractive risk-adjusted
returns
Solutions provider for
complex business plans offering speed and certainty
Differentiated credit
assessment capabilities
Deep network of direct
relationships to source high-quality investments
Integration Drives Meaningful Benefits to KREF
$293B of AUM, 185
professionals globally,
sourcing & UW synergies
KKR Capital Markets
76 professionals globally, sourcing and structuring expertise
KKR Public Policy & Affairs 17 professionals
globally,
stakeholder relations
Note: Figures of March 31, 2026, unless otherwise noted
(1) Senior Advisors, Industry Advisors and KKR Advisors are engaged as consultants and are not employees of KKR
Experienced Leadership Team
KKR Real Estate Finance Trust Team
Leadership Team
Chris Lee
Chairman of the Board
Ralph Rosenberg
Member of the Board
Matt Salem
Chief Executive Officer Member of the Board
Patrick Mattson
President
Chief Operating Officer
Kendra Decious
Chief Financial Officer Treasurer
Senior Investment Team
Joel Traut
Partner
Global Head of Direct Lending
Joined KKR in 2015
Formerly a Director at
Paul Fine
Managing Director Head of U.S. Originations
Joined KKR in 2015
Formerly a Director
Ali Imraan
Managing Director Head of European Originations
Joined KKR in 2022
Formerly a Managing
Adam Simon
Managing Director
Joined KKR in 2015
Formerly a VP at Rialto
Rachel Hunter-Goldman
Managing Director
Joined KKR in 2021
Formerly a Principal at
Ian McConnell
Director
Joined KKR in 2020
Formerly a Senior VP at
Celine Comeau
Director
Joined KKR in 2021
Formerly an associate at
Corey Hall
Director
Joined KKR in 2022
Formerly a Senior VP
Turner Trapp
Director
Joined KKR in 2018
Formerly a Senior Analyst at
Saurav Chakraborti
Director
Joined KKR in 2022
Formerly a Director at
GE Capital Real Estate
At CCRE
Director at LaSalle
Capital Management
Apollo Global Management
Starwood Property Trust
Global Atlantic Financial
at Brookfield
Bank OXK with over 10 years Goldman Sachs with over 13
with over 21 years industry experience
with over 17 years industry experience
Investment Management with over 18 years industry experience
with over 17 years industry experience
with over 12 years industry experience
with over 18 years industry experience
Group with over 13 years industry experience
with over 17 years industry experience
of industry experience
years of industry experience
Capital Markets & IR
Finance
Jack Switala
Director
Equity Capital Markets & IR
Joined KKR in 2021
Formerly a Vice President at Wells Fargo
Securities with over 12 years industry experience
Leo Michalakos
~50
Investment Professionals
+
Finance, Legal, Investor
Relations & Capital Markets Professionals
Director Finance
Joined KKR in 2019
Formerly a controller for Terra Capital
Partners with over 13 years industry experience
Differentiated Investment Strategy
Differentiated, Conservative Investment Strategy
Lending on institutional quality real estate owned by high-quality sponsors in top markets
Loans Under Construction(3)
2%
% of Portfolio
Multifamily / Industrial Loans
63%
Average Occupancy of
Multifamily Loans(2)
91%
71%
88%
Top 25 MSAs
$108M
Top 15 MSAs
Average Loan Size(1)
Top Domestic Markets with
Strong Underlying Fundamentals(4)
Institutional Quality
Commercial Real Estate
Note: The data above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans
Average loan size is inclusive of the unfunded commitment
Weighted average excludes construction Loans
Excludes loans where construction is complete
Percentages are based on domestic markets and inclusive of un-funded commitment
Our Investment Portfolio
KREF Loan Portfolio by the Numbers
Geography
Investment Type
Property Type
Interest Rate Type
18%
4% 5% 12%
5%
5% Washington, D.C.
7%
Other U.S. <4%: 15%
11%
11%
(2)
(1)
Office(3)
Multifamily
100%
Other Europe <4%: 1%
6%
Europe
7%
United States
93%
KREF classifies a loan as life science if more than 50% of the gross leasable area is leased to, or will be converted to, life science-related space
"Other" property types include: 2% Student Housing and <1% Mixed Use
Office property certification % is based on current principal loan balance; see description for LEED certification in the Appendix
2026 Portfolio Positioning & Outlook
Our focus is centered on two key priorities: (1) executing a proactive and disciplined resolution strategy across our watch list assets and certain legacy office exposures, and (2) positioning a significant portion of our REO portfolio for monetization
Note: This information reflects current targets as of the date presented and is subject to change. Actual results may differ
Represents target composition as of December 31, 2026
Represents 2024 through 2026 originated loans
Assignment-in-lieu of foreclosure expected to close in Q2 2026
Repayment Activity
KREF Repayment Activity
2025 Repayments by Property Type
($ in billions)
$1.5 $1.5
Industrial
6%
Other 2%
$1.3
$0.8
$0.7
$0.4
Self Storage
10%
Hospitality 16%
Multifamily 66%
2024 Repayments by Property Type
Single Family Rental
5%
Other 2%
Hospitality
9%
Condo (Residential) 10%
Industrial 23%
Multifamily 27%
Office 24%
2021 2022 2023 2024 2025 1Q 2026
Note: 1Q'26 repayment activity totals $415 million
Multifamily Loan Overview
Multifamily: 41% of Loan Portfolio
$82 M
70%
<1%
Average Loan Size(1)
W.A. LTV(2)
Construction Loans
90%
92%
2015
W.A. Occupancy
at Closing(4)
W.A. Occupancy
Current(3)(4)
Median Year Built(4)
6%
8%
Risk Rating 3
82%
Risk Rating 4
4%
Risk Rating Distribution
Risk Rating 5
Risk Rating 2
Average loan size is inclusive of the unfunded commitment
LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Weighted average LTV excludes risk-rated 5 loans
Based on most recent data available from our borrowers as of December 31, 2025
Weighted average excludes construction Loans
Office Loan Overview
Office: 18% of Loan Portfolio
$136 M
Average Loan Size(1)
72%
W.A. Occupancy at Closing
59%
W.A. LTV(2)
81%
W.A. Occupancy Current(3)
1.9%
Co-Working Exposure
7.8 years
W.A. Remaining Lease Term
Risk Rating Distribution
Property Locations
Risk Rating 5
21%
Risk Rating 3
56%
Risk Rating 4
23%
Average loan size is inclusive of the unfunded commitment
LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Weighted average LTV excludes risk-rated 5 loans
Based on most recent data available from our borrowers as of December 31, 2025
KREF Office Loan Portfolio Overview
Location
Investment Date
Loan Purpose
Committed Principal
Outstanding Principal
Net Equity
Loan per SF(1)
Max Term (Years)(2)
Minneapolis, MN
Nov-17
Refinance
$199.4
$194.4
$102.0
$182
0.3
Risk-Rated 5: Total / Weighted Average
$199.4
$194.4
$102.0
0.3
Philadelphia, PA
Jun-18
Refinance
114.3
114.3
31.4
117
0.9
Chicago, IL
Jul-19
Refinance
105.0
90.7
53.8
87
2.4
Risk-Rated 4: Total / Weighted Average
$219.3
$205.0
$85.2
1.6
Washington, DC
Nov-21
Refinance
181.0
180.5
72.2
506
1.7
Plano, TX
Feb-20
Refinance
137.8
134.8
35.3
186
0.4
Dallas, TX
Nov-25
Refinance
114.1
94.1
19.6
373
4.6
Washington, DC
Jan-22
Refinance
100.0
100.0
15.1
365
1.9
Risk-Rated 3: Total / Weighted Average
$532.9
$509.4
$142.2
1.9
Grand Total / Weighted Average
$951.6
$908.8
$329.4
1.5
Note: Amounts shown in millions, except for Loan per SF
Loan Per SF based on current principal amount divided by current SF
Max remaining term (years) assumes all extension options are exercised, if applicable. Weighted average is weighted by current principal amount
Life Science Loan Portfolio Overview
Development Status(4)
Metropolitan Statistical Area(4)
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
Loan per SF(1)
Max Term (Years)(2)
Boston, MA
Boston
Aug-22
Construction
Complete
2024
Class A
$312.5
$229.6
$34.0
$747
1.4
Boston, MA(3)
Boston
Apr-21
Acquisition
Complete
2022
Class A/B
166.2
164.1
66.2
681
-
Risk-Rated 5: Total / Weighted Average
$478.7
$393.7
$100.2
0.8
Redwood City, CA
San Francisco
Sep-22
Construction
In Process
2025
Class A
145.2
105.4
21.3
886
1.5
Cambridge, MA
Boston
Dec-21
Construction
Complete
2023
Class A
98.4
64.1
14.2
912
4.8
San Carlos, CA
San Francisco
Feb-22
Recapitalization
Complete
2023
Class A
89.1
66.2
27.7
452
1.6
Brisbane, CA
San Francisco
Jul-21
Refinance
N/A
2020
Class A
88.3
80.8
24.0
698
2.4
Risk-Rated 3: Total / Weighted Average
$421.0
$316.5
$87.2
2.4
Grand Total / Weighted Average
$899.7
$710.2
$187.4
1.5
Note: Amounts shown in millions, except for Loan per SF
Loan Per SF based on current principal amount divided by current SF. For Construction loans, Loan per SF based on total commitment amount of the loan divided by the proposed SF
Max remaining term (years) assumes all extension options are exercised, if applicable. Weighted average is weighted by current principal amount
Loan is in maturity default as of March 31, 2026. Expected REO resolution in Q2 2026
Based on committed principal
Disclaimer
KKR Real Estate Finance Trust Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 13:38 UTC.