KKR房地产金融信托公司2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 KKR Real Estate Finance Trust Inc. Common stock, par value $0.01 per share6.50% Series A Cumulative Redeemable Preferred Stock, par value KREF Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-Tduring the preceding 12 months (or for such shorter period that the registrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growthcompany. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of theExchange Act. Large accelerated filer☐Accelerated filer☒Non-accelerated filer☐Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).☐Yes☒No The number of shares of the registrant's common stock, par value $0.01 per share, outstanding as of April21, 2025 was67,806,289. Part I - Financial Information Item 1. Condensed Consolidated Financial Statements (Unaudited)Condensed Consolidated Balance Sheets (Unaudited) as ofMarch 31, 2025and December 31, 2024Condensed Consolidated Statements of Income (Unaudited) for the ThreeMonths EndedMarch 31, 2025and 2024Condensed Consolidated Statements of Changes in Equity (Unaudited) for the ThreeMonths EndedMarch 31,2025and 2024Condensed Consolidated Statements of Cash Flows (Unaudited) for the ThreeMonths EndedMarch 31, 2025and 2024Notes to Condensed Consolidated Financial Statements (Unaudited)Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures about Market RiskItem 4. Controls and ProceduresPart II - Other InformationItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. ExhibitsSignatures CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),which reflect our current views with respect to, among other things, our operations and financial performance. You can identify theseforward-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, othercomparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking There are many factors that may cause our actual results to differ materially from the forward-looking statements, including factors setforth under Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the"Form 10-K") and Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in thisForm 10-Q, as such factors may be updated from time to time in our other periodic filings with the SEC, which are accessible on the We caution you that the risks, uncertainties and other factors referenced below may not contain all of the risks, uncertainties and otherfactors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that weexpect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the wayexpected. All forward-looking statements in this Form 10-Q apply only as of the date made and are expressly qualified in their entirety Except where the context requires otherwise, the terms "Company," "we," "us," "our" and "KREF" refer to KKR Real Estate FinanceTrust Inc., a Maryland corporation,