KKR Real Estate Finance Trust Inc 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 For the transition period from ________________ to ________________Commission File Number:001-38082 Suite 7500New York,NY(Address of principal executive offices) 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.☐ The number of shares of the registrant's common stock, par value $0.01 per share, outstanding as of April21, 2025 was67,806,289. Condensed 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 2024 Item 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. Exhibits CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 1933, 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-lookingstatements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are from what is expressed in or indicated by the forward-looking statements.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 this 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 we by the cautionary statements included in this Form 10-Q and in other filings we make with the SEC. We undertake no obligation topublicly update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law. Except where the context requires otherwise, the terms "Company," "we," "us," "our" and "KREF" refer to KKR Real Estate FinanceTrust Inc., a Maryland corporation, and its subsidiaries; "Manager" refers to KKR Real Estate Finance Manager LLC, a Delaware SUMMARY OF MATERIAL RISKS a more detailed description of these risks in the "Risk Factors" section of this report and in other filings that we make from time totime with the SEC. •fluctuations in interest rates and credit spreads could reduce our ability to generate income on our loans and otherinvestments, which could lead to a significant decrease in our results of operations, cash flows and the market value of our •adverse developments in the real estate and real estate capital markets could negatively impact our performance;•adverse legislative or regulatory developments, including with respect to tax laws, securities laws, and the laws governing •adverse developments in the availability of attractive loan and other investment opportunities whether they are due to •adverse economic trends and changes in economic conditions, including as a result of heightened inflation, slower growth orrecession, changes to fiscal and monetary policy, higher interest rates, increased tariffs and trade tensions, geopolitical •events giving rise to increases in our current expected credit loss reserve; •reduced demand for office, multifamily or retail space, and/or hybrid work schedules which allow work from remotelocations other than the employer's office premises; markets, (ii) a reduction in the yield on our investments, (iii) an increase in the cost of our financing, (iv) an inability toborrow incremental amounts or an obligation to repay amounts under our financing arrangements, or (v) defaults byborrowers in paying