KREF — what changed in the latest 10-Q
A section-by-section comparison of KREF's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-28 vs the prior 10-Q · 2026-07-21
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +38 | −31 | ~65 | 74 |
| Market risk (Item 3) | Text added/removed | +2 | 0 | ~5 | 10 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors, Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-28
adversely impact real estate asset values and increase our interest expense, which expense may not be fully offset by any resulting increase in interest income.
On July 21, 2026, we announced that our board of directors had established a strategic review committee to initiate a review of possible strategic alternatives for the Company to enhance shareholder value, which may include the sale of the Company or its assets, a merger or other strategic transacti…
Unrealized (gain) loss on foreign currency forward contracts(85)— 5,333 0.09
Distributable Earnings before realized gains (losses) and strategic review expenses $5,178 $0.09 $5,969 $0.10
Diluted weighted average common shares outstanding57,648,65062,463,168
Text removed vs the prior filing · source: 10-Q · 2026-07-21
Diluted weighted average common shares outstanding62,463,16864,673,125
The following table details overall statistics for our loan portfolio as of June 30, 2026 (amounts in thousands):
(A) Represents a mezzanine loan with a commitment of $79.4 million accompanying a senior loan. $74.4 million of loan principal was funded and on nonaccrual status as of June 30, 2026. Refer to Note 3 to our condensed consolidated financial statements for additional information.
For Senior Loan 2, the total whole loan has an outstanding principal balance of $194.4 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 Ju…
(B) Total Whole Loan represents the total commitment of the entire loan originated, including participations by KKR affiliated entities. KREF has been the sole or lead investor across all of its originations since its 2015 inception. As of March 31, 2026, KKR's investment portfolio has less than 0.5…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-10-28
benchmark rates would increase our expected cash flows by approximately $0.0 million and $0.1 million, or $0.00 and $0.00 per common share, respectively, for the same period.
Net exposure to foreign exchange rate movements in USD$3,188 $1,186
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice