KREF KKR Real Estate Finance Trust Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in only 1/4 quarters. Q3 2025: $0M, Q2 2025: $0M, Q1 2025: $0M, Q3 2023: $10M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $3M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Negative FCF ($-138M), cannot compute buyback ratio

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 7,457,985 shares = 10.9% of 68,713,596 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

4 open-market purchases by 4 insiders

• Lee Christen E.J. () bought 10,000 shares at $7.80 on 2025-11-07
• AHERN TERRANCE R () bought 23,700 shares at $7.81 on 2025-11-06
• Mattson W Patrick (President and COO) bought 13,000 shares at $7.91 on 2025-11-06
• Salem Matthew A (Chief Executive Officer) bought 32,000 shares at $7.84 on 2025-11-06

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 0 of 4 quarters

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $1M, sold $2M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected