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You can identify these forward 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, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify, in particular due to the uncertainties created by the COVID-19 pandemic, including the projected impact of COVID-19 on our business, financial performance and operating results. The forward-looking statements are based on the Company's beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the severity and duration of the COVID-19 pandemic; potential risks and uncertainties relating to the ultimate geographic spread of COVID-19; actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact; the potential negative impacts of COVID-19 on the global economy and the impacts of COVID-19 on the Company's financial condition and business operations; deterioration in the performance of the properties securing our investments that may cause deterioration in the performance of our investments and, potentially, principal losses to us; difficulty or delays in redeploying the proceeds from repayments of our existing investments; the general political, economic and competitive conditions in the United States and in any foreign jurisdictions in which the Company invests; the level and volatility of prevailing interest rates and credit spreads; adverse changes in the real estate and real estate capital markets; general volatility of the securities markets in which the Company participates; changes in the Company's business, investment strategies or target assets; difficulty in obtaining financing or raising capital; adverse legislative or regulatory developments; reductions in the yield on the Company's investments and increases in the cost of the Company's financing; acts of God such as hurricanes, earthquakes and other natural disasters, pandemics such as COVID-19, acts of war and/or terrorism and other events that may cause unanticipated and uninsured performance declines and/ or losses to the Company or the owners and operators of the real estate securing the Company's investments; deterioration in the performance of properties securing the Company's investments that may cause deterioration in the performance of the Company's investments and, potentially, principal losses to the Company; defaults by borrowers in paying debt service on outstanding indebtedness; the adequacy of collateral securing the Company's investments and declines in the fair value of the Company's investments; adverse developments in the availability of desirable investment opportunities whether they are due to competition, regulation or otherwise; difficulty in successfully managing the Company's growth, including integrating new assets into the Company's existing systems; the cost of operating the Company's platform, including, but not limited to, the cost of operating a real estate investment platform and the cost of operating as a publicly traded company; the availability of qualified personnel and the Company's relationship with our Manager; KKR controls the Company and its interests may conflict with those of the Company's stockholders in the future; the Company's qualification as a REIT for U.S. federal income tax purposes and the Company's exclusion from registration under the Investment Company Act of 1940; authoritative GAAP or policy changes from such standard-setting bodies such as the Financial Accounting Standards Board, the Securities and Exchange Commission (the \"SEC\"), the Internal Revenue Service, the New York Stock Exchange and other authorities that the Company is subject to, as well as their counterparts in any foreign jurisdictions where the Company might do business; and other risks and uncertainties, including those described under Part I-Item 1A. \"Risk Factors\" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and under Part II Item 1A. \"Risk Factors\" of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. 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approximately 98% of the loan portfolio is subject to LIBOR floor of at least 0.95% with a weighted average floor of 1.86%, resulting in book value accretion\nBook value(3) per share inclusive of ($1.16) per share CECL credit loss allowance", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:16:22.564+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cf0ec2c-d897-4022-aa8d-cb7e89309527", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.73, "x": 0.21, "y": 0.56 }, "kind": "list", "text": "$5.0 billion predominantly senior loan portfolio\nWeighted average risk rating of 3.1\nMultifamily and office assets represent 83% of loan portfolio; only 8% of portfolio is comprised of hospitality and retail assets\nReceived $273.1 million in loan repayments and funded $50.6 million in additional fundings on previously originated loans\nCollected 99.8% and 99.7% of interest payments due on loan portfolio in 3Q'20 and October 2020, respectively\nOriginated three floating-rate senior loans totaling $270.6 million in October 2020", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:16:22.564+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5b882f1-9451-4396-84c4-b8a3438b6946", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.9, "x": 0.05, "y": 0.81 }, "kind": "source-note", "text": "Note: Net income attributable to common stockholders per share and Core Earnings per share are based on diluted weighted average shares outstanding for the quarter ended September 30, 2020; book value per share is based on shares outstanding as of September 30, 2020.\n(1) Represents Net Income attributable to common stockholders.\n(2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP.\n(3) Book value per share includes the year-to-date (\"YTD\") impact of a ($0.3) million, or $0.01 per common share, non-cash redemption value adjustment to our redeemable Special Non-Voting Preferred Stock ('SNVPS'), resulting in a cumulative (since issuance of the SNVPS) decrease of $2.0 million to our book value as of September 30, 2020.\n(4) Comprised of $301.4 million in cash (inclusive of $12.0 million held in our CLO), $335.0 million undrawn corporate revolver capacity, $22.2 million approved and undrawn secured financing facilities, and $42.0 million of loan repayment held by servicer and receivable by our CLO as of September 30, 2020.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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}, "kind": "legend", "text": "5", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:16:22.272+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f269bb22-de89-40bf-94c2-112e4c365b63", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.81, "x": 0.05, "y": 0.83 }, "kind": "source-note", "text": "(1) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP.\n(2) Includes loans financed through the non-recourse sale of a senior interest that is not included in our GAAP consolidated financial statements.\n(3) Represents (i) total debt less cash to (ii) 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"canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:16:22.272+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ac934ab-858d-404d-8e00-5eccbdbddf24", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.43, "x": 0.05, "y": 0.13 }, "kind": "table", "text": "Income Statement\n($ in Millions)\n3Q20\nNet Interest Income $38.9\nOther Income 1.1\nOperating Expenses and Other (8.7)\nCECL Provision for Credit Loss, Net 0.1\nNet Income Attributable to Common Stockholders $31.4\nWeighted Average Shares Outstanding, 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Office 12/20/2019 175.5 59.2 18.2 116.3 L + 3.4% 4.3 $ 290 / SF 58% 3\n14 Senior Loan Seattle, WA Office 9/13/2018 172.0 168.0 30.0 4.0 L + 3.8% 3.0 $ 490 / SF 62% 3\n15 Senior Loan Chicago, IL Office 7/15/2019 170.0 131.2 21.9 38.8 L + 3.3% 3.9 $ 126 / SF 59% 3\n16 Senior Loan Philadelphia, PA Office 6/19/2018 165.0 164.1 36.4 0.9 L + 2.5% 2.8 $ 169 / SF 71% 3\n17 Senior Loan New York, NY Multifamily 12/5/2018 163.0 148.0 23.2 15.0 L + 2.6% 3.2 $ 556,391 / unit 67% 3\n18 Senior Loan Fort Lauderdale, FL Hospitality 11/9/2018 151.2 141.2 28.5 10.0 L + 2.9% 3.2 $ 407,993 / key 62% 4\n19 Senior Loan Various Retail 12/19/2019 147.0 102.2 25.1 44.8 L + 2.6% 4.9 $ 76 / SF 55% 3\n20 Senior Loan Boston, MA Multifamily 3/29/2019 138.0 137.0 22.2 1.0 L + 2.7% 3.5 $ 351,282 / unit 63% 3\n21 Senior Loan West Palm Beach, FL Multifamily 11/7/2018 135.0 131.6 21.0 3.4 L + 2.9% 3.1 $ 162,108 / unit 73% 3\n22 Senior Loan Portland, OR Retail 10/26/2015 109.6 109.6 89.5 - L + 5.5% 0.1 $ 101 / SF 61% 5\n23 Senior Loan San Diego, CA Multifamily 2/3/2020 102.3 102.3 20.8 - L + 3.3% 4.4 $ 442,965 / unit 71% 4\n24 Senior Loan New York, NY Condo (Resi) 8/4/2017 101.7 101.7 67.8 - L + 4.7% 1.0 $ 1,720 / SF 53% 4\n25 Senior Loan State College, PA Student Housing 10/15/2019 93.4 69.6 17.2 23.8 L + 2.7% 4.1 $ 54,762 / bed (9) 64% 3\n26 Senior Loan Seattle, WA Multifamily 9/7/2018 92.3 92.3 16.8 - L + 2.6% 2.9 $ 515,571 / unit 76% 3\n27 Senior Loan Los Angeles, CA Multifamily 12/11/2019 91.0 91.0 19.0 - L + 2.8% 2.3 $ 421,296 / unit 72% 3\n28 Senior Loan New York, NY Multifamily 3/29/2018 86.0 86.0 14.5 - L + 2.6% 2.5 $ 462,366 / unit 48% 3\n29 Senior Loan Seattle, WA Office 3/20/2018 80.7 80.7 14.6 - L + 3.6% 2.5 $ 473 / SF 61% 3\n30 Senior Loan Philadelphia, PA Multifamily 10/30/2018 77.0 77.0 13.0 - L + 2.7% 3.1 $ 150,980 / unit 73% 3\n31 Senior Loan Brooklyn, NY Hospitality 1/18/2019 76.4 76.4 16.0 - L + 2.9% 3.4 $ 389,578 / key 69% 4\n32 Senior Loan Herndon, VA Multifamily 12/23/2019 73.9 73.0 11.9 0.9 L + 2.5% 4.3 $ 248,395 / unit 72% 3\n33 Senior Loan Queens, NY Industrial 7/21/2017 70.1 66.7 66.6 3.4 L + 3.0% 1.8 $ 117 / SF 64% 4\n34 Senior Loan Austin, TX Multifamily 9/12/2019 67.5 67.5 12.4 - L + 2.5% 4.0 $ 190,678 / unit 75% 3\n35 Senior Loan Atlanta, GA Multifamily 8/9/2019 61.5 61.5 11.3 - L + 3.0% 3.9 $ 170,833 / unit 74% 2\nTotal / Weighted Average $5,441.0 $4,973.2 $1,190.0 $462.6 L + 3.0% 3.5 66% 3.1\nMezzanine Loans\n1 Floating Rate Mezzanine Westbury, NY Multifamily 1/27/2020 20.0 20.0 19.9 - L + 9.0% 3.8 $ 464,135 / unit 66% 3\n2 Fixed Rate Mezzanine (10) Various Retail 6/8/2015 5.5 5.5 0.9 - 11.0% 4.8 $ 45 / SF 71% 5\nTotal / Weighted Average $25.5 $25.5 $20.8 $0.0 11.0% 4.0 67% 3.4\nCMBS\nTotal / Weighted Average $40.0 $35.7 $35.7 $4.3 4.8% 8.7 58%\nPortfolio Total / Weighted Average $5,506.5 $5,034.4 $1,246.5 $466.9 4.8% 3.5 66% 3.1\n3Q20 Outstanding Portfolio (8) $5,034.4", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", 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"google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a54c4f6-08c8-4880-a1cb-9740271830ab", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.89, "x": 0.05, "y": 0.13 }, "kind": "list", "text": "(1) Senior loans include senior mortgages and similar credit quality investments, including junior participations in our originated senior loans for which we have syndicated the senior participations and retained the junior participations for our portfolio and excludes vertical loan syndications.\n(2) Net equity reflects (i) the amortized cost basis of our loans, net of borrowings and (ii) the cost basis of our investment in RECOP I.\n(3) Represents Committed Principal Amount less Current Principal Amount on Senior Loans and $4.3 million of unfunded commitment to RECOP I.\n(4) Weighted averages are weighted by current principal amount for senior loans and mezzanine loans and by net equity for our RECOP I CMBS B-Piece investment.\n(5) L = 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23:16:35.385+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b626d98c-284d-4445-8fad-9c05b0cfc4b3", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.883, "x": 0.062, "y": 0.518 }, "kind": "paragraph", "text": "\"IRR\": IRR is the annualized effective compounded return rate that accounts for the time-value of money and represents the rate of return on an investment over a holding period expressed as a percentage of the investment. It is the discount rate that makes the net present value of all cash outflows (the costs of investment) equal to the net present value of cash inflows (returns on investment). It is derived from the negative and positive cash flows resulting from or produced by each transaction (or for a transaction involving more than one investment, cash flows resulting from or produced by each of the investments), whether positive, such as investment returns, or negative, such as transaction expenses or other costs of investment, taking into account the dates on which such cash flows occurred or are expected to occur, and compounding interest accordingly. The weighted average underwritten IRR for the investments shown reflects the returns underwritten by KKR Real Estate Finance Manager LLC, the Company's external manager, taking into account certain assumptions around leverage up to no more than the maximum approved advance rate, and calculated on a weighted average basis assuming no dispositions, early prepayments or defaults but assuming that extension options are exercised and that the cost of borrowings remains constant over the remaining term. With respect to certain loans included in the weighted average underwritten IRR shown, the calculation assumes certain estimates with respect to the timing and magnitude of the initial and future fundings for the total loan commitment and associated loan repayments, and assumes no defaults. With respect to certain loans included in the weighted average underwritten IRR shown, the calculation assumes the one-month spot USD LIBOR as of the date the loan was originated. There can be no assurance that the actual weighted average IRRs will equal the weighted average underwritten IRRs shown.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:16:35.385+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dc2d48d-b27d-4425-aa81-9362cb6f5d12", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.883, "x": 0.062, "y": 0.444 }, "kind": "paragraph", "text": "Core Earnings should not be considered as a substitute for GAAP net income. The Company cautions readers that its methodology for calculating Core Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, the Company's reported Core Earnings may not be comparable to similar measures presented by other REITs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:16:35.385+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a531c16e-686d-4182-8bca-f9b009e5f8d7", "parentComponentId": null }, { "bbox": { "h": 0.202, "w": 0.883, "x": 0.062, "y": 0.141 }, "kind": "paragraph", "text": "\"Core Earnings\": Used by the Company to evaluate the Company's performance excluding the effects of certain transactions and GAAP adjustments the Company believes are not necessarily indicative of the current loan activity and operations. Core Earnings is a measure that is not prepared in accordance with GAAP. The Company defines Core Earnings for reporting purposes as net income (loss) attributable to stockholders or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items after discussions between the Company's Manager and board of directors and after approval by a majority of the independent directors. The exclusion of depreciation and amortization from the calculation of Core Earnings only applies to debt investments related to real estate to the extent the Company forecloses upon the property or properties underlying such debt investments.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:16:35.385+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bedeaf59-0165-469a-9d5d-23eb8b9abe2a", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.883, "x": 0.062, "y": 0.349 }, "kind": "paragraph", "text": "The Company believes that providing Core Earnings on a supplemental basis to its net income as determined in accordance with GAAP is helpful to stockholders in assessing the overall performance of the Company's business. Although pursuant to the Management Agreement with its Manager, the Company calculates the incentive compensation and base management fees due to its Manager using Core Earnings before incentive compensation, beginning with the first quarter of 2020, the Company revised its definition of Core Earnings for reporting purposes to be net of incentive compensation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:16:35.385+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5ee757d-c931-40a1-bd74-737d55a9735a", "parentComponentId": null }, { "bbox": { "h": 0.013, "w": 0.019, "x": 0.048, "y": 0.942 }, "kind": "source-note", "text": "24", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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