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          "text": "Senior Loans (9)\n51 Senior Loan Charlotte, NC Multifamily 12/14/2021 $86.8 $86.8 $76.0 $11.0 +3.1% 4.0 $ 206,522 / unit 74% 3\n52 Senior Loan San Antonio, TX Multifamily 6/1/2022 246.5 86.3 80.3 19.7 +2.8% 4.4 $ 88,134/unit 68% 3\n53 Senior Loan Scottsdale, AZ Multifamily 5/9/2022 169.0 84.5 84.5 12.8 +2.9% 4.4 $ 457,995/unit 64% 3\n54 Senior Loan Raleigh, NC Multifamily 4/27/2022 82.9 82.9 77.7 16.0 +3.0% 4.4 $ 242,761/unit 68% 3\n55 Senior Loan Hollywood, FL Multifamily 12/20/2021 81.0 81.0 81.0 14.8 +3.0% 4.0 $ 327,935 / unit 74% 3\n56 Senior Loan Phoenix, AZ Single Family Rental 4/22/2021 72.1 72.1 40.2 11.7 +4.8% 3.4 $ 157,092 / unit 50% 3\n57 Senior Loan Arlington, VA Multifamily 10/23/2020 141.8 70.9 70.9 11.7 +3.8% 2.8 $ 393,858/unit 73% 3\n58 Senior Loan Denver, CO Multifamily 9/14/2021 70.3 70.3 69.9 11.8 +2.7% 3.8 $ 288,951/unit 78% 3\n59 Senior Loan Washington, D.C. Multifamily 12/4/2020 69.0 69.0 66.7 10.9 +3.5% 2.9 $ 266,727/unit 63% 3\n60 Senior Loan Dallas, TX Multifamily 8/18/2021 68.2 68.2 68.2 10.0 +3.9% 3.7 $ 189,444 / unit 70% 3\n61 Senior Loan Manassas Park, VA Multifamily 2/25/2022 68.0 68.0 68.0 13.2 +2.7% 4.2 $ 223,684/unit 73% 3\n62 Senior Loan Plano, TX Multifamily 3/31/2022 67.8 67.8 65.8 18.8 +2.8% 4.3 $ 247,505/unit 75% 3\n63 Senior Loan Nashville, TN Hospitality 12/9/2021 66.0 66.0 64.7 10.3 +3.6% 4.0 $281,237/key 68% 3\n64 Senior Loan Atlanta, GA Multifamily 12/10/2021 61.5 61.5 57.8 14.4 +3.0% 4.0 $ 191,491 / unit 67% 3\n65 Senior Loan Durham, NC Multifamily 12/15/2021 60.0 60.0 53.6 9.6 +3.0% 4.0 $ 155,225/unit 67% 3\n66 Senior Loan San Antonio, TX Multifamily 4/20/2022 57.6 57.6 55.9 10.7 +2.7% 4.4 $ 163,441/unit 79% 3\n67 Senior Loan Sharon, MA Multifamily 12/1/2021 56.9 56.9 56.9 8.4 +2.8% 3.9 $ 296,484/unit 70% 3\n68 Senior Loan Queens, NY Industrial 2/22/2022 55.3 55.3 52.7 13.6 +4.0% 1.2 $85/SF 68% 3\n69 Senior Loan Reno, NV Industrial 4/28/2022 140.4 50.5 50.5 11.1 +2.7% 4.4 $ 117/SF 74% 3\n70 Senior Loan Carrollton, TX Multifamily 4/1/2022 48.5 48.5 45.6 13.8 +2.9% 4.3 $ 142,435/unit 74% 3\n71 Senior Loan Dallas, TX Multifamily 4/1/2022 43.9 43.9 40.3 11.3 +2.9% 4.3 $ 113,142 / unit 73% 3\n72 Senior Loan Georgetown, TX Multifamily 12/16/2021 41.8 41.8 41.8 10.2 +3.4% 4.0 $ 199,048 / unit 68% 3\n73 Senior Loan San Diego, CA Multifamily 4/29/2022 203.0 40.0 39.1 6.8 +2.6% 4.4 $ 449,065/unit 63% 3\n74 Senior Loan (12) New York, NY Condo (Residential) 8/4/2017 20.1 20.1 20.1 20.1 +4.2% 0.3 $ 1,061/SF 73% 3\n75 Senior Loan Denver, CO Industrial 12/11/2020 15.4 15.4 7.4 3.3 +3.8% 3.0 $47/SF 61% 3\nTotal / Weighted Average $13,216.4 $9,321.3 $7,760.0 $1,867.7 +3.3% 3.3 66% 3.2\nNon-Senior Loans\n1 Corporate n.a. Multifamily 12/11/2020 101.1 40.4 40.4 40.2 +12.0% 3.0 n.a. n.a. 3\nTotal/Weighted Average 101.1 40.4 40.4 40.2 +12.0% 3.0 n.a. 3.0\nCMBS B-Pieces\n1 RECOP (13) Various Various 2/13/2017 n.a. 40.0 35.7 35.7 4.7% 6.4 n.a. 58% n.a.\nTotal/Weighted Average 40.0 35.7 35.7 4.7% 6.4 58%\nReal Estate Owned\n1 Real Estate Asset Portland, OR Retail 12/16/2021 n.a. n.a. 80.2 80.2 n.a. n.a. n.a. n.a.\nTotal / Weighted Average 80.2 79.7\nPortfolio Total / Weighted Average 9,401.8 7,916.4 2,023.8 7.8% 3.3 66% 3.2",
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          "text": "(1) Our total portfolio represents the current principal amount on senior, mezzanine and corporate loans, net equity in RECOP I, which holds CMBS B-Piece investments, and net carrying value of our sole REO investment. Excludes one impaired mezzanine loan with an outstanding principal of $5.5 million that was fully written off.\nFor Senior Loan 12, the total whole loan is $375.0 million, co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the loan or $187.5 million, of which $150.0 million in senior notes were syndicated to a third party. Post syndication, we retained a mezzanine loan with a commitment of $37.5 million, fully funded as of December 31, 2022, at an interest rate of L+7.9%.\nFor Senior Loan 20, the total whole loan is $509.9 million, co-originated and co-funded by us and a KKR affiliate. Our interest was 31% of the loan or $159.7 million, of which $134.7 million in senior notes were syndicated to third party lenders. Post syndication, we retained a mezzanine loan with a commitment of $25.0 million, of which $21.0 million was funded as of December 31, 2022, at an interest rate of L+12.9%.\n(2) Total Whole Loan represents total commitment of the entire whole loan originated. Committed Principal Amount includes participations by KKR affiliated entities and third parties that are syndicated/sold.\n(3) Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; and (ii) the cost basis of our investments in RECOP I and REO.\n(4) Weighted average is weighted by the current principal amount for our senior, mezzanine and corporate loans and by net equity for our RECOP I CMBS B-Pieces. Non-Senior Loan 1 and risk-rated 5 loans are excluded from the weighted average LTV.\n(5) Coupon expressed as spread over the relevant floating benchmark rates, which include LIBOR and Term SOFR, as applicable to each loan. As of December 31, 2022, 44.6% and 55.4% of our loans by principal amount earned a floating rate of interest indexed to Term SOFR and LIBOR, respectively.\n(6) Max remaining term (years) assumes all extension options are exercised, if applicable.\n(7) Loan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. For Senior Loans 2, 3, 7, 23, 24, 30, 34, 44, 56, and 75, Loan Per SF / Unit / Key is calculated as the total commitment amount of the loan divided by the proposed SF / Unit / Key.\n(8) For senior loans, LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value; for mezzanine loans, LTV is based on the current balance of the whole loan divided by the as-is appraised value as of the date the loan was originated; for RECOP I CMBS B-Pieces, LTV is based on the weighted average LTV of the underlying loan pool at issuance. Weighted Average LTV excludes risk rated-5 loans and one fully funded corporate loan to a multifamily operator with an outstanding principal amount of $40.4 million.\nFor Senior Loans 13 and 74, LTV is based on the current principal amount divided by the adjusted appraised gross sellout value net of sales cost.\nFor Senior Loans 2, 3, 7, 23, 24, 30, 34, 44, 56, and 75, LTV is calculated as the total commitment amount of the loan divided by the as-stabilized value as of the date the loan was originated.\n(9) 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 participations.\n(10) For Senior Loan 24, the total whole loan facility is $283.6 million, co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the facility or $141.8 million. The facility is comprised of individual cross-collateralized whole loans. As of December 31, 2022, there were ten underlying senior loans in the facility with a commitment of $141.8 million and outstanding principal of $71.9 million.\n(11) For Senior Loan 28, Total Whole Loan, Committed Principal Amount, and Current Principal Amount are shown net of a $25.0 million write-off.\n(12) For Senior Loan 74, Loan per SF of $1,061 is based on the allocated loan amount of the residential units. Excluding the value of the retail and parking components of the collateral, the Loan per SF is $2,321 based on allocating the full amount of the loan to only the residential units.\n(13) Represents our investment in an aggregator vehicle alongside RECOP I that invests in CMBS B-Pieces. Committed principal represents our total commitment to the aggregator vehicle whereas current principal represents the current funded amount.",
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