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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. 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 general political, economic and competitive conditions in the United States and in any foreign jurisdictions in which the Company invests and their impact on the Company's loan portfolio, financial condition and business operations; accelerating inflationary trends, spurred by multiple factors including high commodity prices, a tight labor market, and low residential vacancy rates, may result further in interest rate increases and lead to increased market volatility; higher interest rates imposed by the Federal Reserve may lead to a decrease in prepayment speeds and an increase in the number of borrowers who exercise extension options, which could extend beyond the term of certain secured financing agreements the Company uses to finance its loan investments; the economic impact of escalating global trade tensions, the conflict between Russia and Ukraine, and the adoption or expansion of economic sanctions or trade restrictions; reduced demand for office, multifamily or retail space, including as a result of the COVID-19 pandemic and/or hybrid work schedules which allow work from remote locations other than the employer's office premises; the impact of, and market dislocations that may result from, governmental intervention in the economic and financial system or from regulatory reform of the oversight of financial markets; the failure of any banks with which the Company and/or the Company's borrowers have a commercial relationship could adversely affect, among other things, the Company or the Company's borrower's ability to access deposits or borrow from financial institutions on favorable terms; interest rate mismatches between the Company's target assets and any borrowings used to fund such assets; adverse developments in the availability of desirable investment opportunities whether they are due to competition, regulation or otherwise, could adversely affect the Company's results of operations; the level and volatility of prevailing interest rates and credit spreads; adverse changes in the real estate and real estate capital markets; difficulty or delays in redeploying the proceeds from repayments of the Company's existing investments; general volatility of the securities markets in which the Company participates; changes in the Company's business, investment strategies or target assets; deterioration in the performance of the properties securing the Company's investments that may cause deterioration in the performance of the Company's investments, risks in collection of contractual interest payments, and potentially, principal losses to the Company; 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; the adequacy of collateral securing the Company's investments and declines in the fair value of the Company's investments; difficulty in obtaining financing or raising capital; difficulty in successfully managing the Company's growth, including integrating new assets into the Company's existing systems; reductions in the yield on the Company's investments and increases in the cost of the Company's financing; defaults by borrowers in paying debt service on outstanding indebtedness; the availability of qualified personnel and the Company's relationship with its Manager; subsidiaries of KKR & Co. Inc. have significant influence over the Company and KKR's interests may conflict with those of the Company's stockholders in the future; the cost of operating the Company's platform, including, but not limited to, the cost of operating a real estate investment platform; adverse legislative or regulatory developments; the Company's qualification as a real estate investment trust (\"REIT\") for U.S. federal income tax purposes and the Company's exclusion from registration under the Investment Company Act of 1940, as amended; authoritative accounting principles generally accepted in the United States of America (\"GAAP\") or policy changes from 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, 2022, 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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The charts above are based on total assets. Total assets reflect the principal amount of our loan portfolio. Commitment amount includes participations by KKR affiliated entities and third parties that\nare syndicated / sold. Weighted average is weighted by the current principal amount. Loan Per SF is based on the current principal amount divided by the current SF. For the Bellevue, WA loan, Loan Per SF is calculated\nas the total commitment amount of the loan divided by the proposed SF. Max remaining term (years) assumes all extension options are exercised, if applicable", "attrs": {}, "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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Dec-19 Recapitalization 175.5 161.9 792 1.5\nChicago, IL Jul-19 Refinance 150.0 118.4 114 1.1\nRisk-Rated 4: Total / Weighted Average $700.7 $642.4 2.3\nBellevue, WA Sep-21 Construction 260.4 148.6 855 3.8\nOakland, CA Oct-20 Acquisition 159.7 139.9 430 2.4\nPlano, TX Feb-20 Refinance 150.7 150.7 208 1.6\nDallas, TX Dec-21 Refinance 138.0 138.0 439 3.4\nPhiladelphia, PA Jun-18 Refinance 116.5 111.9 114 3.6\nWashington, D.C. 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Office 11/9/2021 187.7 187.7 174.6 51.7 +3.4% 3.4 $489/SF 55% 4\n12 Senior Loan Boston, MA Office 2/4/2021 375.0 187.5 187.5 37.5 +3.4% 2.6 $506/SF 71% 4\n13 Senior Loan Various Self Storage 12/21/2022 371.6 185.8 66.0 21.2 +3.8% 4.5 $19,792 / unit 65% 3\n14 Senior Loan The Woodlands, TX Hospitality 9/15/2021 183.3 183.3 178.7 32.7 +4.3% 3.3 $196,635/key 64% 3\n15 Senior Loan Philadelphia, PA Office 4/11/2019 176.7 176.7 154.7 100.0 +2.6% 0.1 $216/SF n.a. 5\n16 Senior Loan Washington, D.C. Office 12/20/2019 175.5 175.5 161.9 71.7 +3.5% 1.5 $792/SF 58% 4\n17 Senior Loan West Palm Beach, FL Multifamily 12/29/2021 171.5 171.5 170.7 25.7 +2.8% 3.5 $210,275/unit 73% 3\n18 Senior Loan New York, NY Condo (Residential) 12/20/2018 169.4 169.4 166.2 60.5 +3.7% 0.5 $2,480,099 / unit 69% 3\n19 Senior Loan Boston, MA Life Science 4/27/2021 332.3 166.2 153.0 30.6 +3.7% 2.9 $635/SF 66% 3\n20 Senior Loan Oakland, CA Office 10/23/2020 509.9 159.7 139.9 22.0 +4.4% 2.4 $430/SF 55% 3\n21 Senior Loan Plano, TX Office 2/6/2020 150.7 150.7 150.7 23.1 +2.8% 1.6 $208/SF 63% 3\n22 Senior Loan Chicago, IL Office 7/15/2019 150.0 150.0 118.4 21.4 +3.3% 1.1 $114/SF 57% 4\n23 Senior Loan Redwood City, CA Life Science 9/30/2022 580.7 145.2 0.0 (1.2) +4.5% 4.3 $885/SF 53% 3\n24 Senior Loan Seattle, WA Life Science 10/1/2021 188.0 140.3 115.2 33.8 +3.2% 3.3 $735/SF 69% 3\n25 Senior Loan Dallas, TX Office 12/10/2021 138.0 138.0 138.0 25.6 +3.7% 3.4 $439/SF 68% 3\n26 Senior Loan Boston, MA Multifamily 3/29/2019 137.0 137.0 137.0 28.1 +3.4% 0.8 $351,282 / unit 59% 3\n27 Senior Loan Arlington, VA Multifamily 1/20/2022 135.3 135.3 131.9 30.5 +2.9% 3.6 $439,817/unit 78% 3\n28 Senior Loan Fontana, CA Industrial 5/11/2021 132.0 132.0 101.8 35.1 +4.7% 2.9 $113/SF 64% 3\n29 Senior Loan Fort Lauderdale, FL Hospitality 11/9/2018 130.0 130.0 130.0 24.2 +3.5% 0.4 $375,723/key 66% 3\n30 Senior Loan San Carlos, CA Life Science 2/1/2022 195.9 125.0 93.8 27.4 +3.6% 3.6 $640/SF 68% 3\n31 Senior Loan (10) Various Industrial 6/30/2021 242.0 121.0 86.5 29.0 +5.5% 3.0 $75/SF 62% 3\n32 Senior Loan (11) Philadelphia, PA Office 6/19/2018 116.5 116.5 111.9 18.8 +3.3% 3.6 $114/SF 53% 3\n33 Senior Loan Cambridge, MA Life Science 12/22/2021 401.3 115.7 76.7 19.9 +4.0% 3.5 $1,072/SF 51% 3\n34 Senior Loan Pittsburgh, PA Student Housing 6/8/2021 112.5 112.5 112.5 17.2 +3.0% 2.9 $155,602 / unit 74% 3\n35 Senior Loan Miami, FL Multifamily 10/28/2022 110.4 110.4 94.0 22.6 +3.8% 4.4 $333,333/unit 51% 3\n36 Senior Loan West Hollywood, CA Multifamily 1/26/2022 107.0 107.0 102.0 15.5 +3.1% 3.6 $2,756,757 / unit 65% 4\n37 Senior Loan Las Vegas, NV Multifamily 12/28/2021 106.3 106.3 102.0 20.0 +2.8% 3.5 $193,182/unit 61% 3\n38 Senior Loan San Diego, CA Multifamily 10/20/2021 103.5 103.5 103.5 18.7 +2.9% 3.4 $448,052/unit 71% 3\n39 Senior Loan Orlando, FL Multifamily 12/14/2021 102.4 102.4 91.7 24.5 +3.1% 3.5 $242,027/unit 74% 3\n40 Senior Loan Boston, MA Industrial 6/28/2022 285.5 100.0 99.3 20.3 +3.0% 4.0 $198/SF 52% 3\n41 Senior Loan Washington, D.C. Office 1/13/2022 228.5 100.0 60.4 9.5 +3.3% 4.6 $221/SF 55% 3\n42 Senior Loan Phoenix, AZ Industrial 1/13/2022 195.3 100.0 50.4 13.9 +4.0% 3.6 $57/SF 57% 3\n43 Senior Loan Cary, NC Multifamily 11/21/2022 100.0 100.0 94.6 18.0 +3.4% 4.4 $242,484/ unit 63% 3\n44 Senior Loan Brisbane, CA Life Science 7/22/2021 95.0 95.0 90.8 17.8 +3.1% 3.1 $784/SF 71% 3\n45 Senior Loan Brandon, FL Multifamily 1/13/2022 90.3 90.3 66.2 9.7 +3.1% 3.6 $196,506 / unit 75% 3\n46 Senior Loan Dallas, TX Multifamily 12/23/2021 90.0 90.0 78.4 15.4 +2.9% 3.5 $241,221/unit 67% 3\n47 Senior Loan Miami, FL Multifamily 10/14/2021 89.5 89.5 89.5 17.3 +2.9% 3.4 $304,422 / unit 76% 3\n48 Senior Loan Dallas, TX Office 1/22/2021 87.0 87.0 87.0 19.5 +3.4% 2.6 $294/SF 63% 3\n49 Senior Loan Charlotte, NC Multifamily 12/14/2021 86.8 86.8 81.1 16.3 +3.1% 3.5 $220,377 / unit 74% 3\n50 Senior Loan San Antonio, TX Multifamily 6/1/2022 246.5 86.3 80.3 19.8 +2.8% 3.9 $103,007/unit 68% 3", "attrs": {}, "canon": { "kind": { "name": 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Multifamily 12/4/2020 69.0 69.0 66.8 10.6 +3.6% 2.4 $267,000 / unit 63% 3\n57 Senior Loan Dallas, TX Multifamily 8/18/2021 68.2 68.2 68.2 10.1 +3.9% 3.2 $189,444 / unit 70% 3\n58 Senior Loan Manassas Park, VA Multifamily 2/25/2022 68.0 68.0 68.0 13.3 +2.7% 3.7 $223,684 / unit 73% 3\n59 Senior Loan Plano, TX Multifamily 3/31/2022 67.8 67.8 66.6 18.2 +2.8% 3.8 $250,255/unit 75% 3\n60 Senior Loan Nashville, TN Hospitality 12/9/2021 66.0 66.0 64.7 10.0 +3.7% 3.5 $281,237/key 68% 3\n61 Senior Loan Atlanta, GA Multifamily 12/10/2021 61.5 61.5 58.6 15.3 +3.0% 3.5 $194,112/unit 67% 3\n62 Senior Loan Durham, NC Multifamily 12/15/2021 60.0 60.0 55.1 11.3 +3.0% 3.5 $159,714/ unit 67% 3\n63 Senior Loan San Antonio, TX Multifamily 4/20/2022 57.6 57.6 56.2 10.4 +2.7% 3.9 $164,275/unit 79% 3\n64 Senior Loan Sharon, MA Multifamily 12/1/2021 56.9 56.9 56.9 8.4 +2.9% 3.4 $296,484 / unit 70% 3\n65 Senior Loan Queens, NY Industrial 2/22/2022 55.3 55.3 53.0 14.0 +4.0% 0.7 $86/SF 68% 3\n66 Senior Loan Reno, NV Industrial 4/28/2022 140.4 50.5 50.5 11.3 +2.7% 3.9 $117/SF 74% 3\n67 Senior Loan Carrollton, TX Multifamily 4/1/2022 48.5 48.5 46.9 13.1 +2.9% 3.8 $146,612/unit 74% 3\n68 Senior Loan Dallas, TX Multifamily 4/1/2022 43.9 43.9 41.9 10.8 +2.9% 3.8 $117,693/unit 73% 3\n69 Senior Loan Georgetown, TX Multifamily 12/16/2021 41.8 41.8 41.8 10.2 +3.4% 3.5 $199,048 / unit 68% 3\n70 Senior Loan San Diego, CA Multifamily 4/29/2022 203.0 40.0 39.5 6.4 +2.6% 3.9 $453,089 / unit 63% 3\n71 Senior Loan Denver, CO Industrial 12/11/2020 15.4 15.4 9.9 6.0 +3.8% 2.5 $47/SF 61% 2\nTotal/Weighted Average 12,689.8 8,966.6 7,755.0 1,796.5 +3.3% 3.0 65% 3.2\nCMBS B-Pieces\n1 RECOP (12) n.a. 40.0 35.7 35.7 +4.8% 5.9 n.a. 58% n.a.\nTotal/Weighted Average 40.0 35.7 35.7 +4.8% 5.9 58%\nReal Estate Owned\n1 Real Estate Asset Portland, OR Retail 12/16/2021 n.a. n.a. 81.4 81.4 n.a. n.a. n.a. n.a. n.a.\nTotal/Weighted Average 81.4 81.4\nPortfolio Total / Weighted Average 9,006.6 7,872.1 1,913.6 8.5% 3.0 65% 3.2", 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null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:22.527+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3365288-735f-40b3-8515-37ea539d0855", "parentComponentId": null }, { "bbox": { "h": 0.789, "w": 0.874, "x": 0.06, "y": 0.136 }, "kind": "list", "text": "Our total portfolio represents the current principal amount on senior and mezzanine 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 9, the total whole loan is $199.4 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 June 30, 2023, at a fixed interest rate of 4.5%. The mezzanine note interest is payment-in-kind (\"PIK Interest\"), which is capitalized, compounded, and added to the outstanding principal balance of the respective loans.\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 June 30, 2023, at an interest rate of S+8.0%.\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 $21.9 million was funded as of June 30, 2023, at an interest rate of S+13.0%\nFor Senior Loan 36, the total whole loan is $107.0 million, including (i) a fully funded senior mortgage loan of $102.0 million, at an interest rate of S+3.06%, (ii) a senior mezzanine note with an unfunded commitment of $4.2 million as of June 30, 2023, at a fixed interest rate of 10.0% and (iii) a junior mezzanine note with an unfunded commitment of $0.8 million as of June 30, 2023, at a fixed interest rate 10.0% with certain profit share provisions, as defined in the loan agreement.\nTotal 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.\nNet 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.\nWeighted average is weighted by the current principal amount for our senior and mezzanine loans and by net equity for our RECOP I CMBS B-Pieces. Risk-rated 5 loans are excluded from the weighted average LTV.\nCoupon expressed as spread over Term SOFR.\nMax remaining term (years) assumes all extension options are exercised, if applicable.\nLoan 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, 28, 31, 33, 42, 54, and 71, Loan Per SF / Unit / Key is calculated as the total commitment amount of the loan divided by the proposed SF / Unit / Key.\nFor 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.\nFor Senior Loans 18, 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, 28, 31, 33, 42, 54, and 71, 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.\nSenior 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.\nFor Senior Loan 31, the total whole loan facility is $242.0 million, co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the facility or $121.0 million. The facility is comprised of individual cross-collateralized whole loans. 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indicator of the Company's ability to generate sufficient income to pay its quarterly dividends and in determining the amount of such dividends, which is the primary focus of yield/income investors who comprise a significant portion of the Company's investor base. 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