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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. 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"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": "2026-05-02 06:57:39.578+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d960c86a-5a8c-4a1e-990c-f702b93d3fad", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.667, "x": 0.287, "y": 0.684 }, "kind": "list", "text": "$630 million of available liquidity, including $136 million of cash and $450 million undrawn capacity on the corporate revolver", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, 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"promptVersion": null }, "componentId": "2f92b404-b7c9-471e-9252-c87b4a54f7dd", "parentComponentId": null }, { "bbox": { "h": 0.013, "w": 0.87, "x": 0.079, "y": 0.912 }, "kind": "subtitle", "text": "Includes the amortization of deferred origination fees, loan origination costs and purchase discounts, and excludes loans accounted for under the cost recovery method", "attrs": {}, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:39.578+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9ccc079-96bd-4724-be5c-45542fe07338", "parentComponentId": null }, { "bbox": { "h": 0.013, "w": 0.59, 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Weighted Average LTV(3): 65%", "attrs": { "x_axis_label": "LTV Range", "y_axis_label": "Percentage of Loan Portfolio" }, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:35.577+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc7f5f86-d506-4d42-af00-969c2463f31f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.64, "x": 0.061, "y": 0.134 }, "kind": "paragraph", "text": "Collected 98% of interest payments due on loan portfolio during 2023", "attrs": {}, "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": "2026-05-02 06:57:35.577+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f76c955-c915-4067-a206-7d9dea580862", "parentComponentId": null }, { "bbox": { "h": 0.013, "w": 0.54, "x": 0.055, "y": 0.892 }, "kind": "source-note", "text": "(2) Includes non-consolidated senior interests and excludes risk-rated 5 loans", "attrs": { "numbered": true }, "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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"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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b6d5d47-1544-49d0-bc76-fa00d2d3ba96", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.29, "x": 0.65, "y": 0.54 }, "kind": "list", "text": "Total Principal: $476 million", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "942c268c-1124-48a3-a5cb-23ef0b4426fa", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.29, "x": 0.65, "y": 0.59 }, "kind": "list", "text": "Boston Office", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba95bb0b-910f-4c0a-b46c-69429f17d309", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.29, "x": 0.06, "y": 0.37 }, "kind": "list", "text": "Minneapolis Office", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd9110a0-36db-46e8-8b71-61500e433960", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.29, "x": 0.35, "y": 0.54 }, "kind": "list", "text": "Risk Rating: 4", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfef9ffc-af75-4bef-970e-589e3899f66b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.29, "x": 0.06, "y": 0.27 }, "kind": "list", "text": "Total Principal: $551 million", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c597d9d6-732d-4b29-84fe-cf171d94efbe", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.29, "x": 0.06, "y": 0.21 }, "kind": "list", "text": "3Q'23 Watch List", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca09b487-72d3-4753-804b-750172d69fc2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.29, "x": 0.65, "y": 0.21 }, "kind": "list", "text": "4Q'23 Watch List", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d70fea0f-5350-4fcc-8e55-b6a5ccad94ad", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.29, "x": 0.65, "y": 0.32 }, "kind": "list", "text": "Mountain View Office", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfde3f17-8bff-48be-9f1e-9032ac6e4082", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.29, "x": 0.65, "y": 0.51 }, "kind": "list", "text": "Seattle Life Science", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e34b7a34-6ef7-414e-9d31-35b63548fa9d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.29, "x": 0.06, "y": 0.54 }, "kind": "list", "text": "Total Principal: $636 million", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb5f3af7-b8ae-4bc5-a018-f6e69f9d0599", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.29, "x": 0.06, "y": 0.59 }, "kind": "list", "text": "Boston Office", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f16ead7b-837d-44ff-98ad-fc48be46233d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.29, "x": 0.65, "y": 0.37 }, "kind": "list", "text": "Minneapolis Office", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f204fa08-763f-47dd-b443-897c3acbccd5", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.29, "x": 0.06, "y": 0.65 }, "kind": "list", "text": "West Hollywood Multifamily", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4e5363d-d1d4-4fcb-bc45-8fd587aa9ac5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.29, "x": 0.06, "y": 0.7 }, "kind": "list", "text": "Washington, D.C. Office (4Q'23 Principal Amount: $173 million)", "attrs": {}, "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": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9a57563-e7db-4d79-a647-1c791ce2ca8b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.02, "x": 0.91, "y": 0.95 }, "kind": "source-note", "text": "10", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a0adcf0-dda7-4cc8-82ab-ae94b9a1d91b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.79, "x": 0.06, "y": 0.13 }, "kind": "subtitle", "text": "In 4Q'23, KREF had one REO transfer, two risk-rating upgrades and three risk-rating downgrades", "attrs": {}, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25d20a1f-8e07-4770-9d7c-cce9c8da1d38", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.89, "x": 0.06, "y": 0.06 }, "kind": "title", "text": "Watch List Migrations Quarter-over-Quarter", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:41.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b788e9e4-6017-42b9-925d-25ef5bd4e737", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 11, "type": "evidence", "function": "illustrate_case", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 7, "textChars": 1478, "nDataPoints": 24, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 06:57:35.393+00", "seconds": 5.593, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de518-1214-768a-92ad-49bd1cd77980/11", "deck": "/decks/019de518-1214-768a-92ad-49bd1cd77980", "deckAnchor": "/decks/019de518-1214-768a-92ad-49bd1cd77980#slide-11", "deckJson": "/decks/019de518-1214-768a-92ad-49bd1cd77980.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.08, "x": 0.06, "y": 0.94 }, "kind": "image", "text": "KREF", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": 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 06:57:35.393+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a0119fe-3635-41a7-8ad6-8b8095164e08", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.87, "x": 0.06, "y": 0.9 }, "kind": "source-note", "text": "(3) The total whole loan is $188 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 75% of the loan or $140 million", "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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Cash: $136 million. Undrawn Corporate Revolver: $450 million. Approved and Undrawn Credit Capacity: $44 million. 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unit\n78%\n3\n53\nSenior Loan\nWashington, D.C.\nMultifamily\n12/4/2020\n69.0\n69.0\n66.8\n10.7\n+3.6%\n1.9\n$267,000/ unit\n63%\n3\n54\nSenior Loan\nDallas, TX\nMultifamily\n8/18/2021\n68.2\n68.2\n68.2\n10.2\n+3.9%\n2.7\n$189,444/unit\n70%\n3\n55\nSenior Loan\nManassas Park, VA\nMultifamily\n2/25/2022\n68.0\n68.0\n68.0\n13.3\n+2.7%\n3.2\n$223,684/unit\n73%\n3\n56\nSenior Loan\nPlano, TX\nMultifamily\n3/31/2022\n67.8\n67.8\n67.4\n19.0\n+2.8%\n3.3\n$253,226/unit\n75%\n3\n57\nSenior Loan\nNashville, TN\nHospitality\n12/9/2021\n66.0\n66.0\n64.7\n10.1\n+3.7%\n3.0\n$281,237/key\n68%\n3\n58\nSenior Loan\nOakland, CA\nOffice\n10/23/2020\n205.5\n64.4\n45.8\n7.2\n+4.4%\n1.9\n$141/SF\n55%\n2\n59\nSenior Loan\nAtlanta, GA\nMultifamily\n12/10/2021\n61.5\n61.5\n59.3\n14.8\n+3.0%\n3.0\n$196,421/unit\n67%\n3\n60\nSenior Loan\nDurham, NC\nMultifamily\n12/15/2021\n60.0\n60.0\n56.5\n10.1\n+3.0%\n3.0\n$163,879/unit\n67%\n3\n61\nSenior Loan\nSan Antonio, TX\nMultifamily\n4/20/2022\n57.6\n57.6\n56.4\n10.6\n+2.7%\n3.4\n$164,950/ unit\n79%\n3\n62\nSenior Loan\nQueens, NY\nIndustrial\n2/22/2022\n55.3\n55.3\n54.7\n13.9\n+4.0%\n0.7\n$89/SF\n68%\n3\n63\nSenior Loan\nSharon, MA\nMultifamily\n12/1/2021\n51.9\n51.9\n51.9\n7.7\n+2.9%\n2.9\n$270,443/unit\n70%\n3\n64\nSenior Loan\nReno, NV\nIndustrial\n4/28/2022\n140.4\n50.5\n50.5\n11.4\n+2.7%\n3.4\n$117/SF\n74%\n3\n65\nSenior Loan\nCarrollton, TX\nMultifamily\n4/1/2022\n48.5\n48.5\n47.5\n13.8\n+2.9%\n3.3\n$148,428/unit\n74%\n3\n66\nSenior Loan\nDallas, TX\nMultifamily\n4/1/2022\n43.9\n43.9\n42.6\n11.6\n+2.9%\n3.3\n$119,706/unit\n73%\n3\n67\nSenior Loan\nGeorgetown, TX\nMultifamily\n12/16/2021\n41.8\n41.8\n41.8\n10.3\n+3.4%\n3.0\n$199,048/unit\n68%\n3\n68\nSenior Loan\nSan Diego, CA\nMultifamily\n4/29/2022\n203.0\n40.0\n39.7\n6.2\n+2.6%\n3.4\n$455,485/ unit\n63%\n3\n69\nSenior Loan\nDenver, CO\nIndustrial\n12/11/2020\n15.4\n15.4\n12.1\n4.4\n+3.8%\n2.0\n$47/SF\n61%\n2\nTotal/Weighted 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"parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.33, "x": 0.06, "y": 0.64 }, "kind": "list", "text": "Coupon expressed as spread over Term SOFR.", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:46.955+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28d7a80d-887d-4d79-b2a5-4384e4c2e0e8", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.87, "x": 0.06, "y": 0.76 }, "kind": "list", "text": "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.\nFor Senior Loan 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, 6, 20, 25, 28, 37, 39, 50, 51, and 69, 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.", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:46.955+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4947053f-60f3-4e0c-80ee-1c5adca27e7a", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.87, "x": 0.06, "y": 0.11 }, "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 REO investments. Excludes one 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 September 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 11, the total whole loan is $375.0 million, co-originated and co-funded by us and a KKR affiliate. Our interest is 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, 2023, at an interest rate of S+7.96%.\nFor Senior Loan 31, 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 $2.3 million funded as of December 31, 2023, at a fixed interest rate of 10.0% and (iii) a fully funded junior mezzanine note of $0.8 million, at a fixed interest rate 10.0% with certain profit share provisions, as defined in the loan agreement.\nFor Senior Loan 58, the total whole loan is $205.5 million, co-originated and co-funded by us and a KKR affiliate. Our interest is 31% of the loan or $64.4 million, of which $54.3 million in senior notes were syndicated to third party lenders. Post syndication, we retained a mezzanine loan with a commitment of $10.1 million, of which $7.2 million was funded as of December 31, 2023, at an interest rate of S+13.02%.", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:46.955+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5986e2dc-1425-4656-baf2-ec382385d7f7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.87, "x": 0.06, "y": 0.97 }, "kind": "list", "text": "For Senior Loan 29, the Total Whole Loan, Committed Principal Amount, and Current Principal Amount excludes junior mezzanine notes with a total outstanding principal of $25.0 million that was fully written off.", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:46.955+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d4f45e0-7e7a-4a62-919f-179166fffa11", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.87, "x": 0.06, "y": 0.58 }, "kind": "list", "text": "Weighted 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.", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:46.955+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60b518ce-6f32-4f22-81b3-c11f68e3de8a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.87, "x": 0.06, "y": 0.7 }, "kind": "list", "text": "Loan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. For Senior Loans 2, 3, 6, 20, 25, 28, 37, 39, 50, 51, and 69, Loan Per SF / Unit / Key is calculated as the total commitment amount of the loan divided by the proposed SF / Unit / Key.", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:46.955+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67080028-8234-4c22-8ca8-3b64397926d1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.87, "x": 0.06, "y": 0.49 }, "kind": "list", "text": "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.", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:46.955+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c4a3eea-cae0-4755-8ce1-b190e7a51ffb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.87, "x": 0.06, "y": 0.88 }, "kind": "list", "text": "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..", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:46.955+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8aa083d2-4153-4d5b-8ce0-92549d87de15", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.87, "x": 0.06, "y": 0.00102 }, "kind": "list", "text": "For Senior Loan 33, the Total Whole Loan, Committed Principal Amount, and Current Principal Amount excludes a subordinated note with a total outstanding principal of $15.0 million that was fully written off.", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:46.955+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b44adf01-d83e-4a79-8ee0-5b034f0d1965", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.87, "x": 0.06, "y": 0.00115 }, "kind": "list", "text": "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.", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:57:46.955+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da407ba9-4b3e-4b7e-96fb-76da6aac57fb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.87, "x": 0.06, "y": 0.00107 }, "kind": "list", "text": "For Senior Loan 50, the total whole loan facility is $153.0 million co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the facility, or $76.5 million. The facility is comprised of individual cross-collateralized whole loans. 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as determined in accordance with GAAP as the Company believes it would be useful to investors in evaluating the Company's operating performance and its ability to pay its dividends. Distributable Earnings replaces the Company's prior presentation of Core Earnings, and Core Earnings presentations from prior reporting periods have been recast as Distributable Earnings.\nThe Company defines Distributable Earnings 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 agreed upon after discussions between the Company's Manager and board of directors and after approval by a majority of the independent directors. 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