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Science\n8/3/2022\n312.5\n312.5\n226.9\n32.6\n+4.2%\n2.9\n$747/SF\n56%\n3\n3\nSenior Loan\nBellevue, WA\nOffice\n9/13/2021\n520.8\n260.4\n224.5\n56.8\n+3.7%\n2.5\n$851/SF\n63%\n3\n4\nSenior Loan\nVarious\nIndustrial\n4/28/2022\n504.5\n252.3\n252.3\n55.4\n+2.7%\n2.6\n$98/SF\n64%\n3\n5\nSenior Loan\nBronx, NY\nIndustrial\n8/27/2021\n381.2\n228.7\n201.9\n46.4\n+4.2%\n1.9\n$277/SF\n52%\n3\n6\nSenior Loan\nLos Angeles, CA\nMultifamily\n2/19/2021\n220.0\n220.0\n220.0\n33.4\n+2.9%\n1.4\n$410,430/unit\n68%\n3\n7\nSenior Loan\nVarious\nMultifamily\n5/31/2019\n206.5\n206.5\n206.5\n81.2\n+4.0%\n0.7\n$192,991/unit\n74%\n3\n8\nSenior Loan\nMinneapolis, MN\nOffice\n11/13/2017\n199.4\n199.4\n194.4\n89.0\n+2.3%\n0.8\n$182/SF\nn.a.\n5\n9\nSenior Loan\nVarious\nIndustrial\n6/15/2022\n375.5\n187.8\n173.5\n38.0\n+2.9%\n2.8\n$135/SF\n50%\n3\n10\nSenior Loan\nThe Woodlands, TX\nHospitality\n9/15/2021\n183.3\n183.3\n181.4\n33.9\n+4.3%\n2.0\n$199,513/key\n64%\n3\n11\nSenior Loan\nWashington, 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Loan\nFontana, CA\nIndustrial\n5/11/2021\n132.0\n132.0\n120.0\n53.6\n+4.7%\n1.7\n$113/SF\n64%\n3\n21\nSenior Loan\nSan Carlos, CA\nLife Science\n2/1/2022\n195.9\n125.0\n103.2\n31.1\n+3.6%\n2.4\n$705/SF\nn.a.\n5\n22\nSenior Loan\nCambridge, MA\nLife Science\n12/22/2021\n401.3\n115.7\n94.6\n25.9\n+4.0%\n2.3\n$1,072/SF\n51%\n3\n23\nSenior Loan\nPhiladelphia, PA\nOffice\n6/19/2018\n114.3\n114.3\n114.3\n19.1\n+2.8%\n2.4\n$117/SF\n71%\n3\n24\nSenior Loan\nSan Diego, CA\nMultifamily\n10/20/2021\n114.0\n114.0\n107.9\n33.6\n+3.3%\n2.1\n$467,070/unit\n71%\n4\n25\nSenior Loan\nPittsburgh, PA\nStudent Housing\n6/8/2021\n112.5\n112.5\n112.5\n17.4\n+3.0%\n1.7\n$155,602/unit\n74%\n3\n26\nSenior Loan\nWest Hollywood, CA\nMultifamily\n1/26/2022\n110.7\n110.7\n110.0\n23.7\n+3.1%\n2.4\n$2,972,951/unit\nn.a.\n5\n27\nSenior Loan\nChicago, IL\nOffice\n7/15/2019\n105.0\n105.0\n90.1\n37.9\n+2.3%\n3.9\n$87/SF\n59%\n3\n28\nSenior Loan\nLas Vegas, NV\nMultifamily\n12/28/2021\n101.1\n101.1\n101.1\n15.1\n+2.8%\n2.3\n$191,460/unit\n61%\n3\n29\nSenior Loan\nCary, NC\nMultifamily\n11/21/2022\n100.0\n100.0\n95.3\n18.3\n+3.4%\n3.2\n$244,275 / unit\n63%\n3\n30\nSenior Loan\nWashington, D.C.\nOffice\n1/13/2022\n228.5\n100.0\n89.8\n13.5\n+3.3%\n3.4\n$328/SF\n55%\n3\n31\nSenior Loan\nOrlando, FL\nMultifamily\n12/14/2021\n97.4\n97.4\n95.3\n25.4\n+3.1%\n2.3\n$251,563/unit\n74%\n3\n32\nSenior Loan\nBoston, MA\nIndustrial\n6/28/2022\n273.2\n95.7\n95.0\n19.8\n+3.0%\n2.8\n$195/SF\n52%\n3\n33\nSenior Loan\nBrisbane, CA\nLife Science\n7/22/2021\n95.0\n95.0\n90.8\n90.8\n+3.1%\n1.9\n$784/SF\n71%\n3\n34\nSenior Loan\nRaleigh, NC\nMultifamily\n4/27/2022\n91.5\n91.5\n83.4\n43.3\n+3.1%\n2.6\n$260,775/unit\n68%\n4\n35\nSenior Loan\nBrandon, FL\nMultifamily\n1/13/2022\n90.3\n90.3\n69.1\n16.0\n+3.1%\n2.4\n$196,383/unit\n75%\n3\n36\nSenior Loan\nDallas, TX\nMultifamily\n12/23/2021\n90.0\n90.0\n82.6\n16.3\n+2.9%\n2.3\n$254,087/unit\n67%\n3\n37\nSenior 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"list", "text": "(1) Our total portfolio represents the current principal amount or investment amount on senior and mezzanine loans, real estate assets and other investments. Excludes loans that were fully written off.\nFor Senior Loan 8, 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, 2024, 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 loan.\nFor Senior Loan 26, the total whole loan is $110.7 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 $7.2 million funded as of September 30, 2024, 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 of 10.0% with certain profit share provisions, as defined in the loan agreement.\n(2) Total Whole Loan represents the total commitment of the entire loan originated, including participations by KKR affiliated entities.\n(3) Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; (ii) Real Estate Owned (\"REO\"), net of borrowings and noncontrolling interests, and (iii) the investment amount of equity method investments, net of borrowings.\n(4) Weighted average is weighted by the current principal amount for our senior and mezzanine loans and by the investment amount of CMBS B-Pieces. Risk-rated 5 loans are excluded from the weighted average LTV.\n(5) Coupon expressed as spread over Term SOFR.\n(6) Maximum 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, 5, 16, 20, 22, 56, and 57, 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; for mezzanine loans, LTV is based on the initial balance of the whole loan divided by the as-is appraised value as of the date the loan was originated; for 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 2, 3, 5, 16, 20, 22, 56, and 57, 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. For senior loans where an appraisal has been obtained post origination, the LTV, presented as follows, is calculated based on the current principal amount divided by the as-is appraised value as of the new appraisal date: Senior Loan 15 (64%); Senior Loan 18 (64%); Senior Loan 19 (78%); Senior Loan 23 (64%); Senior Loan 27 (57%); Senior Loan 28 (75%); Senior Loan 31 (83%); Senior Loan 33 (70%), Senior Loan 38 (63%); Senior Loan 42 (81%); and Senior Loan 57 (61%).\n(9) Represents real estate assets held through a Tenant-in-Common (\"TIC\") agreement between us and a KKR affiliate. We hold a 74.6% economic interest in the real estate assets and share decision-making with the KKR affiliate under the TIC agreement.\n(10) Represents our investment in an aggregator vehicle that invests in CMBS B-Pieces. 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"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": "2026-05-01 23:16:57.615+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23954d7c-e1bd-41e9-b378-399fa066ee82", "parentComponentId": null }, { "bbox": { "h": 0.277, "w": 0.879, "x": 0.059, "y": 0.16 }, "kind": "paragraph", "text": "\"Distributable Earnings (Loss)\": The Company defines Distributable Earnings as net income (loss) attributable to common 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. The exclusion of depreciation and amortization from the calculation of Distributable 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.\nDistributable Earnings should not be considered as a substitute for GAAP net income or taxable income. The Company cautions readers that its methodology for calculating Distributable 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 Distributable Earnings may not be comparable to similar measures presented by other REITs.\nLEED: LEED is the most widely used green building rating system in the world. 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