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  "notes": "Includes footnotes explaining adjustments and changes in definition of Core Earnings.",
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      "text": "Although pursuant to the Company's Management Agreement, KREF 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, since the Company believes this is a more meaningful presentation of the economic performance of its common stock.",
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      "text": "(1) Includes $0.4 million, ($0.4) million and ($0.6) million non-cash redemption value adjustment of our SNVPS during 1Q'20, 4Q'19 and 1Q'19, respectively. Includes $3.0 million of unrealized loss on RECOP I, an equity method investment, during 1Q'20 and $0.2 million of unrealized loss on CMBS B-Pieces during 1Q'19. (2) See Appendix page 25 for definitions.",
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      "text": "Reconciliation of GAAP Net Income to Core Earnings",
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