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  "notes": "Includes footnotes explaining adjustments and changes in reporting methodology.",
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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 $0.2 million, $0.4 million and ($0.2) million non-cash redemption value adjustment of our SNVPS during 2Q'20, 1Q'20 and 2Q'19, respectively. (2) Includes $0.8 million and $3.0 million of unrealized loss on RECOP I... (3) Recasted 2Q'19...",
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