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      "text": "KKR\nREAL ESTATE\nFINANCE TRUST",
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      "text": "(1) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP.\n(2) Includes loans financed through the non-recourse sale of a senior interest that is not included in our GAAP consolidated financial statements.\n(3) Represents (i) total debt less cash to (ii) total permanent equity. The debt-to-equity ratio, adjusted for the impact of CECL allowance for credit losses, is 1.8x at 3Q'20.\n(4) Represents (i) total leverage less cash to (ii) total permanent equity. The total leverage ratio, adjusted for the impact of CECL allowance for credit losses, is 3.6x at 3Q'20.\n(5) Book value per share includes (i) CECL credit loss allowance of ($64.1) million or ($1.16) per common share, (ii) write-off of ($4.7) million or ($0.08) per common share on the Company's $5.5 million mezzanine loan, and (iii) the YTD impact of ($0.3) million, or $0.01 per common share, non-cash redemption value adjustment to our redeemable SNVPS, resulting in a cumulative (since issuance of the SNVPS) decrease of $2.0 million to our book value as of September 30, 2020.",
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      "text": "Balance Sheet\n($ in Millions)\n3Q20\nTotal Portfolio $5,034.5\nTerm Credit Facilities 910.8\nTerm Lending Agreement 900.0\nAsset Specific Financing 60.0\nSecured Term Loan 300.0\nConvertible Notes 143.8\nTotal Debt $2,314.6\nTerm Loan Facility 982.0\nCollateralized Loan Obligation 810.0\nSenior Loan Interests (2) 143.6\nTotal Leverage $4,250.2\nCash 301.4\nTotal Permanent Equity 1,039.1\nDebt-to-Equity Ratio(3) 1.9x\nTotal Leverage Ratio (4) 3.8x\nShares Outstanding 55,491,405\nBook Value per Share (5) $18.73",
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      "text": "Income Statement\n($ in Millions)\n3Q20\nNet Interest Income $38.9\nOther Income 1.1\nOperating Expenses and Other (8.7)\nCECL Provision for Credit Loss, Net 0.1\nNet Income Attributable to Common Stockholders $31.4\nWeighted Average Shares Outstanding, Diluted 55,632,170\nNet Income per Share, Diluted $0.56\nCore Earnings(1) $32.5\nCore Earnings per Share, Diluted(1) $0.58\nDividend per Share $0.43",
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      "text": "3Q'20 Financial Summary",
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