{
  "docId": "019de516-f7e4-75db-addd-8b198618e3fb",
  "docSlug": "a25265688870cf6c6f816e9bc94adf08",
  "documentTitle": "KKR Real Estate Finance Trust | Investor Presentation Deck | 40 slides",
  "authorId": "kkr-real-estate-finance-trust",
  "authorName": "KKR Real Estate Finance Trust",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-10-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 20,
  "pageCount": 40,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "case_study",
  "function": "illustrate_case",
  "density": "overcrowded",
  "nDataPoints": 24,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de516-f7e4-75db-addd-8b198618e3fb/20",
  "deckHref": "/decks/019de516-f7e4-75db-addd-8b198618e3fb",
  "deckJsonHref": "/decks/019de516-f7e4-75db-addd-8b198618e3fb.json",
  "deckAnchorHref": "/decks/019de516-f7e4-75db-addd-8b198618e3fb#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.025,
        "w": 0.07,
        "x": 0.057,
        "y": 0.93
      },
      "kind": "image",
      "text": null,
      "attrs": {},
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19cbd441-1f18-4f2a-97d8-19a34230beaa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.177,
        "x": 0.717,
        "y": 0.653
      },
      "kind": "image",
      "text": null,
      "attrs": {},
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24594c34-a364-46af-b722-631243a3dcdc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.177,
        "x": 0.508,
        "y": 0.653
      },
      "kind": "image",
      "text": null,
      "attrs": {},
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2eef8682-ca8d-4c77-a4cc-43f0549b5245",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.177,
        "x": 0.299,
        "y": 0.653
      },
      "kind": "image",
      "text": null,
      "attrs": {},
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc8f29f8-efba-4c2c-a90e-75d59183cc52",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.014,
        "w": 0.018,
        "x": 0.93,
        "y": 0.938
      },
      "kind": "other",
      "text": "20",
      "attrs": {},
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c88fe36-fc98-4042-9ef7-aeb3f7dc5724",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.014,
        "w": 0.077,
        "x": 0.057,
        "y": 0.72
      },
      "kind": "paragraph",
      "text": "Asset Photos",
      "attrs": {},
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01091038-55e0-4d96-8d5a-90b48be83627",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.014,
        "w": 0.706,
        "x": 0.057,
        "y": 0.905
      },
      "kind": "source-note",
      "text": "(4) The total whole loan is $381 million, co-originated by the Company and a KKR affiliate. The Company's interest is 60% of the loan",
      "attrs": {},
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5259dcab-59c4-4eec-b8d9-731ba40858ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.014,
        "w": 0.706,
        "x": 0.057,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "(3) The total whole loan is $505 million, co-originated by the Company and KKR affiliates. The Company's interest is 50% of the loan",
      "attrs": {},
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c371a040-2758-4ce6-acdc-e001d2320d1f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.028,
        "w": 0.873,
        "x": 0.057,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "(2) 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. Please refer to the Appendix for more information on how LTV is calculated",
      "attrs": {},
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c737d3d3-6c39-4cdd-92ac-14573c32b331",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.014,
        "w": 0.31,
        "x": 0.057,
        "y": 0.844
      },
      "kind": "source-note",
      "text": "(1) Coupon expressed as spread over Term SOFR",
      "attrs": {},
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e82c634e-e3ac-4981-b550-dd5e715a6ac2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.47,
        "w": 0.885,
        "x": 0.057,
        "y": 0.156
      },
      "kind": "table",
      "text": "Investment, Western U.S. Industrial Portfolio, Bronx Industrial, U.S. Industrial Portfolio, Loan Type, Floating-Rate Senior Loan, Investment Date, April 2022, August 2021, June 2022, Collateral, 14 Class A/B Industrial Properties Totaling 5.2mm SF, 1.4mm RSF, Two-Story, Class A Distribution and Parking Facility, 12 Class A/B Industrial Assets Totaling 2.8mm SF, Location, Various, Bronx, NY, Committed Amount, $252 million (3), $229 million (4), $188 million, Current Principal Amount, $252 million, $194 million, $170 million, Basis, $98 / SF, $277 / SF, $122 / SF, Coupon (1), + 2.7%, + 4.2%, + 2.9%, LTV (2), 64%, 52%, 50%, Max Remaining Term (Yrs.), 3.6, 2.9, 3.8",
      "attrs": {},
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5705573-daa2-42dc-98f0-13e05c0ea77d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.79,
        "x": 0.057,
        "y": 0.07
      },
      "kind": "title",
      "text": "Case Studies: Largest Three Industrial Loans",
      "attrs": {},
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b8c4ad5-b5eb-41ee-8398-f0f918258c5e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "fdb86bed-3638-4f02-a09c-8573125414da",
      "evidence": "table/data: Investment, Western U.S. Industrial Portfolio, Bronx Industrial, U.S. Industrial Portfolio, Loan Type, Floating-Rate Senior Loan, Investment Date, April 2022, August 2021, June 2022, Collateral, 14 Class A/B",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 30,
      "from": 15,
      "beatId": "20133883-5183-4b16-88d7-7810d1ebc17b",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Financials",
      "beatSlug": "sequoia-pitch-financials",
      "evidence": "The document provides an overview of KREF's loan portfolio, credit quality, and operating performance.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 13,
      "name": "Zoom In",
      "slug": "06-zoom-in",
      "bestFor": "Technical deep-dives, case studies, detailed analysis",
      "matchId": "10fd756e-2cb6-4dc6-b732-ec53b7662738",
      "evidence": "The document provides a detailed overview of KREF's differentiated investment strategy and case studies.",
      "position": 0,
      "objective": "What is KREF's investment strategy?",
      "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
      "confidence": 0.7,
      "description": "Start broad, then progressively focus on specific details that prove your point"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}