{ "docId": "019de518-118b-7376-95c1-3ae83a322322", "docSlug": "523a6e69b9d7e400312fb13e00b9262f", "documentTitle": "KKR Real Estate Finance Trust | Investor Presentation Deck | 41 slides", "authorId": "kkr-real-estate-finance-trust", "authorName": "KKR", "documentKindSlug": "pitchdeck", "documentKindLabel": "Pitch deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 35, "pageCount": 41, "prevPage": 34, "nextPage": 36, "slideType": "appendix_data", "function": "appendix", "density": "dense", "nDataPoints": 30, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-118b-7376-95c1-3ae83a322322/35", "deckHref": "/decks/019de518-118b-7376-95c1-3ae83a322322", "deckJsonHref": "/decks/019de518-118b-7376-95c1-3ae83a322322.json", "deckAnchorHref": "/decks/019de518-118b-7376-95c1-3ae83a322322#slide-35", "components": [ { "bbox": { "h": 0.02, "w": 0.07, "x": 0.058, "y": 0.93 }, "kind": "image", "text": "KREF", "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "25919505-3873-462a-960e-b70dc73b9e91", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.868, "x": 0.065, "y": 0.128 }, "kind": "list", "text": "1. Our total portfolio represents the current principal amount on senior and mezzanine loans, net equity in RECOP I, which holds CMBS B-Piece investments, and net carrying value of our REO investments. Excludes one mezzanine loan with an outstanding principal of $5.5 million that was fully written off.\nFor Senior Loan 9, 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 December 31, 2023, 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 loans.\nFor Senior Loan 11, the total whole loan is $375.0 million, co-originated and co-funded by us and a KKR affiliate. Our interest is 50% of the loan or $187.5 million, of which $150.0 million in senior notes were syndicated to a third party. Post syndication, we retained a mezzanine loan with a commitment of $37.5 million, fully funded as of December 31, 2023, at an interest rate of S+7.96%.\nFor Senior Loan 31, the total whole loan is $107.0 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 $2.3 million funded as of December 31, 2023, 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 10.0% with certain profit share provisions, as defined in the loan agreement.\nFor Senior Loan 58, the total whole loan is $205.5 million, co-originated and co-funded by us and a KKR affiliate. Our interest is 31% of the loan or $64.4 million, of which $54.3 million in senior notes were syndicated to third party lenders. Post syndication, we retained a mezzanine loan with a commitment of $10.1 million, of which $7.2 million was funded as of December 31, 2023, at an interest rate of S+13.02%.", "attrs": {}, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5abb3875-eae5-4087-96eb-a50566a570e6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.868, "x": 0.065, "y": 0.488 }, "kind": "list", "text": "2. Total Whole Loan represents total commitment of the entire whole loan originated. Committed Principal Amount includes participations by KKR affiliated entities and third parties that are syndicated/sold.\n3. Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; and (ii) the cost basis of our investments in RECOP I and REO.\n4. Weighted average is weighted by the current principal amount for our senior and mezzanine loans and by net equity for our RECOP I CMBS B-Pieces. Risk-rated 5 loans are excluded from the weighted average LTV.\n5. Coupon expressed as spread over Term SOFR.\n6. Max remaining term (years) assumes all extension options are exercised, if applicable.\n7. Loan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. For Senior Loans 2, 3, 6, 20, 25, 28, 37, 50, 51, and 69, Loan Per SF / Unit / Key is calculated as the total commitment amount of the loan divided by the proposed SF / Unit / Key.\n8. 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 or by the current principal amount as of the date of the most recent as-is appraised value; for mezzanine loans, LTV is based on the current balance of the whole loan divided by the as-is appraised value as of the date the loan was originated; for RECOP I 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 Loan 18, LTV is based on the current principal amount divided by the adjusted appraised gross sellout value net of sales cost.\nFor Senior Loans 2, 3, 6, 20, 25, 28, 37, 50, 51, and 69, 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.\n9. Senior loans include senior mortgages and similar credit quality investments, including junior participations in our originated senior loans for which we have syndicated the senior participations and retained the junior participations for our portfolio and excludes vertical loan participations..\n10. Senior Loan 14 and Senior Loan 18 were fully repaid in January 2024.\n11. For Senior Loan 29, the Total Whole Loan, Committed Principal Amount, and Current Principal Amount excludes junior mezzanine notes with a total outstanding principal of $25.0 million that was fully written off.\n12. For Senior Loan 33, the Total Whole Loan, Committed Principal Amount, and Current Principal Amount excludes a subordinated note with a total outstanding principal of $15.0 million that was fully written off.\n13. For Senior Loan 50, the total whole loan facility is $153.0 million co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the facility, or $76.5 million. The facility is comprised of individual cross-collateralized whole loans. As of December 31, 2023, there were five underlying senior loans in the facility with a commitment of $76.5 million and outstanding principal of $63.7 million.\n14. Represents our investment in an aggregator vehicle alongside RECOP I that invests in CMBS B-Pieces. Committed principal represents our total commitment to the aggregator vehicle whereas current principal represents the current funded amount.", "attrs": {}, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "93e157d6-6b34-42f0-b4f5-f79f103479a0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.02, "x": 0.913, "y": 0.938 }, "kind": "other", "text": "35", "attrs": {}, "subkind": "unclassified", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "eea6b2a6-cd8b-4ac8-8299-b626c02579ec", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.34, "x": 0.058, "y": 0.07 }, "kind": "title", "text": "Portfolio Details", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4e84a88b-adb0-44a3-8f3f-ee5297c653c9", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }