{ "docId": "019de518-9c79-7734-8123-9cb4f758122a", "docSlug": "2458e3a60a52815ea03154dee942cd81", "documentTitle": "KKR Real Estate Finance Trust | Investor Presentation Deck | 39 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": "2024-10-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 34, "pageCount": 39, "prevPage": 33, "nextPage": 35, "slideType": "appendix_disclosure", "function": "appendix", "density": "dense", "nDataPoints": 18, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-9c79-7734-8123-9cb4f758122a/34", "deckHref": "/decks/019de518-9c79-7734-8123-9cb4f758122a", "deckJsonHref": "/decks/019de518-9c79-7734-8123-9cb4f758122a.json", "deckAnchorHref": "/decks/019de518-9c79-7734-8123-9cb4f758122a#slide-34", "components": [ { "bbox": { "h": 0.029, "w": 0.074, "x": 0.054, "y": 0.93 }, "kind": "image", "text": "KREF", "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "67171700-173a-4216-ac5f-7cd9f513eed9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.701, "w": 0.877, "x": 0.06, "y": 0.14 }, "kind": "list", "text": "1. Our total portfolio represents the current principal amount or investment amount on senior and mezzanine loans, real estate assets and other investments. Excludes loans that were fully written off.\nFor Senior Loan 8, 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 September 30, 2024, 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 loan.\nFor Senior Loan 26, the total whole loan is $110.7 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 $7.2 million funded as of September 30, 2024, 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 of 10.0% with certain profit share provisions, as defined in the loan agreement.\n2. Total Whole Loan represents the total commitment of the entire loan originated, including participations by KKR affiliated entities.\n3. Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; (ii) Real Estate Owned (\"REO\"), net of borrowings and noncontrolling interests, and (iii) the investment amount of equity method investments, net of borrowings.\n4. Weighted average is weighted by the current principal amount for our senior and mezzanine loans and by the investment amount of CMBS B-Pieces. Risk-rated 5 loans are excluded from the weighted average LTV.\n5. Coupon expressed as spread over Term SOFR.\n6. Maximum 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, 5, 16, 20, 22, 56, and 57, 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; for mezzanine loans, LTV is based on the initial balance of the whole loan divided by the as-is appraised value as of the date the loan was originated; for 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 Loans 2, 3, 5, 16, 20, 22, 56, and 57, 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. For senior loans where an appraisal has been obtained post origination, the LTV, presented as follows, is calculated based on the current principal amount divided by the as-is appraised value as of the new appraisal date: Senior Loan 15 (64%); Senior Loan 18 (64%); Senior Loan 19 (78%); Senior Loan 23 (64%); Senior Loan 27 (57%); Senior Loan 28 (75%); Senior Loan 31 (83%); Senior Loan 33 (70%), Senior Loan 38 (63%); Senior Loan 42 (81%); and Senior Loan 57 (61%).\n9. Represents real estate assets held through a Tenant-in-Common (\"TIC\") agreement between us and a KKR affiliate. We hold a 74.6% economic interest in the real estate assets and share decision-making with the KKR affiliate under the TIC agreement.\n10. Represents our investment in an aggregator vehicle 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": "7d5de24f-4b56-466d-b69d-6e22dc3c245d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.022, "x": 0.929, "y": 0.94 }, "kind": "other", "text": "34", "attrs": {}, "subkind": "unclassified", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b2a025ae-f9b7-40b5-a2ff-f4ddc67753d7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.237, "x": 0.054, "y": 0.073 }, "kind": "title", "text": "Portfolio Details", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ec9dbabe-1942-4f81-92aa-be6a1aa58bbc", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }