KREF Liquidity and Portfolio Overview
Portfolio Details
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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 sole REO investment.
Excludes one mezzanine loan with an outstanding principal of $5.5 million that was fully written off.
For 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 September 30, 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.
For Senior Loan 13, 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 September 30, 2023, at an interest rate of S+7.96%.
For Senior Loan 34, 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 $0.8 million
funded as of September 30, 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.
For Senior Loan 60, 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 $7.0 million was funded as of September 30, 2023, at an interest
rate of S+13.02%
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.
Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; and (ii) the cost basis of our investments in RECOPI and REO.
Weighted average is weighted by the current principal amount for our senior and mezzanine loans and by net equity for our RECOPI CMBS B-Pieces. Risk-rated 5 loans are excluded from the weighted
average LTV.
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Coupon expressed as spread over Term SOFR.
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Max remaining term (years) assumes all extension options are exercised, if applicable.
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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, 21, 26, 29, 31, 41, 53, and 71, Loan Per SF / Unit / Key is calculated as the
total commitment amount of the loan divided by the proposed SF / Unit / Key.
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.
For Senior Loan 19, LTV is based on the current principal amount divided by the adjusted appraised gross sellout value net of sales cost.
For Senior Loans 2, 3, 6, 21, 26, 29, 31, 41, 53, and 71, 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.
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.
For Senior Loan 29, the total whole loan facility is $242.0 million, co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the facility or $121.0 million. The facility is comprised of
individual cross-collateralized whole loans. As of September 30, 2023, there were eight underlying senior loans in the facility with a commitment of $121.0 million and outstanding principal of $96.5 million.
For Senior Loan 30, 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.
For Senior Loan 36, 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.
Represents our investment in an aggregator vehicle alongside RECOPI that invests in CMBS B-Pieces. Committed principal represents our total commitment to the aggregator vehicle whereas current
principal represents the current funded amount.
KREF
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