Investor Presentation February 2021
Investor Presentation February 2021
Legal DisclosuresThis presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating thebusiness, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF“, the “Company”, “we”, or “us”). This presentation is not and shall not be construed as an offerto purchase or sell, or the solicitation of an offer to purchase or sell, any securities, any investment advice or any other service by KREF. Nothing in this presentation constitutes the provision of any tax, accounting,financial, investment, regulatory, legal or other advice by KREF or its advisors. This presentation may not be referenced, quoted or linked by website by any third party, in whole or in part, except as agreed to inwriting by KREF.This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended,which reflect the Company’s current views with respect to, among other things, its future operations and financial performance. You can identify these forward looking statements by the use of words such as“outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” the negative version of these words, other comparable wordsor other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guaranteesof future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify, in particular due to the uncertainties created by the COVID-19 pandemic,including the projected impact of COVID-19 on our business, financial performance and operating results. The forward-looking statements are based on the Company’s beliefs, assumptions and expectations, takinginto account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within itscontrol. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the severity and duration of the COVID-19 pandemic; potential risks and uncertainties relatingto the ultimate geographic spread of COVID-19; actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact; the potential negative impacts of COVID-19 on theglobal economy and the impacts of COVID-19 on the Company’s financial condition and business operations; adverse developments in the availability of desirable investment opportunities whether they are due tocompetition, regulation or otherwise; the general political, economic and competitive conditions in the United States and in any foreign jurisdictions in which we invest; the level and volatility of prevailing interestrates and credit spreads; adverse changes in the real estate and real estate capital markets; difficulty or delays in redeploying the proceeds from repayments of our existing investments; general volatility of thesecurities markets in which we participate; changes in our business, investment strategies or target assets; deterioration in the performance of the properties securing our investments that may cause deterioration inthe performance of our investments and, potentially, principal losses to us; acts of God such as hurricanes, earthquakes and other natural disasters, pandemics such as COVID-19, acts of war and/or terrorism andother events that may cause unanticipated and uninsured performance declines and/or losses to us or the owners and operators of the real estate securing our investments; the adequacy of collateral securing ourinvestments and declines in the fair value of our investments; difficulty in obtaining financing or raising capital; difficulty in successfully managing our growth, including integrating new assets into our existingsystems; reductions in the yield on our investments and increases in the cost of our financing; defaults by borrowers in paying debt service on outstanding indebtedness; the availability of qualified personnel and ourrelationship with our Manager; subsidiaries of KKR & Co. Inc. control us and KKR's interests may conflict with those of our stockholders in the future; the cost of operating our platform, including, but not limited to,the cost of operating a real estate investment platform; adverse legislative or regulatory developments; our qualification as a real estate investment trust for U.S. federal income tax purposes and our exclusion fromregistration under the Investment Company Act of 1940, as amended; and authoritative accounting principles generally accepted in the United States of America or policy changes from such standard-setting bodiessuch as the Financial Accounting Standards Board, the Securities and Exchange Commission (the "SEC"), the Internal Revenue Service, the New York Stock Exchange and other authorities that we are subject to, aswell as their counterparts in any foreign jurisdictions where we might do business; and other risks and uncertainties, including those described under Part I—Item 1A. “Risk Factors” of the Company’s Annual Reporton Form 10-K for the fiscal year ended December 31, 2020, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website atwww.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this presentation. These factors should not be construed asexhaustive and should be read in conjunction with the other cautionary statements and information included in this presentation and in the Company’s filings with the SEC.All forward looking statements in this presentation speak only as of February 26, 2021. KREF undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of newinformation, future developments or otherwise, except as required by law.All financial information in this presentation is as of December 31, 2020 unless otherwise indicated.This presentation also includes non-GAAP financial measures, including Distributable Earnings and Distributable Earnings per Diluted Share. Such non-GAAP financial measures should be considered only assupplemental to, and not as superior to, financial measures prepared in accordance with U.S. GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included inthis presentation to the most directly comparable financial measures prepared in accordance with U.S. GAAP.U.S. GAAP.2
KKR Real Estate Finance Trust Inc. OverviewBest In ClassPortfolioConservativeBalance SheetFully Integrated with KKR 5.0 Billion 6.1 Billion36%Investment PortfolioFinancing CapacityKKR Ownership in KREF98.5%81%83% 252 Billion 20 BillionSenior LoansMultifamily & OfficeFully Non-Mark-to-Market(1)Global AUMBalance Sheet 118 Million8.6% 482 Million 16 Billion 100Average Loan SizeUnfundedCurrent Liquidity(2)Real Estate AUM(3)Real EstateProfessionalsPurpose built portfolio of senior loans securedprimarily by lighter transitional, institutionalmultifamily and office properties owned byhigh quality sponsors.(1)(2)(3)3Conservative liability management focused ondiversified non-mark-to-market financingcapacityOne firm culture that rewards investmentdiscipline, creativity, determination andpatience and emphasizes the sharing ofinformation, resources, expertise and bestpracticesBased on outstanding face amount of secured financing, including non-consolidated senior interests, and excludes convertible notes and the corporate revolving credit facility. 100% of financings are non-mark-to-capital markets marks.Includes 110.8 million in cash and 335.0 million undrawn corporate revolver capacity.Figures represent AUM across all KKR real estate transactions since 2011; strategies include Real Estate Partners Americas, Real Estate Partners Europe, Asia Real Estate Partners, Property Partners Americas, Real Estate Credit, RealEstate NBFC, Private Equity funds, Special Situations, trophy single tenant investments in KKR Credit accounts, Balance Sheet investments and a pro rata portion of DRM’s AUM ( 495 million). KKR does not act as an investment adviserto Drawbridge or any of its portfolio investments. Please see the Important Information at the beginning of this presentation for additional information regarding KKR’s investment in DRM and Drawbridge and the calculation of AUM.
Investment Highlights34DifferentiatedInvestmentStrategy2Best in ClassInvestment PortfolioCycle Tested,ExperiencedLeadership r fromLIBOR FloorsKKRSponsorshipKKR Real Estate Finance Trust(“KREF”) is a differentiatedcompany fully integrated withinKKR Real Estate4
KKR Sponsorship5
KKR Platform - A Leading Global Asset ManagerFounded 1976 252bn 20bnAssets Under ManagementInternal Balance SheetKKR AttributesKKR operates with a single culture that rewardsinvestment discipline, creativity, determination andpatience and emphasizes the sharing of information,resources, expertise and best practices across offices andasset classes. 480Investment Professionals20 / 15Cities / CountriesKKR Real Estate Attributes 16 billion in AUM in Real Estate strategies globally(1) 100 dedicated Real Estate investment and asset managementprofessionals(2) across 11 cities in 8 countriesStrategic Growth Vertical: 3.2 billion of KKR balance sheetand employee capital committed across KKR real estatestrategies(3)(1)(2)(3)6Figures represent AUM across all KKR real estate transactions since 2011; strategies include Real Estate Partners Americas, Real Estate Partners Europe, Asia Real Estate Partners, Property Partners Americas, Real Estate Credit, RealEstate NBFC, Private Equity funds, Special Situations, trophy single tenant investments in KKR Credit accounts, Balance Sheet investments and a pro rata portion of DRM’s AUM ( 495 million). KKR does not act as an investmentadviser to Drawbridge or any of its portfolio investments. Please see the Important Information at the beginning of this presentation for additional information regarding KKR’s investment in DRM and Drawbridge and the calculation ofAUM.As of December 2020. Includes investment and asset management professionals.Inception to date Balance Sheet commitments include Balance Sheet, KKR Financial Holdings LLC (“KFN”) and KKR Employee Commitments to all RE transactions since inception of dedicated RE business in March 2011 includingtransactions in Special Situations and Asian Private Equity funds.
Integrated Americas Real Estate PlatformIntegratedReal EstatePlatform Differentiated access toinformation and enhancedrelevance in RE capital markets One leadership team Scaled portfolio: own or lendon 86bn of RE assets(1)(2)7RE Equity 13bn of assetvalue(1)RE Senior Loans 6bn loan portfolio 9bn of collateralvalue(2)RE CMBSSecurities 37bn principalloan balance 65bn underlyingasset value(2) REPA I / II / III: opportunistic KPPA: core plus KREF: primarily senior loans ontransitional properties in the top15 MSAs ROX: real estate opportunisticcredit RECOP I / II: primarily newlyoriginated conduit CMBS B-pieces SASB CMBS: stabilized propertiesRepresents current portfolio in REPA I, REPA II, KPPA, KFN, separately managed accounts, KKR-managed co-investment vehicles, third party co-investment capital, KKR employees, and trophy single tenant investments in KKR Creditaccounts as of December 31, 2020. Figures include all closed transactions and transactions that have been committed to and are under contract as of December 31, 2020. Any transactions that have not closed are subject to customaryclosing conditions. Asset value represents total purchase price at closing. There can be no assurance that commitment amounts will be fully deployed and there can be no assurance that these transactions will be consummated, and ifconsummated, will be consummated on the terms and price herein.Represents implied value based on weighted average LTV of respective strategies.
KREF Integration with KKRKREF differentiates itself by seeking opportunities where it has sourcing, underwriting and execution advantagesthrough KKR’s brand, industry knowledge, relationships and deep bench of investment professionalsKKR Private Equity 74BN of AUM, 180professionalsglobally, 100 portfoliocompanies globallyKKR Global Macro& Asset Allocation 25 professionalsglobally, insight onmacro marketobservations andMSA analyticsKKR SeniorAdvisors(1) 62 advisorsglobally, includingfour dedicatedreal estate advisors(1)8Senior Advisors, Industry Advisors and KKR Advisors are engaged as consultants and are not employees of KKR.KKR Credit 75BN of AUM, 143professionals globally,sourcing & UW synergiesKKR CapitalMarkets 44 professionalsglobally, sourcingand structuringexpertiseKKR PublicAffairs ation DrivesMeaningful Benefits to KREFDeep network of directrelationships to sourcehigh-quality investmentsDifferentiated creditassessment capabilitiesSolutions provider forcomplex business plansoffering speed andcertaintyBest-in-class financingcreates attractive riskadjusted returns
Experienced Leadership Team9
KKR Real Estate Credit Investment CommitteeKREF Management TeamDiversity ofManager’sInvestmentCommitteecreates athoroughvettingprocess10KREF DirectorsMATT SALEMCEO KREFPartner & Head ofReal Estate Credit Joined KKR in 2015 Formerly at Rialto CapitalManagement and Goldman SachsPATRICK MATTSONPresident & COO KREFManaging Director & COO ofReal Estate Credit Joined KKR in 2015 Formerly at Rialto CapitalManagement and Morgan StanleyRALPH ROSENBERGChairman of KREF BoardPartner & Global Headof Real Estate Joined KKR in 2011 Formerly at Eton Park and GoldmanSachsCHRIS LEEVice Chairman of KREF BoardPartner & Head ofReal Estate Americas Joined KKR in 2012 Formerly at Apollo GlobalManagement and Goldman SachsJENNY BOXPartner &Co-Head of Special SituationsAmericas Joined KKR in 2019 Formerly at Oaktree and BlackstoneBILLY BUTCHERPartner &Chief Operating Officerof Global Real Estate Joined KKR in 2004 Formerly at Goldman SachsROGER MORALESPartner &Head of Real EstateAcquisitions Americas Joined KKR in 2011 Formerly at Eton Park and VornadoRealty TrustJUSTIN PATTNERPartner &Head of Real EstateEquity Americas Joined KKR in 2011 Formerly at Eton Park and LubertAdler
KKR Real Estate Finance Trust TeamLeadership TeamRALPH ROSENBERGCHRIS LEEChairman of the BoardMATT SALEMVice Chairman of the BoardPATRICK MATTSONChief Executive OfficerMOSTAFA NAGATYPresident & Chief Operating OfficerChief Financial Officer & TreasurerSenior Investment TeamManaging DirectorNortheast & Midwest RegionsPAUL FINEIAN MCCONNELLManaging DirectorHead of OriginationsDirectorNortheast & Northwest RegionsDirectorWest Coast RegionDirectorNortheast & Southwest RegionsPrincipalSoutheast & Southwest RegionsJoined KKR in 2015Formerly a Director at GECapital Real Estate with over 18years industry experienceJoined KKR in 2017Formerly an Executive VP atiStar with over 18 yearsindustry experienceJoined KKR in 2015Formerly a Director at CCREwith over 14 years industryexperienceJoined KKR in 2020Formerly a Senior VP atStarwood Property Trust withover15yearsindustryexperienceJoined KKR in 2015Formerly a VP at Rialto CapitalManagement with over 14years industry experienceJoined KKR in 2015Formerly an associate at RialtoCapital Management with over11 years industry experienceJOEL TRAUTAsset ManagementJULIA BUTLERLegalADAM SIMONCapital MarketsJULIAN HODGEMAN38 InvestmentProfessionalsFinance &Investor RelationsCHRISTINE PATTERSONDirectorHead of Asset ManagementJoined KKR in 2018Formerly a Principal atBlackstone with over 20 yearsindustry experience11VINCENT NAPOLITANODirectorCorporate Counsel & SecretaryJoined KKR in 2020Formerly an Associate atSkadden, Arps with over 10years industry experienceAMANDA MAGLIAROJIN FUDirectorBRADLEY TUKELManaging DirectorJoined KKR in 2019Formerly the head of globalstructured finance distributionat Citigroup with over 19 yearsindustry experienceJoined KKR in 2021Formerly a Senior VP, PortfolioManager at PIMCO with over14 years industry experienceJoined KKR in 2018Formerly an Associate at WellsFargo Securities with 6 yearsindustry experiencePrincipalProfessionals
Differentiated Investment Strategy12
Differentiated, Conservative Investment StrategyLending on institutional quality real estate owned by high-quality sponsors in the most liquid marketsInstitutional QualityCommercial Real EstateMost Liquid Markets, with StrongUnderlying FundamentalsAverage Loan SizeTop 15 MSAs78% 118mmTop 20 MSAs89%Select Examples:AUM, Top 10 Publicly TradedGlobal Asset Manager 100bn % of PortfolioOffice / Multifamily LoansMarket Capitalization, Top 5Global Investment Bank81% 50bn Average Occupancy ofOffice / Multifamily LoansUnits, Top Regional MultifamilyDeveloper and Operator73%15,000 Construction Loans2020 Repeat Borrowers 1%40%Note: The data above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans.13High-Quality, Experienced &Well-Capitalized Sponsors
Conservative Portfolio ConstructionInvestment Portfolio Evolution80% 2% 3%100%100%27%86%81%80%Senior Loan6%60%40%Property Type familyand Office60%40%20%20%0%Hospitality andRetail31%9%7%0%At IPO4Q'184Q'20At IPOAverage Funded Loan Size4Q'184Q'20Future Funding as a Percentage of Total Commitments( in Millions)25% 15020% 10015% 100 50 11823%10%5% 50 09%0%At IPO4Q'184Q'20Note: The charts above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine/other loans.1410%At IPO4Q'184Q'20
Targeted Strike ZoneRepresentative Terms onNewly-Originated Senior LoansLoan Size 50- 400 millionCollateralPrimarily Light Transitional CRE PropertiesSponsorshipWell-Established, Capitalized & ExperiencedGeographiesTop 30 U.S. MarketsProperty TypesMultifamily, Office, Industrial, Hospitality, Retail, andOther Commercial Property TypesLoan-to-ValueTypically 75% or lessMaturity2-3 years with Extension OptionsRepresentative Pricing L 3.50% with LIBOR FloorsFeesTypically 1.00% Upfront Discount Extension Fees15Key Attributes of KREF’sInvestmentsPrimarily Larger, Floating-Rate Senior LoansInstitutional SponsorsMajor MarketsHigh-Quality Real Estate
Rigorous Investment Screening and Selection ProcessLarge opportunity set funneled through rigorous screening and approval processRigorous ScreeningThe “KKR Edge”Over the last twelve months,KREF screened 44.1 billion offinancing opportunities andoriginated 918 million (1%) ofDeals Screened: 44.1bn(1)Total Underwritten: 12.2bn(1)senior loansTotal Quoted: 6.5bn(1)Total Closed(2): 918mm(1)(2)16YTD as of 12/31/20, values represent approximations.Total Closed represents YTD as of 12/31/20.Multidisciplinary Review
Best In Class Investment Portfolio17
KREF Loan Portfolio by the NumbersTotal Portfolio Growth 5,075Fixed0.1% 4,998 4,134Floating99.9%SeniorLoans98.5% 2,0834Q'17Interest Rate TypeMezz/Other1.5%( in Millions)Current Portfolio: 5.3 billion(1)Including net funding and repaymentactivity subsequent to quarter-endInvestment Type(3)4Q'184Q'19Property ss-B24%Class-B12%6%6%Other 5%, 18%Class-A76%Class-A88%Note: The charts above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans.(1) As of February 12, 2021.(2) Map excludes 5.5 million Midwest Mezzanine portfolio and 50.0 million real estate corporate loan.(3) Senior loans include senior mortgages and similar credit quality loans, including related contiguous junior participations in senior loans where KREF has financed a loan with structural leverage through the non-recourse sale of acorresponding first mortgage and excludes vertical loan syndications.18
4Q’20 Loan Originations – Select Case StudiesInvestmentDenver MultifamilyArlington MultifamilyOakland OfficeLoan TypeFloating-Rate Senior LoanFloating-Rate Senior LoanFloating-Rate Senior LoanLoan Size 40.0 million(1) 70.9 million(2) 159.7 million(3)LocationDenver, COArlington, VAOakland, CA168-unit Class-A Multifamily360-unit Class-A MultifamilyClass-A Office Portfolio totaling 1.0mm SFRefinanceRefinanceAcquisition49%73%65%October 2020October 2020October 2020CollateralLoan PurposeLTV(4)Investment DateAsset Photos(1)(2)(3)(4)19The total whole loan is 80.0 million, co-originated and co-funded by KREF and a KKR affiliate on a pari passu basis. KREF’s interest is 50% of the loan.The total whole loan is 141.8 million, co-originated and co-funded by KREF and a KKR affiliate on a pari passu basis. KREF’s interest is 50% of the loan.The total whole loan is 509.9 million, co-originated and co-funded by KREF and a KKR affiliate. KREF’s interest was 31% of the loan, of which 134.7 million in senior noteswere syndicated to third party lenders. Post syndication, KREF retained a mezzanine loan with a total commitment of 25.0 million, of which 14.8 million was funded as ofDecember 31, 2020, at an interest rate of L 12.9%.LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated.
4Q’20 Loan Originations – Select Case StudiesInvestmentDenver IndustrialAustin MultifamilyWashington D.C. MultifamilyLoan TypeFloating-Rate Senior LoanFloating-Rate Senior LoanFloating-Rate Senior LoanLoan Size 95.8 million 80.0 million 69.0 millionLocationDenver, COAustin, TXWashington, D.C.Three Class–A Buildings totaling 1.5mm RSF390-unit Class-A Multifamily250-unit Class-A December 2020December 2020December 2020CollateralLoan PurposeLTV(1)Investment DateAsset Photos(1)20LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated.
Multifamily and Office Loan OverviewMultifamily: 50% of Loan Portfolio 122 mm70% 1% 141 mm62% 1%Average Loan SizeW.A. LTVConstructionAverage Loan SizeW.A. LTVCo-Working Exposure54%73%200571%72%6.7 yearsW.A. Occupancyat ClosingW.A. OccupancyCurrentW.A. Year BuiltW.A. Occupancyat ClosingW.A. OccupancyCurrentW.A. RemainingLease TermProperty LocationsNote: Data as of December 31, 2020.21Office: 31% of Loan PortfolioProperty Locations
Case Studies: Largest Three Multifamily LoansInvestmentChicago MultifamilyArlington MultifamilySunbelt Multifamily PortfolioFloating-Rate Senior LoanFloating-Rate Senior LoanFloating-Rate Senior LoanJune 2019June 2019May 2019800-Unit Class-A Luxury Multifamily1,100-Unit Class-A Multifamily3-Property, 1,070-Unit, Class-A MultifamilyLocationChicago, ILArlington, VAVariousCommitted Amount 340 million 279 million 217 millionCurrent Principal Amount 335 million 271 million 211 millionBasis 418k / unit 244k / unit 197k / unitL 2.8%L 2.6%L 3.5%75%70%74%5.53.53.4Loan TypeInvestment DateCollateralCouponLTV(1)Max Remaining Term (Yrs.)Asset Photos(1)22LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated.
Case Studies: Largest Three Office LoansInvestmentBoston OfficeMinneapolis OfficeIrvine OfficeFloating-Rate Senior LoanFloating-Rate Senior LoanFloating-Rate Senior LoanMay 2018November 2017November 2019Class-B OfficeTotaling 474k SFTwo Class-A Office BuildingsTotaling 1.1mm SFTwo Class-A Office BuildingsTotaling 596k SFLocationBoston, MAMinneapolis, MNIrvine, CACommitted Amount 227 million 194 million 183 millionCurrent Principal Amount 209 million 194 million 162 millionBasis 444 / SF 178 / SF 255 / SFCouponL 2.4%L 3.8%L 2.9%53%63%66%2.41.93.9Loan TypeInvestment DateCollateralLTV(1)Max Remaining Term (Yrs.)Asset Photos(1)23LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated.
Portfolio Credit Quality Remains Strong Loan portfolio is 97.7% performingLoan-to-Value(1,2)Risk Rating Distribution(2)(% of portfolio)(% of total portfolio)Weighted AverageLTV(3): 66%3Q'2029%79%27%18%17%9%0% - 60%3Q'2060% - 65%Weighted AverageRisk Rating(3): 3.165% - 70%70% - 75%75% - 80%0%14%5%1234022762%52Loan CountWeighted AverageLTV(3): 67%4Q'2031%77%30%14%13%12%0%0% - 60%60% - 65%Weighted AverageRisk Rating(3): 3.14Q'2065% - 70%70% - 75%75% - 80%14%7%12345023262Loan Count(1)(2)(3)242%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.Includes non-consolidated senior interests and excludes vertical loan syndications and real estate corporate loan.Weighted average is weighted by current principal amount.
Case Studies: Watch List Loans(1) (Risk Rating 4 & 5)InvestmentPortland Retail(2)New York CondoFt. Lauderdale HotelSan Diego MultifamilyNew York CondoBrooklyn HotelQueens IndustrialFloating-Rate Senior LoanFloating-Rate Senior LoanFloating-Rate Senior LoanFloating-Rate Senior LoanFloating-Rate Senior LoanFloating-Rate Senior LoanFloating-Rate Senior LoanOctober 2015December 2018November 2018February 2020August 2017January 2019July 20171.1M Square Foot RetailCenter126-Unit Class-AResidential Condominium346-KeyFull-Service Hotel231-Unit Class-AMultifamily14 Luxury ResidentialCondominiums196-Key HotelTwo Class–B BuildingsTotaling 595k tionRefinanceRefinanceAcquisitionLocationPortland, ORNew York, NYFt. Lauderdale, FLSan Diego, CANew York, NYBrooklyn, NYQueens, NYCommittedAmount 110 million 235 million 152 million 102 million 99 million 77 million 70 millionCurrentPrincipalAmount 110 million 200 million 142 million 102 million 99 million 77 million 67 millionLoan Basis 101 / SF 1,250 / SF 409k / key 443k / unit 1,712 / SF 392k / key 111 / SFSpreadL 5.5%L 3.6%L 2.9%L 3.3%L 4.7%L 2.9%L 444Loan TypeInvestmentDateCollateralLTV(3)MaxRemainingTerm (Yrs.)Loan RiskRating(1) Excludes 5.5 million mezzanine loan risk-rated 5.(2) Loan was placed on non-accrual status in October 2020.(3) LTV is 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.25
Conservative Liability Management26
Liability Management: 83% Non-Mark-To-MarketConservative liability management focused ongrowing diversified non-mark-to-market financing capacityOutstanding Secured Financing(1)IPO4Q’184Q’20Asset SpecificFinancing2%Term CreditFacilities40%TermCreditFacilities(2)100%CLO 28%(2)Term LoanFacility 26%Term CreditFacilities17%Term Loan Facility25%Senior LoanInterests4%Secured Term Loan8%Collateralized LoanObligation21%Term LendingAgreement23%Asset SpecificFinancing 2%Senior Loan Interests 5%(1)(2)270%60%83%Non-MTMNon-MTMNon-MTMBased on outstanding face amount of asset level secured financing, including non-consolidated senior interests, and excludes convertible notes and the corporate revolving credit facility.Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions.
Diversified Financing Sources Totaling 6.1 BillionSummary of Outstanding Financing( in Millions)Term Credit Facilities(1)(2)(3)28Leverage RatiosMaximumCapacityOutstandingFace AmountWeighted Avg.CouponAdvanceRate 1,840 673L 1.6%63.3%NonMTM-3.6x(1)0.2xTerm LendingAgreement 900 900L 1.9%80.3% Warehouse Facility 500 0n/an/a Asset SpecificFinancing 300 60L 1.7%78.9%Secured Term Loan 300 300L 4.8%- ConvertibleNotes 144 1446.1%- Corporate RevolvingCredit Facility 335 0L 2.0%- Total CorporateObligations 4,319 2,077Term Loan Facility 1,000 948L 1.6%82.1% Collateralized LoanObligation 810 810L 1.4%81.0% Total Leverage 6,129 3,835 Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions.Represents (i) total outstanding debt agreements (excluding non-recourse term loan facility), secured term loan and convertible notes, less cash to (ii) totalpermanent equity, in each case, at period end.Represents (i) total outstanding debt agreements, secured term loan, convertible notes, and collateralized loan obligation, less cash to (ii) total permanentequity, in each case, at period end.CECL Ratio (2)Total LeverageRatio (3)
Financing Overview: Term Credit Facilities( in Millions)CounterpartyDrawnTotal / Weighted Average 446 150 77 673 1,000 600 240 1,840Collateral: Loans / PrincipalBalance5 Loans / 6843 Loans / 2212 Loans / 15810 Loans / 1,063Final Stated Maturity(1)November 2023December 2022October 2023-L 1.4%L 1.8%L 1.9%L 1.6%65.3%67.8%48.7%63.3%Credit OnlyCredit OnlyCredit Only-CapacityWeighted Average PricingWeighted Average AdvanceMark-to-marketCondo Industrial2%Student 5%Housing8%Property Type(2):Office16%Retail19%(1) Based on extended maturity date.(2) Based on principal balance of financing.29Multifamily50%
Liquidity Overview In addition to the available sources of liquidity noted below, KREF had 274.7 million of unencumbered senior loans that can bepledged to fi
7 Integrated Americas Real Estate Platform (1) Represents current portfolio in REPA I, REPA II, KPPA, KFN, separately managed accounts, KKR-managed co-investment vehicles, third party co-investment capital, KKR employees, and trophy
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Accenture Investor & Analyst Conference 1 April 25, 2018 Accenture . Investor & Analyst Conference . April 25, 2018. New York . ANGIE PARK – Managing Director, Head of Investor Relations. Good morning. I’m Angie Park, Managing Director, Head of Investor Relations and it is my
G. How Investor Relations Has Been Most Helpful to Board of Directors 21 H. How CEOs and Investor Relations Officers Gauge Success of Investor Relations and Investor Relations Incentive Compensation 22 I. Key Components of Effective Investor Relations Programs 23 J. Executives Interviewed 26 About Capital Markets Board 29
The intertwined aims of investor protection and the promotion of investor confidence in the integrity of securities markets are at the heart of IOSCO's objectives. 2. These aims, to varying degrees, are also the objectives of many IOSCO members. Investor education is a key strategy for enhancing investor protection. 3, promoting investor
Investor Presentation February 2020. February 2020 2 Disclaimer Presentation includes forward looking statements about events and financial results Actual events or results may be materially different . holders –7.7 million as of December 31, 2019 Membership & Season Pass Penetration. February 2020 16
NAFTA Chapter 11 Investor-State Cases TABLE OF NAFTA CHAPTER 11 INVESTOR-STATE CASES & CLAIMS February 2005 Key **Indicates date Notice of Intent to File a Claim was filed, the first step in the NAFTA investor-state process when an investor notifies a government that it intends to bring a NAFTA Chapter 11 suit against that government.
ARTICLES OF INCORPORATION Adopted on March 6, 1968 Amended on July 10, 1968 February 20, 1969 March 20, 1969 June 16, 1969 February 7, 1970 February 6, 1971 November 23, 1971 February 4, 1972 November 29, 1972 February 12, 1973 February 5, 1974 February 8, 1975 February 6, 1976 February 8, 1977 February 25, 1978 .
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