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 "markdown": "2Q'26 Loan Originations \u2013 Case Studies\n\n\n<figure type=\"CHART\"><table><thead><tr><th>Investment</th><th>Spain Multifamily Portfolio</th><th>Los Angeles Multifamily Portfolio</th><th>California Office Portfolio</th></tr></thead><tbody><tr><td>Loan Type</td><td>Floating-Rate Senior Loan</td><td>Floating-Rate Senior Loan(1)</td><td>Floating-Rate Senior Loan</td></tr><tr><td>Loan Size</td><td>$158 million(2)</td><td>$154 million</td><td>$36 million(3)</td></tr><tr><td>Location</td><td>Various, Spain</td><td>Los Angeles, CA</td><td>Various, CA</td></tr><tr><td>Collateral</td><td>47 multifamily properties totaling 5,263 units</td><td>536 unit luxury high rise</td><td>3 Office Properties totaling 327k SF</td></tr><tr><td>Loan Purpose</td><td>Acquisition</td><td>Refinance</td><td>Refinance</td></tr><tr><td>LTV(4)</td><td>49%</td><td>70%</td><td>48%</td></tr><tr><td>Investment Date</td><td>April 2026</td><td>April 2026</td><td>April 2026</td></tr><tr><td>Asset Photo</td><td>[Image of a modern, blue-tinted glass high-rise building]</td><td>[Image of a tall residential high-rise with balconies]</td><td>[Image of a low-rise office building with glass windows and landscaping]</td></tr></tbody></table>\n\n<description>This table provides a comparative summary of three real estate investment portfolios, detailing the loan type, loan size, geographic location, collateral description, loan purpose, loan-to-value (LTV) ratio, and investment date for each. The final row includes representative photographs for each asset class: a glass high-rise for the Spain portfolio, a luxury high-rise for the Los Angeles portfolio, and a suburban office complex for the California portfolio.</description></figure>\n\n(1) Loan secured by the borrower's ownership interest in an underlying mortgage loan\n(2) Loan size is \u20ac135 million in local currency. The total whole loan is $593 million, or \u20ac506 million, co-originated and co-funded by KREF and KKR affiliates. KREF\u2019s interest was 27% of the loan\n(3) The total whole loan is $73 million, co-originated and co-funded by KREF and KKR affiliates. KREF\u2019s interest was 50% of the loan\n(4) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated\n\n\nKREF\n\n\n6\n\n<!-- doc_id=parse-01m38pkwrf2x35ee4d5ftqv5ex -->",
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