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KKR Real Estate Finance Trust Inc
NYSE:KREF

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KKR Real Estate Finance Trust Inc
NYSE:KREF
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Price: 6.31 USD 0.48% Market Closed
Market Cap: $405.6m

KKR Real Estate Finance Trust Inc
Investor Relations

KKR Real Estate Finance Trust, Inc. is a real estate finance company, which focuses primarily on originating and acquiring senior loans secured by commercial real estate assets. The company is headquartered in New York City, New York and currently employs 0 full-time employees. The company went IPO on 2017-05-05. The firm focuses primarily on originating and acquiring senior loans secured by institutional-quality commercial real estate (CRE) properties that are owned and operated by sponsors and located in liquid markets with underlying fundamentals. Its target assets also include mezzanine loans, preferred equity, and other debt-oriented instruments with these characteristics. The firm's investment objective is capital preservation and the generation of attractive risk-adjusted returns for its stockholders over the long term, primarily through dividends. The company focuses on originating and acquiring senior loans that are secured by CRE properties and evidenced by a first-priority mortgage. Its subsidiaries include KKR Real Estate Finance Holdings L.P., KREF Capital LLC, KREF Capital TRS LLC and KREF Holdings I LLC, among others. The firm's investment manager is KKR Real Estate Finance Manager LLC.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 4, 2026
AI Summary
Q4 2025

Net Loss: KKR Real Estate Finance Trust (KREF) reported a GAAP net loss of $32 million, or $0.49 per share, for Q4 2025.

Book Value: Book value per share stood at $13.04 as of December 31.

Dividend: A $0.25 per share cash dividend was paid; management is actively evaluating future dividends due to portfolio transitions.

Liquidity Strengthened: KREF enhanced its liquidity, ending the year with over $880 million, and upsized its term loan and revolver.

Portfolio Shift: Aggressive plans to resolve watch list and REO assets in 2026 aim to unlock $0.13 per share of embedded value.

Asset Quality: Two loans were downgraded to risk rating 5, leading to $44 million in new CECL provisions; more downgrades are expected.

Share Repurchase: $43 million of stock was repurchased in 2025, adding about $0.32 per share to book value.

Strategic Focus: Emphasis on multifamily and industrial lending, geographic diversification, and selective portfolio growth.

Key Financials
Net Loss
-$32 million
Earnings Per Share
-$0.49 per share
Book Value Per Share
$13.04
Distributable Earnings
$14 million
Distributable Earnings Per Share
$0.22 per share
Dividend
$0.25 per share
Liquidity
over $880 million
Cash on Hand
$85 million
Undrawn Corporate Revolver
$700 million
Total Financing Capacity
$8.2 billion
Undrawn Financing Capacity
$3.5 billion
Non-Mark-to-Market Financing
74%
Debt-to-Equity Ratio
2.2x
Total Leverage Ratio
3.9x
Loan Repayments
$1.5 billion
New Originations
$1.1 billion (annual), $424 million (Q4)
Q4 Repayments
$380 million
Term Loan B Outstanding
$650 million
Term Loan B Coupon
SOFR+ 250 bps
CECL Provisions (Incremental, Q4)
$44 million
Share Repurchase (Q4)
over $9 million
Share Repurchase (2025)
$43 million
Weighted Average Share Repurchase Price (2025)
$9.35
Book Value Accretion per Share from Repurchase
$0.32
Remaining Share Buyback Authorization
$47 million
Weighted Average Portfolio Risk Rating
3.2
Earnings Call Recording
Other Earnings Calls

Management

Mr. Matthew A. Salem
CEO & Director
No Bio Available
Mr. W. Patrick Mattson C.F.A.
COO & President
No Bio Available
Ms. Kendra L. Decious CPA
CFO & Treasurer
No Bio Available
Mr. Jack Switala
Principal, Capital Markets & Head of Investor Relations
No Bio Available
Ms. Kelly Galligan
General Counsel & Secretary
No Bio Available
Mr. Joel Traut
Partner & Head of Originations
No Bio Available
Mr. Paul Fine
Managing Director Real Estate
No Bio Available
Mr. Andrew Palmieri
Principal of Real Estate
No Bio Available

Contacts

Address
NEW YORK
New York City
30 Hudson Yards, Suite 7500
Contacts
+12127508300.0
www.kkrreit.com
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