KKR Real Estate Finance Trust Inc
NYSE:KREF
KKR Real Estate Finance Trust Inc
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.
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.
Earnings: KKR Real Estate Finance Trust (KREF) reported GAAP net income of $8 million ($0.12 per share) and a distributable loss of $2 million, largely due to taking ownership of a Raleigh multifamily property.
Dividend: The company paid a $0.25 per share cash dividend for Q3, exceeding distributable earnings for the period.
Liquidity & Leverage: KREF ended the quarter with near record liquidity of $933 million, including over $200 million of cash and a $700 million undrawn revolver; leverage ratios remain at the low end of target.
Portfolio Activity: KREF originated $719 million year-to-date and expects more than $400 million in new loans in Q4, with $1.1 billion in repayments received YTD and over $1.5 billion expected in 2026.
European Expansion: The company closed its first European loan and sees ROEs in Europe as comparable to the US.
REO Portfolio: Management sees upside in the REO portfolio and expects to unlock embedded earnings as assets are stabilized and sold.
Risk & Reserves: The weighted average risk rating is 3.1; CECL reserves are $160 million (3% of the loan portfolio), and 85% of the portfolio is rated 3 or better.
Capital Return: The company continues share repurchases, buying $4 million in Q3 and $34 million YTD.
