KKR Real Estate Finance Trust Inc (NYSE:KREFpA.PFD)
$ 19.75 +0.14 (+0.74%) Market Cap: - Enterprise Value: - PE Ratio: 55.50 PB Ratio: 0.46 GF Score: 63/100
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Q4 2024 KKR Real Estate Finance Trust Inc Earnings Call Transcript

Feb 04, 2025 / 02:00PM GMT
Release Date Price: $19.55 (+0.36%)

Key Points

Positve
  • KKR Real Estate Finance Trust Inc (KREF) reported a GAAP net income of $14.6 million for the fourth quarter of 2024.
  • The company has decreased its watch list percentage from 13% in Q4 2023 to 8% in Q4 2024, indicating improved asset management.
  • KREF has a strong liquidity position with $685 million available at the end of the fourth quarter.
  • The company successfully closed two loans totaling $225 million in January 2025, indicating a robust pipeline.
  • KREF's liability structure is a differentiator, with 79% of its financing being non-mark to market, providing stability in volatile markets.
Negative
  • KREF reported a distributable loss of $14.7 million for the fourth quarter of 2024.
  • The company anticipates further credit migration, indicating potential future challenges in the portfolio.
  • There are still four watch list loans in the portfolio, representing 8% of the loan portfolio.
  • The higher U.S. Treasury market may dampen some acquisition activity, potentially impacting future growth.
  • KREF's debt to equity ratio is 1.6 times, and total leverage ratio is 3.6 times, which may limit flexibility in financial maneuvering.
Operator

Good morning and welcome to the KKK Real Estate Finance Trust Inc fourth quarter, 2024 financial results conference call (Operator Instructions) Please note this event is being recorded and

I would now like to turn the conference over to Jack Switala of Investor Relations. Please go ahead.

Jack Switala
KKR Real Estate Finance Trust Inc - IR Contact Officer

Great. Thanks operator and welcome to the KKR Real Estate Finance Trust earnings call for the fourth quarter of 2024. As the operator mentioned, this is Jack Switala this morning, I'm joined on the call by our CEO, Matt Switala; Our President and COO, Patrick Mattson; and Our CFO, Kendras.

I'd like to remind everyone that we will refer to certain non-GAAP financial measures on the call which are reconciled to GAAP figures in our earnings release. And in the supplementary presentation, both of which are available on the investor relations portion of our website.

This call will also contain certain forward-looking statements which do not guarantee future events or performance.

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