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KKR Real Estate Finance Trust
KKR Real Estate Finance Trust (KREF) investor relations material
KKR Real Estate Finance Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Reported a GAAP net loss of ($32.0) million ($0.49 per share) for Q4 2025 and ($69.9) million ($1.05 per share) for the full year, driven by CECL provisions of $44 million in Q4 and $119 million for the year.
Distributable Earnings were $14.4 million ($0.22 per share) for Q4 and $26.3 million ($0.39 per share) for the year, with full-year results impacted by $34 million in net realized losses.
Book value per share at year-end was $13.04, reflecting a CECL allowance of $204 million.
Portfolio comprised $5.4 billion in predominantly senior loans, with 58% in multifamily and industrial assets.
Management focused on repositioning, balance sheet strengthening, and high-quality loan originations in resilient sectors.
Financial highlights
Originated and funded $424 million in new loans in Q4 and $1.1 billion for the year, including U.S. and European floating-rate senior loans.
Full-year repayments reached $1.5 billion, consistent with prior year.
Over 75% of new originations were in multifamily and industrial loans.
Net interest income for Q4 was $25.8 million; net loss attributable to common stockholders was ($32.0) million.
Repurchased $43 million of common stock in 2025, accreting $0.32 to book value per share.
Outlook and guidance
2026 expected to be a transitional year, with focus on liquidity events for REO and watchlist assets.
Aggressive resolution strategy may pressure near-term earnings but aims to compress stock price discount to book value.
No final facility maturities until 2027 and no corporate debt due until 2030, supporting near-term liquidity.
Fully extended weighted average loan maturity is 1.8 years.
Dividend policy under review to balance earnings visibility and long-term value.
Watch list loans: Strategy for near-term maturities?
Share buyback rationale given BVPS decline
Future European loan origination strategy
Plan for Boston life science loan resolution?
Rationale for Q4 office and hospitality loans?
Strategy to narrow share price to book value gap?
What are the 2026 portfolio resolution targets?
Life science portfolio: What basis target is acceptable?
How will dividend policy balance earnings and value?
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Next KKR Real Estate Finance Trust earnings date
Q1 202623 Apr, 2026
KKR Real Estate Finance Trust
Next KKR Real Estate Finance Trust earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
KKR Real Estate Finance Trust Inc is a real estate finance company that originates and acquires senior mortgage loans secured by commercial real estate. The company focuses on capital preservation and income generation through credit investments. It is headquartered in New York, New York, and its shares are listed on the NYSE.
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