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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.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.
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