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Investor Relations14 Oct 2025
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KKR Real Estate Finance Trust (KREF) investor relations material
KKR Real Estate Finance Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary23 Jul, 2025
Executive summary
Reported a GAAP net loss of $35.4M or $0.53 per share for Q2 2025, driven by higher credit loss provisions and a $20M realized loss from a multifamily foreclosure; book value per share at $13.84 as of June 30, 2025.
Distributable loss was $2.9M, down from $17M in the prior quarter, mainly due to realized loan write-offs and elevated credit reserves.
Paid a $0.25 per share cash dividend for Q2 2025; Series A preferred dividend was $0.41 per share.
Loan originations totaled $211M, with two new floating-rate senior loans; repayments reached $450M.
Repurchased and retired 2.17M shares for $20M at an average price of $9.21 per share.
Financial highlights
Net interest income for Q2 2025 was $30.2M, down 23% year-over-year, with a $49.8M provision for credit losses.
Book value per share at $13.84 as of June 30, 2025; total assets at $6.76B and total equity at $1.29B.
Liquidity at quarter end was $757M, including $108M cash and $620M undrawn revolver.
Debt-to-equity ratio at 2.0x; total leverage ratio at 3.9x.
Allowance for credit losses was $173.9M as of June 30, 2025.
Outlook and guidance
Projecting nearly $1B in incremental repayments in the second half of the year, with plans to reinvest proceeds.
No significant near-term loan maturities; no corporate debt due until 2030.
Management expects continued challenges from elevated interest rates, credit market volatility, and sector-specific headwinds, especially in office and life science loans.
Focus remains on capital preservation, risk management, and maintaining liquidity above $750M.
Expecting new loan originations in Europe by year-end.
Explain the increase in CECL allowance.
Discuss the strategy for repayments.
How does KREF define Distributable Earnings?
REO capital repatriation timeline?
Strategy for 2026 maturity wall?
Rationale for CMBS B-Piece investments?
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Next KKR Real Estate Finance Trust earnings date
Q3 202522 Oct, 2025
Next KKR Real Estate Finance Trust earnings date
Q3 202522 Oct, 2025
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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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