The following is a summary of the KKR Real Estate Finance Trust Inc. (KREF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• KKR Real Estate Finance Trust reported a GAAP net loss of $8.7 million or negative $0.13 per share in Q1 2024.

• Distributable earnings for the quarter were $26.7 million or $0.39 per share.

• The company's book value per share as of March 31, 2024, was $15.18, showing a roughly 2% decline quarter-over-quarter.

• An increase in CECL allowance to $3.54 per share was reported from $3.06 per share in the previous quarter.

• KKR paid a cash dividend of $0.25 per common share for the first quarter in mid-April.

Business Progress:

• KKR is optimistic about business opportunities due to rising transactions volume, liquidity, and valuation stability.

• The company plans to originate loans via its diverse CRE credit platform with an investment budget of around $10 billion this year.

• The firm reports an existing pipeline worth approximately $20 billion, an increase compared to last year's average weekly pipeline.

• Despite challenges in the office sector, KKR does not expect further negative impacts.

• The company is positive about long-term demand in the life science sector, despite funding decreases.

• KKR anticipates repayments to exceed future fundings throughout 2024 and continues to actively manage its REO portfolio.

• KKR is focusing on the timeline and path for REO assets, potentially boosting earnings by $0.12/share by recycling these assets.

More details: KKR Real Estate Finance Trust IR

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