KKR Real Estate Finance Trust (KREF) - 2024 Q4 - Annual Results

Financial Performance - Reported net income attributable to common stockholders for Q4 2024 was $14.6 million, or$0.21 per diluted share, and for the full year 2024 was $13.1 million, or$0.19 per diluted share[2][13] - Distributable loss for Q4 2024 was ($14.7) million, or ($0.21) per diluted share, and for the full year 2024 was ($70.7) million, or ($1.02) per diluted share[3][13] Liquidity and Capital Structure - The company has a liquidity position of $684.8 million, including$104.9 million in cash and $530.0 million of undrawn capacity on its corporate revolver[7] - Loan repayments totaled$1.5 billion in 2024, exceeding expectations and enhancing liquidity for new investments[6] - The company extended the maturity date of a $1.0 billion term credit facility to September 2029[7] Loan Portfolio - The current loan portfolio stands at$5.9 billion, with 99% floating rate and a weighted average unlevered all-in yield of 7.8%[7] - The weighted average loan-to-value (LTV) ratio of the portfolio is 65%[7] - In January 2025, the company originated loans totaling $224.3 million, with an average coupon of +3.1$11.64, totaling $10.0 million[7] Performance Metrics - Distributable Earnings, a key performance indicator, is defined as net income attributable to common stockholders, adjusted for non-cash items and one-time events, providing insight into the Company's ability to pay dividends[25][26] - The Company cautions that its methodology for calculating Distributable Earnings may differ from other REITs, potentially affecting comparability[27] Forward-Looking Statements - The Company emphasizes that forward-looking statements reflect its current views on future operations and financial performance, subject to various risks and uncertainties[22]