KKR Real Estate Finance Trust (KREF) - 2025 Q1 - Quarterly Results

Financial Performance - Reported net loss attributable to common stockholders of $10.6 million, or $0.15 per diluted share, for Q1 2025, compared to net income of $14.6 million, or $0.21 per diluted share, for Q4 2024[2][13] - Distributable Earnings for Q1 2025 were $17.0 million, or $0.25 per diluted share, compared to a Distributable Loss of $14.7 million, or $0.21 per diluted share, for Q4 2024[3][13] Liquidity and Capital Structure - Liquidity position of $720.3 million as of March 31, 2025, including $106.4 million in cash and $570.0 million in undrawn capacity on the corporate revolving credit agreement[6] - Increased Term Loan B to $550 million due March 2032, with interest at S+3.25%[6] - No corporate debt maturities until 2030, with diversified financing sources totaling $8.3 billion[6] - Entered into a new $300 million term lending agreement providing match-term financing on a non-mark-to-market basis[6] Loan Portfolio - Originated and funded $376.3 million in floating-rate loans with a weighted average loan-to-value (LTV) ratio of 69% and a coupon of S+2.8%[6][7] - Current loan portfolio totals $6.1 billion, with 99% floating rate and a weighted average unlevered all-in yield of 7.6%[6] Shareholder Returns - Repurchased and retired 889,100 shares at an average price of $11.03, totaling $9.8 million[6] - Common book value of $982.1 million, or $14.44 per share, as of March 31, 2025, including a CECL allowance of $144.4 million[6] Distributable Earnings - Distributable Earnings is a key indicator of the Company's ability to generate sufficient income to pay its quarterly dividends, which is crucial for yield/income investors[23] - The Company defines Distributable Earnings as net income attributable to common stockholders, excluding non-cash equity compensation, depreciation, and unrealized gains or losses[24] - Distributable Earnings should not be considered a substitute for GAAP net income, and its calculation methodology may differ from other REITs[25]