KKR Real Estate Finance Trust (US:KREF)2024-02-07 14:20Financial Performance - The Company's Book Value per Share (BVPS) was $15.52, which includes a CECL allowance of $213 million, representing 288 basis points of loan principal balance as of December 31, 2023[19, 20] - The company declared a dividend of $0.25 per share of common stock for the first quarter of 2024[21] - Net Income (Loss) was ($0.27) per diluted share for 4Q 2023 and ($0.78) per diluted share for full year 2023, including a CECL provision of $50 million and $175 million, respectively[22] - Distributable Earnings (Loss) was ($0.37) per diluted share for 4Q 2023 and $0.83 per diluted share for full year 2023, including write-offs of $59 million and $74 million, respectively[22] Portfolio Overview - The company has a $7.8 billion predominantly senior loan portfolio with a weighted average unlevered all-in yield of 90%[17, 22] - Multifamily and industrial assets represent 55% of the loan portfolio[17, 22] - The company collected 98% of interest payments during 2023[17, 22, 37] Liquidity and Capitalization - The company has $630 million of available liquidity, including $136 million in cash and $450 million undrawn capacity on the corporate revolver[17, 23] - The company has diversified financing sources totaling $8.9 billion with $2.8 billion of undrawn capacity[17, 23, 58] - 76% of the company's secured financing is fully non-mark-to-market[17, 23, 52, 58]