KKR Real Estate Finance Trust (US:KREF)2024-04-24 16:06Portfolio Overview - The company holds a $7.5 billion predominantly senior loan portfolio with a weighted average unlevered all-in yield of 8.9%[1] - The company collected 97% of interest payments due on the loan portfolio[2,4] - Multifamily and industrial assets represent 58% of the loan portfolio[94] - The portfolio is 99% floating-rate loans indexed to Term SOFR[132] Financial Performance - Q1 2024 Distributable Earnings were $0.39 per diluted share, providing 1.54x dividend coverage[75] - Q1 2024 Net Loss was ($0.13) per diluted share[84] - Book Value per Share is $15.18, which includes a CECL allowance of $246 million, or ($3.54) per share[84] Liquidity and Capitalization - The company has diversified financing sources totaling $8.7 billion, with $2.9 billion of undrawn capacity[1,15] - The company's current liquidity is $620 million, including $107 million in cash and $450 million undrawn capacity on the corporate revolver[73,94] - 78% of the company's secured financing is fully non-mark-to-market[73,94,116] Loan Repayments and Credit Quality - The company received $336 million in loan repayments, including full loan repayments of $173 million on a previously 4-rated senior office loan in Washington, D C and $151 million on a previously 4-rated senior condo loan in New York, NY[1]