Q2 2024 KKR Real Estate Finance Trust Inc Earnings Call Transcript
Key Points
- KKR Real Estate Finance Trust Inc (KREF) reported GAAP net income of $20.2 million or $0.29 per share for Q2 2024.
- Book value per share increased by $0.06 quarter-over-quarter to $15.24.
- CECL allowance decreased significantly to $1.65 per share from $3.54 per share last quarter.
- KREF has robust liquidity with $644 million of availability, up sequentially from the prior quarter.
- Repayments have exceeded fundings in four of the last five quarters, allowing KREF to delever the balance sheet.
- Distributable earnings for Q2 2024 were negative $108.7 million or negative $1.57 per share.
- Realized losses amounted to $136 million or $1.97 per share.
- Future funding obligations have declined to approximately 9% of the funded portfolio, indicating limited new investment opportunities.
- KREF's leverage ratio remains high at 3.9 times, despite efforts to delever.
- The company expects DEX losses to continue to be significantly higher than their dividend in the near term.
Good morning, and welcome to the KKR Real Estate Finance Trust Inc. second-quarter 2024 financial results conference call. (Operator instructions) Please note this event is being recorded. I would now like to turn the conference over to Jack Switala. Please go ahead.
Great. Thanks, operator, and welcome to the KKR Real Estate Finance Trust earnings call for the second quarter of 2024. As the operator mentioned, this is Jack Switala. Today, I'm joined on the call by our CEO, Matt Salem; our President and COO, Patrick Mattson; and our CFO, Kendra Decious.
I'd like to remind everyone that we will refer to certain non-GAAP financial measures on the call, which are reconciled to GAAP figures in our earnings release and in the supplementary presentation, both of which are available on the Investor Relations portion of our website.
This call will also contain certain forward-looking statements which do not guarantee future events or performance. Please refer to our most recently
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
