NYSE$KREF
KKR Real Estate Finance Trust Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported financial results for the quarter and full year ended December 31, 2023.
KKR Real Estate Finance Trust Inc. reported a net loss attributable to common stockholders of ($18.7) million, or ($0.27) per diluted share, and Distributable Earnings (Loss) of ($26.0) million, or ($0.37) per diluted share, for the fourth quarter of 2023. The Board of Directors declared a dividend of $0.25 per share of common stock with respect to the first quarter of 2024.
- Funded $138.7 million for loans closed in previous years and received loan repayments of $188.1 million.
- Current loan portfolio of $7.6 billion with 99% floating rate and a weighted average unlevered all-in yield of 9.0%.
- Multifamily and industrial assets represent 55% of the loan portfolio.
- Diversified financing sources totaling $8.9 billion with $2.8 billion of undrawn capacity.
Headline financials
Revenue & EPS history
KKR · Revenue · Quarterly
$46.5M
Forward guidance
KREF is well positioned for the current market environment with strong liquidity, significant resources, and expertise through its integration with KKR's broader real estate platform.
Tailwinds
- Strong liquidity profile.
- Significant resources and expertise through KKR integration.
- Extensive experience owning and managing real estate through KKR.
- Ability to maximize the value of the watchlist portfolio.
- Expectations for future interest rate cuts.
Headwinds
- Value creation on select REO assets will require time and impact earnings in the interim.
- Dividend set at $0.25 per share due to these factors.
- Reliance on operating earnings from the performing loan portfolio to cover the dividend.
- Uncertainty regarding the timing and extent of interest rate cuts.
- Potential for further realized losses on loan write-offs.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
-0.6%
Avg return
Earnings day
-0.5%
Avg return
5 days after
-1.3%
Avg return
30 days after
29%
12 / 41 earnings
Positive
+15.3%
Q1 2020
Best reaction
-14.0%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -9.1% | -6.7% | -3.7% | |
| Q4 2025 | -3.7% | -11.7% | -12.2% | |
| Q3 2025 | -1.3% | +0.7% | -3.9% | |
| Q2 2025 | -0.5% | +0.5% | +3.3% | |
| Q1 2025 | -3.7% | -1.1% | -3.3% | |
| Q4 2024 | +9.7% | +10.6% | +6.3% | |
| Q3 2024 | -3.1% | -2.9% | -4.8% | |
| Q2 2024 | +14.3% | +13.0% | +11.3% | |
| Q1 2024 | -0.7% | -2.3% | -2.8% | |
| Q4 2023 | -14.0% | -19.3% | -16.0% | |
| Q3 2023 | -1.0% | -0.3% | +16.3% | |
| Q2 2023 | -3.1% | -1.5% | -9.6% | |
| Q1 2023 | -8.7% | -5.5% | -1.4% | |
| Q4 2022 | -4.6% | -4.6% | -18.0% | |
| Q3 2022 | -1.8% | +5.3% | -2.2% | |
| Q2 2022 | -0.2% | +3.5% | +3.2% | |
| Q1 2022 | -2.7% | -4.6% | +0.4% | |
| Q4 2021 | +0.0% | -1.1% | -6.3% | |
| Q3 2021 | +2.2% | -2.6% | -3.3% | |
| Q2 2021 | -0.2% | +0.6% | -1.0% | |
| Q1 2021 | +2.5% | +7.4% | +7.4% | |
| Q4 2020 | -1.4% | -0.8% | +1.6% | |
| Q3 2020 | +0.2% | -0.4% | +9.7% | |
| Q2 2020 | +0.8% | +4.5% | +9.5% | |
| Q1 2020 | +15.3% | +9.9% | +13.7% | |
| Q4 2019 | +0.5% | +0.4% | -53.6% | |
| Q3 2019 | -0.6% | -2.1% | +0.1% | |
| Q2 2019 | -0.8% | -2.2% | -5.6% | |
| Q1 2019 | +0.4% | +0.9% | -1.9% | |
| Q4 2018 | -0.3% | -0.5% | +0.3% | |
| Q3 2018 | +0.7% | +3.5% | -1.9% | |
| Q2 2018 | +0.3% | -3.2% | +1.8% | |
| Q1 2018 | +1.1% | +2.8% | +2.1% | |
| Q4 2017 | -1.8% | -0.1% | +1.6% | |
| Q4 2015 | -1.8% | -0.1% | +1.6% | |
| Q3 2016 | -1.8% | -1.6% | +3.5% | |
| Q3 2017 | -1.8% | -1.6% | +3.5% | |
| Q2 2017 | -2.3% | -0.6% | +3.1% | |
| Q2 2016 | -2.3% | -0.6% | +3.1% | |
| Q4 2016 | -0.4% | -2.2% | -2.4% | |
| Q1 2017 | -0.4% | -2.2% | -2.4% | |
| Q1 2016 | — | — | — |
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