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Dec 31, 2022
KKR Q4 2022 Earnings Report
Reported financial results for the quarter and full year ended December 31, 2022.
Key Takeaways
KKR Real Estate Finance Trust Inc. reported net income attributable to common stockholders of $14.6 million, or $0.21 per diluted share, and Distributable Earnings of $12.4 million, or $0.18 per diluted share, for the three months ended December 31, 2022.
Originated and funded $370.4 million and $207.4 million, respectively, relating to three floating-rate loans, with a weighted average appraised loan-to-value ratio and coupon of 58% and 8.0%, respectively.
Received loan repayments of $209.2 million.
Entered into a new $125.0 million asset specific financing facility.
In December 2022, the Company agreed to restructure a $161.0 million defaulted senior office loan into a senior mortgage loan and a junior mezzanine note, which is subordinate to a new senior mezzanine note held by the sponsor. As of December 31, 2022, $25.0 million, or ($0.36) per diluted share, was deemed uncollectible and written off.
Forward Guidance
Entering 2023, KREF is well positioned with liquidity of $950 million, 77% non-mark-to-market financing, and significant operating earnings tail-wind from current interest rate market
Historical Earnings Impact
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Avg. Return Before/After Earnings
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