In This Story
KKR Real Estate Finance Trust Inc. (KREF-2.13%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. filing
The company reported a net income attributable to common stockholders of $13.1 million, or $0.19 per diluted share, compared to a net loss of $53.9 million, or ($0.78) per diluted share, in the previous year. The improvement was primarily due to a decrease in the provision for credit losses.
Total net interest income for the year was $151.7 million, down from $181.6 million in 2023. This decrease was attributed to a reduced loan portfolio size and the suspension of interest income for loans placed on nonaccrual status.
KKR Real Estate Finance Trust Inc. declared dividends of $1.00 per common share for the year, compared to $1.72 per share in the previous year.
The company funded $333.3 million for loans closed in previous years and received loan repayments of $1.5 billion during 2024. The loan portfolio totaled $6.3 billion as of December 31, 2024, primarily consisting of performing senior commercial real estate loans.
Non-mark-to-market financing was $3.9 billion as of December 31, 2024, representing 79% of the company's secured financing. The company extended the final maturity of a $1.0 billion term credit facility to September 2029.
KKR Real Estate Finance Trust Inc. repurchased 859,055 shares of its common stock at an average price of $11.64 per share for a total of $10.0 million during the year.
Cash and cash equivalents as of December 31, 2024, were $104.9 million, with total assets amounting to $6.35 billion. The company reported total liabilities of $4.95 billion and total equity of $1.40 billion.
The company continues to focus on originating floating-rate senior loans, which it finances with its repurchase facilities and other financing sources. As of December 31, 2024, all investments were located in the United States.
KKR Real Estate Finance Trust Inc. identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the KKR Real Estate Finance Trust Inc. annual 10-K report dated February 3, 2025. To report an error, please email earnings@qz.com.