KKR Real Estate Finance Trust Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>KKR Real Estate Finance Trust Inc. has submitted its Q1 2024 10-Q filing.</b>

AI Summary

KKR Real Estate Finance Trust Inc. (KREF-PA) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. KKR Real Estate Finance Trust Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. The filing was made on April 23, 2024. The company is incorporated in Maryland.

Why It Matters

For investors and stakeholders tracking KKR Real Estate Finance Trust Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details for KKR Real Estate Finance Trust Inc. for the first quarter of 2024. Understanding the company's financial health and strategic direction as detailed in this report is crucial for investors assessing the REIT's current standing and future prospects.

Risk Assessment

Risk Level: low — KKR Real Estate Finance Trust Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand KKR Real Estate Finance Trust Inc.'s performance and outlook for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-04-23 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period)
• 2023-12-31 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• KKR Real Estate Finance Trust Inc. (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-04-23 (date) — Filed as of date
• New York (location) — Business Address City
• MD (location) — State of Incorporation

FAQ

Industry Context

KKR Real Estate Finance Trust Inc. operates as a real estate investment trust (REIT), focusing on originating and investing in real estate debt investments.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial performance and material events.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ended March 31, 2024.
2. Review any disclosures related to debt, equity, and cash flow.
3. Examine management's discussion and analysis of financial condition and results of operations.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-23: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share KREF New York Stock Exchange

Filing Documents

• kref-20240331.htm (10-Q) — 2678KB
• a202403-exhibit311.htm (EX-31.1) — 11KB
• a202403-exhibit312.htm (EX-31.2) — 11KB
• a202403-exhibit321.htm (EX-32.1) — 6KB
• a202403-exhibit322.htm (EX-32.2) — 6KB
• kref-20240331_g1.jpg (GRAPHIC) — 15KB
• kref-20240331_g2.jpg (GRAPHIC) — 56KB
• 0001631596-24-000017.txt (&nbsp;) — 13619KB
• kref-20240331.xsd (EX-101.SCH) — 91KB
• kref-20240331_cal.xml (EX-101.CAL) — 90KB
• kref-20240331_def.xml (EX-101.DEF) — 643KB
• kref-20240331_lab.xml (EX-101.LAB) — 863KB
• kref-20240331_pre.xml (EX-101.PRE) — 794KB
• kref-20240331_htm.xml (XML) — 2296KB

- Financial Information

Part I - Financial Information 5

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 73

Controls and Procedures

Item 4. Controls and Procedures 72

- Other Information

Part II - Other Information 73

Legal Proceedings

Item 1. Legal Proceedings 73

Risk Factors

Item 1A. Risk Factors 73

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 73

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 73

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 73

Other Information

Item 5. Other Information 73

Exhibits

Item 6. Exhibits 74

Signatures

Signatures 75 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. There are many factors that may cause our actual results to differ materially from the forward-looking statements, including factors set forth under Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "Form 10-K") and Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Form 10-Q, as such factors may be updated from time to time in our other periodic filings with the SEC, which are accessibl

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KKR Real Estate Finance Trust Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (Amounts in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 106,517 $ 135,898 Commercial real estate loans, held-for-investment 7,113,256 7,343,548 Less: Allowance for credit losses ( 243,634 ) ( 210,470 ) Commercial real estate loans, held-for-investment, net 6,869,622 7,133,078 Real estate owned assets, held for sale 99,977 101,017 Real estate owned, held for investment, net 82,669 82,091 Accrued interest receivable 40,602 41,003 Equity method investments 35,108 35,076 Other assets 22,200 19,455 Total Assets $ 7,256,695 $ 7,547,618 Liabilities and Equity Liabilities Secured financing agreements, net $ 3,521,796 $ 3,782,419 Collateralized loan obligations, net 1,942,569 1,942,171 Secured term loan, net 334,977 335,331 Accrued interest payable 19,247 20,207 Real estate owned liabilities, held for sale 16,334 15,883 Dividends payable 17,328 29,805 Due to affiliates 8,087 8,270 Other liabilities 16,267 9,350 Total Liabilities 5,876,605 6,143,436 Commitments and Contingencies (Note 13) — — Equity Preferred Stock, $ 0.01 par value, 50,000,000 shares authorized Series A cumulative redeemable preferred stock, ( 13,110,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023); liquidation preference of $ 25.00 per share 131 131 Common stock, $ 0.01 par value, 300,000,000 authorized ( 75,299,556 shares issued and 69,313,860 shares outstanding; as of March 31, 2024 and December 31, 2023, respectively) 693 693 Additional paid-in capital 1,817,373 1,815,077 Accumulated deficit ( 340,437 ) ( 314,370 ) Repurchased stock ( 5,985,696 shares repurchased as of March 31, 2024 and December 31, 2023) ( 96,764 ) ( 96,764 ) Total KKR Real Estate Finance Trust Inc. Stockholders' Equity 1,380,996 1,404,767 No

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View this 10-Q filing on SEC EDGAR