KREF Q1 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Wed, April 22, 2026 astatine 12:14 PM CDT 34 min read

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Thursday, April 24, 2025 astatine 10 a.m. ET

• Chief Executive Officer — Matt Salem

• President and Chief Operating Officer — Patrick Mattson

• Chief Financial Officer — Kendra Decius

• Head of Investor Relations — Jack Switala

Jack Switala: Great thanks, operator, and invited to the KKR Real Estate Finance Trust net telephone for the archetypal 4th of 2025 arsenic the relation mentioned, this is Jack Switala. This morning, I'm joined connected the telephone by our CEO, Matt Salem, our President and COO, Patrick Mattson and our CFO, Kendra Decius, I'd similar to punctual everyone that we volition notation to definite non GAAP fiscal measures connected the call, which are reconciled to GAAP figures successful our net merchandise and successful the supplementary presentation, some of which are disposable connected the capitalist relations information of our website. This telephone volition besides incorporate definite guardant looking statements which bash not warrant aboriginal events oregon performance.

Please notation to our astir precocious filed 10 Q for cautionary factors related to these statements. Before I crook the telephone implicit to Matt, I'll spell done our results for the archetypal 4th of 2025 we reported a spread nett nonaccomplishment of $10.6 cardinal oregon 15 cents per share. Book worth arsenic of March 31 is $14.44 per share. Distributable net this 4th was $17 cardinal oregon 25 cents per share, which is successful enactment with our 25 cent per stock dividend. With that, I'd present similar to crook the telephone implicit to Matt.

Matt Salem: Thank you, Jack. Good morning, and acknowledgment for joining our telephone today. Since our past net telephone and tariff implementations, marketplace volatility and recession expectations person accrued significantly, creating uncertainty for some businesses and households, the aboriginal betterment of existent property has apt been enactment connected clasp until we person much clarity connected the standard and interaction of the tariff regime. That said, we bash judge existent property is amended positioned for this situation compared to past cycles and different plus classes, fixed the reset and values implicit the past 3 years successful times similar this, the archetypal happening we deliberation astir is defense. It's a get your location successful bid mentality.

And to that end, we are successful a precise bully position. We person nary firm maturities until 2030 having conscionable upsized and extended our firm revolver for caller 5 twelvemonth word and refinanced our Term Loan B, with a caller 7 twelvemonth facility, we person ample liquidity with implicit 700 cardinal today. Given this unafraid position, we volition stay connected offense, actively looking to reinvest repayments into caller originations.