Mortgage REIT KKR Real Estate Finance plunges >20% on wider Q1 loss, dividend cut

ReutersApr 23, 2026 2:55 PM

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KKR Real Estate Finance Trust KREF.N shares plunge as much as 21.6% to record low $5.25 early Thurs after posting wider qtrly loss amid higher provisions for distressed loans

Commercial mortgage REIT backed by KKR late Weds reported Q1 net loss of $61.9 mln, or 96 cents/sh, compared to net loss of $32 mln, or 49 cents/sh, in prior qtr

Analysts expected net loss of 46 cents/sh, per LSEG data

KREF declared qtrly dividend of 10 cents/sh, down from 25 cents it paid in last two periods

Co said book value of $11.87/sh as of Mar 31 includes CECL (Current Expected Credit Losses) allowance of $260 mln, which increased by ~$74 mln primarily due to additional reserves for risk-rated 5 assets

On the earnings call early Thurs, CEO Matt Salem said co's 2026 goals are to reduce its legacy office exposure, rotate the portfolio into newer vintage, higher-quality assets, and reduce its REO (Real Estate Owned) footprint

KREF shares last down 12.9% at $5.84, extending YTD loss to 29%

Of 6 analysts covering the stock, 2 rate "buy", 4 "hold"; median PT $9

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