KREF reports Q3 net income $0.31/sh, distributable earnings $0.25/sh; Chicago loan restructured with $15M write-off

KKR Real Estate Finance Trust Inc.

2023-Q3 EPS reported -$0.51

Net income of $21.4M ($0.31 diluted EPS) vs. net loss of ($25.8M) in Q2 2023.
Distributable earnings of $17.4M ($0.25/sh) down from $33.1M ($0.48/sh) in Q2; includes $15M subordinated note write-off.
Book value per share $16.29 vs $16.38 in Q2; CECL allowance $221.7M ($3.21/sh).
Restructured $103.4M senior office loan in Chicago; wrote off $15M subordinated note.
Portfolio: $7.9B loans, 99% floating rate, 8.9% all-in yield, 65% LTV; 96% interest collected.

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