KREF reports Q2 net loss of $0.53/sh; distributable loss $0.04; CECL reserve up $50M

KKR Real Estate Finance Trust Inc.

2025-Q2 EPS reported -$0.68

Net loss $35.4M ($0.53/diluted) vs prior Q1 loss $10.6M; distributable loss $2.9M ($0.04) vs prior distributable earnings $17.0M.
CECL allowance increased $49.8M to $173.9M ($2.64/sh) mainly on watchlist loans in office and life science sectors.
Funded $210M in two floating-rate loans; collected $450M repayments; liquidity $757M including $620M undrawn revolver.
Resolved risk-5 loan: took title to West Hollywood multifamily, realized loss of $20.4M; sold other REO for $1.2M gain.
Repurchased 2.17M shares for $20M at avg $9.21; dividend maintained at $0.25/sh.

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