KKR Real Estate Finance Trust Inc. (KREF) Q4 2024 Earnings Call Transcript

KKR Real Estate Finance Trust Inc. (NYSE:KREF) Q4 2024 Earnings Conference Call February 4, 2025 9:00 AM ET

Company Participants

Jack Switala – Investor Relations
Matt Salem – Chief Executive Officer
Patrick Mattson – President and Chief Operating Officer

Conference Call Participants

Tom Catherwood – BTIG
Don Fandetti – Wells Fargo
Stephen Laws – Raymond James
Steve Delaney – Citizens JMP
Rick Shane – JPMorgan
Jason Sabshon – KBW

Operator

Good morning, and welcome to the KKR Real Estate Finance Trust, Inc. Fourth Quarter 2024 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

And I would now like to turn the conference over to Jack Switala of Investor Relations. Please go ahead.

Jack Switala

Great. Thanks, operator, and welcome to the KKR Real Estate Finance Trust earnings Call for the Fourth Quarter of 2024. As the operator mentioned, this is Jack Switala. This morning, I’m joined on the call by our CEO, Matt Salem; our President and COO, Patrick Mattson; and our CFO, Kendra Decious.

I’d like to remind everyone that we will refer to certain non-GAAP financial measures on the call, which are reconciled to GAAP figures in our earnings release and in the supplementary presentation. Both of which are available on the Investor Relations portion of our website. This call will also contain certain forward-looking statements, which do not guarantee future events or performance. Please refer to our most recently filed 10-K for cautionary factors related to these statements.

Before I turn the call over to Matt, I will go through our results. For the fourth quarter of 2024, we reported GAAP net income of $14.6 million or $0.21 per share. Book value as of December 31, 2024, is $14.76 per share, which