KKR Real Estate Finance: Discount To Book On Commons Quite Deep, The Preferreds A Buy

Pacifica Yield
12.63K Followers

Summary

  • KKR Real Estate Finance Trust's book value dipped by $0.34 sequentially in the first quarter of 2024.
  • The mREIT generated distributable earnings of $0.39 per share and declared a $0.25 per share cash dividend for 156% coverage.
  • There were two risk rating downgrades during the quarter, with the mREIT's 3.2 weighted average risk rating remaining unchanged sequentially.
AZ, Tucson, La Placita Complex

Walter Bibikow/DigitalVision via Getty Images

KKR Real Estate Finance Trust's (NYSE:KREF) book value as of the end of its recent fiscal 2024 first quarter came in at $1.38 billion, $15.18 per share, and dipping by 34 cents sequentially. The continued dip in book value has essentially cratered investor

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of KREF.PR.A either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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