KKR Real Estate Finance Trust Inc. (KREF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the KKR Real Estate Finance Trust Inc. first quarter 2026 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key, followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your telephone keypad. To withdraw your question, please press star then 2. Please note, this event has been recorded. I would now like to turn the conference over to Jack Svitala. Please go ahead. Great. Thanks, operator. And welcome to the KKR Real Estate Finance Trust earnings call for the first quarter of 2026. 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 Deschis. I'd like to remind everyone that we will refer to certain non-GAAP financial measures on the call which are reconciled to gap 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-Q for cautionary factors related to these statements. Before I turn the call over to Matt, I will go through our results. For the first quarter of 2026, we reported a gap net loss of $62 million or negative 96 cents per share. Book value as of March 31st, 2026 is $11.87 per share. We reported a distributable loss of $4 million or negative 6 cents per share. Distributable earnings before realized losses was $13 million, or 20 cents per share. Finally, we paid a 25...