KKR Real Estate Finance Trust Inc. (KREF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, and welcome to the KKR Real Estate Finance Trust, Inc. Third Quarter 2025 Financial Results Conference Call. All participants will be in a 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 one on a touch-tone phone. To withdraw your question, please press star, then two. Please note that this event is being recorded. I would now like to hand the conference over to Mr. Jack Switala. Please go ahead. Great. Thanks, operator, and welcome to the KKR Real Estate Finance Trust earnings call for the third quarter of 2025. 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 Decius. 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-Q for cautionary factors related to these statements. Before I turn the call over to Matt, I will go through our results. For the third quarter of 2025, we reported gap net income of $8 million, or $0.12 per share. Book value as of September 30, 2025, is $13.78 per share. We reported a distributable loss of $2 million due primarily to taking ownership of our Raleigh multifamily property. And prior to net realized losses, DE was $12 million, or 18 cent...