KKR Real Estate Finance Trust (KREF) Q2 FY26 earnings call

KKR Real Estate Finance Trust announced a strategic review by its independent board, while reporting a significant book value decline due to reserve adjustments for legacy assets. Management believes the most substantial impact is behind them, as they continue to execute a portfolio repositioning plan focused on reducing legacy office and watchlist exposures, increasing newer vintage investments, and managing leverage back into target ranges. The company also noted progress in monetizing REO assets and expressed optimism for multifamily market tightening in the coming quarters.