KKR Real Estate Finance Trust Inc (KREF) 2026 Q1 法說會逐字稿

Good morning and welcome to the KKR Real Estate Finance Trust Inc. First Quarter 2026 Financial Results Conference Call. (Operator's Instruction)

早安，歡迎參加 KKR Real Estate Finance Trust Inc. 2026 年第一季財務業績電話會議。(接線員指示)

I would now like to turn the conference over to Jack Switala Please go ahead.

現在我想把會議交給 Jack Switala。請開始。

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 Svitala. This morning, I'm joined on the call by our CEO, Matt Salem, our President and COO, Patrick Mattson, and our CFO, Kendra Dishes.

很好。謝謝，接線員，也歡迎各位參加 KKR Real Estate Finance Trust 2026 年第一季財報電話會議。如接線員所提，這裡是 Jack Svitala。今天早上與我一同出席的有我們的執行長 Matt Salem、總裁兼營運長 Patrick Mattson，以及財務長 Kendra Dishes。

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.

提醒各位，我們在電話會議中將提及若干非 GAAP 財務衡量指標，並已在我們的財報新聞稿及補充簡報中與 GAAP 數字進行調節；兩者皆可於本公司網站的投資人關係專區取得。本次電話會議亦包含若干前瞻性陳述，該等陳述不保證未來事件或績效。

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.

請參閱我們最近提交的 10-Q，以了解與這些陳述相關的警示因素。在我把電話交給 Matt 之前，我先說明我們的業績。

For the first quarter of 2026, we reported a GAAP net loss of $62 million or negative $0.96 per share. Book value as of March 31, 2026, is $11.87 per share. We reported a distributable loss of $4 million or negative $0.06 per share. Distributable earnings before realized losses were $13 million or $0.20 per share. Finally, we paid a $0.25 cash dividend in April with respect to the first quarter. With that, I'd now like to turn the call over to Matt.

2026 年第一季，我們依 GAAP 認列淨損 6,200 萬美元，或每股 -0.96 美元。截至 2026 年 3 月 31 日，每股帳面價值為 11.87 美元。我們的可分配虧損為 400 萬美元，或每股 -0.06 美元。扣除已實現損失前的可分配盈餘為 1,300 萬美元，或每股 0.20 美元。最後，我們已於 4 月就第一季支付每股 0.25 美元的現金股利。接下來我把電話交給 Matt。

Thanks, Jack.

謝謝，Jack。

Good morning, everyone, and thank you for joining us. As we outlined last quarter, 2026 represents a transition year for the company. With the goal of narrowing the gap between share price and book value per share, our focus is on two key priorities. First, executing an aggressive resolution strategy across our Watchlist assets and certain legacy office exposures and second, positioning a portion of our REO portfolio for liquidity.

各位早安，感謝各位加入我們。如同我們在上一季所說明，2026 年對公司而言是轉型的一年。為了縮小股價與每股帳面價值之間的差距，我們聚焦於兩項關鍵優先事項。第一，針對我們的觀察名單（Watchlist）資產及部分歷史遺留的辦公室曝險，執行積極的處置／解決策略；第二，讓我們 REO（收回不動產）投資組合中的一部分具備流動性配置。

We have significant liquidity, sitting at $653 million today and extensive capabilities across KKR to execute both our asset management and REO strategies. Today, I want to provide additional detail on our progress against those objectives and what you should expect over the course of the year.

我們擁有充足的流動性，目前為 6.53 億美元；同時也能運用 KKR 旗下廣泛的能力，來執行資產管理與 REO 策略。今天我想就我們在這些目標上的進展提供更多細節，以及各位在今年接下來的時間裡應可期待的事項。

This quarter, book value declined by 9% as we position our watchlist loans for resolution. Our action plan is designed to reposition the portfolio to optimize medium and long-term performance. However, as we execute, we may choose to incur book value declines as we seek liquidity on legacy assets to create a higher quality portfolio.

本季，隨著我們為觀察名單貸款的處置做準備，帳面價值下滑 9%。我們的行動計畫旨在重新調整投資組合，以優化中長期表現。然而，在執行過程中，為了就歷史遺留資產取得流動性、打造更高品質的投資組合，我們可能會選擇承受帳面價值的下滑。

As we complete this transition. We see a clear path to redeploy capital in the newer vintage, higher-quality investments, which we believe will support a return to book value per share stability and, over time, drive earnings and book value accretion.

隨著我們完成這項轉型。我們看見一條清晰的路徑，可將資本重新部署至較新年度（newer vintage）、更高品質的投資；我們相信這將有助於每股帳面價值回復穩定，並在時間推移下推動盈餘成長與帳面價值增厚（accretion）。

Overall, our specific goals for 2026, as outlined on Page 8 of the supplemental, are to reduce our watch list and legacy office exposure, rotate the portfolio into newer vintage, higher-quality assets. And reduce our REO footprint. With that, I want to walk through our action plan for 2026 in further detail.

整體而言，我們對 2026 年的具體目標（如補充資料第 8 頁所示）為：降低觀察名單與歷史遺留辦公室曝險、將投資組合輪動至較新年度且更高品質的資產，並縮減我們的 REO 規模。接下來，我想更進一步說明我們 2026 年的行動計畫。

First, reduce legacy ops exposure from 21% to under 10%. We expect over half of this reduction to come from par repayments, with the remaining driven by resolution of our watch list loans.

第一，將歷史遺留辦公室（office）曝險由 21% 降至 10% 以下。我們預期其中超過一半的降幅將來自按面值（par）償還，其餘則由觀察名單貸款的處置／解決所帶動。

We've already begun to action both prongs.

我們已開始推動這兩項工作。

Our largest office loan, a $225 million loan in Bellevue, was refinanced in the first quarter at par with a CMBS single asset, single borrower transaction and the property securing our largest watch list office loan is currently being marketed for sale.

我們最大的辦公室貸款為位於 Bellevue 的 2.25 億美元貸款，已於第一季以按面值透過 CMBS 單一資產、單一借款人（single asset, single borrower）交易完成再融資；而作為我們最大觀察名單辦公室貸款擔保的物業，目前正進行出售行銷。

Second, we plan to resolve all of our current watch list loans by year-end. By positioning these assets for sale or modification and accelerating the resolution.

第二，我們計畫在年底前解決目前所有觀察名單貸款。做法是將這些資產定位為出售或修改（modification），並加速處置／解決進程。

Third, address our life science exposure. Our goal is to have 100% of this exposure modified. We already have made progress here, having modified 19% and when including our Cambridge asset this quarter, we have modified 30% of our life science exposure. We also took a material increase in reserves for our Seaport loan in anticipation of a potential modification.

第三，處理我們的生命科學（life science）曝險。我們的目標是讓這部分曝險 100% 完成修改。我們已在此取得進展：目前已修改 19%；若將本季的 Cambridge 資產納入計算，我們已修改生命科學曝險的 30%。此外，我們也因應可能的修改，對 Seaport 貸款大幅提高備抵（reserves）。

Finally, we are continuing to originate new investments as we reposition the portfolio. As a result of this activity, loans originated between 2024 and 2026 are expected to represent approximately 50% of the portfolio by year-end. This highlights the significant turnover into newer vintage assets, which we believe will have improved earnings potential.

最後，在重新調整投資組合的同時，我們也持續承作新的投資。基於這些活動，我們預期 2024 至 2026 年承作的貸款在年底時將約占投資組合的 50%。這凸顯了向較新年度資產的大幅輪動，我們相信其獲利潛力將更佳。

Let me turn to liquidity and capital allocation, which is another priority for us as a management team for 2026. We announced a dividend reduction to $0.10 per share per quarter payable on July 15. This decision is not driven by liquidity constraints. In fact, as we look ahead through the year, we expect to have over $500 million of capital to invest, largely driven by over $2 billion of expected repayments in 2026.

接下來談流動性與資本配置，這也是我們管理團隊在 2026 年的另一項優先事項。我們宣布將股利下調至每季每股 0.10 美元，並於 7 月 15 日支付。此決策並非出於流動性限制。事實上，展望今年，我們預期將有超過 5 億美元可供投資的資本，主要來自 2026 年預期超過 20 億美元的償還款。

Rather, the dividend decision reflects a disciplined approach to capital allocation. At this stage, we see more attractive opportunities, including repurchasing our stock and funding new originations.

相反地，股利決策反映的是一種嚴謹的資本配置方式。在此階段，我們看到更具吸引力的機會，包括回購本公司股票以及為新的放款承作提供資金。

While we have ample liquidity to pay dividends at the current level, the new dividend level has the added benefit of being aligned with our expectations for distributable earnings per share before realized losses as we work through repositioning our portfolio.

雖然我們有充足的流動性可在目前水準支付股利，但新的股利水準還有一項額外好處：在我們推動投資組合重新定位的過程中，它與我們對「扣除已實現損失前」每股可分配盈餘的預期更為一致。

While we expect $0.40 per year of dividends to be covered by earnings excluding losses, quarterly results may vary in the near term. With earnings expected to trough in the second-half of 2026 into the first half of 2027.

雖然我們預期每年 0.40 美元的股利可由不含損失的盈餘所覆蓋，但短期內各季結果可能有所波動。預期盈餘將在 2026 年下半年至 2027 年上半年觸底。

Once we get through this period, we expect distributable earnings per share to increase. Regarding capital allocation, given our current trading levels relative to book value, we believe share repurchases represent an attractive opportunity to drive accretion to book value per share, while also providing greater strategic flexibility.

一旦度過這段期間，我們預期每股可分配盈餘將上升。就資本配置而言，考量我們目前相對於帳面價值的交易水準，我們認為股票回購是推動每股帳面價值增厚（accretion）的具吸引力機會，同時也能提供更大的策略彈性。

We were largely inactive with respect to share buybacks this past quarter due to trading restrictions, while we were actively evaluating our dividend policy. With that process now complete and our dividend framework established, those constraints have been lifted. On April 14, our Board authorized a new $75 million share repurchase program, providing us with meaningful flexibility to deploy capital.

由於交易限制，加上我們正積極評估股利政策，過去一季我們在股票回購方面大致上較為不活躍。目前該流程已完成，且我們的股利框架已建立，相關限制也已解除。4 月 14 日，我們董事會核准新的 7,500 萬美元股票回購計畫，為我們部署資本提供了實質的彈性。

As a management team, together with our Board of Directors, we have not taken this dividend decision lightly, but given where the stock is trading, we believe the dividend cut and meaningful share buybacks are in the best interest of shareholder value creation. With that, I'll turn the call over to Patrick.

作為管理團隊，並與我們的董事會一起，我們並未輕率地做出這項股利決策；但考量到目前股價的交易水準，我們相信調降股利並進行具規模的股票回購，最符合提升股東價值的最佳利益。接下來我把電話交給 Patrick。

Thanks, Matt. Good morning, everyone. Let me start with a few changes to the watch list. This quarter, we downgraded our Philadelphia office assets with two smaller Texas multifamily loans from risk rate at three to four.

謝謝，Matt。各位早安。我先從觀察名單的幾項變動談起。本季，我們將費城辦公室資產以及兩筆較小的德州多戶住宅貸款的風險評等由 3 下調至 4。

As previously previewed on last quarter's earnings call, we also downgraded our Boston Life Science asset from risk rate at three to five. We upgraded our Cambridge Life Science from risk rate at five to three following the loan restructuring. That includes new sponsor equity commitment and a loan paydown.

如同我們在上一季法說會中事先預告，我們也將波士頓生命科學資產的風險評等由 3 下調至 5。在完成貸款重整後，我們將劍橋生命科學資產的風險評等由 5 上調至 3。其中包含新的贊助方股權承諾以及貸款償還。

As a result, we recorded CECL provisions of $74 million, bringing our total allowance to $260 million. These actions are part of our broader action plan to proactively reposition the portfolio. Turning next to our REO portfolio. We are actively managing these assets with a clear focus on monetization and value realization.

因此，我們提列了 7,400 萬美元的 CECL 備抵提存，使備抵總額達到 2.60 億美元。這些行動是我們更廣泛行動計畫的一部分，旨在主動重新調整投資組合配置。接著談我們的 REO 投資組合。我們正積極管理這些資產，明確聚焦於變現與價值實現。

To help frame it, we grouped these assets into near, medium, and longer-term monetization buckets. Starting with the near-term bucket, West Hollywood Condos, where units are currently lifted and actively being marketed. With proceeds returning equity as closings occur. Raleigh, North Carolina multifamily, where we're completing targeted upgrades to common areas and expect to list the asset for sale by year-end.

為了便於說明，我們將這些資產分為短期、中期與較長期的變現類別。先從短期類別開始：西好萊塢公寓，目前各單位已完成整備並正積極推向市場銷售。隨著成交完成，出售所得將回流至股權。北卡羅來納州羅利的多戶住宅，我們正在完成公共區域的重點升級，並預期在年底前將該資產掛牌出售。

Philadelphia office, where our business plan is largely complete, the asset is now approximately 85% leased, and we plan to sell the property this year.

費城辦公室方面，我們的營運計畫大致已完成，該資產目前出租率約 85%，我們計畫在今年出售該物業。

In the medium-term bucket, we have Mountain View, California office, where our platform, market positioning and patience have driven meaningful value creation. As we announced in March, we signed a long-term full property lease with OpenAI.

在中期類別中，我們有加州 Mountain View 的辦公室資產；我們的平台能力、市場定位與耐心已帶來顯著的價值創造。如我們在 3 月宣布的，我們已與 OpenAI 簽署長期的整棟物業租約。

We expect to bring this asset to market within the next 12 to 16 months as we complete the remaining work and the tenant takes occupancy. Portland redevelopment, where we've executed on our plan and our near final entitlement on over 4 million square feet of mixed-use space and expect to begin our monetization strategy over the course of the year.

隨著我們完成剩餘工程且承租戶進駐，我們預期在未來 12 到 16 個月內將該資產推向市場。波特蘭重建案方面，我們已按計畫執行，且在超過 400 萬平方英尺的複合用途空間上，已接近取得最終開發許可（entitlement），並預期在今年內開始推動變現策略。

And finally, in the longer-term bucket, Seattle Life Science, where our focus is on leasing and stabilizing the asset. And we expect to hold it longer given current market conditions. Boston Life Science, currently a risk-rated five loan, which we expect to transition to REO in the second quarter.

最後，在較長期類別中，西雅圖生命科學資產，我們的重點在於招租並使資產營運穩定。鑑於目前市場狀況，我們預期將持有較長時間。波士頓生命科學目前為風險評等 5 的貸款，我們預期在第二季轉為 REO。

This is expected to result in a realized loss of approximately $37 million, though we are adequately reserved as of the first quarter. Similar to Seattle, we plan to stabilize the asset and hold the property until market conditions improve.

這預期將造成約 3,700 萬美元的已實現損失，不過截至第一季我們已充分提列準備。與西雅圖類似，我們計畫先使資產穩定，並持有該物業直到市場狀況改善。

As we monetize these assets and redeploy the capital into new investments, we estimate the potential to generate more than $0.15 per share of incremental quarterly earnings over time, nearly half of that being driven by our Mountain View REO asset. This reinforces our focus to convert these assets into liquidity and redeploy that capital into higher earning opportunities.

隨著我們將這些資產變現並把資本重新部署至新投資，我們估計長期而言，有潛力帶來每股每季超過 0.15 美元的增量盈餘，其中近一半將由我們 Mountain View 的 REO 資產所驅動。這也強化了我們將這些資產轉為流動性，並把資本重新部署至更高收益機會的聚焦方向。

Turning to financing and liquidity, at quarter end, we had $653 million of liquidity, including $135 million of cash on hand and $500 million of undrawn capacity on our corporate revolver.

談到融資與流動性，截至季末，我們的流動性為 6.53 億美元，其中包含 1.35 億美元的手頭現金，以及公司循環信貸（corporate revolver）中 5.00 億美元的未動用額度。

Additionally, we had over $500 million. Of unencumbered assets on the balance sheet.

此外，我們資產負債表上還有超過 5.00 億美元的未設抵押資產。。

Total financing availability was $7.2 billion, including $2.6 billion of undrawn capacity.

總融資可用額度為 72 億美元，其中包含 26 億美元的未動用額度。

Originations totalled $184 million for the first quarter, while repayments were $415 million, with approximately 75% of the repayments driven by legacy office.

第一季新增放款（originations）合計 1.84 億美元，而償還金額為 4.15 億美元，其中約 75% 的償還來自存量（legacy）辦公室資產。

Looking ahead, in the first three. Weeks of the second quarter, we've already closed or circled over $400 million of new loans. We continue to benefit from our connectivity with KKR Capital Markets and 77% of our financing remains non-mark-to-market, providing stability across market environments.

展望未來，在第二季的前三。週，我們已完成簽約或基本敲定（circled）超過 4.00 億美元的新貸款。我們持續受惠於與 KKR 資本市場團隊的連結，且我們 77% 的融資仍為非按市值調整（non-mark-to-market），在各種市場環境下提供穩定性。

We believe we remain well capitalized and positioned to manage the portfolio. Importantly, we have no final facility maturities until 2027 and no corporate debt due until 2030.

我們相信我們仍具備充足資本，並有能力管理投資組合。重要的是，我們在 2027 年之前沒有任何最終融資到期，且在 2030 年之前沒有公司層級債務到期。

Our debt-to-equity ratio was 2.2 times and our total leverage was 4 times, consistent with our target range.

我們的負債對股東權益比率為 2.2 倍，總槓桿為 4 倍，符合我們的目標區間。

As we move through this transition year, we believe we are well positioned. Our focus remains on executing a resolution strategy and redeploying capital into high-quality opportunities, including share repurchases, with a clear path to improving and rebuilding earnings power.

在這個轉型年度的推進過程中，我們相信自身處於有利位置。我們的重點仍是執行處置／解決策略，並將資本重新部署至高品質機會（包含股票回購），且有清晰路徑以改善並重建獲利能力。

We believe the actions we're taking today position the company for long-term value creation. With that, we're happy to take your questions.

我們相信我們今天採取的行動，將使公司具備長期價值創造的定位。接下來我們很樂意回答各位的問題。

(Operator's Instruction)

（接線員指示）

Thomas Catherwood, BTIG.

Thomas Catherwood，BTIG。

Thank you, and good morning, everybody. Maybe starting with the portfolio target of 50% newer vintage loans by year-end. By our math, that implies something in the neighbourhood of $1 billion to $1.2 billion of origination activity over the coming quarters. Are we in the ballpark with that?

謝謝，各位早安。或許先從年底前投資組合目標：較新批次（newer vintage）貸款占比達 50% 談起。按我們的計算，這意味著未來幾季的新增放款規模大約在 10 億到 12 億美元左右。我們這樣估算大致合理嗎？

Hey, Tom, thanks for the question. It's Matt. I can take that and thanks for joining the call. That's certainly in the ballpark of what we're looking at obviously, certainly will depend a little bit on the share buyback amount, but that's a good projection for now.

嗨，Tom，謝謝你的問題。我是 Matt。我來回答，謝謝你加入這通電話。這個估算確實大致符合我們的預期；當然也會在一定程度上取決於股票回購的金額，但就目前而言，這是個不錯的推估。

Perfect. Actually, fair point on the share buyback, and it’s kind of the use of liquidity is something we’re thinking of with leverage ticking up to the top end of the range in Q1. Will those originations and the $75 million allocation for buybacks be tied to REO asset sales? Are you comfortable using the liquidity on your balance sheet and then just back funding that as you sell assets?

很好。其實你提到股票回購確實是重點；我們也在思考流動性的運用，因為第一季槓桿已上升到區間上緣。這些新增放款以及用於回購的 7,500 萬美元配置，是否會與 REO 資產出售綁定？你們是否願意先動用資產負債表上的流動性，之後再隨著資產出售進行回補資金？

Yes, I can start. It's Matt. Let me start off a little bit. I think most of that liquidity, as we commented on the prepared remarks, is really coming from just national loan repayments. So over the course of the year, we think we're going to have $2 billion of repayments.

是的，我可以先說。我是 Matt。我先稍微說明一下。我認為大部分的流動性，如同我們在事先準備的講稿中提到的，主要來自既有貸款的償還。因此在今年的過程中，我們預期會有 20 億美元的償還。

We got about $400 million or so in the first quarter, second quarter. And to be clear, it's always a little bit hard to predict these things quarter-to-quarter, but. If we look at the second quarter right now, and from what we can see, it could be close to half of that total repayment for the year could come through the second quarter. So, I'd say most of this liquidity that we're looking at, which translates into like $500 million of investable capital, if you will, and then we can talk about the sources to your point, is really going to come from that, from just loan repayments and natural velocity within the loan portfolio.

我們在第一季、第二季大約收到4億美元左右。而且要說清楚，這類事情按季度來看一向有點難以預測，但是。如果我們現在看第二季，從我們所能看到的情況來看，全年總償還額中接近一半可能會在第二季進來。所以我會說，我們正在看的大部分流動性——換句話說，大約相當於5億美元的可投資資本——然後就像你提到的，我們也可以談談來源，主要真的會來自那部分，也就是貸款償還以及貸款組合內的自然周轉速度。

Okay, so you don't need to line up the timing of REO sales in order to achieve that 50% new loan target?

好的，所以你們不需要為了達成那個50%的新貸款目標而去配合REO出售的時點？

No.

不需要。

I got it. Perfect. And then last one for me on the watch list, roughly six assets on there when your account for the Boston Life Science Loan in Q2, or that it's going to go REO. You obviously mentioned many. Minneapolis office is on the market. For the remaining six, what are your expectations as far as the amount that are repaid versus those you expect to modify or bring on balance sheet?

了解。很好。那我最後一個問題是關於觀察名單（watch list）：如果把第二季的波士頓生命科學貸款算進去（或是它將轉為REO），名單上大概有六項資產。你們顯然提到了不少。明尼阿波利斯的辦公室資產正在市場上出售。對於其餘六項，你們預期有多少會被償還？又有多少你們預期會修改條款或納入資產負債表？

Yeah, let me jump in again. Maybe just looking on Page twelve here.

是的，我再補充一下。也許我們就看一下第12頁。

The goal is to try to monetize the vast majority of these. I think on life science piece of it, we mentioned we will be taking Title to one of those over the course of time here. But outside of that, I think a lot of this will be some combination of modifications, note sales. As well. But I think the goal really is to clear all this up by the end of the year. And things like the multifamily component here, I'm sure we'll get questions on this later, so I can just address it now.

目標是盡量把其中絕大多數變現。我想在生命科學那一塊，我們提到過，隨著時間推進，我們會取得其中一項的產權（Title）。但除此之外，我認為很多會是修改條款、出售票據（note sales）的某種組合。也會有。但我認為目標確實是在年底前把這些都清理完。至於這裡的多戶住宅（multifamily）部分，我確定我們稍後會被問到，所以我現在就先說明。

These are just coming up on maturity and these are in the process of getting sold. So sponsors out selling these assets, we downgraded these just because the sales price is going to be close to the debt and we may take. Small losses or not on those loans, we want to make sure we identify those. We don't think that's really indicative of the rest of the multifamily.

這些只是即將到期，而且正在出售過程中。所以贊助方（sponsors）正在出售這些資產；我們之所以下調評級，是因為成交價會接近債務金額，而我們可能會承擔。小幅損失或不一定有損失；我們希望確保把這些辨識出來。我們不認為這真的代表多戶住宅其他部分的情況。

We've always been on these calls saying there can be noise in multifamily, but we don't think there's like material losses in that in the loan portfolio on the multifamily side. And this is probably a good example of what we're looking at of like there's going to be a little bit of noise here. We could take small losses as they sell these assets into the market, and it trades right around the debt. But some of these will just be sales from sponsors, if you will.

我們一直在這些電話會議上說，多戶住宅可能會有雜訊，但我們不認為在貸款組合的多戶住宅端會出現實質性損失。而這大概就是一個很好的例子，說明我們所謂的：這裡會有一點雜訊。當他們把這些資產賣到市場上、價格大概就在債務附近成交時，我們可能會承擔小幅損失。但其中一些就只是贊助方的出售而已。

Got it. Got it. Appreciate those answers. Thanks, Matt.

了解。了解。感謝這些回答。謝謝，Matt。

Chris Muller, Citizen Capital Markets.

Chris Muller，Citizen Capital Markets。

Hey, guys. Thanks for taking the questions. So I just wanted to start with the dividend and just make sure I heard you guys right. So the new $0.10 dividend is well below the $0.20.

嗨，各位。謝謝讓我提問。我想先從股利開始，確認我有沒有聽對。所以新的0.10美元股利遠低於0.20美元。

Ex-losses you guys put up in the quarter. I also heard the comments on both the new buybacks and also near-term pressure as you guys get more aggressive on resolutions. So I guess the question is, do you guys expect earnings ex-losses to be around that $0.10 level, or does that just give you some optionality? And I think I just missed what you guys said in the prepared remarks.

你們本季公布的（扣除損失前）數字。我也聽到你們提到新的庫藏股回購，以及在你們更積極處理處置/解決方案（resolutions）時，短期可能會有壓力。所以我的問題是：你們是否預期扣除損失前的獲利會在0.10美元左右？還是這只是給你們一些彈性？我想我漏聽了你們在事先準備的發言中說的那段。

Yeah, it's Matt. Let me jump in. We think earnings are going to trough towards back half of this year into next year. And a lot of that, we start to come out of it as we think about liquidating more of the REO portfolio, especially as you think about Mountain View, where we've obviously signed the lease there and that will be a position for liquidity over the next, call it, twelve to eighteen months. So that's when you think about the light at the end of the tunnel, that's a little bit of a timing as we can build back up.

是的，我是Matt。我來回答。我們認為獲利會在今年下半年到明年觸底。其中很大一部分，當我們開始走出谷底時，會來自於我們認為將會處分更多REO組合，特別是像Mountain View——我們顯然已在那裡簽了租約，未來大約12到18個月內，那會成為一個提供流動性的部位。所以當你想到隧道盡頭的光，那在時間點上就是我們可以逐步把獲利拉回來的時候。

Earnings. When we mentioned the $0.10 here, part of this is just capital allocation, right, like think about what the stock trades today and we've got pretty good uses of capital right now in terms of just share repurchases. So obviously, it ties into some just overall capital allocation discussions. But when we think about it just versus earnings.

獲利。當我們提到這裡的0.10美元時，其中一部分其實是資本配置，對吧——想想看股票目前的交易價格，而我們現在在資本運用上有相當不錯的用途，也就是回購股份。所以很明顯，這也牽涉到整體的資本配置討論。但如果我們只拿它跟獲利相比來看。

We expect to cover that on kind of an annualized intermediate basis, but there certainly could be a little bit of noise in certain quarters where we're not fully covering that as we continue to push through and reposition the portfolio.

我們預期以年化、偏中期的基礎來看可以覆蓋這個水準，但在我們持續推進並重新配置投資組合的過程中，某些季度確實可能會有一些雜訊，導致我們無法完全覆蓋。

Got it. And then I guess on the $42 million CMBS investment, was that a more attractive investment than deploying into bridge loans, or was it more just a place to park some cash until it can be redeployed? And should we expect to see more of this going forward?

了解。那再問關於4,200萬美元的CMBS投資：那是比投入到過渡貸款（bridge loans）更有吸引力的投資嗎？還是比較像是先把一些現金停放在那裡，等之後再重新部署？而且未來我們是否會看到更多這類操作？

Yeah, so we've been that number sounds high. Let me double-check the amount for the quarter. We've been evaluating different options for. Portfolio diversification, whether that's expanding into Europe and leveraging the platform that KKR has built in that market or just duration as well and just access to like different investing markets like CMBS.

是的，所以我們——那個數字聽起來偏高。我先確認一下本季的金額。我們一直在評估不同選項，用於。投資組合多元化，不論是擴展到歐洲並利用KKR在那個市場建立的平台，或是拉長久期（duration），以及接觸不同的投資市場，例如CMBS。

So, from a relative value perspective, we thought that was a particularly unique. Opportunity for us and I think you're right on terms of the 42, I just want to double-check that. But yes, I mean, we're evaluating everything on a relative value basis. The CMBS is providing a little bit duration, I think, in this case, there's a little bit more single asset, single borrower, so solving more of the relative value component of it.

所以，從相對價值（relative value）的角度來看，我們認為那對我們而言是一個相當獨特的。機會；而且我想你說的4,200萬是對的，我只是想再確認一下。但沒錯，我們是在相對價值的基礎上評估所有事情。在這個案例中，CMBS提供了一點久期；我想這裡也更偏單一資產、單一借款人（single asset, single borrower），因此更能解決其相對價值的部分。

Got it. Makes a lot of sense, and thanks for taking the questions.

了解。很有道理，謝謝讓我提問。

Jade Rahmani, KBW.

Jade Rahmani，KBW。

Yes. Have you seen any green shoots in leasing in life science?

是的。你們在生命科學的租賃（leasing）方面有看到任何回溫的跡象（green shoots）嗎？

Hi, Jade.

嗨，Jade。

Thank you for joining today. We are I think it's a little bit market dependent. They're all in a little bit different stages of recovery. I think in South San Francisco, you're seeing. Two things happening. One, you're seeing a revitalization of office, particularly as it relates to AI tenants and growth, which is creating tension in the overall market. And as you well know, some of these assets, including some that we have, can be leased as office.

謝謝你今天加入。我認為這在某種程度上取決於市場。它們都處於略有不同的復甦階段。我想在南舊金山，你會看到。兩件事正在發生。第一，你會看到辦公室市場的復甦，特別是與 AI 租戶與成長相關的需求，這正在整體市場中造成緊張態勢。而且如你所知，其中一些資產（包括我們持有的一些）可以作為辦公室出租。

So, there's some pretty tight pockets of office there. and then we're also starting to see life science companies turn back on as well. When we think about our other exposure, our larger exposure in Boston, and I'd say there, it's probably a little bit behind what we're seeing in South San Francisco, but we are seeing tenants in the market.

所以那裡有一些相當緊俏的辦公室供給區塊。然後我們也開始看到生命科學公司重新啟動。當我們看我們在其他市場的曝險、在波士頓較大的曝險時，我會說那裡可能比我們在南舊金山看到的稍微落後一些，但我們確實看到市場上有租戶。

Most of the assets that we have there are oriented to big pharma. And there are tenants in the market today like actively engaged, trying to lease face, including one of the assets that we have. So we are seeing tenants starting to come back, but it still feels early, but at least you're having some sense of recovery starting.

我們在那裡的大多數資產都偏向大型藥廠。而且目前市場上確實有租戶正在積極洽談、嘗試承租空間，包括我們持有的一項資產。所以我們看到租戶開始回流，但仍感覺還早，不過至少已經開始出現一些復甦的跡象。

And in terms of your REO expectations from. Your standpoint today, is it your view that there will be just one additional life science REO?

那就你對 REO 的預期而言。以你目前的觀點，你認為只會再新增一筆生命科學的 REO 嗎？

That's the current expectation, yes.

是的，目前的預期是這樣。

And then can you discuss some of your approach to credit risk management? Because I have seen migration from Risk III loans to five as maturity approaches, and usually what we see is a risk three to a risk four, then to a risk five. So the skipping ahead makes me a little worried about the Risk III loans in the portfolio. I know it's multifamily, and you don't expect material losses there, but just generally speaking, how are you thinking about that?

另外你能談談你們在信用風險管理上的一些做法嗎？因為我看到隨著到期日接近，有些貸款從風險 III 直接遷移到風險 V，而通常我們看到的是從風險 III 到風險 IV，再到風險 V。所以這種跳級讓我對投資組合中的風險 III 貸款有點擔心。我知道那是多戶住宅，你們不預期會有重大損失，但更一般地說，你們是怎麼看待這件事的？

Yeah, that's a great question. I would say the normal progression for us and obviously the peers as well as you go three, four, five and I'd say the vast majority of cases, that's what's happened. And by the way, we do analysis every quarter evaluating what's happened with our four loans. And it's obviously a dynamic number, but up to this point, roughly half have gone to five and half have gone to three, which is, I think, what a four is supposed to be, right? It's just an indicator that it goes to five.

是的，這是個很好的問題。我會說對我們而言的正常進程（同業也是）通常是 3、4、5，而我會說在絕大多數情況下確實是這樣發生的。順帶一提，我們每一季都會做分析，評估我們的風險四級貸款發生了什麼變化。這當然是一個動態的數字，但截至目前，大約一半轉到五級、一半回到三級，我想這正是四級應該代表的意思，對吧？它只是個指標，表示可能會轉到五級。

Obviously, depending on the property type, it may be more heavily weighted to that over time. But in terms of, I think we've had. A couple go from three to five. The only one we had this quarter was really the life science deal, which we flagged last quarter as going to get downgraded depending on what these modification discussions look like. It would be a four or a five. We weren't exactly sure at the time and we hadn't went ahead and moved it over to a five. So it's unusual. The multi-families we put into the four bucket just because, one, it's not material.

當然，取決於物業類型，隨著時間推移可能會更偏向那一邊。但就我們而言，我想我們有。有幾筆是從三級跳到五級。我們這一季唯一一筆其實是生命科學那筆交易；我們上一季就已經標示，會視這些修改（展延/重整）討論的結果而被降級。當時可能會是四級或五級。我們當時不太確定，也還沒有先把它移到五級。所以這種情況不常見。至於多戶住宅，我們把它放進四級桶，主要是因為第一，它不具重大性。

We don't think and two, we're not exactly sure what's going to happen now as these sales processes play out. But I think you're right in the sense that vast majority of time you're going to have these natural linear progressions, but sometimes there's jump risk around a maturity date or around a modification discussion and we obviously need to just reflect our best-case scenario at the time or best guess at the time.

我們認為不會；第二，隨著這些出售流程的推進，我們也不完全確定接下來會發生什麼。但我想你說得對：絕大多數時候會有這種自然、線性的進程；但有時在到期日附近或在修改條款討論期間，確實會有跳躍風險，而我們當然需要反映當下我們所能做出的最佳情境或最佳推估。

Thank you. And then on the Minneapolis office, it's a risk five loan, so I believe there should be something around 23% loss assumption there reserves that you currently have. And I think that your slides show that the price per square foot at your basis is $182, but that's before CECL. So, if we stress that for a 25% severity assumption, I'm just curious if you think that is where the market is or if based on the sale process, there might be some further loss?

謝謝。另外關於明尼阿波利斯的辦公室，那是一筆風險五級貸款，所以我相信你們目前的備抵應該有大約 23% 的損失假設。我想你們的投影片顯示，以你們的成本基礎計算，每平方英尺價格是 182 美元，但那是在 CECL 之前。所以，如果我們用 25% 的損失嚴重度假設來壓力測試，我只是好奇你是否認為那就是市場水準，或是根據出售流程，可能還會有進一步的損失？

Jade, Good morning. It's Patrick. I'll take that one. So, yes, I think the number your kind of backing into is a blend, is an average. Obviously, as we've seen in the office segment, some of those loss numbers have been higher than average, right? If you think about what's also in that bucket, we've got multifamily as an example. So, it's just a proxy. Clearly, that's an asset that we've been working for some time here, and we think it's appropriately reserved for, but the number that you're quoting is just an average.

Jade，早安。我是 Patrick。我來回答這題。所以，是的，我想你倒推回去的那個數字是一個混合值、是一個平均值。很明顯地，正如我們在辦公室類別看到的，有些損失數字高於平均，對吧？如果你想想同一個桶裡還有什麼，例如我們也有多戶住宅。所以那只是個代理指標。很清楚，這是一項我們已經處理一段時間的資產，我們認為目前的備抵是適當的，但你引用的那個數字只是平均值。

Okay, thanks a lot.

好的，非常感謝。

Gabriel Poggi, Raymond James

Gabriel Poggi，Raymond James

Hey, good morning, guys. I've got a couple of questions. On capital allocation, capital management, as you guys think about the buyback versus making new loans to kind of keep a DE run rate going, how do you manage that relative to leverage, right? If your total capital right now, the equity is around 4x and your leverage to commons 5x plus, how much of that buyback, how do you think about leverage relative to that buyback? That's question one.

嘿，早安，各位。我有幾個問題。關於資本配置、資本管理：當你們在思考回購與發放新貸款（以維持某種 DE 的運行速度）之間的取捨時，你們如何相對於槓桿來管理？如果你們目前的總資本（股權）大約是 4 倍，而你們對普通股的槓桿是 5 倍以上，那麼回購的規模，你們如何看待槓桿相對於回購的關係？這是第一個問題。

Yeah, it's not. Let me start out and try to answer that. I would say we're not changing our leverage targets. I think that's the first thing we're kind of solving for, right? We want to kind of stay in that 3.5times to 4 times range. So, I think we ended this quarter around four at the higher end of our range.

是的，這不是。我先開始嘗試回答。我會說我們不會改變我們的槓桿目標。我想這是我們首先要解的問題，對吧？我們希望大致維持在 3.5 倍到 4 倍的區間。所以，我想我們這一季結束時大約在 4 倍，位於我們區間的上緣。

If we didn't originate any loans, we could bring that leverage way down. Because we have so many repayments coming in. So, we have a lot of flexibility on that, but that's probably the first thing we're solving for, which is like, okay, let's make sure we stay kind of leverage neutral, if you will.

如果我們不承作任何新貸款，我們可以把槓桿大幅降下來。因為我們有很多還款會進來。所以在這方面我們有很大的彈性，但這大概是我們首先要解的，也就是：好，先確保我們大致維持槓桿中性（如果你願意這麼說的話）。

And then we're looking at excess capital beyond that. And then we're trying to think about, okay, what's the appropriate amount of share buybacks first, I would say, just given where the stock price trades, how much should we be buying back?

接著我們會看超出這個水準的多餘資本。然後我們會思考：好，首先就股份回購而言，考量到股價目前的交易水準，我們應該回購多少？

The board authorized $75 million. You could put that in context. That's a lot of firepower, right? We have a lot of liquidity. We have $500 million of liquidity. So what are we going to do with it? $75 million we authorized for buybacks. And that's roughly 25% of the public float. It's a lot of buybacks.

董事會核准了7,500萬美元。你可以把這放在脈絡中來看。這火力很大，對吧？我們有很多流動性。我們有5億美元的流動性。那我們要拿它做什麼？我們核准了7,500萬美元用於庫藏股回購。而這大約相當於流通在外股數的25%。回購規模很大。

So that's probably what we're looking at next and then, we have excess capital, right? And then it's like, okay, what else should we be doing and thinking about? And that's why we obviously want to think about the ongoing business, supporting a dividend and not striking the company too much.

所以這大概就是我們接下來要看的，然後我們有超額資本，對吧？接著就會想，好，那我們還應該做什麼、思考什麼？這也是為什麼我們顯然要考量持續經營的業務、支持股利，同時不要對公司造成太大負擔。

And that's where the final piece of it, I think, comes in, which is the loan origination side. So, hopefully, that gives you some context and kind of how we're, from a decision tree perspective, going through it.

我認為最後一塊拼圖就在這裡，也就是貸款承作（放款起始）這一端。希望這能給你一些脈絡，以及從決策樹的角度我們是如何逐步推進的。

Yeah, no, that's helpful. Thanks, Matt. Second question is. There is any contemplation from KKR, the manager, during this transition period regarding a fee cut, fee waiver, just as you guys get from point A to point B, call it, mid-2027.

是的，這很有幫助。謝謝你，Matt。第二個問題是：在這段過渡期間，KKR作為管理人是否有考慮調降管理費、或暫時免收管理費之類的安排？也就是你們從A點走到B點，姑且說到2027年年中。

Yeah, thanks. Listen, I think we're evaluating everything, all options, I think, on the table.

是的，謝謝。聽著，我想我們正在評估所有事情、所有選項；我想一切都在檯面上。

At the KKR level as manager, at the KKR level as the largest shareholder in this company, and then obviously the KREF level and the Board, so I wouldn't we're looking at a number of different obviously, a number of different options.

從KKR作為管理人的層面、從KKR作為本公司最大股東的層面，當然也包括KREF層面與董事會；所以我不會——我們正在看多種不同的選項，顯然是多種不同的方案。

Yeah, and I've asked that just in the context of obviously getting from point A to point B, knowing KKR is a large shareholder and thinking about just kind of getting more oomph to the bottom line during the transition. There was nothing pointed in that question, just so you guys know. Last question is there any more detail you can provide around the Mountain View lease? And just any term details, things of that nature to give folks some.

是的，我之所以這樣問，是因為在從A點到B點的過程中，大家都知道KKR是大股東，也在思考在過渡期如何讓損益表端更有力一些。那個問題沒有任何暗示性，只是讓你們知道。最後一個問題是：關於Mountain View那份租約，你們能提供更多細節嗎？例如租期條款之類的，讓大家能多一些了解。

Granularity on how you're thinking about the potential value there as you think about monetization over the next 12, 18 months?

在你們思考未來12到18個月可能變現時，你們如何看待那裡的潛在價值？能否提供一些更細的資訊？

Yeah, we're subject to a pretty tight NDA. So, we'd love to provide more, but obviously, we have a contractual agreement with our tenant. What I can say is that it's a long-term lease that we think will trade like a net lease.

是的，我們受到相當嚴格的保密協議（NDA）約束。所以我們很想提供更多，但顯然我們與承租人有合約上的約定。我能說的是，這是一份我們認為會像淨租賃（net lease）一樣交易的長期租約。

And so, we can effectively sell it to net lease type of buyers, right, on a long-term lease basis. So, that's really what we're looking at. We think that -- let's just take a step back, right? I mean, where the stock is trading today, there's a lot of uncertainty in the world clearly. And so, it's hard to like project, kind of project forward what happens, whether it's in. With the water on and oil prices and inflation, whether it's AI and impact on jobs or growth or GDP. So, there's just a lot out there, right, I would say right now.

因此，我們基本上可以把它以長期租約的形式，賣給偏好淨租賃的買家，對吧。所以這就是我們真正關注的方向。我們認為——先退一步看，對吧？我的意思是，以今天股價的交易水準來看，世界顯然有很多不確定性。所以很難去預測、往前推演會發生什麼，不管是在……不管是水電供應、油價與通膨，還是AI及其對就業、成長或GDP的影響。所以我會說，現在外部變數真的很多。

But when we look at book value, we're willing to I think you saw it this quarter, unfortunately, and we're willing to pay some bid offer to find liquidity, to clean up the portfolio. It is putting pressure on book value. And like we said, we're going to we've got a little bit of ways to go here. We're going to choose to do that going forward to get to a spot where we can feel good about it and have a portfolio that's earning well and give the all clear. But like when we're it's like we're sitting here and like looking at this portfolio and our book value and saying, oh, this is going to we can get down to like a single-digit type of book value per share. So like. We're not exactly sure what the market's pricing and that doesn't include like back to this discussion around $350 where we think we've got a big gain in that asset, right?

但當我們看帳面價值時，我們願意——我想你們這一季不幸也看到了——我們願意付出一些買賣價差來取得流動性、清理投資組合。這確實會對帳面價值造成壓力。而且如我們所說，我們接下來還有一段路要走。我們未來會選擇繼續這麼做，直到到達一個我們覺得安心的位置，讓投資組合能有良好收益，並給出明確的「一切正常」訊號。但就像我們坐在這裡看著這個投資組合與帳面價值，會想：喔，這可能會讓每股帳面價值降到個位數那種水準。所以……我們不太確定市場到底在定價什麼；而且這還不包含回到剛才談到的那個約3.5億美元的資產，我們認為那個資產有很大的增值空間，對吧？

We've marked that down significantly. Now we have a tenant, we've got a good lease, it's a long-term lease, we feel like we can sell that and liquidate that asset over time and that'll be accretive to book value. So we can actually start building this back up a little bit and then of course, with share buybacks, we can do the same.

我們已經把它大幅下調估值。現在我們有承租人、有一份好的租約，而且是長期租約；我們覺得可以把它賣掉，並隨時間推進把該資產變現，而這將對帳面價值具有增益（accretive）。所以我們其實可以開始把帳面價值再拉回來一些；當然，透過股票回購，我們也能做到同樣的效果。

So that's a little bit of how we're thinking about it. And I know we've been pressed on this a number of times on Mountain View is timing. We'll sell this as soon as we feel like we can optimize value, but we're giving the twelve to eighteen months because that's kind of a stabilized moment. And if we have options before that, of course, we'll look at those very carefully, but we want to be, I think. Conservative and judicious as we think about the timing and what's realistic.

所以這大致是我們的思考方式。我知道大家多次追問Mountain View的問題之一是時點。我們會在覺得能夠最佳化價值時就出售，但我們給自己12到18個月的時間，因為那大概是一個較為穩定的時點。如果在那之前有其他選項，當然我們會非常審慎地評估，但我想我們希望在思考時點與可行性時，保持保守且審慎。

Thanks, Matt. That's helpful.

謝謝你，Matt。這很有幫助。

This concludes our question-and-answer session. I would like to turn the conference back over to Jack Switala for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給Jack Switala，請他做結語。

Great. Thanks, operator, and thanks, everyone, for joining today.

很好。謝謝主持人，也謝謝各位今天參與。

Please reach out to me or the team here if you have any more questions. Take care.

如果你們還有任何問題，請聯絡我或我們這裡的團隊。保重。

The conference is now concluded.

本次電話會議到此結束。