KKR Real Estate Finance Trust Inc. (KREF) is a company.

Transcript

Operator

Good morning, welcome to the KKR Real Estate Finance Trust Inc. second 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 one on your telephone keypad. To withdraw your question, please press star then one again. Please note this event is being recorded. I would now like to turn the conference over to Jack Switala. Please go ahead.

Jack Switala — Head of Investor Relations

Great. Thanks, operator, welcome to the KKR Real Estate Finance Trust earnings call for the second 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 Decious. 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 second quarter of 2026, we reported a GAAP loss of $122 million, or negative $1.95 per share. Book value as of June 30th, 2026, was $10.24 per share. We reported a distributable loss of $36 million, or negative $0.58 per share. Distributable earnings before realized losses was $6 million, or $0.10 per share. Lastly, we paid a $0.10 cash dividend with respect to the second quarter. With that, I'd now like to turn the call over to Matt.

Matt Salem — CEO

Thanks, Jack. Good morning, everyone, thank you for joining us today. Let me begin by acknowledging our announcement that KKR's board has initiated a review of strategic alternatives intended to enhance shareholder value. This process will be led by a strategic review committee composed solely of the board's independent directors. I recognize there may be questions regarding the