KREF stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

26 Oct 20
28 Jan 21
31 Dec 21

News

Quarter (USD) Sep 20 Jun 20 Mar 20 Sep 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
29 Dec 20 Tactical Value SPN-KREF Common Stock Sell Dispose S No 18.51 17,182 318.04K 1,234,528
29 Dec 20 KKR Group Partnership Common Stock Sell Dispose S No 18.51 17,182 318.04K 1,234,528
28 Dec 20 Tactical Value SPN-KREF Common Stock Sell Dispose S No 18.54 43,791 811.89K 1,251,710
28 Dec 20 KKR Group Partnership Common Stock Sell Dispose S No 18.54 43,791 811.89K 1,251,710
21 Dec 20 Mostafa Nagaty Common Stock Grant Aquire A No 0 14,750 0 31,363
21 Dec 20 Lee Christen E.J. Common Stock Grant Aquire A No 0 71,357 0 272,711.07
21 Dec 20 Mattson W Patrick Common Stock Grant Aquire A No 0 65,000 0 157,816
86.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 124 128 -3.1%
Opened positions 14 21 -33.3%
Closed positions 18 24 -25.0%
Increased positions 48 51 -5.9%
Reduced positions 34 40 -15.0%
13F shares
Current Prev Q Change
Total value 1.32B 845.93M +55.8%
Total shares 48.33M 48.27M +0.1%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Kohlberg Kravis Roberts & Co. 21.86M $361.32M -0.7%
BLK Blackrock 4.89M $80.85M +4.7%
Nan Shan Life Insurance 3.5M $57.86M 0.0%
Vanguard 3.02M $49.93M +3.6%
GS Goldman Sachs 2.48M $41.04M +2.7%
Temasek 2.44M $40.32M 0.0%
Mirae Asset Global Investments 1.86M $30.67M +0.7%
STT State Street 1.11M $18.88M +2.9%
JRM Investment Counsel 528.56K $8.74M +124.9%
JPM JPMorgan Chase & Co. 454.1K $7.51M -5.4%
Largest transactions
Shares Bought/sold Change
WINTON 345.13K -318.23K -48.0%
JRM Investment Counsel 528.56K +293.58K +124.9%
TD Asset Management 401.6K +242.1K +151.8%
BLK Blackrock 4.89M +220.21K +4.7%
Millennium Management 0 -175.46K EXIT
Kohlberg Kravis Roberts & Co. 21.86M -150.26K -0.7%
Nuveen Asset Management 130.37K -122.82K -48.5%
Vanguard 3.02M +105.88K +3.6%
Citadel Advisors 19.93K -82.82K -80.6%
Callodine Capital Management 0 -75K EXIT

Financial report summary

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Risks
  • We operate in a competitive market for lending and investment opportunities, and competition may limit our ability to originate or acquire desirable loans and investments or dispose of assets we target and could also affect the yields of these assets and have a material adverse effect on our business, financial condition and results of operations.
  • Our loans and investments expose us to risks associated with debt-oriented real estate investments generally.
  • Fluctuations in interest rates and credit spreads could reduce our ability to generate income on our loans and other investments, which could lead to a significant decrease in our results of operations, cash flows and the market value of our investments and could materially impair our ability to pay distributions to our stockholders.
  • We may not have control over certain of our loans and investments.
  • CRE-related investments that are secured, directly or indirectly, by real property are subject to delinquency, foreclosure and loss, which could result in losses to us.
  • Loans on properties in transition will involve a greater risk of loss than conventional mortgage loans.
  • Prepayment rates may adversely affect the value of our portfolio of assets.
  • Difficulty in redeploying the proceeds from repayments of our existing loans and investments may cause our financial performance and returns to investors to suffer.
  • The due diligence process that our Manager undertakes in regard to investment opportunities may not reveal all facts that may be relevant in connection with an investment and if our Manager incorrectly evaluates the risks of our investments, we may experience losses.
  • CMBS B-Pieces, mezzanine loans, preferred equity and other investments that are subordinated or otherwise junior in an issuer’s capital structure and that involve privately negotiated structures expose us to greater risk of loss.
  • Investments may be concentrated in terms of geography, asset types and sponsors, which could subject us to increased risk of loss.
  • Our investments in CMBS and other similarly structured finance investments, as well as those we structure, sponsor or arrange ,would pose additional risks, including the risks of the securitization process, the risk that we will not be able to recover some or all of our investment, the possibility that the CMBS market will be significantly affected by current or future regulation and the risk that we will not be able to hedge or transfer our CMBS B-Piece investments for a significant period of time.
  • Any credit ratings assigned to our investments will be subject to ongoing evaluations and revisions and we cannot assure you that those ratings will not be downgraded.
  • We may need to foreclose on certain of the loans we originate or acquire, which could result in losses that harm our results of operations and financial condition.
  • We may be subject to lender liability claims, and if we are held liable under such claims, we could be subject to losses.
  • Any distressed loans or investments we make, or loans and investments that later become distressed, may subject us to losses and other risks relating to bankruptcy proceedings.
  • A prolonged economic slowdown, a lengthy or severe recession or declining real estate values could impair our investments and harm its operations.
  • We may experience a decline in the fair value of our assets.
  • Some of our portfolio investments may be recorded at fair value and, as a result, there will be uncertainty as to the value of these investments.
  • We may invest in derivative instruments, which would subject us to increased risk of loss.
  • Transactions denominated in foreign currencies may subject us to foreign currency risks.
  • Loans or investments involving international real estate-related assets are subject to special risks that we may not manage effectively, which could have a material adverse effect on our results of operations and our ability to make distributions to our stockholders.
  • The lack of liquidity in certain of our target assets may adversely affect our business.
  • We have utilized and may utilize in the future non-recourse long-term securitizations to finance our loans and investments, which may expose us to risks that could result in losses.
  • Our investment strategy may be changed without stockholder consent.
  • Accounting rules for certain of our transactions are highly complex and involve significant judgment and assumptions, which could impact our ability to timely prepare consolidated financial statements.
  • Provisions for loan losses are difficult to estimate.
  • Operational risks may disrupt our business, result in losses or limit our growth.
  • All of our assets may be subject to recourse.
  • State licensing requirements will cause us to incur expenses and our failure to be properly licensed may have a material adverse effect on us and our operations.
  • Avoiding the need to register under the Investment Company Act imposes significant limits on our operations. Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act.
  • Changes in laws or regulations governing our operations, changes in the interpretation thereof or newly enacted laws or regulations and any failure by us to comply with these laws or regulations, could require changes to certain of our business practices, negatively impact our operations, cash flow or financial condition, impose additional costs on us, subject us to increased competition or otherwise adversely affect our business.
  • Changes in laws or regulations governing the operations of borrowers could affect our returns with respect to those borrowers.
  • We are subject to risks from litigation filed by or against us.
  • The obligations associated with being a public company require significant resources and attention from our Manager’s senior management team.
  • If we are unable to implement and maintain effective internal controls over financial reporting in the future, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock may be negatively affected.
  • We are an “emerging growth company,” and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our common stock less attractive to investors.
  • Our indebtedness may subject us to increased risk of loss and could adversely affect our results of operations and financial condition.
  • We leverage certain of our target assets, which may adversely affect our return on our investments and may reduce cash available for distribution.
  • The utilization of any of our repurchase facilities is subject to the pre-approval of the lender.
  • Our master repurchase agreements impose, and additional lending facilities may impose, restrictive covenants, which would restrict our flexibility to determine our operating policies and investment strategy and to conduct our business.
  • We depend on, or may in the future depend on, repurchase agreements, bank credit facilities, warehouse facilities and structured financing arrangements, public and private debt issuances (including through securitizations) and derivative instruments, in addition to transaction or asset-specific funding arrangements and other sources of financing to execute our business plan, and our inability to access funding could have a material adverse effect on our results of operations, financial condition and business.
  • Interest rate fluctuations could increase our financing costs, which could lead to a significant decrease in our results of operations, cash flows and the market value of our investments.
  • We are subject to counterparty risk associated with our debt obligations.
  • We may utilize a wide variety of derivative financial instruments for risk management purposes, the use of which may entail greater than ordinary investment risks.
  • Hedging may adversely affect our earnings, which could reduce our cash available for distribution to stockholders.
  • We are subject to counterparty risk associated with any hedging activities.
  • We may enter into hedging transactions that could expose us to contingent liabilities in the future.
  • If we enter into certain hedging transactions or otherwise invest in certain derivative instruments, failure to obtain and maintain an exemption from being regulated as a commodity pool operator by our Manager could subject us to additional regulation and compliance requirements which could materially adversely affect our business and financial condition.
  • We depend on our Manager and its personnel for our success. We may not find a suitable replacement for our Manager if the management agreement is terminated, or if key personnel cease to be employed by our Manager and its affiliates or otherwise become unavailable to us.
  • Termination of the management agreement would be costly.
  • Our Manager’s liability is limited under the management agreement and we have agreed to indemnify our Manager against certain liabilities.
  • The historical returns generated by funds managed by affiliates of our Manager should not be considered indicative of our future results or of any returns expected on an investment in shares of our common stock.
  • Our Manager’s fee structure may not create proper incentives or may induce our Manager and its affiliates to make certain loans or investments, including speculative investments, which increase the risk of our loan and investment portfolio.
  • There are various conflicts of interest in our relationship with KKR, including with our Manager and in the allocation of investment opportunities to KKR investment vehicles and us, which could result in decisions that are not in the best interests of our stockholders.
  • Our Manager manages our portfolio pursuant to very broad investment guidelines and is not required to seek the approval of our board of directors for each investment, financing, asset allocation or hedging decision made by it, which may result in riskier loans and investments and which could adversely affect our results of operations and financial condition.
  • We do not own the KKR name, but we will use it as part of our corporate name pursuant to a license agreement with KKR. Use of the name by other parties or the termination of our license agreement may harm our business.
  • If we do not maintain our qualification as a REIT, we will be subject to tax as a regular corporation and could face a substantial tax liability.
  • Even if we maintain our qualification as a REIT, we may incur tax liabilities that would reduce our cash available for distribution to stockholders.
  • Complying with REIT requirements may cause us to forego otherwise attractive opportunities and limit our expansion opportunities.
  • Complying with REIT requirements may force us to liquidate or restructure otherwise attractive investments.
  • Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
  • Our charter does not permit any person (including certain entities treated as individuals for this purpose) to own more than 9.8% of any class or series of our outstanding capital stock, and attempts to acquire shares of any class or series of our capital stock in excess of this 9.8% limit would not be effective without an exemption from those prohibitions by our board of directors.
  • We may choose to make distributions in the form of shares of our own stock, in which case stockholders may be required to pay income taxes without receiving any cash dividends.
  • Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
  • Our taxable income may be greater than our cash flow available for distribution, including as a result of our investments in certain debt instruments, causing us to recognize “phantom income” for U.S. federal income tax purposes, and certain modifications of debt instruments by us could cause the modified debt to not qualify as a good REIT asset, thereby jeopardizing our REIT qualification.
  • The failure of a mezzanine loan to qualify as a real estate asset could adversely affect our ability to qualify as a REIT.
  • Our investments in certain loans may require us to make estimates about the fair value of real property improvements that may be challenged by the IRS.
  • We may fail to qualify as a REIT if the IRS successfully challenges our characterization for U.S. federal income tax purposes of our mezzanine loans or preferred equity investments.
  • The tax on prohibited transactions will limit our ability to engage in transactions, including certain methods of securitizing or syndicating mortgage loans that would be treated as sales for U.S. federal income tax purposes.
  • The failure of assets subject to repurchase agreements to qualify as real estate assets could adversely affect our ability to qualify as a REIT.
  • Liquidation of assets may jeopardize our REIT qualification.
  • Certain financing activities may subject us to U.S. federal income tax and could have negative tax consequences for our stockholders.
  • Our qualification as a REIT may be dependent on the accuracy of legal opinions or advice rendered or given or statements by the issuers of assets that we acquire, and the inaccuracy of any such opinions, advice or statements may adversely affect our REIT qualification and result in significant corporate-level tax.
  • Any taxable REIT subsidiaries owned by us are subject to corporate-level taxes and our dealings with our taxable REIT subsidiaries may be subject to 100% excise tax.
  • We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating flexibility and reduce the price of our common stock.
  • KKR controls us and its interests may conflict with ours or those of our stockholders in the future.
  • We are a “controlled company” within the meaning of the rules of the NYSE and, as a result, will qualify for, and rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements.
  • Certain of our pre-IPO stockholders also hold interests in our Manager, which may influence the incentives that such pre-IPO stockholders have with respect to matters between us and our Manager and such interest may not be consistent with the interest of some or all of our stockholders
  • Provisions of our charter and bylaws and Maryland law may deter takeover attempts, which may limit the opportunity of our stockholders to sell their shares at a favorable price.
  • Our rights and the rights of our stockholders to take action against our directors and officers are limited, which could limit your recourse in the event of actions not in your best interests.
  • Our charter contains provisions that make removal of our directors difficult, which could make it difficult for our stockholders to effect changes to our management.
  • Our charter contains provisions that are designed to reduce or eliminate duties of KKR and its affiliates and our directors with respect to corporate opportunities and competitive activities.
  • We have not established a minimum distribution payment level and we cannot assure you of our ability to pay distributions in the future.
Content analysis ?
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Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: aimed, Chase, de, expansion, frequent, Incurrence, JPMorgan, lever, prematurely, prepaid, remediate, retrospective, Subtopic, thereof, violation