- JMP Securities analyst Steven Delaney upgrades KKR Real Estate Finance (NYSE:KREF) to Market Outperform from Market Perform, due to the high quality of its loan portfolio and management, combined with the quality of financing facilities ad strength of its balance sheet.
- Points out that multifamily loans, one of the more resilient property classes during the pandemic, now makes up 50% of its portfolio vs. 24% when KREF launched its IPO in 2017.
- Also, the commercial mortgage REIT hasn't realized any loan losses to date and its risk ratings improved in Q1.
- Delaney's rating now aligns with the average Wall Street rating of Bullish (2 Very Bullish, 3 Bullish, 2 Neutral).
- KREF Q1 earnings beat on both EPS and revenue.
- SA contributor Brad Thomas calls KREF a private equity sponsor in a real estate wrapper.
KKR Real Estate upgraded to Outperform at JMP on quality portfolio
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Symbol | Last Price | % Chg |
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KREF | - | - |
KKR Real Estate Finance Trust Inc. |