Citizens analyst Chris Muller downgraded KKR Real Estate Finance (KREF) to Market Perform from Outperform without a price target following the Q1 report. The firm sees headwinds to the company’s earnings as it resolves watchlist loans and sells owned real estate properties. KKR Real Estate’s more aggressive resolution strategy could result in additional reserves and realized losses as assets are positioned for resolution at an accelerated pace, the analyst tells investors in a research note.
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