BTIG downgraded KKR Real Estate Finance (KREF) to Neutral from Buy without a price target following the Q4 report. The company’s leverage levels and life science loan exposure are outweighing the strength of its origination platform in 2026, the analyst tells investors in a research note. The firm says KKR Real Estate’s book value eroded by 5.4% in Q4 as two additional loans moved to non-accrual and leverage reached the top end of the target range. BTIG now models a 20% cut to KKR Real Estate’s dividend in 2026.
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