KKR Real Estate Finance Trust Investor Presentation Deck
Reconciliation of GAAP Net Income to
Distributable Earnings
(in thousands - except share and per share data)
Net Income (Loss) Attributable to Common Stockholders
Adjustments
Non-cash equity compensation expense
Unrealized (gains) or losses, net (2)
Provision for (reversal of) credit losses, net
Gain on redemption of non-voting manager units
Non-cash convertible notes discount amortization
Distributable Earnings before realized loss on loan write-offs
Realized loss on loan write-offs(3)
Distributable Earnings
Weighted average number of shares of common stock outstanding, diluted
(1)
(2)
(3)
$
$
$
December 31,
2022
15,371 $
7,835
(1,326)
112,373
361
134,614
(25,000)
109,614 $
67,553,578
Per Diluted
Share (¹)
0.23
0.12
(0.02)
1.66
$
0.01
1.99 $
(0.37)
1.62 $
Year Ended
December 31,
2021
125,635 $
7,428
1,059
(4,059)
(5,126)
361
125,298 $
(32,905)
92,393 $
56,783,388
Per Diluted
Share (¹)
2.21 $
0.13
0.02
December 31,
2020
(0.07)
(0.09)
0.01
2.21
(0.58)
1.63 $
$
53,553 $
5,676
4,036
50,344
362
113,971
(4,650)
109,321 $
$
56,057,237
Per Diluted
Share (¹)
Numbers presented may not foot due to rounding
Includes primarily unrealized mark-to-market adjustment to CMBS B-Pieces held through an equity method investment and non-cash redemption value adjustment of our Special Non-Voting Preferred
Stock
Includes a $25 million write-off on a portion of a $161 million defaulted senior office loan that was deemed uncollectible during the year ended December 31, 2022. Includes $32 million write-off on a
defaulted senior retail loan for which we took title of the underlying property and $1 million write-off of the remaining balance on an impaired mezzanine retail loan during the year ended December 31,
2021. Includes $5 million write-off on a mezzanine retail loan that was deemed uncollectible during the year ended December 31, 2020
KREF
0.96
42
0.10
0.06
0.90
0.01
2.03
(0.08)
1.95View entire presentation