KKR Real Estate Finance Trust Results Presentation Deck
First Quarter 2023 Highlights
Financials
Portfolio
Liquidity &
Capitalization
(1)
● 1Q Net Loss of ($0.45) per diluted share
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(includes a CECL provision of $60 million, or ($0.88) per diluted share)
1Q Distributable Earnings of $0.48 per diluted share
Book Value per Common Share ("BVPS") of $17.16 per share, compared to $18.00 per share as of 4Q'22
(includes a CECL allowance of $172 million, or ($2.48) per share, representing 224 basis points of loan principal
balance)
$8.0 billion predominantly senior loan portfolio with a weighted average unlevered all-in yield (3) of 8.5%
Multifamily and industrial assets represent 57% of loan portfolio
Weighted average risk rating of 3.2
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Funded $204 million relating to loans closed in previous quarters
Received $87 million in loan repayments
Collected 100% of interest payments due in 1Q
Monitoring seven watch list loans, including six office assets
$892 million of available liquidity, including $254 million of cash and $610 million undrawn capacity on the
corporate revolver
Diversified financing sources totaling $9.0 billion with $2.7 billion of undrawn capacity
76% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only
Extended a $600 million repurchase facility maturity date to December 2025 and a $500 million warehouse facility
maturity date to March 2026
Excluding match-term secured financing and subsequent to the convertible notes due May 2023, there are no debt
maturities due until 2025
(1)
Represents Net Income or loss attributable to common stockholders
(2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP
(3)
Includes the amortization of deferred origination fees, loan origination costs and purchase discounts, and excludes loans accounted for under the cost recovery method
KREF
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