KKR Real Estate Finance Trust Results Presentation Deck
Reconciliation of GAAP Net Income to Core 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 (¹)
CECL provision for credit losses, net
Non-cash convertible notes discount amortization
Core Earnings (2)
Weighted Average Shares Outstanding
24
Basic
Diluted
Core Earnings per Weighted Average Share, Basic (²)
Core Earnings per Weighted Average Share, Diluted (²)
1Q20
(35,164)
1,607
3,444
55,274
90
25,251
57,346,726
57,432,611
0.44
0.44
4Q19
24,789
1,017
(407)
91
25,490
57,486,583
57,595,424
0.44
0.44
(1) Includes $0.4 million, ($0.4) million and ($0.6) million non-cash redemption value adjustment of our SNVPS during 1Q'20, 4Q'19 and 10'19, respectively. Includes $3.0
million of unrealized loss on RECOP I, an equity method investment, during 1Q'20 and $0.2 million of unrealized loss on CMBS B-Pieces during 1Q'19.
(2) See Appendix page 25 for definitions.
1Q19
24,705
991
• Although pursuant to the Company's Management Agreement, KREF calculates the inc entive compensation and base management fees due to its
Manager using Core Earnings before incentive compensation, beginning with the first quarter of 2020, The Company revised its definition of Core
Earnings for reporting purposes to be net of incentive compensation, since the Company believes this is a more meaningful presentation of the
economic performance of its common stock.
(464)
89
25,321
57,387,386
57,477,234
0.44
0.44
KKR
REAL ESTATE
FINANCE TRUSTView entire presentation