KKR Real Estate Finance Trust Results 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
Per share impact from exclusion of potentially issuable shares under assumed
conversion of the Convertible Notes (¹)
Adjustments
Non-cash equity compensation expense
Unrealized (gains) or losses (2)
Provision for (reversal of) credit losses, net
Non-cash convertible notes discount amortization
Distributable Earnings
Weighted average number of shares of common stock outstanding, diluted (¹)
(1)
(2)
(3)
June 30, 2022
19,394
KREF
$
$
2,040
(190)
11,798
90
33,132
68,549,049
Per Diluted
Share (3)
0.28
$
0.03
-
0.17
0.48
Three Months Ended
March 31, 2022
29,796
$
2,126
(1,032)
(1,218)
89
29,761
63,086,452
Per Diluted
Share (3)
0.46
$
0.01
0.03
(0.02)
(0.02)
0.47
June 30, 2021
$
29,264
$
1,994
(364)
(559)
90
30,425
55,907,086
Per Diluted
Share (3)
0.52
$
0.04
(0.01)
(0.01)
0.54
Diluted weighted average common shares outstanding for Distributable Earnings excludes 6,316,174 potentially issuable shares under assumed conversion of the Convertible Notes
Includes ($0.2) million, ($1.0) million, and ($0.1) million of unrealized mark-to-market adjustment to RECOP I's underlying CMBS investments during 20'22, 1Q'22, and 2Q'21, respectively. Includes ($0.2)
million non-cash redemption value adjustment of the Special Non-Voting Preferred Stock (SNVPS) during 2Q'21
Numbers presented may not foot due to rounding
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