KREF Liquidity and Portfolio Overview
Reconciliation of GAAP Net Income (Loss) to
Distributable Earnings
(in thousands except share and per share data)
Three Months Ended
Net Income (Loss) Attributable to Common Stockholders
Adjustments
Non-cash equity compensation expense
Unrealized (gains) or losses, net
Provision for (reversal of) credit losses, net
Non-cash convertible notes discount amortization
Distributable Earnings before realized loss on loan write-off
Realized loss on loan write-off(2)
Distributable Earnings
September 30,
2023
Per Diluted
Share(1)
June 30, 2023
Per Diluted
Share(1)
September 30,
2022
Per Diluted
Share (¹)
$
21,401
$
0.31
$
(25,772)
$
(0.37)
$
(48,421)
$
(0.70)
2,184
0.03
2,174
0.03
2,175
0.03
(25)
292
(79)
8,814
0.13
56,335
0.82
80,604
1.16
44
91
-
$
32,374
$
0.47
$
33,073
$
0.48
$
34,370
$
0.50
(15,000)
(0.22)
I
$
17,374
$
0.25
$
33,073
$
0.48 $
34,370
$
0.50
Weighted average number of shares of common stock outstanding, diluted
69,122,636
69,115,654
69,382,730
(1)
Numbers presented may not foot due to rounding
(2) Includes a $15 million write-off of a subordinated loan during the three months ended September 30, 2023
KREF
39View entire presentation