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
Adjustments
Non-cash equity compensation expense
(1)
Unrealized (gains) or losses
Provision for (reversal of) credit losses, net
Gain on redemption of non-voting manager units
Non-cash convertible notes discount amortization
Reversal of previously unrealized gain now realized
Distributable Earnings before realized losses on loan write-offs
Realized losses on loan write-offs (²)
Distributable Earnings
Weighted average number of shares of common stock outstanding, diluted (3)
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 (4)
$
2.21
0.13
0.02
(0.07)
(0.09)
0.01
2.21
(0.58)
1.63
Year Ended
(3) Includes 212,188, 72,223 and 105,578 dilutive restricted stock units for the years ended December 31, 2021, 2020 and 2019, respectively.
(4) Numbers presented may not foot due to rounding.
25
December 31,
2020
53,553
5,676
4,036
50,344
362
113,971
(4,650)
109,321
56,057,237
Per Diluted
Share (4)
$
0.96
0.10
0.06
0.90
0.01
2.03
(0.08)
1.95
December 31,
2019
90,492
4,091
1,179
360
191
96,313
96,313
57,532,490
Per Diluted
Share (4)
1.57
0.07
0.02
0.01
0.00
1.67
1.67
(1)
Includes $3.3 million, $0.2 million and ($1.2) million non-cash redemption value adjustment of our SNVPS, and ($2.2) million, $3.9 million and $0.0 million of unrealized mark-to-market adjustment to our RECOP I's underlying CMBS
investments during the years ended December 31, 2021, 2020 and 2019, respectively.
(2) Includes $32.1 million write-off on a defaulted senior retail loan which we took title of the underlying property and $0.9 million write-off of the remaining balance on an impaired mezzanine retail loan during the year ended December
31, 2021. Includes $4.7 million write-off on a $5.5 million mezzanine retail loan, which was 5-rated and put on non-accrual status, during the year ended December 31, 2020.
KKR
REAL ESTATE
FINANCE TRUSTView entire presentation