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
Unrealized (gains) or losses (¹)
Provision for (reversal of) credit losses, net
Gain on redemption of non-voting manager units
Non-cash convertible notes discount amortization
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)
Year Ended
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)(5)
2.21
0.13
0.02
(0.07)
(0.09)
0.01
2.21
(0.58)
1.63
December 31,
2021
35,198
1,413
1,463
(3,077)
(5,126)
91
29,962
(32,905)
(2,943)
59,364,672
Three Months Ended
September 30,
2021
31,989
2,027
(748)
1,165
91
34,524
34,524
56,011,243
June 30,
2021
29,264
1,994
(364)
(559)
90
30,425
30,425
55,907,086
March 31,
2021
29,184
1,994
708
(1,588)
89
30,387
30,387
55,731,061
(1) Includes $3.3 million, $2.5 million, $0.3 million, ($0.2) million and $0.7 million non-cash redemption value adjustment of our SNVPS, and ($2.2), ($1.1) million, $1.0 million, ($0.1) million and $0.0 million of unrealized mark-to-market
adjustment to our RECOP I's underlying CMBS investments during FY'21, 4Q'21, 3Q'21, 2Q'21 and 1Q'21, 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.
(3) Includes 212,188, zero, 373,763, 274,764 and 111,633 dilutive restricted stock units for FY'21, 4Q'21, 3Q'21, 2Q'21 and 1Q'21, respectively.
(4) FY 2021 Distributable Earnings per diluted share is $1.63 ($1.63 per basic share), however 2021 quarterly DE per diluted share totaled $1.66 per share ($1.67 per basic share). The $0.03 per share difference is a result of the impact
of the October common offering on the WA number of shares for the year.
(5) Numbers presented may not foot due to rounding.
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KKR
REAL ESTATE
FINANCE TRUSTView entire presentation