Integrated Global Real Estate Platform
Consolidated Statements of Income
(in thousands except share and per share data)
Net Interest Income
Interest income
Interest expense
Total net ineterest income
Other income
Revenue from real estate owned operations
Income (loss) from equity method investments
Other income
Total other income
Operating Expenses
General and administrative
Provision for (reversal of) credit losses, net
Management fees to affiliate.
$
June 30, 2023
Three Months Ended
March 31, 2023
June 30, 2022
159,629
$
115,677
43,952
152,530
$
105,976
46,554
90,603
$
44,733
45,870
Six Months Ended
June 30, 2023
June 30, 2022
312,159
221,653
90,506
$
163,833
77,192
86,641
1,984
2,246
1,833
4,230
4,462
551
(347)
1,035
204
2,921
4,437
2,711
1,237
7,148
3,152
6,972
4,610
4,105
11,582
10,535
Incentive compensation to affiliate
Expenses from real estate owned operations
Total operating expenses
4,710
4,690
4,308
9,400
8,754
56,335
60,467
11,798
116,802
10,580
6,559
6,523
6,506
13,082
12,513
611
1,811
2,422
2,656
2,758
2,368
5,414
4,922
70,871
76,249
24,980
147,120
36,769
Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends,
and Participating Securities' Share in Earnings
(19,947)
(25,085)
24,995
(45,032)
60,407
Income tax expense
177
169
346
Net Income (Loss)
(20,124)
(25,254)
24,995
(45,378)
60,407
Net income (loss) attributable to noncontrolling interests
(96)
(177)
(66)
(273)
(122)
Net Income (Loss) Attributable to KREF Trust Inc. and Subsidiaries
(20,028)
(25,077)
25,061
(45,105)
60,529
Preferred stock dividends
5,326
5,326
5,326
10,652
10,652
Participating securities' shares in earnings
418
407
341
825
687
Net Income (Loss) Attributable to Common Stockholders
$
(25,772)
$
(30,810)
$
19,394
$
(56,582)
$
49,190
Net Income (Loss) Per Share of Common Stock, Basic
$
(0.37)
$
(0.45)
$
0.28
$
(0.82)
$
0.75
Net Income (Loss) Per Share of Common Stock, Diluted
$
(0.37)
$
(0.45)
$
0.28
$
(0.82) $
0.74
Weighted Average Number of Shares of Common Stock Outstanding, Basic
69,115,654
69,095,011
68,549,049
69,105,389
65,832,841
Weighted Average Number of Shares of Common Stock Outstanding, Diluted
Dividends Declared per Share of Common Stock
69,115,654
69,095,011
68,549,049
69,105,389
72,149,015
$
0.43
$
0.43
$
0.43
$
0.86
$
0.86
KREF
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