KKR Real Estate Finance Trust Results Presentation Deck
4Q'21 Financial Summary
Income Statement
LO
($ in Millions)
Net Interest Income
Other Income
Operating Expenses and Other
Preferred stock dividends and redemption value adjustment
Provision for credit losses
Net Income Attributable to Common Stockholders
Weighted Average Shares Outstanding, Diluted
Net Income per Share, Diluted
Distributable Earnings (¹)
Distributable Earnings per Share, Diluted (¹)
Dividend per Share
5
4Q21
$42.4
7.4
(12.7)
(5.0)
3.1
$35.2
59,453,264
$0.59
($2.9)
($0.05)
$0.43
($ in Millions)
Total Portfolio
Term Credit Facilities
Term Lending Agreements
Asset Specific Financing
Revolving Credit Facility
Secured Term Loan
Convertible Notes
Total Debt
Term Loan Facility
Collateralized Loan Obligations
(1) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP.
(2) Represents the GAAP principal amount on senior and mezzanine/other loans, net equity in RECOP I, and one real estate owned retail asset.
(3) Represents (i) total debt less cash to (ii) total permanent equity.
(4) Represents (i) total leverage less cash to (ii) total permanent equity.
Total Leverage
Cash
Total Permanent Equity
Common Stockholders' Equity
Debt-to-Equity Ratio (³)
Total Leverage Ratio (4)
Shares Outstanding
Book Value per Share (5)
(5) Book value per share includes (i) CECL credit loss allowance of ($23.7) million or ($0.39) per common share, and (iii) the YTD impact of ($3.3) million, or ($0.05) per common share, non-cash redemption value adjustment
to our redeemable SNVPS. On October 1, 2021, KREF redeemed its SNVPS for a cash redemption value of $5.1 million, thus eliminating the cumulative negative impact of the SNPVS on KREF's book value.
Balance Sheet
4Q21
$6,478.4(2)
1,554.8
1,117.6
60.0
135.0
350.0
143.8
$3,361.2
870.5
1,095.3
$5,327.0
271.5
1,361.6
1,188.9
2.3x
3.7x
61,370,732
$19.37
KKR
REAL ESTATE
FINANCE TRUSTView entire presentation