KKR Real Estate Finance Trust Investor Presentation Deck
Reconciliation of GAAP Net Income (Loss) 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, net (2)
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(3)
Distributable Earnings
Weighted average number of shares of common stock outstanding, diluted
(1)
(2)
(3)
$
$
$
Year Ended
December 31,
2022
15,371 $
7,835
(1,326)
112,373
361
134,614 $
(25,000)
109,614 $
67,553,578
Per Diluted
Share (¹)
0.23
$
0.12
(0.02)
1.66
0.01
1.99
(0.37)
1.62 $
$
December 31,
2022
14,602 $
1,494
(25)
21,189
91
September 30,
2022
(48,421)
Three Months Ended
37,351 $
(25,000)
12,351 $
69,109,790
2,175
(79)
80,604
91
34,370 $
34,370
69,382,730
June 30, 2022
$
19,394
Numbers presented may not foot due to rounding
Includes primarily unrealized mark-to-market adjustment to CMBS B-Pieces held through an equity method investment
Includes a $25 million write-off on a portion of a $161 million defaulted senior office loan that was deemed uncollectible during the year ended December 31, 2022
KREF
$
2,040
(190)
11,798
90
March 31, 2022
$
29,796
33,132 $
33,132 $
68,549,049
2,126
(1,032)
(1,218)
89
29,761
29,761
63,086,452
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