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
Per share impact from exclusion of potentially issuable shares under assumed conversion of
the Convertible Notes (¹)
Adjustments
Non-cash equity compensation expense
Unrealized (gains) or losses (2)
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 (3)
Distributable Earnings
Weighted average number of shares of common stock outstanding, diluted (¹)
(1)
(2)
(3)
(4)
$
KREF
March 31, 2022
29,796
2,126
(1,032)
(1,218)
89
29,761
29,761
63,086,452
Per Diluted
Share (4)
$
$
$
0.46
0.01
0.03
(0.02)
(0.02)
0.00
0.47
0.47
December 31, 2021
35,198
$
Three Months Ended
$
1,413
1,463
(3,077)
(5,126)
91
29,962
(32,905)
(2,943)
59,364,672
Per Diluted
Share (4)
$
0.59
0.02
0.02
(0.05)
(0.09)
0.00
0.50
(0.55)
$ (0.05)
$
$
$
March 31, 2021
29,184
1,994
708
(1,588)
89
30,387
30,387
55,731,061
Per Diluted
Share (4)
$
$
$
Diluted weighted average common shares outstanding for Distributable Earnings excludes 6,316,174 potentially issuable shares under assumed conversion of the Convertible Notes
Includes ($1.0) million, ($1.1) million, and $0.0 million of unrealized mark-to-market adjustment to RECOP I's underlying CMBS investments during 1Q'22, 4Q'21, and 1Q'21, respectively. Includes $2.5
million and $0.7 million non-cash redemption value adjustment of the Special Non-Voting Preferred Stock (SNVPS) during 4Q'21 and 10'21, respectively
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 4Q'21
Numbers presented may not foot due to rounding
0.52
0.04
0.01
(0.03)
0.00
0.55
0.55
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