KREF Liquidity and Portfolio Overview
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
$
September 30, 2023
Three Months Ended
June 30, 2023
September 30, 2022
163,229
$
118,617
44,612
159,629
115,677
$
43,952
114,627
67,311
$
47,316
Nine Months Ended
September 30, 2023
September 30, 2022
475,388
340,270
$
135,118
278,460
144,503
133,957
1,795
1,984
2,092
6,025
6,554
839
551
914
1,043
3,835
2,809
4,437
840
9,957
3,992
5,443
6,972
3,846
17,025
14,381
Incentive compensation to affiliate
Expenses from real estate owned operations
Total operating expenses
4,788
4,710
4,286
14,188
13,040
8,814
56,335
80,604
125,616
91,184
6,566
6,559
6,589
19,648
19,102
69
611
2,491
2,819
2,656
2,598
8,233
7,520
23,056
70,871
94,077
170,176
130,846
Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends,
and Participating Securities' Share in Earnings
26,999
(19,947)
(42,915)
(18,033)
17,492
Income tax expense
165
177
511
Net Income (Loss)
26,834
(20,124)
(42,915)
(18,544)
17,492
Net income (loss) attributable to noncontrolling interests
(307)
(96)
(161)
(580)
(283)
Net Income (Loss) Attributable to KREF Trust Inc. and Subsidiaries
Preferred stock dividends
Participating securities' shares in earnings
27,141
5,326
(20,028)
5,326
(42,754)
(17,964)
17,775
5,326
15,978
15,978
414
418
341
1,239
1,028
Net Income (Loss) Attributable to Common Stockholders
$
21,401
$
(25,772)
$
(48,421)
$
(35,181)
$
769
Net Income (Loss) Per Share of Common Stock, Basic
$
0.31
$
(0.37)
$
(0.70)
$
(0.51)
$
0.01
Net Income (Loss) Per Share of Common Stock, Diluted
$
0.31
$
(0.37)
$
(0.70)
$
(0.51)
$
0.01
Weighted Average Number of Shares of Common Stock Outstanding, Basic
69,122,636
69,115,654
69,382,730
69,111,201
67,029,140
Weighted Average Number of Shares of Common Stock Outstanding, Diluted
Dividends Declared per Share of Common Stock
69,122,636
69,115,654
69,382,730
69,111,201
67,029,140
$
0.43
$
0.43
$
0.43
$
1.29
$
1.29
KREF
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