KKR Real Estate Finance Trust Inc. (NYSE:KREF) Q4 2022 Earnings Conference Call February 8, 2023 10:00 AM ET
Company Participants
Jack Switala - Investor Relations
Matt Salem - Chief Executive Officer
Patrick Mattson - President and Chief Operating Officer
Kendra Decious - Chief Financial Officer
Conference Call Participants
Don Fandetti - Wells Fargo
Rick Shane - JPMorgan
Stephen Laws - Raymond James
Jade Rahmani - KBW
Eric Hagen - BTIG
Operator
Good morning and welcome to the KKR Real Estate Finance Trust Inc. Fourth Quarter 2022 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note this event is being recorded.
I would now like to turn the conference over to Jack Switala. Please, go ahead.
Jack Switala
Great. Thanks, operator, and welcome to the KKR Real Estate Finance Trust earnings call for the forth quarter of 2022. As the operator mentioned, this is Jack Switala. Today, I'm joined on the call by our CEO, Matt Salem; our President and COO, Patrick Mattson; and our CFO, Kendra Decious.
I would like to remind everyone that we will refer to certain non-GAAP financial measures on the call which are reconciled to GAAP figures in our earnings release and in the supplementary presentation, both of which are available on the Investor Relations portion of our website.
This call will also contain certain forward-looking statements which do not guarantee future events or performance. Please refer to our most recently filed 10-Q for cautionary factors related to these statements.
Before I turn the call over to Matt, I'll provide a brief recap of our results. For the fourth quarter of 2022, we reported GAAP net income of $14.6 million, or $0.21 per diluted share, including a CECL provision of $21.2 million, or $0.31 per diluted share.
Distributable earnings this quarter were $12.4 million, or $0.18 per share, including a write-off of $25 million, or $0.36 per share. Distributable earnings prior to realized losses were $0.54 per share relative to our Q4 $0.43 per share dividend, driven largely by the higher rate environment.
Book value per share as of December 31, 2022 was $18, a decline of 1.5% quarter-over-quarter. Our CECL allowance decreased to $1.61 per share from $1.66 per share last quarter. Finally, in early December, we paid a cash dividend of $0.43 per common share with respect to the fourth quarter. Based on yesterday's closing price, the dividend reflects an annualized yield of 10.9%.