KKR Real Estate Finance Trust Inc. (NYSE:KREF) Q2 2022 Earnings Conference Call July 26, 2022 10:00 AM ET
Company Participants
Jack Switala - Investor Relations
Matt Salem - Chief Executive Officer
Patrick Mattson - President & Chief Operating Officer
Kendra Decious - Chief Financial Officer
Conference Call Participants
Stephen Laws - Raymond James
Jade Rahmani - KBW
Don Fandetti - Wells Fargo
Eric Hagen - BTIG
Rick Shane - JPMorgan
Steve Delaney - JMP Securities
Operator
Good morning and welcome to the KKR Real Estate Finance Trust Inc. Second Quarter 2022 Financial Results Conference call. All participants will be in a 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. Welcome to the KKR Real Estate Finance Trust earnings call for the second 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 second quarter of 2022, we reported GAAP net income of $19.4 million or $0.28 per diluted share. Distributable earnings this quarter were $33.1 million or $0.48 per share, covering our $0.43 per share Q2 dividend by over 1.1 times on a per share basis.
Book value per share as of June 30th 2022 was $19.36, a decline of less than 1% quarter over quarter, which includes the cumulative CECL impact of $0.49 per share. Increases in our CECL reserves impact to book value this quarter were partially offset by the one million shares we repurchased, which generated $0.03 in book value accretion.
Finally, in early June, we paid a cash dividend of $0.43 per common share with respect to the second quarter. Based on yesterday's closing price, the dividend reflects an annualized yield of 9.2%.