KKR Real Estate Finance Trust Inc. (NYSE:KREF) Q1 2022 Earnings Conference Call April 26, 2022 10:00 AM ET
Company Participants
Jack Switala - IR
Matt Salem - CEO
Patrick Mattson - President and COO
Kendra Decious - CFO
Conference Call Participants
Jade Rahmani - KBW
Stephen Laws - Raymond James
Don Fandetti - Wells Fargo
Rick Shane - JP Morgan
Steve Delaney - JMP Securities
Eric Hagen - BTIG
Operator
Good morning and welcome to the KKR Real Estate Finance Trust Inc. First Quarter 2022 financial results conference call. All participants will be in listen only mode. Should you need assistance please signal conference specialist by pressing the star key followed by zero. 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
Thank you, operator. Welcome to the KKR Real Estate Finance Trust earnings call for the first 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 Matson 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 for years 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 first quarter of 2022, we reported GAAP net income of $29.8 million or $0.47 per basic share, and $0.46 per diluted share. Distributable earnings this quarter were $29.8 million, or $0.47 per share, covering our $0.43 per share of Q1 dividend. Book value per share as of March 31, 2022 increased to $19.46, which includes the cumulative Cecil impact of $0.33 per share as compared to $19.37 as of December 31. This increase in book value was driven by strong portfolio performance, coupled with an accretive equity offering in the first quarter. This is the eighth consecutive quarter in which we have grown book value per share.