KKR Real Estate Finance Trust Inc. (NYSE:KREF) Q4 2023 Earnings Conference Call February 7, 2024 9:00 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
Sarah Barcomb - BTIG
Don Fandetti - Wells Fargo
Stephen Laws - Raymond James
Jade Rahmani - KBW
Rick Shane - JPMorgan
Kaili Wang - Citi
Operator
Good morning, and welcome to the KKR Real Estate Finance Trust Fourth Quarter 2023 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's earnings call for the fourth quarter of 2023. 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'd 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 Web site. 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-K 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 2023, we reported a GAAP net loss of $18.7 million or negative $0.27 per diluted share. Distributable earnings this quarter were negative $26 million or negative $0.37 per share, including a write-off of $59 million or $0.85 per share. Distributable earnings prior to realized losses were $0.47 per share relative to our Q4 $0.43 per share dividend. Book value per share as of December 31, 2023 was $15.52, a decline of approximately 5% quarter-over-quarter. Our CECL allowance decreased to $3.06 per share from $3.21 per share last quarter. In mid-January, we paid a cash dividend of $0.43 per common share with respect to the fourth quarter.
Additionally, the company's Board of Directors declared a dividend of $0.25 per share of common stock with respect to the first quarter of 2024. The divided is payable on April 15, 2024 to KREF's common stockholders of record as of March 28, 2024.