KKR Real Estate Finance Trust Inc. Announces Adoption of Distributable Earnings Performance Metric

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NEW YORK–(BUSINESS WIRE)–Jan 25, 2021–

KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE:KREF) today announced that, based on recent guidance from the Securities and Exchange Commission, commencing with its fourth quarter 2020 earnings release and Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and for subsequent reporting periods, the Company has elected to present Distributable Earnings, a measure that is not prepared in accordance with GAAP, as a supplement to KREF’s GAAP net income reporting. The Company believes this metric will be a useful indicator for investors in evaluating the Company’s operating performance and its ability to pay dividends. Distributable Earnings will replace the Company’s prior presentation of Core Earnings, and Core Earnings presentations from prior reporting periods will be recast as Distributable Earnings and will be accompanied by relevant disclosures, including the Company’s policy of realizing loan losses through Distributable Earnings.

The Company defines Distributable Earnings as net income (loss) attributable to its stockholders or, without duplication, owners of its subsidiaries, computed in accordance with GAAP, including realized losses not otherwise

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