KKR Real Estate Finance Trust Inc. (KREF) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. I'm Chris Lee, Executive Officer and Director Nominee of KKR Real Estate Finance Trust. On behalf of the company, I want to welcome you and thank you for attending our 2020 Annual Meeting of Stockholders. I'm joined today by Matt Salem, our CEO; other members of our management team; members of our Board of Directors, representatives of Deloitte & Touche LLP, our independent registered public accounting firm; a representative of Broadridge Financial Solutions, the inspector of election for this meeting; and Simpson Thacher & Bartlett LLP, our legal counsel. I will act as Chairman of this meeting. Vincent Napolitano, our Secretary, will act as secretary of this meeting. Christopher Wood, the representative of Broadridge Financial Solutions, will act as the inspector of election for this meeting. This meeting is now called to order. The agenda for today's meeting posted to the Virtual Shareholder Meeting page sets forth the proposals for stockholder consideration and the order of business, which will be conducted in accordance with the company's bylaws and the meeting's rules of conduct and procedures. We have 2 proposals scheduled to be voted on today, which I will introduce shortly. We will then pause for questions on the proposals before closing the polls. Once the polls are closed, we will provide the preliminary voting results based on a report from the inspector of election and we'll then adjourn the meeting. To submit any questions, you may do so by typing your question into the Ask a Question box at the bottom of the Virtual Shareholder Meeting page. In order to ensure that the business of the meeting proceeds in an orderly fashion, we ask that you please observe the meeting rules and only submit questions directly related to the business of the meeting. As described in the Notice of Annual Meeting and accompanying proxy statement, we are here today to consider 2 proposals: proposal 1, the election of directors; and proposal 2, the ratification of the appointment of the company's independent registered public accounting firm for 2020, both of which are described in the proxy statement. The polls for each matter upon which stockholders will vote at this meeting opened at 8:15 a.m. and will remain open until I announce that the polls are closed. No ballots or proxies or revocations or changes of proxies will be accepted after the polls are closed. Near the end of the meeting, after the report on the tabulation of the voting, I will announce the voting results on the proposals. The Board of Directors has fixed the close of business on March 4, 2020, as the record date for determination of stockholders entitled to receive notice of and to vote at this meeting and a list of stockholders of record is available on the meeting web page for your review. As of the record date, there were a total of 57,486,583 shares of our common stock and 1 share of our special voting preferred stock outstanding and entitled to vote. The proxy materials for the annual meeting were first distributed or made available to stockholders on March 18, 2020, and Broadridge Financial Solutions has provided an Affidavit of Distribution certifying to the timely mailing of the proxy materials to all stockholders of record as of the record date. The presence in person or by proxy of stockholders entitled to cast the majority of the votes entitled to be cast at the annual meeting or any matter constitutes a quorum to transact business on all matters to be considered at this meeting. Each share of our common stock entitles the holder thereof the right to 1 vote. The share of special voting preferred stock entitled the holder thereof the right solely with respect to the election of directors to vote the number of votes necessary to equal a majority of the votes entitled to be cast in the election of directors. The share of special voting preferred stock may only vote on the director election proposal. I have been advised by the inspector of election that a count of shares represented in person or by proxy immediately prior to the commencement of this meeting indicates that a majority of the votes entitled to be cast at the meeting on each matter is present. Therefore, a quorum is present, and I declare the meeting fully constituted. The approval of proposal 1 requires a plurality of the votes cast by holders of shares of common stock and the share of special voting preferred stock. The approval of proposal 2 requires a majority of the votes cast by the holders of common stock. If you have already voted by proxy, you need not vote again during the meeting since the persons designated as proxies will vote for you as indicated in the proxy cards. If you haven't voted or if you want to change your vote, you may do so now online by following the instructions on the Virtual Shareholder Meeting screen. The first matter to be voted on is proposal 1, regarding the election of directors. The second matter to be voted on is proposal 2, regarding the ratification of the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for 2020. I will now pause for any comments or questions on the proposals. Representatives from Deloitte are also available to answer appropriate questions from stockholders. Please be mindful of the meeting rules. At this time, no questions have been submitted by stockholders. Having not received any questions, we will now proceed with the voting. [Voting]

I hereby declare the polls closed and ask that the inspector of election tabulate the ballots. When the inspector of election has completed his preliminary tabulation of the votes cast on each proposal, I will announce the preliminary voting results. I've been informed by the inspector of election that based on the preliminary tabulation of the votes that each of the nominees listed in proposal 1 has been elected as a director of the company and that the appointment of Deloitte & Touche LLP, as set forth in proposal 2, has been ratified. That concludes the formal business of the meeting. I want to thank you for attending today's meeting. As there is no further business to come before the meeting, I declare the meeting adjourned.

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.