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

Good day, and thank you for standing by. Welcome to the KKR Real Estate Finance Trust Inc. 2021 Annual Meeting of Stockholders. [Operator Instructions] I would now like to hand the conference over to Matt Salem. Thank you. Please go ahead.

Thank you. Good morning, ladies and gentlemen. This is Matt Salem, Chief Executive Officer of KKR Real Estate Finance Trust. On behalf of the company, I want to welcome you, and thank you for attending our 2021 Annual Meeting of Stockholders. I'm joined today by other members of our management team; members of our Board of Directors; representatives from 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 General Counsel and Secretary, will act as Secretary of this meeting. Christopher Woods, a representative of Broadridge Financial Solutions, will act as the inspector of election for this meeting. This meeting is now called to order and will be conducted in accordance with the company's bylaws, and the meeting's rules of conduct and procedures, which are posted to Virtual Shareholder Meeting page. The agenda for today's meeting is also posted to the Virtual Shareholder Meeting page, and sets forth the proposal for stockholder consideration. We have 2 proposals scheduled to be voted on today, which I'll 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 2021, both of which are described in the proxy statement. The polls for each matter, upon which stockholders will vote at this meeting, opened at 8:30 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 of the proposals. The Board of Directors has fixed the close of business on March 1, 2021, as the record date for the 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 55,619,428 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 10, 2021, and Broadridge Financial Solutions has provided an affidavit of distribution, certifying to the timely mailing of the proxy materials to all shareholders of record as of the record date. The presence in person or by proxy of stockholders entitled to cast a majority of the votes entitled to be cast at the annual meeting on 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 entitles 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 an election of directors. The share of special voting preferred stock may only vote on the director election proposal. I've 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, indicate that a majority of the votes entitled to be cast to the meeting on each matter is present. Therefore, a quorum is present, and I declare this meeting duly constituted. The approval of Proposal 1 requires a plurality of votes cast by the shareholders 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've already registered -- excuse me, if you've 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 2021. 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. [Voting] At this time, no questions have been submitted by stockholders. Having not received any questions, we will now proceed with the voting results. I hereby declare the polls closed and ask that the inspector of election tabulate the ballots. When the inspector of election has completed its preliminary tabulation of the votes cast on each proposal, I will announce the preliminary voting results. I have been informed by the inspector of election that base 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. And there is no further business -- as there is no further business to come before the meeting, I declare the meeting adjourned. Thank you.