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KKR Real Estate Finance Trust Inc. (KREF) 10-Year Financial Performance & Capital Metrics

KREF • • REIT / Real Estate
Real EstateMortgage REITsCommercial Mortgage REITsSenior Commercial Lenders
AboutKKR Real Estate Finance Trust Inc., a mortgage real estate investment trust, focuses primarily on originating and acquiring senior loans secured by commercial real estate (CRE) assets. It engages in the origination and purchase of credit investments related to CRE, including leveraged and unleveraged commercial mortgage loans, and commercial mortgage-backed securities. The company has elected to be taxed as a real estate investment trust and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. KKR Real Estate Finance Trust Inc. was incorporated in 2014 and is headquartered in New York, New York.Show more
  • Revenue $152M -13.4%
  • FFO $37M -91.9%
  • FFO/Share 0.53 -92.0%
  • FFO Payout 223.65% +754.5%
  • FFO per Share 0.53 -92.0%
  • NOI Margin 67.96% -27.4%
  • FFO Margin 24.11% -90.7%
  • ROE 2.54% +222.5%
  • ROA 0.51% +227.4%
  • Debt/Assets 60.84% -24.2%
  • Net Debt/EBITDA 8.41 -39.5%
  • Book Value/Share 20.16 -0.7%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓FFO growing 134.0% TTM
  • ✓High NOI margin of 68.0%
  • ✓Trading at only 0.4x book value

✗Weaknesses

  • ✗High debt to equity ratio of 2.8x
  • ✗Weak 3Y average ROE of 1.0%
  • ✗Profits declining 16.9% over 5 years
  • ✗Dividend exceeds FFO - may not be sustainable
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y71.24%
5Y8.74%
3Y-0.05%
TTM-40.78%

Profit (Net Income) CAGR

10Y-
5Y-16.93%
3Y-36.22%
TTM-409.05%

EPS CAGR

10Y-
5Y-34.45%
3Y-55.86%
TTM-151.44%

ROCE

10Y Avg2.4%
5Y Avg2.59%
3Y Avg3.15%
Latest6.42%

Peer Comparison

Senior Commercial Lenders
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
KREFKKR Real Estate Finance Trust Inc.538.32M8.2243.26-13.41%-3.17%-0.52%23.12%2.76
SEVNSeven Hills Realty Trust139.56M9.147.62-14.14%55.38%5.75%14.41%1.55
LFTLument Finance Trust, Inc.75.41M1.444.248.68%17.4%4.26%35.98%3.68
GPMTGranite Point Mortgage Trust Inc.117.09M2.47-0.56-6.3%-62.12%-9.69%5.11%2.38
CMTGClaros Mortgage Trust, Inc.399.62M2.85-1.7831.45%-106.13%-21.19%20.81%2.43
BXMTBlackstone Mortgage Trust, Inc.3.27B19.50-16.67163.59%25.99%2.98%11.19%4.15

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+19.69M35.26M65.24M99.24M99.77M125.63M151.94M174.73M175.22M151.72M
Revenue Growth %27.13%0.79%0.85%0.52%0.01%0.26%0.21%0.15%0%-0.13%
Property Operating Expenses2.75M6.3M-13.49M-16.35M20.41M23.77M29.65M11.11M11.19M48.62M
Net Operating Income (NOI)+----------
NOI Margin %----------
Operating Expenses+-1.98M3.68M18M29M-9.23M-70.82M-14.08M167.42M175.22M42.94M
G&A Expenses1.99M2.27M4.94M7.81M10.52M14.24M14.23M17.62M18.79M18.41M
EBITDA+145K39.48M105.19M286.03M280.33M143.16M177.69M442.18M426.44M446.95M
EBITDA Margin %----------
Depreciation & Amortization+-17.57M540K23.81M111.34M189.79M88.35M39.83M167.42M484.97M983K
D&A / Revenue %----------
Operating Income+17.71M38.94M81.39M174.69M90.54M54.81M137.87M274.77M-58.53M445.97M
Operating Margin %----------
Interest Expense+554K7.43M21.22M85.02M158.86M127.31M114.44M236.09M458.8M412.91M
Interest Coverage31.97x5.24x3.83x2.05x0.57x0.43x1.20x1.16x-0.13x1.08x
Non-Operating Income00875K3.06M4.57M0-113.17M0-486.39M6.05M
Pretax Income+17.57M32.63M61.18M89.74M90.54M54.81M137.87M37.65M-30.95M34.58M
Pretax Margin %----------
Income Tax+393K354K1.1M-70K579K412K684K58K710K248K
Effective Tax Rate %----------
Net Income+16.76M31.16M59.06M89.74M89.97M54.4M137.18M38.1M-30.85M35.59M
Net Margin %----------
Net Income Growth %9.03%0.86%0.9%0.52%0%-0.4%1.52%-0.72%-1.81%2.15%
Funds From Operations (FFO)+----------
FFO Margin %----------
FFO Growth %-8.16%40.52%1.61%1.43%0.39%-0.49%0.24%0.16%1.21%-0.92%
FFO per Share+----------
FFO Payout Ratio %----------
EPS (Diluted)+0.320.601.301.631.570.962.210.23-0.780.19
EPS Growth %1.05%0.88%1.17%0.25%-0.04%-0.39%1.3%-0.9%-4.39%1.24%
EPS (Basic)0.320.601.301.631.580.962.220.23-0.780.19
Diluted Shares Outstanding52.17M52.17M45.32M55.17M57.53M56.06M56.78M67.55M69.18M69.4M

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+4.72B6.27B7.39B5.23B5.06B4.97B6.7B7.8B7.55B6.35B
Asset Growth %275.75%0.33%0.18%-0.29%-0.03%-0.02%0.35%0.16%-0.03%-0.16%
Real Estate & Other Assets+-24.41M-6.27B-125.93M-133.44M4.58M4.58M81.39M-7.8B0-35.6M
PP&E (Net)0000000000
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets+28.06M100.06M103.12M86.53M5.01B4.93B6.59B278.8M176.9M0
Cash & Equivalents26.69M96.19M103.12M86.53M67.62M110.83M271.49M239.79M135.9M104.93M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets1.73M29.36M8.82M016.3M15.91M20.34M00-133.69M
Intangible Assets0000000000
Total Liabilities4.43B5.76B6.33B4.1B3.93B3.92B5.34B6.23B6.14B4.95B
Total Debt+122.13M439.14M1.05B2.97B3.89B3.88B5.29B6.16B6.06B3.86B
Net Debt95.45M342.95M943.15M2.89B3.82B3.77B5.02B5.92B5.93B3.76B
Long-Term Debt122.13M439.14M1.05B2.97B3.89B3.88B5.29B6.16B6.06B3.78B
Short-Term Borrowings0000000001000K
Capital Lease Obligations0125K949K2.85M000131K131K730K
Total Current Liabilities+4.82M2.89M5.29B1.12B40.34M39.01M46.69M28.1M58.28M0
Accounts Payable4.82M2.89M4.09M12.04M007.52M17.86M20.21M19.94M
Deferred Revenue32K-5.75B-6.22B-137.69M000000
Other Liabilities0-439.14M0984.42M663K1.72M0-6.16B0-3.78B
Total Equity+286.37M505.04M1.06B5.02B1.12B1.05B1.36B1.57B1.4B1.4B
Equity Growth %16.69%0.76%1.11%3.72%-0.78%-0.07%0.3%0.15%-0.11%-0%
Shareholders Equity281.46M497.7M1.06B1.14B1.12B1.05B1.36B1.57B1.4B1.35B
Minority Interest4.91M7.34M3.09M3.88B00147K-102K-585K53.85M
Common Stock136K242K537K576K575K556K613K691K693K686K
Additional Paid-in Capital272.52M479.42M1.05B1.16B1.17B1.17B1.29B1.81B1.5B1.71B
Retained Earnings8.68M17.91M6.28M-225K-8.59M-65.7M-38.21M-141.5M-314.37M-370.47M
Preferred Stock125K125K949K2.85M1.69M1.85M167.07M131K318.23M131K
Return on Assets (ROA)0.01%0.01%0.01%0.01%0.02%0.01%0.02%0.01%-0%0.01%
Return on Equity (ROE)0.11%0.08%0.08%0.03%0.03%0.05%0.11%0.03%-0.02%0.03%
Debt / Assets0.03%0.07%0.14%0.57%0.77%0.78%0.79%0.79%0.8%0.61%
Debt / Equity0.43x0.87x0.98x0.59x3.46x3.71x3.89x3.92x4.32x2.76x
Net Debt / EBITDA658.26x8.69x8.97x10.10x13.64x26.33x28.27x13.40x13.90x8.41x
Book Value per Share5.499.6823.4690.9519.5318.6523.9823.2620.3020.16

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+11.54M25.41M53.8M76.83M91.71M115.06M124.79M141.13M155.72M132.56M
Operating CF Growth %359.69%1.2%1.12%0.43%0.19%0.25%0.08%0.13%0.1%-0.15%
Operating CF / Revenue %----------
Net Income17.17M32.27M60.08M89.81M89.97M54.4M137.18M37.59M-31.66M34.33M
Depreciation & Amortization003.14M8.59M0015.73M23.86M0983K
Stock-Based Compensation0065K1.97M4.09M5.68M7.43M7.83M8.07M8.26M
Other Non-Cash Items-5.49M-4.42M-3.38M2.56M-2.18M54.06M-21.55M84.13M179.47M78.93M
Working Capital Changes-145K-2.44M-775K-1.17M-159K932K1.73M-12.29M-177K10.06M
Cash from Investing+-364.31M-456.45M-1.08B-2B-926.31M88.71M-1.54B-1.18B13.49M1.12B
Acquisitions (Net)0000000000
Purchase of Investments-23.89M-10.24M-1.2B-15.61M-94.01M0000-2.38M
Sale of Investments1000K1000K1000K1000K1000K01000K1000K1000K0
Other Investing-340.15M-445.75M80.79M-2.1B-926.38M88.71M-1.54B-2.42B14.06M1.13B
Cash from Financing+379.49M500.6M1.04B1.9B815.69M-160.56M1.58B1.01B-271.51M-1.29B
Dividends Paid-7.56M-21.92M-50.72M-89.23M-99.55M-97.08M-103.95M-136.91M-140.16M-103.1M
Common Dividends-7.54M-21.91M-50.58M-88.85M-98.95M-96.45M-95.68M-115.37M-118.85M-81.8M
Debt Issuance (Net)1000K1000K1000K1000K1000K-1000K1000K1000K-1000K-1000K
Share Repurchases00-648K-31.35M-4.11M-25.06M0-35.79M0-10.03M
Other Financing6.2M-9.16M564.52M-31.29M-13.7M-13.52M-30.42M-36.65M-7.47M-8.25M
Net Change in Cash+26.73M69.56M7.17M-16.99M-18.91M43.21M162.94M-23.15M-102.31M-41.77M
Exchange Rate Effect0000000000
Cash at Beginning61K26.79M96.35M103.52M86.53M67.62M110.83M273.77M250.62M148.31M
Cash at End26.79M96.35M103.52M86.53M67.62M110.83M273.77M250.62M148.31M106.55M
Free Cash Flow+11.27M24.95M53.8M76.83M91.71M115.06M124.79M141.13M153.85M124.46M
FCF Growth %351.13%1.21%1.16%0.43%0.19%0.25%0.08%0.13%0.09%-0.19%
FCF / Revenue %----------

Key Ratios

Metric2015201620172018201920202021202220232024
FFO per Share-0.020.611.833.644.862.553.123.046.560.53
FFO Payout Ratio-940.77%69.12%61.03%44.18%35.37%67.57%54.05%56.13%26.17%223.65%
NOI Margin86.03%82.14%120.68%116.47%79.55%81.08%80.49%93.64%93.61%67.96%
Net Debt / EBITDA658.26x8.69x8.97x10.10x13.64x26.33x28.27x13.40x13.90x8.41x
Debt / Assets2.59%7.01%14.15%56.85%76.97%78.13%78.99%79.01%80.29%60.84%
Interest Coverage31.97x5.24x3.83x2.05x0.57x0.43x1.20x1.16x-0.13x1.08x
Book Value / Share5.499.6823.4690.9519.5318.6523.9823.2620.320.16
Revenue Growth2712.86%79.08%85.03%52.11%0.53%25.92%20.95%15%0.28%-13.41%

Frequently Asked Questions

Valuation & Price

KKR Real Estate Finance Trust Inc. (KREF) has a price-to-earnings (P/E) ratio of 43.3x. This suggests investors expect higher future growth.

Growth & Financials

KKR Real Estate Finance Trust Inc. (KREF) reported $208.7M in revenue for fiscal year 2024. This represents a 29714% increase from $0.7M in 2014.

KKR Real Estate Finance Trust Inc. (KREF) saw revenue decline by 13.4% over the past year.

KKR Real Estate Finance Trust Inc. (KREF) reported a net loss of $6.6M for fiscal year 2024.

Dividend & Returns

Yes, KKR Real Estate Finance Trust Inc. (KREF) pays a dividend with a yield of 14.34%. This makes it attractive for income-focused investors.

KKR Real Estate Finance Trust Inc. (KREF) has a return on equity (ROE) of 2.5%. This is below average, suggesting room for improvement.

Industry Metrics

KKR Real Estate Finance Trust Inc. (KREF) generated Funds From Operations (FFO) of $4.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

KKR Real Estate Finance Trust Inc. (KREF) offers a 14.34% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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