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KREF logoKKR Real Estate Finance Trust Inc.(KREF)Earnings, Financials & Key Ratios

KREF•NYSE•REIT / Real Estate
$6.57
$422M mkt cap·Price updated May 6, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryCommercial mortgage loan REITs
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$458M-22.7%
  • FFO-$44M-221.5%
  • FFO/Share-0.67-226.2%
  • FFO Payout-150.43%-167.3%
  • FFO per Share-0.67-226.2%
  • NOI Margin88.3%-3.6%
  • FFO Margin-9.71%-257.3%
  • ROE-3.59%-241.2%
  • ROA-0.73%-243.4%
  • Debt/Assets72.6%-5.9%
  • Net Debt/EBITDA16.81+56.7%
  • Book Value/Share18.34-9.0%
Technical→

KREF Key Insights

KKR Real Estate Finance Trust Inc. (KREF) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓High NOI margin of 88.3%
  • ✓Share count reduced 3.7% through buybacks
  • ✓Trading at only 0.4x book value

✗Weaknesses

  • ✗High debt to equity ratio of 3.8x
  • ✗Weak momentum: RS Rating 19 (bottom 19%)
  • ✗Trading more than 30% below 52-week high

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

KREF Price & Volume

KKR Real Estate Finance Trust Inc. (KREF) stock price & volume — 10-year historical chart

Loading chart...

KREF Growth Metrics

KKR Real Estate Finance Trust Inc. (KREF) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years41.74%
5 Years11.15%
3 Years1.61%
TTM-20.03%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-407.56%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-1262.5%

Return on Capital

10 Years4.24%
5 Years5.66%
3 Years6.2%
Last Year4.48%

KREF Recent Earnings

KKR Real Estate Finance Trust Inc. (KREF) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
Apr 22, 2026
EPS
$0.06
Est $0.15
-139.8%
Revenue
$35M
Est $28M
+23.0%
Q1 2026
Feb 3, 2026
EPS
$0.22
Est $0.13
+69.2%
Revenue
$33M
Est $30M
+9.2%
Q4 2025
Oct 21, 2025
EPS
$0.03
Est $0.01
-400.0%
Revenue
$25M
Est $26M
-2.8%
Q3 2025
Jul 22, 2025
EPS
$0.53
Est $0.16
-231.3%
Revenue
$119M
Est $32M
+267.3%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 22, 2026
$0.06vs $0.15-139.8%
$35Mvs $28M+23.0%
Q1 2026Feb 3, 2026
$0.22vs $0.13+69.2%
$33Mvs $30M+9.2%
Q4 2025Oct 21, 2025
$0.03vs $0.01-400.0%
$25Mvs $26M-2.8%
Q3 2025Jul 22, 2025
$0.53vs $0.16-231.3%
$119Mvs $32M+267.3%
Based on last 12 quarters of dataView full earnings history →

KREF Peer Comparison

KKR Real Estate Finance Trust Inc. (KREF) competitors in Commercial mortgage loan REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
BXMT logoBXMTBlackstone Mortgage Trust, Inc.Direct Competitor3.25B19.2930.14-13.96%6.75%2.93%4.61
STWD logoSTWDStarwood Property Trust, Inc.Direct Competitor6.93B18.3315.02-7.88%21.77%5.49%2.96
RC logoRCReady Capital CorporationDirect Competitor330.14M2.04-0.78-92.98%-16.58%3.12
GPMT logoGPMTGranite Point Mortgage Trust Inc.Direct Competitor70.87M1.49-1.28187.77%-30.49%-7.1%2.12
TRTX logoTRTXTPG RE Finance Trust, Inc.Direct Competitor664.08M8.5915.07123.25%23.2%5.7%3.08
ARI logoARIApollo Commercial Real Estate Finance, Inc.Direct Competitor1.45B10.9513.521.28%17.9%6.88%4.27
BRSP logoBRSPBrightSpire Capital, Inc.Direct Competitor775.15M5.95-22.88-4.5%-9.47%-3.34%2.68
ACRE logoACREAres Commercial Real Estate CorporationProduct Competitor287.24M5.22-318.29-2.79%-1.6%-0.18%2.06

Compare KREF vs Peers

KKR Real Estate Finance Trust Inc. (KREF) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs BXMT

Most directly comparable listed peer for KREF.

Scale Benchmark

vs MS

Larger-name benchmark to compare KREF against a more recognizable public peer.

Peer Set

Compare Top 5

vs BXMT, STWD, RC, GPMT

KREF Income Statement

KKR Real Estate Finance Trust Inc. (KREF) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue84.11M198.01M275.76M269.93M285.76M436.51M660.19M592.62M457.96M441.66M
Revenue Growth %153.61%135.42%39.26%-2.12%5.86%52.75%51.24%-10.24%-22.72%-20.03%
Property Operating Expenses13.49M21.1M20.41M23.77M29.65M37.43M39.85M49.6M53.56M56.9M
Net Operating Income (NOI)
70.62M▲ 0%
176.91M▲ 150.5%
255.36M▲ 44.3%
246.17M▼ 3.6%
256.11M▲ 4.0%
399.08M▲ 55.8%
620.34M▲ 55.4%
543.02M▼ 12.5%
404.4M▼ 25.5%
384.76M▲ 0%
NOI Margin %83.96%89.34%92.6%91.2%89.62%91.43%93.96%91.63%88.3%87.12%
Operating Expenses10.31M5.22M10.52M64.58M10.18M129.99M193.9M97.05M132.76M172.92M
G&A Expenses0000000040.74M13.91M
EBITDA82.41M174.75M249.4M182.12M252.31M273.75M427.86M446.95M274.24M139.51M
EBITDA Margin %97.97%88.25%90.44%67.47%88.29%62.71%64.81%75.42%59.88%31.59%
Depreciation & Amortization0000000983K2.6M2.11M
D&A / Revenue %0%0%0%0%0%0%0%0.17%0.57%0.48%
Operating Income
60.31M▲ 0%
171.69M▲ 184.7%
244.84M▲ 42.6%
181.58M▼ 25.8%
245.94M▲ 35.4%
269.09M▲ 9.4%
426.44M▲ 58.5%
445.97M▲ 4.6%
271.64M▼ 39.1%
211.84M▲ 0%
Operating Margin %71.7%86.71%88.78%67.27%86.06%61.65%64.59%75.25%59.31%47.96%
Interest Expense21.22M85.02M158.86M127.31M114.44M236.09M458.8M412.91M322.96M4M
Interest Coverage3.88x2.06x1.57x1.43x2.20x1.16x0.93x1.08x0.84x-
Non-Operating Income-22.1M-3.06M-4.57M-537K-6.37M-4.66M-1.42M-1.52M-678K3.84M
Pretax Income
61.18M▲ 0%
89.74M▲ 46.7%
90.54M▲ 0.9%
54.81M▼ 39.5%
137.87M▲ 151.5%
37.65M▼ 72.7%
-30.95M▼ 182.2%
34.58M▲ 211.7%
-50.65M▼ 246.5%
-102.06M▲ 0%
Pretax Margin %72.74%45.32%32.83%20.3%48.25%8.63%-4.69%5.83%-11.06%-23.11%
Income Tax1.1M-70K579K412K684K58K710K248K-156K4.57M
Effective Tax Rate %1.8%-0.08%0.64%0.75%0.5%0.15%-2.29%0.72%0.31%-4.47%
Net Income
59.06M▲ 0%
89.74M▲ 51.9%
89.97M▲ 0.2%
54.4M▼ 39.5%
137.18M▲ 152.2%
38.1M▼ 72.2%
-30.85M▼ 181.0%
35.59M▲ 215.4%
-47.05M▼ 232.2%
-104.07M▲ 0%
Net Margin %70.22%45.32%32.62%20.15%48.01%8.73%-4.67%6.01%-10.27%-23.56%
Net Income Growth %89.56%51.95%0.25%-39.54%152.19%-72.22%-180.97%215.36%-232.2%-407.56%
Funds From Operations (FFO)
62.2M▲ 0%
98.33M▲ 58.1%
89.97M▼ 8.5%
54.4M▼ 39.5%
137.18M▲ 152.2%
38.1M▼ 72.2%
-30.85M▼ 181.0%
36.57M▲ 218.6%
-44.45M▼ 221.5%
-98.41M▲ 0%
FFO Margin %73.95%49.66%32.62%20.15%48.01%8.73%-4.67%6.17%-9.71%-22.28%
FFO Growth %-58.08%-------221.53%-1146.54%
FFO per Share1.371.781.560.972.420.56-0.450.53-0.67-1.52
FFO Payout Ratio %81.31%90.35%109.99%177.31%69.75%302.77%-385.25%223.65%-150.43%-50.48%
EPS (Diluted)
1.30▲ 0%
1.63▲ 25.4%
1.57▼ 3.7%
0.96▼ 38.9%
2.21▲ 130.2%
0.23▼ 89.6%
-0.78▼ 439.1%
0.19▲ 124.4%
-1.05▼ 652.6%
-1.61▲ 0%
EPS Growth %116.67%25.38%-3.68%-38.85%130.21%-89.59%-439.13%124.36%-652.63%-1262.5%
EPS (Basic)1.301.631.580.962.220.23-0.780.19-1.05-
Diluted Shares Outstanding45.32M55.17M57.53M56.06M56.78M67.55M69.18M69.4M66.81M64.67M

KREF Balance Sheet

KKR Real Estate Finance Trust Inc. (KREF) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets7.39B5.23B5.06B4.97B6.7B7.8B7.55B6.35B6.46B6.95B
Asset Growth %18.03%-29.25%-3.34%-1.81%34.99%16.4%-3.26%-15.86%1.8%-0.8%
Real Estate & Other Assets1.89B4B4.94B4.81B6.38B7.48B7.32B6.1B5.66B5.33B
PP&E (Net)0000000000
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets116.54M102.71M83.92M126.24M286.73M278.8M176.9M133.69M109.82M135.44M
Cash & Equivalents103.52M86.53M67.62M110.83M271.49M239.79M135.9M104.93M84.62M135.44M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets000000000-33.21M
Intangible Assets0000000000
Total Liabilities6.33B4.1B3.93B3.92B5.34B6.23B6.14B4.95B5.24B5.8B
Total Debt6.22B3.97B3.83B3.81B5.29B6.16B6.06B4.9B4.69B4.5B
Net Debt6.12B3.88B3.76B3.7B5.02B5.92B5.92B4.79B4.61B4.36B
Long-Term Debt6.22B3.61B3.05B2.92B3.69B5.66B4.26B4.55B4.35B3.7B
Short-Term Borrowings0360.65M777.75M895.73M1.61B505.95M1.8B348.51M344.46M798.95M
Capital Lease Obligations0000000000
Total Current Liabilities0360.65M777.75M895.73M1.61B505.95M1.8B348.51M344.46M798.95M
Accounts Payable0000000000
Deferred Revenue0000000000
Other Liabilities109.98M127.32M105.97M106.97M46.69M66.54M83.52M52.89M545.9M1.3B
Total Equity
1.06B▲ 0%
1.14B▲ 6.8%
1.12B▼ 1.0%
1.05B▼ 7.0%
1.36B▲ 30.2%
1.57B▲ 15.4%
1.4B▼ 10.6%
1.4B▼ 0.4%
1.23B▼ 12.4%
1.15B▲ 0%
Equity Growth %109.26%6.77%-1.01%-6.97%30.24%15.41%-10.64%-0.38%-12.42%-47.17%
Shareholders Equity1.06B1.14B1.12B1.05B1.36B1.57B1.4B1.35B1.17B1.1B
Minority Interest3.09M000147K-102K-585K53.85M52.65M57.24M
Common Stock537K576K575K556K613K691K693K686K644K643K
Additional Paid-in Capital1.05B1.16B1.17B1.17B1.29B1.48B1.49B1.39B1.36B1.35B
Retained Earnings6.28M-225K-8.59M-65.7M-38.21M-141.5M-314.37M-370.47M-506.13M-584.08M
Preferred Stock949K2.85M1.69M1.85M172.5M327.75M327.75M327.75M327.75M131K
Return on Assets (ROA)0.86%1.42%1.75%1.09%2.35%0.53%-0.4%0.51%-0.73%-1.56%
Return on Equity (ROE)7.52%8.16%7.97%5.02%11.4%2.6%-2.07%2.54%-3.59%-8.4%
Debt / Assets84.14%75.87%75.68%76.79%78.99%79.01%80.29%77.14%72.6%64.73%
Debt / Equity5.85x3.50x3.41x3.65x3.89x3.92x4.32x3.50x3.83x3.83x
Net Debt / EBITDA74.25x22.22x15.07x20.33x19.91x21.64x13.85x10.73x16.81x16.81x
Book Value per Share23.4620.5819.5318.6523.9823.2620.3020.1618.3417.83

KREF Cash Flow Statement

KKR Real Estate Finance Trust Inc. (KREF) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations53.8M76.83M91.71M115.06M124.79M141.13M155.72M132.56M72.28M72.28M
Operating CF Growth %111.76%42.8%19.37%25.46%8.46%13.09%10.34%-14.87%-45.47%-119.45%
Operating CF / Revenue %63.96%38.8%33.26%42.63%43.67%32.33%23.59%22.37%15.78%16.37%
Net Income60.08M89.81M89.97M54.4M137.18M37.59M-31.66M34.33M-50.49M-104.07M
Depreciation & Amortization3.14M8.59M00000983K2.6M5.66M
Stock-Based Compensation65K1.97M4.09M5.68M7.43M7.83M8.07M8.26M7.93M7.61M
Other Non-Cash Items-3.38M2.56M-2.18M54.06M-21.55M107.98M179.47M78.93M117.25M161.42M
Working Capital Changes-775K-1.17M-159K932K1.73M-12.29M-177K10.06M-5M-3.28M
Cash from Investing-1.08B-2B-926.31M88.71M-1.54B-1.18B13.49M1.12B264.29M734.23M
Acquisitions (Net)0000000000
Purchase of Investments-1.2B-15.61M-94.01M0000-2.38M-33.52M-59.94M
Sale of Investments37.31M99.75M94.07M01.3M01.29M000
Other Investing80.79M-2.1B-926.38M88.71M-1.54B-1.18B14.06M1.13B303.39M798.47M
Cash from Financing1.04B1.9B815.69M-160.56M1.58B1.01B-271.51M-1.29B-355.78M-773.74M
Dividends Paid-50.72M-89.23M-99.55M-97.08M-103.95M-136.91M-140.16M-103.1M-88.16M-81.75M
Common Dividends-50.58M-88.85M-98.95M-96.45M-95.68M-115.37M-118.85M-81.8M-66.86M-49.68M
Debt Issuance (Net)1000K1000K1000K-1000K1000K1000K-1000K-1000K-1000K-2M
Share Repurchases-648K-31.35M-4.11M-25.06M0-35.79M0-10.03M-43.41M-34.34M
Other Financing564.52M-31.29M-13.7M-13.52M-30.42M-36.65M-7.47M-8.25M-24.65M-10.98M
Net Change in Cash
7.17M▲ 0%
-16.99M▼ 336.8%
-18.91M▼ 11.3%
43.21M▲ 328.5%
162.94M▲ 277.1%
-23.15M▼ 114.2%
-102.31M▼ 342.0%
-41.77M▲ 59.2%
-19.21M▲ 54.0%
30M▲ 0%
Exchange Rate Effect0000000000
Cash at Beginning96.35M103.52M86.53M67.62M110.83M273.77M250.62M148.31M106.55M87.34M
Cash at End103.52M86.53M67.62M110.83M273.77M250.62M148.31M106.55M87.34M137.34M
Free Cash Flow
53.8M▲ 0%
76.83M▲ 42.8%
91.71M▲ 19.4%
115.06M▲ 25.5%
124.79M▲ 8.5%
139.46M▲ 11.8%
153.85M▲ 10.3%
124.46M▼ 19.1%
66.7M▼ 46.4%
65.21M▲ 0%
FCF Growth %115.63%42.8%19.37%25.46%8.46%11.76%10.32%-19.11%-46.41%-38.89%
FCF / Revenue %63.96%38.8%33.26%42.63%43.67%31.95%23.3%21%14.56%14.76%

KREF Key Ratios

KKR Real Estate Finance Trust Inc. (KREF) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share1.371.781.560.972.420.56-0.450.53-0.67-1.52
FFO Payout Ratio81.31%90.35%109.99%177.31%69.75%302.77%-385.25%223.65%-150.43%-50.48%
NOI Margin83.96%89.34%92.6%91.2%89.62%91.43%93.96%91.63%88.3%87.12%
Net Debt / EBITDA74.25x22.22x15.07x20.33x19.91x21.64x13.85x10.73x16.81x16.81x
Debt / Assets84.14%75.87%75.68%76.79%78.99%79.01%80.29%77.14%72.6%64.73%
Interest Coverage3.88x2.06x1.57x1.43x2.20x1.16x0.93x1.08x0.84x-
Book Value / Share23.4620.5819.5318.6523.9823.2620.320.1618.3417.83
Revenue Growth153.61%135.42%39.26%-2.12%5.86%52.75%51.24%-10.24%-22.72%-20.03%

KREF SEC Filings & Documents

KKR Real Estate Finance Trust Inc. (KREF) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 22, 2026·SEC

Material company update

Apr 16, 2026·SEC

Material company update

Feb 3, 2026·SEC

10-K Annual Reports

5
FY 2026

Feb 3, 2026·SEC

FY 2025

Feb 3, 2025·SEC

FY 2024

Feb 6, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 22, 2026·SEC

FY 2025

Oct 21, 2025·SEC

FY 2025

Apr 23, 2025·SEC

KREF Frequently Asked Questions

KKR Real Estate Finance Trust Inc. (KREF) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

KKR Real Estate Finance Trust Inc. (KREF) reported $441.7M in revenue for fiscal year 2025. This represents a 62994% increase from $0.7M in 2014.

KKR Real Estate Finance Trust Inc. (KREF) saw revenue decline by 22.7% over the past year.

KKR Real Estate Finance Trust Inc. (KREF) reported a net loss of $104.1M for fiscal year 2025.

Dividend & Returns

Yes, KKR Real Estate Finance Trust Inc. (KREF) pays a dividend with a yield of 15.23%. This makes it attractive for income-focused investors.

KKR Real Estate Finance Trust Inc. (KREF) has a return on equity (ROE) of -3.6%. Negative ROE indicates the company is unprofitable.

Industry Metrics

KKR Real Estate Finance Trust Inc. (KREF) generated Funds From Operations (FFO) of $-98.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

KKR Real Estate Finance Trust Inc. (KREF) offers a 15.23% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More KREF

KKR Real Estate Finance Trust Inc. (KREF) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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