The company's financial position remains strained with a debt-to-equity ratio of 3.90x and a total equity base that has shrunk to $1.1 billion as of 2026Q1.
| Total Assets | 6.95B | 6.46B | 6.35B | 7.55B | 7.8B | 6.7B | 4.97B | 5.06B | 5.23B | 7.39B | 6.27B | 4.72B | 17.04M |
| Asset Growth % | -0.8% | 1.8% | -15.86% | -3.26% | 16.4% | 34.99% | -1.81% | -3.34% | -29.25% | 18.03% | 32.83% | 27575% | - |
| Real Estate & Other Assets | 5.33B | 5.66B | 6.1B | 7.32B | 7.48B | 6.38B | 4.81B | 4.94B | 4B | 1.89B | 702.65M | 295.04M | 20K |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 135.44M | 109.82M | 133.69M | 176.9M | 278.8M | 286.73M | 126.24M | 83.92M | 102.71M | 116.54M | 100.22M | 28.16M | 17.02M |
| Cash & Equivalents | 135.44M | 84.62M | 104.93M | 135.9M | 239.79M | 271.49M | 110.83M | 67.62M | 86.53M | 103.52M | 96.35M | 26.79M | 61K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | -33.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 226K |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 5.8B | 5.24B | 4.95B | 6.14B | 6.23B | 5.34B | 3.92B | 3.93B | 4.1B | 6.33B | 5.76B | 4.43B | 854K |
| Total Debt | 4.5B | 4.69B | 4.9B | 6.06B | 6.16B | 5.29B | 3.81B | 3.83B | 3.97B | 6.22B | 5.75B | 4.42B | 0 |
| Net Debt | 4.36B | 4.61B | 4.79B | 5.92B | 5.92B | 5.02B | 3.7B | 3.76B | 3.88B | 6.12B | 5.66B | 4.39B | -61K |
| Long-Term Debt | 3.7B | 4.35B | 4.55B | 4.26B | 5.66B | 3.69B | 2.92B | 3.05B | 3.61B | 6.22B | 5.75B | 4.42B | 0 |
| Short-Term Borrowings | 798.95M | 344.46M | 348.51M | 1.8B | 505.95M | 1.61B | 895.73M | 777.75M | 360.65M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 798.95M | 344.46M | 348.51M | 1.8B | 505.95M | 1.61B | 895.73M | 777.75M | 360.65M | 0 | 0 | 0 | 854K |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 59K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32K | 0 |
| Other Liabilities | 1.3B | 545.9M | 52.89M | 83.52M | 66.54M | 46.69M | 106.97M | 105.97M | 127.32M | 109.98M | 4.62M | 6.91M | 0 |
| Total Equity | 1.15B | 1.23B | 1.4B | 1.4B | 1.57B | 1.36B | 1.05B | 1.12B | 1.14B | 1.06B | 508.07M | 291.02M | 16.19M |
| Equity Growth % | -47.17% | -12.42% | -0.38% | -10.64% | 15.41% | 30.24% | -6.97% | -1.01% | 6.77% | 109.26% | 74.58% | 1697.51% | - |
| Shareholders Equity | 1.1B | 1.17B | 1.35B | 1.4B | 1.57B | 1.36B | 1.05B | 1.12B | 1.14B | 1.06B | 497.7M | 281.46M | 15.38M |
| Minority Interest | 57.24M | 52.65M | 53.85M | -585K | -102K | 147K | 0 | 0 | 0 | 3.09M | 10.37M | 9.56M | 809K |
| Common Stock | 643K | 644K | 686K | 693K | 691K | 613K | 556K | 575K | 576K | 537K | 242K | 136K | 8K |
| Additional Paid-in Capital | 1.35B | 1.36B | 1.39B | 1.49B | 1.48B | 1.29B | 1.17B | 1.17B | 1.16B | 1.05B | 479.42M | 272.52M | 15.89M |
| Retained Earnings | -584.08M | -506.13M | -370.47M | -314.37M | -141.5M | -38.21M | -65.7M | -8.59M | -225K | 6.28M | 17.91M | 8.68M | -522K |
| Preferred Stock | 131K | 327.75M | 327.75M | 327.75M | 327.75M | 172.5M | 1.85M | 1.69M | 2.85M | 949K | 125K | 125K | 0 |
| Return on Assets (ROA) | -1.56% | -0.73% | 0.51% | -0.4% | 0.53% | 2.35% | 1.09% | 1.75% | 1.42% | 0.86% | 0.57% | 0.71% | -12.25% |
| Return on Equity (ROE) | -8.4% | -3.59% | 2.54% | -2.07% | 2.6% | 11.4% | 5.02% | 7.97% | 8.16% | 7.52% | 7.8% | 10.91% | -12.9% |
| Debt / Assets | 64.73% | 72.6% | 77.14% | 80.29% | 79.01% | 78.99% | 76.79% | 75.68% | 75.87% | 84.14% | 91.82% | 93.68% | - |
| Debt / Equity | 3.90x | 3.83x | 3.50x | 4.32x | 3.92x | 3.89x | 3.65x | 3.41x | 3.50x | 5.85x | 11.32x | 15.18x | - |
| Net Debt / EBITDA | 31.27x | 16.81x | 10.73x | 13.85x | 21.64x | 19.91x | 20.33x | 15.07x | 22.22x | 74.25x | 141.20x | 242.41x | - |
| Book Value per Share | 17.83 | 18.34 | 20.16 | 20.30 | 23.26 | 23.98 | 18.65 | 19.53 | 20.58 | 23.46 | 9.74 | 5.58 | 50.72 |
Office loan credit impairment
As reported in recent financial statements, KREF's total assets have contracted from $7.5 billion in 2023Q4 to $7.0 billion by 2026Q1, reflecting a deliberate reduction in the investment portfolio size as the company navigates a challenging commercial real estate lending environment.
The reduction in total assets suggests a pivot toward capital preservation rather than aggressive growth. This contraction appears to be a direct response to the need for deleveraging as the company manages the impact of credit impairments on its overall book value.
Based on the company's reported figures, the debt-to-equity ratio remains elevated at 3.90x as of 2026Q1, which indicates that the REIT continues to operate with significant financial leverage despite the ongoing volatility in its underlying commercial real estate loan portfolio.
Maintaining a debt-to-equity ratio near 4.0x in a period of negative FFO suggests limited room for error if collateral values continue to face downward pressure. Investors should monitor whether this leverage level restricts the company's ability to absorb further credit losses without necessitating additional equity dilution.
According to quarterly filings, KREF's cash position has fluctuated significantly, ending 2026Q1 at $135.4 million, a level that warrants close scrutiny given the company's ongoing need to fund potential loan modifications and manage its existing debt obligations in a high-interest rate environment.
While the current cash balance provides some immediate liquidity, the volatility in these reserves suggests that the company is actively managing its cash flow to offset the impact of non-accrual loans. The reliance on external financing facilities makes the company particularly sensitive to any tightening in the broader credit markets.
As indicated by the financial data, total equity has declined from $1.4 billion in 2023Q4 to $1.1 billion in 2026Q1, a trend that reflects the cumulative impact of negative earnings and the potential for future asset impairments on the company's net asset value.
The consistent decline in equity suggests that the company's internal capital generation is currently insufficient to offset the impact of credit-related charges. This erosion of the equity base may limit the company's capacity to support its dividend and could necessitate a more defensive capital allocation strategy moving forward.
Quick answers to the most common questions about buying KREF stock.
As of 2025, KKR Real Estate Finance Trust Inc. (KREF) had total assets of $6.46B including $109.8M in current assets.
KKR Real Estate Finance Trust Inc. (KREF) carries total debt of $4.69B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
KKR Real Estate Finance Trust Inc. (KREF) has total shareholders' equity (book value) of $1.17B ($18.34 book value per share). Book value represents the net worth of the company belonging to common stock holders.
KKR Real Estate Finance Trust Inc. (KREF) reported a current ratio of 0.32x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.