KKR Real Estate Finance Trust Inc. KREF
KREF is a real estate finance company that focuses primarily on originating and acquiring transitional senior loans secured by institutional-quality commercial real estate ("CRE") properties that are owned and operated by experienced and well-capitalized sponsors and located in top markets with strong underlying fundamentals. Our target assets also include mezzanine loans, preferred equity and other debt-oriented instruments with these characteristics. Our investment objective is capital preservation and the generation of attractive risk-adjusted returns for our stockholders over the long term, primarily through dividends.
We began our investment activities in October 2014 with an initial commitment of $400.0 million from KKR. We raised an additional $438.1 million in equity commitments from third-party investors and certain current and former employees of, and consultants to, KKR that brought our total committed capital base to $838.1 million, which was fully drawn prior to our initial public offering ("IPO") that generated net proceeds of $225.9 million on May 5, 2017. We had a common book value of $844.8 million as of December 31, 2025 and established a diversified investment portfolio which totaled $5,924.2 million, consisting primarily of performing senior commercial real estate loans.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| SG&A | $18.1M | $18.4M | $18.8M | $17.6M | $14.2M | $14.2M | $10.5M | $7.8M | $4.9M | $2.3M |
| Total operating expenses | $23.1M | $22.1M | $11.2M | — | — | — | $30.9M | $28.9M | $18.4M | $8.6M |
| Interest expense | $112.6M | $151.7M | $181.6M | $185.9M | $114.4M | $127.3M | $158.9M | $85.0M | $21.2M | $7.4M |
| Pre-tax income | -$50.6M | $34.6M | -$30.9M | $37.7M | $137.9M | $54.8M | $90.5M | $89.7M | $61.2M | $32.6M |
| Income tax | $156.0K | $248.0K | $710.0K | $58.0K | $684.0K | $412.0K | $579.0K | $70.0K | $1.1M | $354.0K |
| Net income | -$47.1M | $35.6M | -$30.9M | $38.1M | $137.2M | $54.4M | $90.0M | $89.7M | $59.1M | $31.2M |
| EPS, basic | -1.05 | 0.19 | -0.78 | 0.23 | 2.22 | 0.96 | 1.58 | 1.58 | 1.30 | 1.61 |
| EPS, diluted | -1.05 | 0.19 | -0.78 | 0.23 | 2.21 | 0.96 | 1.57 | 1.58 | 1.30 | 1.61 |
| Shares, diluted (wtd. avg.) | $66.8M | $69.4M | $69.2M | $67.6M | $56.8M | $56.1M | $57.5M | $55.2M | $45.3M | $19.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $84.6M | $104.9M | $135.9M | $250.6M | $273.8M | $110.8M | $67.6M | $86.5M | $103.5M | $96.3M |
| Total assets | $6.46B | $6.35B | $7.55B | $7.80B | $6.70B | $4.97B | $5.06B | $5.23B | $7.39B | — |
| Total liabilities | $5.24B | $4.95B | $6.14B | $6.23B | $5.34B | $3.92B | $3.93B | $4.10B | $6.33B | — |
| Retained earnings | -$506.1M | -$370.5M | -$314.4M | -$141.5M | -$38.2M | -$65.7M | -$8.6M | -$225.0K | $6.3M | — |
| Total equity | $1.17B | $1.35B | $1.40B | $1.57B | $1.36B | $1.04B | $1.12B | $1.13B | $1.06B | $505.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $72.3M | $132.6M | $155.7M | $141.1M | $124.8M | $115.1M | $91.7M | $76.8M | $53.8M | $25.4M |
| Depreciation and amortisation | $2.6M | $983.0K | $0 | $0 | — | — | — | — | — | — |
| Stock-based compensation | $7.9M | $8.3M | $8.1M | $7.8M | $7.4M | $5.7M | $4.1M | $2.0M | $65.0K | $0 |
| Investing cash flow | $264.3M | $1.12B | $13.5M | -$1.18B | -$1.54B | $88.7M | -$926.3M | -$2.00B | -$1.08B | -$456.4M |
| Financing cash flow | -$355.8M | -$1.29B | -$271.5M | $1.01B | $1.58B | -$160.6M | $815.7M | $1.90B | $1.04B | $500.6M |
| Dividends paid | $66.9M | $81.8M | $118.9M | $115.4M | $95.7M | $96.5M | $99.0M | $88.8M | $50.6M | $21.9M |
| Buybacks | $43.4M | $10.0M | $0 | $35.8M | $0 | $25.1M | $4.1M | $31.3M | $523.0K | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-005092.
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