KKR Real Estate Finance Trust Inc. KREF

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 5.76 2026-10-23
Market cap $337.4M 2026-06-30 share count
52-week range 5.25 - 9.11

Valuation FY2025 figures against the last close

P/S—
P/E—
P/FCF4.7x
EV/EBITDA—
Dividend yield19.8%
Diluted EPS-1.05

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -1.050.19-0.780.232.220.961.581.581.301.61
EPS, diluted -1.050.19-0.780.232.210.961.571.581.301.61
Shares, diluted (wtd. avg.) 66.8M69.4M69.2M67.6M56.8M56.1M57.5M55.2M45.3M19.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -50M 0 50M 100M 150M Net income, FY2016: 31.2M Net income, FY2017: 59.1M Net income, FY2018: 89.7M Net income, FY2019: 90M Net income, FY2020: 54.4M Net income, FY2021: 137.2M Net income, FY2022: 38.1M Net income, FY2023: -30.9M Net income, FY2024: 35.6M Net income, FY2025: -47.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — — — — —
Gross profit — — — — — — — — — —
Net income $31.2M $59.1M $89.7M $90.0M $54.4M $137.2M $38.1M -$30.9M $35.6M -$47.1M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Shareholder vote Item 5.07
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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