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KKR Real Estate Finance Trust

KREF Real Estate Reit Mortgage

KKR Real Estate Finance Trust’s revenue for fiscal 2025 (year ended December 2025) was $135.1 million, down 25.4% from fiscal 2024.

Revenue
−21.9%
EPS
−111.2%
Free cash flow
−194.4%
Total debt
−35.0%

Quarter to September 2026, against a year earlier

5.63 0.08 −1.40%
Market cap
$329.7M
P/E
0.0×
Fwd P/E
−1.5×
Dividend yield
12.3%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.60
Sold, $m 2.07
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — 2 — — — — — — —
Sell 1 — — — — — — — — — — —
Insider Ownership 26.19%

Capital & Financial Ratios $m

Size
Market Cap 329.69
Revenue ttm 112.74
Net income ttm (202.20)
Free cash flow ttm 9.50
Net debt Q 2,833.89
Valuation
P/E 0.00
Forward P/E (1.52) (negative: loss-making)
Price / sales 2.91
Forward P/S Powerpack
Price / FCF 34.55
Price / book 0.34
Financial health
Current ratio Q 0.00
Debt / equity Q 3.11
Interest coverage Q —
Growth
Revenue growth Q −21.85% (below 0%: shrinking)
Operating income growth Q −106.06% (below 0%: shrinking)
EPS, this year −646.58% (below 0%: weak)
EPS, next year A +87.41% (at or above 15%: strong)
Revenue, next year A −47.63% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +2.50%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 28.0×, against a ten-year median of 33.1×; over the ten years it ranged from 17.5× in 2017 to 43.2× in 2019.
P/S against its own 10 years 0.46%
10-year low 10-year high
P/B against its own 10 years 0.50%
10-year low 10-year high
EV/Sales against its own 10 years 17.20%
10-year low 10-year high
EV/FCF against its own 10 years 99.18%
10-year low 10-year high

Dividends

Yield
12.3%
Annual rate
0.70
Payout ratio
—
Growth, 2017–25
+0.13%/yr
  1. 0.99 ’17
  2. 1.69 ’18 +71
  3. 1.72 ’19 +2
  4. 1.72 ’20 +0
  5. 1.72 ’21 +0
  6. 1.72 ’22 +0
  7. 1.72 ’23 +0
  8. 1.00 ’24 −42
  9. 1.00 ’25 +0
  10. 0.55 ’26e −45
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 136 105 85 193
Receivables 41 29 25 —
Inventory — — — —
Other — — — —
7,310 5,905 5,256 3,143
2022 2023 2024 2025
Payables — — — —
ST’ Debt — — — —
Other — — — —
18 20 20 13

Compound Annual Growth %

10y 5y 3y
Sales 19.74% (1.15%) (12.98%)
Cash Flow 20.14% (8.88%) (19.99%)
Earnings 0.00% 0.00% 0.00%
Book Value 15.65% 3.26% (7.96%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.06 Actual 0.09

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.13 0.22 Beat by 0.09
Q1 FY26 0.09 −0.06 Miss by 0.15
Q2 FY26 −0.57 −0.58 Miss by 0.01
Q3 FY26 0.06 0.09 Beat by 0.03
Q4 FY26 0.03 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.96) (1.95) (0.01) — —
’25 (0.15) (0.53) 0.12 (0.49) (1.05)
’24 (0.13) 0.29 (0.19) 0.21 0.19
’23 (0.45) (0.37) 0.31 (0.27) (0.78)
’22 0.46 0.28 (0.70) 0.21 0.23
’21 0.52 0.52 0.57 0.59 2.21
’20 (0.61) 0.52 0.56 0.52 0.96
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 35 21 25 — —
’25 35 36 31 33 135
’24 47 48 47 40 181
’23 51 51 50 51 203
’22 47 50 51 57 205
’21 39 42 48 50 178
’20 30 37 40 36 143
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 13 15 3 — —
’25 16 21 19 17 72
’24 34 31 49 18 133
’23 42 35 42 37 156
’22 33 35 36 37 141
’21 30 28 39 28 125
’20 27 26 38 24 115
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 10 (7) (7) — —
’25 15 20 8 14 56
’24 32 25 48 18 124
’23 41 35 42 36 154
’22 33 35 35 37 139
’21 30 28 39 28 125
’20 27 26 38 24 115
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 41 80 119 121 143 178 205 203 181 135 113 +14.1% 71 55 65 (21.6%)
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 33 61 90 91 55 138 38 (31) 35 (51) (202) n/m
EBT margin, % 79.20 76.85 75.63 74.54 38.29 77.59 18.36 (15.26) 19.08 (37.48) (179.50) (116.7) pt
Net income 32 60 90 90 54 137 38 (32) 34 (50) (202) n/m
Per share, $
Per share, $ Revenue 2.13 1.76 2.15 2.12 2.56 3.14 3.04 2.93 2.61 2.02 1.96 (0.6%)
Earnings 1.67 1.30 1.58 1.58 0.96 2.22 0.23 (0.78) 0.19 (1.05) (3.41) n/m
Cash flow 1.32 1.19 1.39 1.60 2.06 2.21 2.09 2.25 1.91 1.08 0.82 (2.2%)
Capex (0.02) 0.00 0.00 0.00 0.00 0.00 (0.02) (0.03) (0.12) (0.24) (0.65) +29.6%
Free cash flow 1.29 1.19 1.39 1.60 2.06 2.21 2.06 2.22 1.79 0.84 0.16 (4.7%)
Book value 26.17 23.37 20.54 19.54 18.64 24.07 23.26 20.30 20.16 18.34 16.86 (3.9%)
Shares, m 19 45 55 57 56 57 68 69 69 67 63 +14.8%
Valuation, ×
Valuation, × P/E 11.14 15.00 12.04 13.01 18.10 9.43 54.69 0.00 56.11 0.00 0.00 19.0
P/S 11.47 11.36 8.90 9.65 7.01 6.63 4.68 4.50 3.87 4.06 2.91 7.2
P/B 0.91 0.85 0.93 1.05 0.96 0.87 0.61 0.65 0.50 0.45 0.34 0.8
EV/Sales 19.11 22.18 32.52 40.60 32.87 34.90 33.58 33.71 30.32 38.17 28.05 31.8
EV/FCF 35.17 33.09 50.52 54.05 41.06 49.88 49.38 44.43 44.28 92.03 333.01 49.4
Cash, $m
Cash, $m Operating cash flow 25 54 77 92 115 125 141 156 133 72 47 +12.3%
Capex 0 — — — — — (2) (2) (8) (16) (38) +48.8%
Free cash flow 25 54 77 92 115 125 139 154 124 56 9 +9.4%
Balance, $m
Balance, $m Working capital 6,260 7,369 5,185 5,005 4,901 6,567 7,648 7,290 5,885 5,243 3,143 (2.0%)
Net debt 306 861 2,803 3,760 3,702 5,023 5,925 5,924 4,794 4,609 2,834 +35.2%
Shareholders’ equity 505 1,059 1,132 1,122 1,044 1,362 1,571 1,404 1,399 1,225 972 +10.3%
Returns, %
Returns, % ROA 0.57 0.86 1.38 1.76 1.07 2.15 0.21 (0.70) 0.19 (1.09) (3.80) (1.7) pt
ROIC 2.51 1.99 1.43 1.16 0.72 1.35 0.31 (0.26) 0.35 (0.54) (3.32) (3.0) pt
ROE 7.87 7.52 7.97 8.03 4.95 10.45 1.05 (3.62) 0.93 (5.33) (19.71) (13.2) pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

KKR Real Estate Finance Trust vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FBRT Franklin BSP Realty Trust, Inc. $475.2M — (loss-making) 12.7× −16.32% (below 0%: shrinking) n/m +34.53% (above 0%: growing) 92.17% 25.20% Compare
BRSP BrightSpire Capital, Inc. $431.4M 23.7× 11.9× −5.94% (below 0%: shrinking) +3,762.00% (above 0%: growing) +122.61% (above 0%: growing) 61.25% (26.51%) Compare
RWT Redwood Trust, Inc. $390.7M — (loss-making) 12.8× −86.45% (below 0%: shrinking) n/m −77.33% (below 0%: shrinking) 100.00% (4.68%) Compare
KREF KKR Real Estate Finance Trust $329.7M — (loss-making) — (loss-making) −21.85% (below 0%: shrinking) n/m −194.41% (below 0%: shrinking) 100.00% (3.15%)
ARI Apollo Commercial Real Estate Finance $309.8M 3.0× 10.2× −37.40% (below 0%: shrinking) −8.33% (below 0%: shrinking) −20.13% (below 0%: shrinking) 91.99% 16.46% Compare
ABR Arbor Realty Trust $305.7M — (loss-making) — (loss-making) −6.33% (below 0%: shrinking) n/m +22.05% (above 0%: growing) 14.29% (18.36%) Compare
NREF NexPoint Real Estate Finance, Inc. $256.2M 3.9× 10.9× +11.50% (above 0%: growing) −57.97% (below 0%: shrinking) −363.98% (below 0%: shrinking) 100.00% 25.54% Compare
CMTG Claros Mortgage Trust, Inc. $241.3M — (loss-making) — (loss-making) −29.16% (below 0%: shrinking) n/m +36.67% (above 0%: growing) 79.10% (44.62%) Compare
REFI Chicago Atlantic Real Estate Finance, Inc. $229.1M 6.5× 6.7× −11.02% (below 0%: shrinking) −16.67% (below 0%: shrinking) +40.10% (above 0%: growing) 100.00% 59.97% Compare
Median of peers $307.8M 5.2× 11.4× −13.67% −12.50% +28.29% 92.08% 5.89%

All 37 Reit Mortgage stocks →

Pay and ownership Proxy statement filed 3 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 688.19k 588.40k 78.00
2024 915.69k 650.11k 86.00
2023 1.03m 1.07m 102.00
2022 1.46m 674.41k 94.00
2021 1.98m 2.47m 126.00

Ownership

Directors and executive officers, together 2.12%
KKR Affiliates 15.60%
BlackRock, Inc. 14.50%
The Vanguard Group 5.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

KKR Real Estate Finance Trust (KREF) Latest News

30 Oct

Impact 3 · · MarketBeat transcript

29 Oct

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby
Impact 3 · · Associated Press

28 Oct

Impact 3 · · Business Wire

20 Aug

Impact 4 · · credaily.com

10 Aug

Impact 3 ·

23 Jul

Impact 4 · · credaily.com

22 Jul

Impact 3 · transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby transcript

21 Jul

Impact 3 ·
Impact 3 ·
Impact 3 ·

13 Jul

Impact 3 ·

16 May

Impact 3 · · Simply Wall St.

24 Apr

Impact 4 · · MarketBeat

23 Apr

Impact 4 · · Moby

22 Apr

Impact 4 · · Business Wire
Impact 4 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks

26 Mar

Impact 3 · · Simply Wall St.

23 Mar

Impact 4 · · Business Wire

10 Mar

Impact 4 · · Simply Wall St.

7 Feb

Impact 4 · · Simply Wall St.

6 Feb

Impact 3 ·

5 Feb

Impact 4 · · MarketBeat transcript

4 Feb

Impact 4 · · GuruFocus.com transcript
stockrow.com/KREF · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com