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. In the quarter to June 2026, revenue fell 41.6%, EPS fell 267.9%, free cash flow fell 137.9% and total debt fell 12.5%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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KKR Real Estate Finance Trust (KREF) Altman Z-score
KKR Real Estate Finance Trust's Altman Z-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Altman Z-score, annual
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.81 | — | 0.97 | |
| Retained earnings / total assets | (0.08) | — | −0.11 | |
| EBIT / total assets | (0.01) | — | −0.03 | |
| Market value of equity / total liabilities | 0.10 | — | 0.06 | |
| Sales / total assets | 0.02 | — | 0.02 | |
| Altman Z-score | n/a — not meaningful for banks, insurers and REITs | — | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IVR INVESCO MORTGAGE CAPITAL INC compare | — |
| KREF KKR Real Estate Finance Trust | — |
| NREF NexPoint Real Estate Finance, Inc. compare | — |
| TRTX TPG RE Finance Trust, Inc. compare | — |
| FBRT Franklin BSP Realty Trust, Inc. compare | — |
| BRSP BrightSpire Capital, Inc. compare | — |
| ABR Arbor Realty Trust compare | — |
| RWT Redwood Trust, Inc. compare | — |
| REFI Chicago Atlantic Real Estate Finance, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets