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) Piotroski F-score
KKR Real Estate Finance Trust's Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | (1.00) |
| FY2024 | 5 | 2.00 |
| FY2023 | 3 | (1.00) |
| FY2022 | 4 | 0.00 |
| FY2021 | 4 | (1.00) |
| FY2020 | 5 | (1.00) |
| FY2019 | 6 | 2.00 |
| FY2018 | 4 | 0.00 |
| FY2017 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (1.09%) | 0.19% | Fail | 0 |
| Positive operating cash flow | 72.28m | 132.56m | Pass | 1 |
| Rising return on assets | (1.09%) | 0.19% | Fail | 0 |
| Cash flow above net income | 142.17m | 119.49m | Pass | 1 |
| Falling long-term leverage | 0.73 | 0.70 | Fail | 0 |
| Rising current ratio | 407.64 | 296.16 | Pass | 1 |
| No new shares issued | 66,807,000 | 69,397,000 | Pass | 1 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.02 | 0.03 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| FBRT Franklin BSP Realty Trust, Inc. compare | 6 |
| IVR INVESCO MORTGAGE CAPITAL INC compare | 6 |
| BRSP BrightSpire Capital, Inc. compare | 5 |
| TRTX TPG RE Finance Trust, Inc. compare | 5 |
| ABR Arbor Realty Trust compare | 4 |
| NREF NexPoint Real Estate Finance, Inc. compare | 4 |
| KREF KKR Real Estate Finance Trust | 4 |
| REFI Chicago Atlantic Real Estate Finance, Inc. compare | 3 |
| RWT Redwood Trust, Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover