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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. 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.

5.80 0.17 −2.85%
Market cap
$352.3M
P/E
0.0×
Fwd P/E
−7.3×
Dividend yield
12.1%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.22
Total sells 2.07
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 4 — — — — 2 — — — — — —
Sell — 1 — — — — — — — — — —
Insider Ownership 30.38%

Capital & Financial Ratios $m

Market Cap 352.29
Revenue 119.60
Net Income (188.66)
Free Cash Flow 24.52
Net Debt 4,231.80
Current Ratio 0.00
Debt/Equity 4.36
P/E ratio 0.00
Fwd P/E (7.31) (negative: loss-making)
P/S ratio 3.03
P/B ratio 0.37
Past 5Y EPS Growth —
This Y EPS Growth (442.74%) (below 0%: weak)
Next Y EPS Growth 81.92% (at or above 15%: strong)
Next Y revenue growth (46.61%) (below 0%: weak)
Next 5Y EPS Growth 0.85%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 38.4×, against a ten-year median of 33.3×; over the ten years it ranged from 17.5× in 2017 to 43.2× in 2019.
P/S against its own 10 years 0.67%
10-year low 10-year high
P/B against its own 10 years 1.81%
10-year low 10-year high
EV/Sales against its own 10 years 86.70%
10-year low 10-year high
EV/FCF against its own 10 years 96.76%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate 0.70
Annual Dividend Yield 12.07%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.45
0.25
0.10
0.10
2025 1.00
0.25
0.25
0.25
0.25
2024 1.00
0.25
0.25
0.25
0.25
2023 1.72
0.43
0.43
0.43
0.43
2022 1.72
0.43
0.43
0.43
0.43
2021 1.72
0.43
0.43
0.43
0.43
2020 1.72
0.43
0.43
0.43
0.43
2019 1.72
0.43
0.43
0.43
0.43
2018 1.69
0.40
0.43
0.43
0.43
2017 0.99
0.25
0.37
0.37
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 136 105 85 83
Receivables 41 29 25 —
Inventory — — — —
Other — — — —
7,310 5,905 5,256 4,235
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%)

Revenue $m

Mar Jun Sep Dec Year
’26 35 21 — — —
’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 — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.96) (1.95) — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — 19.57 18.09 18.76 6.84 17.10 13.55 9.94 8.71 7.78

Analyst estimates 2026–2028

Powerpack
High — 23.99 21.41 21.01 22.03 23.42 22.44 16.44 13.34 11.53
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
Income, $m
Income, $m Revenue 41 80 119 121 143 178 205 203 181 135
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 33 61 90 91 55 138 38 (31) 35 (51)
EBT margin, % 79.20 76.85 75.63 74.54 38.29 77.59 18.36 (15.26) 19.08 (37.48)
Net income 32 60 90 90 54 137 38 (32) 34 (50)
Depreciation 1 0 (2) (3) 5 (7) (1) 3 (2) 0
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
Earnings 1.67 1.30 1.58 1.58 0.96 2.22 0.23 (0.78) 0.19 (1.05)
Cash flow 1.32 1.19 1.39 1.60 2.06 2.21 2.09 2.25 1.91 1.08
Capex (0.02) 0.00 0.00 0.00 0.00 0.00 (0.02) (0.03) (0.12) (0.24)
Free cash flow 1.29 1.19 1.39 1.60 2.06 2.21 2.06 2.22 1.79 0.84
Book value 26.17 23.37 20.54 19.54 18.64 24.07 23.26 20.30 20.16 18.34
Shares, m 19 45 55 57 56 57 68 69 69 67
Valuation, ×
Valuation, × P/E 11.14 15.00 12.04 13.01 18.10 9.43 54.69 0.00 56.11 0.00
P/S 11.47 11.36 8.90 9.65 7.01 6.63 4.68 4.50 3.87 4.06
P/B 0.91 0.85 0.93 1.05 0.96 0.87 0.61 0.65 0.50 0.45
EV/Sales 19.11 22.18 32.52 40.60 32.87 34.90 33.58 33.71 30.32 38.17
EV/FCF 35.17 33.09 50.52 54.05 41.06 49.88 49.38 44.43 44.28 92.03
Cash, $m
Cash, $m Operating cash flow 25 54 77 92 115 125 141 156 133 72
Capex 0 — — — — — (2) (2) (8) (16)
Free cash flow 25 54 77 92 115 125 139 154 124 56
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
Total debt 439 965 2,889 3,827 3,813 5,295 6,164 6,060 4,899 4,694
Net debt 306 861 2,803 3,760 3,702 5,023 5,925 5,924 4,794 4,609
Shareholders’ equity 505 1,059 1,132 1,122 1,044 1,362 1,571 1,404 1,399 1,225
Returns, %
Returns, % ROA 0.57 0.86 1.38 1.76 1.07 2.15 0.21 (0.70) 0.19 (1.09)
ROIC 2.51 1.99 1.43 1.16 0.72 1.35 0.31 (0.26) 0.35 (0.54)
ROE 7.87 7.52 7.97 8.03 4.95 10.45 1.05 (3.62) 0.93 (5.33)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
IVR INVESCO MORTGAGE CAPITAL INC $607.1M 3.7× 10.2× +20.93% (above 0%: growing) n/m +3.93% (above 0%: growing) 35.24% 28.86% Compare
ABR Arbor Realty Trust $522.4M 38.6× 22.1× −2.77% (below 0%: shrinking) n/m +172.80% (above 0%: growing) 19.79% (4.57%) Compare
FBRT Franklin BSP Realty Trust, Inc. $520.7M 14.1× 9.4× +32.33% (above 0%: growing) −36.84% (below 0%: shrinking) +87.71% (above 0%: growing) 90.86% 18.69% Compare
BRSP BrightSpire Capital, Inc. $479.5M — (loss-making) 25.0× −9.80% (below 0%: shrinking) n/m +150.31% (above 0%: growing) 61.99% (40.13%) Compare
TRTX TPG RE Finance Trust, Inc. $454.5M 10.7× 10.5× −6.05% (below 0%: shrinking) −42.86% (below 0%: shrinking) −70.48% (below 0%: shrinking) 100.00% 49.39% Compare
RWT Redwood Trust, Inc. $390.7M — (loss-making) 8.4× +35.48% (above 0%: growing) n/m −77.33% (below 0%: shrinking) 8.33% (1.59%) Compare
KREF KKR Real Estate Finance Trust $352.3M — (loss-making) — (loss-making) −41.60% (below 0%: shrinking) n/m −137.85% (below 0%: shrinking) 100.00% (560.14%)
NREF NexPoint Real Estate Finance, Inc. $288.9M 6.5× 10.9× +11.50% (above 0%: growing) −46.30% (below 0%: shrinking) −363.98% (below 0%: shrinking) 100.00% 25.54% Compare
REFI Chicago Atlantic Real Estate Finance, Inc. $240.6M 6.7× 7.0× −11.02% (below 0%: shrinking) −16.67% (below 0%: shrinking) +40.10% (above 0%: growing) 100.00% 59.97% Compare
Median of peers $467.0M 8.7× 10.4× +4.37% −39.85% +22.02% 76.43% 22.12%

All 37 Reit Mortgage stocks →

KKR Real Estate Finance Trust (KREF) key facts

  • Concern: KKR Real Estate Finance Trust’s revenue for fiscal 2025 (year ended December 2025) was $135.1 million, down 25.4% from fiscal 2024.
  • KKR Real Estate Finance Trust (KREF) is a Reit Mortgage company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, KREF traded at $5.80, a market capitalization of $352.3 million.
  • KKR Real Estate Finance Trust pays an annual dividend of $0.70 per share, a yield of 12.1%.
  • Return on equity was −5.33% and debt-to-equity 4.36.
  • Its Piotroski F-score is 4 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

KKR Real Estate Finance Trust (KREF) Latest News

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stockrow.com/KREF · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com