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KREF

KKR Real Estate Finance Trust Inc.

KREF

KKR Real Estate Finance Trust Inc. • NYSE
$8.49 ▲ 0.00% (+0.00)
Market Cap $556.08 M
52w High $11.74
52w Low $7.78
Dividend Yield 1.00%
P/E -24.26
Volume 407.69K
Outstanding Shares 65.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $25.334M ▼ $18.642M ▲ $8.079M ▲ 31.89% ▲ $0.12 ▲ $105.309M ▲
Q2-2025 $118.55M ▲ $10.418M ▼ $-30.099M ▼ -25.389% ▼ $-0.53 ▼ $52.597M ▲
Q1-2025 $29.62M ▼ $29.62M ▲ $-4.861M ▼ -16.411% ▼ $-0.15 ▼ $0
Q4-2024 $35.197M ▼ $9.874M ▼ $20.255M ▲ 57.548% ▲ $0.21 ▲ $0 ▼
Q3-2024 $37.005M $48.769M $-7.388M -19.965% $-0.19 $96.24M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $204.094M ▲ $6.485B ▼ $5.203B ▼ $1.23B ▼
Q2-2025 $107.717M ▲ $6.755B ▲ $5.462B ▲ $1.24B ▼
Q1-2025 $106.411M ▲ $6.555B ▲ $5.191B ▲ $1.31B ▼
Q4-2024 $104.933M ▼ $6.35B ▼ $4.952B ▼ $1.345B ▼
Q3-2024 $108.795M $6.774B $5.363B $1.358B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.772M ▲ $18.505M ▼ $383.551M ▲ $-304.88M ▼ $97.176M ▲ $17.525M ▼
Q2-2025 $-30.573M ▼ $21.127M ▲ $236.679M ▲ $-255.19M ▼ $2.616M ▲ $20.514M ▲
Q1-2025 $-5.749M ▼ $15.916M ▼ $-220.466M ▼ $205.347M ▲ $797K ▲ $15.916M ▼
Q4-2024 $19.556M ▲ $18.322M ▼ $407.597M ▲ $-430.515M ▼ $-4.596M ▼ $18.302M ▼
Q3-2024 $-7.349M $49.11M $243.871M $-294.511M $-1.53M $48.425M

Five-Year Company Overview

Income Statement

Income Statement KREF’s income statement shows a business that generates relatively steady interest income but with noticeably volatile profitability. Most years over the past five have been profitable, but there was a clear setback with a loss in 2023 before a meaningful rebound in 2024. Margins improved sharply in the latest year, yet earnings per share have swung a lot over time, with one standout year early in the period and weaker results more recently. This pattern is typical of a leveraged mortgage REIT: results can look healthy in stable credit environments but become pressured when loan performance or credit spreads move against them.

Balance Sheet

Balance Sheet The balance sheet reflects a sizable and largely loan-based asset base that expanded through 2022 and then shrank somewhat afterward as the environment turned more challenging. Debt levels are high relative to equity, which is normal for a mortgage REIT but still means sensitivity to funding conditions and credit quality. Equity has grown over the period, offering a modestly larger cushion than in the past, but cash balances remain small compared with total assets, underscoring reliance on secured borrowing and capital markets rather than large on-hand liquidity.

Cash Flow

Cash Flow Despite swings in reported earnings, cash flow from operations has been consistently positive and fairly steady, which suggests that the underlying loan portfolio continues to throw off regular cash. Capital spending needs are minimal, so free cash flow closely tracks operating cash flow. That’s typical for a finance REIT: cash generation is driven far more by loan performance and funding costs than by physical investment. However, the business model still depends heavily on access to external financing to fund and refinance its leveraged loan book, so healthy cash flow does not remove refinancing and market-liquidity risks.

Competitive Edge

Competitive Edge KREF’s core competitive strength is its tight integration with KKR’s global real estate platform. That backing provides brand recognition, access to institutional-quality borrowers, deep underwriting resources, and a broad origination pipeline that many standalone mortgage REITs cannot easily match. The focus on senior loans secured by higher-quality commercial properties, along with structuring flexibility and relationship-driven lending, helps differentiate it from more commoditized lenders. At the same time, KREF competes in a crowded field of mortgage REITs and private credit funds, and remains exposed to broader commercial real estate cycles, interest rate volatility, and potential stress in certain property types, all of which can quickly affect spreads, credit performance, and funding costs.

Innovation and R&D

Innovation and R&D KREF is not a technology-driven company in the traditional sense; its innovation is more about how it structures, underwrites, and manages real estate credit. The main “R&D” engine is the broader KKR ecosystem: shared data, analytics, and deal experience, plus platforms like K-Star that enhance special servicing, asset management, and due diligence. These capabilities help KREF assess risk, manage troubled loans, and tailor financing solutions more effectively than many smaller peers. Future innovation is likely to come from expanding these platforms, creating new co-investment or specialty financing structures, and aligning lending with KKR’s thematic focus areas such as logistics, data centers, and life sciences, rather than from heavy internal tech development.

Summary

Overall, KREF looks like a specialized, credit-focused REIT whose financials reflect the typical trade-offs of a leveraged mortgage lender. Income is relatively steady, but earnings are quite sensitive to credit conditions, as shown by the 2023 setback and 2024 rebound. The balance sheet carries substantial leverage, with a gradually built equity base but modest cash, which magnifies both upside and downside in changing markets. Cash flow from operations has been stable, which is encouraging, but long-term performance will continue to hinge on loan quality, funding costs, and capital market access. Strategically, the affiliation with KKR provides a meaningful edge in sourcing, underwriting, and managing complex real estate credit, yet the company remains inherently exposed to commercial real estate cycles and interest rate risk. Investors evaluating KREF would need to weigh the strength of the KKR platform and specialized lending focus against these structural and macroeconomic risks.

NEWS

October 21, 2025 · 4:15 PM UTC

KKR Real Estate Finance Trust Inc. Reports Third Quarter 2025 Results

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October 16, 2025 · 4:15 PM UTC

KKR Real Estate Finance Trust Inc. Declares Preferred Stock Dividend

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October 7, 2025 · 4:15 PM UTC

KKR Real Estate Finance Trust Inc. to Announce Third Quarter 2025 Results

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September 11, 2025 · 4:52 PM UTC

KKR Real Estate Finance Trust Inc. Announces Closing of Reprice and Upsize of $650 Million Senior Secured Term Loan B

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September 11, 2025 · 4:15 PM UTC

KKR Real Estate Finance Trust Inc. Declares Quarterly Dividend of $0.25 Per Share of Common Stock

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