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KREF-PA

KKR Real Estate Finance Trust Inc.

KREF-PA

KKR Real Estate Finance Trust Inc. • NYSE
$18.07 ▲ 0.42% (+0.08)
Market Cap $1.19 B
52w High $21.45
52w Low $17.98
Dividend Yield 1.63%
P/E 8.47
Volume 58.92K
Outstanding Shares 28.97M

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 Earnings have been quite up and down, which is common for mortgage REITs. After a small loss in the prior year, the business returned to a modest profit most recently, showing some recovery in underlying performance. Core lending income appears steady, but one‑off items and credit costs can swing reported results sharply from year to year. Overall, the picture is of a lender that can be profitable, but with earnings that are sensitive to credit conditions and interest‑rate moves.

Balance Sheet

Balance Sheet The company operates with a balance sheet typical of a mortgage REIT: a large loan book funded with significant borrowing. Debt levels are high relative to equity, which increases earnings potential in good times but also amplifies risk if asset values or loan performance weaken. Assets grew meaningfully over the past few years and then pulled back somewhat, suggesting some portfolio repositioning or de‑leveraging. Equity has generally inched higher over time, which points to a gradually reinforced capital base, but the structure still relies heavily on access to wholesale funding markets.

Cash Flow

Cash Flow Cash generation from the core business has been steady and positive across the period shown, without big swings. Capital spending needs are very low, so most operating cash flow is available for debt service, dividends, or reinvestment into new loans. This pattern suggests a cash‑flow profile that is more stable than the accounting earnings might imply, though it still ultimately depends on borrowers paying on time and funding markets remaining open.

Competitive Edge

Competitive Edge The main edge comes from being tied into KKR’s global real estate platform. That connection helps with sourcing deals, evaluating complex properties, and accessing financing on competitive terms. The focus on senior, institution‑grade loans and customized structures positions the company toward the higher‑quality end of the commercial real estate lending market. However, it still competes against large banks, insurance companies, and other mREITs, and is exposed to the same pressure points: property fundamentals, refinancing conditions, and changes in credit spreads.

Innovation and R&D

Innovation and R&D This is not a traditional “R&D” story, but there is strategic innovation in how the platform is used. The company leans on KKR’s data, analytics, and sector expertise to underwrite complex, transitional properties and to structure bespoke financing. It is gradually expanding into new geographies, such as Europe, and into complementary areas like commercial mortgage‑backed securities, which can diversify risk and revenue sources. Most technology and innovation are embedded within KKR’s broader real estate and data initiatives rather than branded as standalone products at the REIT level.

Summary

KKR Real Estate Finance Trust is a leveraged commercial real estate lender with a strong sponsor in KKR and a focus on senior, institution‑quality loans. Financial results show that it can generate consistent cash flow but with earnings that are quite sensitive to market cycles, credit conditions, and interest rates. The balance sheet is heavily debt‑funded, which is normal for the model but raises exposure to funding and credit shocks. Access to KKR’s scale, deal flow, and risk tools is a key advantage, while expansion into Europe and structured products offers growth but also adds complexity. Overall, this is a specialized income‑oriented lending vehicle whose performance will largely track the health of commercial real estate and credit markets over time.