NYSE : KREF
KKR Real Estate Finance Trust Inc. — Financial statements
Real Estate · REIT - Mortgage · United States
Last price 5.29 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 303.15M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 352.97M | 435.60M | 564.63M | 640.41M | 421.97M | 279.95M |
| Total Interest Expense | 268.23M | 322.96M | 412.91M | 458.80M | 236.09M | 114.44M |
| Net Interest Income | 84.74M | 112.64M | 151.72M | 181.61M | 185.87M | 165.51M |
| Gain (Loss) on Sale of Investments | 211.00K | 1.19M | -615.00K | 5.13M | ||
| Other Revenue | 29.24M | 21.39M | 30.12M | 21.20M | 17.89M | 1.96M |
| Revenue Before Loan Losses | 114.19M | 135.22M | 181.22M | 202.81M | 203.77M | 172.59M |
| Provision for Loan Losses | 193.70M | 119.37M | 80.61M | 175.12M | 112.37M | -4.06M |
| Revenue | -79.51M | 15.84M | 100.62M | 27.69M | 91.39M | 176.65M |
| Salaries & Employee Benefits | 7.07M | 7.93M | 8.26M | 8.07M | 7.83M | 7.43M |
| Cost of Services Provided | 64.36M | 58.49M | 57.78M | 50.56M | 47.21M | 36.46M |
| Total Operating Expenses | 71.43M | 66.41M | 66.04M | 58.64M | 55.04M | 43.89M |
| Operating Income | -150.93M | -50.57M | 34.58M | -30.95M | 36.35M | 132.77M |
| Currency Exchange Gain (Loss) | -1.45M | -75.00K | ||||
| EBT Excluding Unusual Items | -152.39M | -50.65M | 34.58M | -30.95M | 36.35M | 132.77M |
| Other Unusual Items | 1.30M | 5.10M | ||||
| Pretax Income | -202.36M | -50.65M | 34.58M | -30.95M | 37.65M | 137.87M |
| Income Tax Expense | -156.00K | -156.00K | 248.00K | 710.00K | 58.00K | 684.00K |
| Earnings From Continuing Ops. | -202.21M | -50.49M | 34.33M | -31.66M | 37.59M | 137.18M |
| Minority Interest in Earnings | 2.55M | 3.44M | 1.26M | 806.00K | 510.00K | |
| Net Income | -199.66M | -47.05M | 35.59M | -30.85M | 38.10M | 137.18M |
| Preferred Dividends & Other Adjustments | 22.43M | 22.83M | 22.52M | 23.07M | 22.73M | 11.55M |
| Net Income to Common | -222.08M | -69.89M | 13.07M | -53.92M | 15.37M | 125.64M |
| Shares Outstanding (Basic) | 62.53M | 66.81M | 69.40M | 69.18M | 67.55M | 56.57M |
| Shares Outstanding (Diluted) | 62.53M | 66.81M | 69.40M | 69.18M | 67.55M | 56.78M |
| EPS (Basic) | -3.55 | -1.05 | 0.19 | -0.78 | 0.23 | 2.22 |
| EPS (Diluted) | -3.56 | -1.05 | 0.19 | -0.78 | 0.23 | 2.21 |
| Free Cash Flow | 47.03M | 72.28M | 132.56M | 155.72M | 141.12M | 124.79M |
| Free Cash Flow Per Share | 0.75 | 1.08 | 1.91 | 2.25 | 2.09 | 2.20 |
| Dividend Per Share | 0.70 | 1.00 | 1.00 | 1.72 | 1.72 | 1.72 |
| Operating Margin | -319.17% | 34.36% | -111.75% | 39.77% | 75.16% | |
| Profit Margin | -441.08% | 12.99% | -194.70% | 16.82% | 71.12% | |
| Free Cash Flow Margin | 456.22% | 131.75% | 562.29% | 154.41% | 70.64% | |
| Effective Tax Rate | 0.72% | 0.15% | 0.50% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 165.88M | 84.62M | 104.93M | 135.90M | 239.79M | 271.49M |
| Long-Term Investments | 300.16M | 147.33M | 117.31M | 35.08M | 36.85M | 35.54M |
| Loans & Lease Receivables | 2.95B | 5.15B | 5.77B | 7.13B | 7.39B | 6.29B |
| Other Receivables | 22.46M | 25.20M | 28.75M | 41.00M | 39.01M | 16.64M |
| Restricted Cash | 3.42M | 2.72M | 1.61M | 12.41M | 10.80M | 2.30M |
| Other Current Assets | 184.25M | 204.47M | 56.55M | 101.02M | 1.10M | 1.40M |
| Long-Term Deferred Charges | 4.93M | 5.89M | 2.81M | 3.75M | 4.90M | 1.70M |
| Other Long-Term Assets | 1.56B | 848.59M | 266.91M | 85.38M | 82.71M | 79.69M |
| Total Assets | 5.19B | 6.46B | 6.35B | 7.55B | 7.80B | 6.70B |
| Accounts Payable | 7.52M | |||||
| Accrued Expenses | 16.84M | 19.40M | 25.86M | 28.48M | 28.68M | 12.58M |
| Current Portion of Long-Term Debt | 761.01M | 337.96M | ||||
| Long-Term Debt | 2.27B | 4.36B | 4.90B | 6.06B | 6.16B | 5.29B |
| Other Current Liabilities | 8.97M | 19.96M | 18.51M | 45.69M | 29.71M | 26.59M |
| Other Long-Term Liabilities | 1.17B | 506.54M | 8.52M | 9.35M | 8.14M | |
| Total Liabilities | 4.22B | 5.24B | 4.95B | 6.14B | 6.23B | 5.34B |
| Common Stock | 570.00K | 644.00K | 686.00K | 693.00K | 691.00K | 613.00K |
| Additional Paid-In Capital | 1.32B | 1.37B | 1.40B | 1.50B | 1.49B | 1.29B |
| Retained Earnings | -723.85M | -506.13M | -370.47M | -314.37M | -141.50M | -38.21M |
| Total Common Equity | 592.00M | 854.32M | 1.03B | 1.09B | 1.25B | 1.19B |
| Minority Interest | 61.67M | 52.65M | 53.85M | -585.00K | -102.00K | 147.00K |
| Shareholders' Equity | 971.90M | 1.23B | 1.40B | 1.40B | 1.57B | 1.36B |
| Total Liabilities & Equity | 5.19B | 6.46B | 6.35B | 7.55B | 7.80B | 6.70B |
| Total Debt | 3.03B | 4.69B | 4.90B | 6.06B | 6.16B | 5.29B |
| Net Cash (Debt) | -2.86B | -4.61B | -4.79B | -5.92B | -5.92B | -5.02B |
| Net Cash Per Share | -45.74 | -68.99 | -69.08 | -85.63 | -87.70 | -88.47 |
| Filing Date Shares Outstanding | 57.31M | 64.28M | 68.71M | 69.31M | 69.10M | 61.37M |
| Total Common Shares Outstanding | 57.03M | 64.37M | 68.71M | 69.31M | 69.10M | 61.37M |
| Working Capital | 2.54B | 5.09B | 5.92B | 7.35B | 7.62B | 6.54B |
| Book Value Per Share | 10.38 | 13.27 | 14.94 | 15.68 | 18.14 | 19.46 |
| Tangible Book Value | 592.00M | 854.32M | 1.03B | 1.09B | 1.25B | 1.19B |
| Tangible Book Value Per Share | 10.38 | 13.27 | 14.94 | 15.68 | 18.14 | 19.46 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -199.66M | -47.05M | 35.59M | -30.85M | 38.10M | 137.18M |
| Depreciation & Amortization | 3.57M | 2.31M | 685.00K | |||
| Other Amortization | 12.39M | 14.09M | 14.38M | 26.18M | 23.86M | 15.73M |
| Gain on Sale of Loans & Receivables | 49.98M | |||||
| Loss (Gain) From Sale of Investments | -211.00K | -1.19M | 615.00K | -5.13M | ||
| Provision for Credit Losses | 193.70M | 119.37M | 80.61M | 175.12M | 112.37M | -4.06M |
| Loss (Gain) on Equity Investments | 2.87M | 3.47M | 1.53M | 1.77M | -1.31M | -3.15M |
| Stock-Based Compensation | 7.07M | 7.93M | 8.26M | 8.07M | 7.83M | 7.43M |
| Change in Accounts Payable | -4.96M | -10.37M | -2.28M | 1.73M | 10.33M | 1.87M |
| Change in Other Net Operating Assets | -1.35M | 1.81M | 161.00K | 90.00K | 1.14M | -306.00K |
| Other Operating Activities | -19.67M | -21.64M | -19.15M | -24.40M | -27.44M | -24.95M |
| Operating Cash Flow | 47.03M | 72.28M | 132.56M | 155.72M | 141.12M | 124.79M |
| Investment in Securities | -64.51M | -42.36M | -2.38M | |||
| Net Decrease (Increase) in Loans Originated / Sold - Investing | 1.59B | 292.62M | 1.13B | 14.06M | -1.18B | -1.54B |
| Investing Cash Flow | 1.49B | 264.29M | 1.12B | 13.49M | -1.18B | -1.54B |
| Long-Term Debt Issued | 2.03B | 601.86M | 811.12M | 3.33B | 4.79B | |
| Long-Term Debt Repaid | -2.23B | -1.77B | -935.00M | -2.45B | -3.36B | |
| Net Debt Issued (Repaid) | -1.44B | -199.57M | -1.17B | -123.89M | 876.81M | 1.43B |
| Issuance of Preferred Stock | 151.17M | 167.07M | ||||
| Issuance of Common Stock | 194.22M | 120.71M | ||||
| Repurchase of Common Stock | -60.80M | -44.75M | -11.90M | -1.98M | -38.44M | -5.58M |
| Common Dividends Paid | -54.33M | -66.86M | -81.80M | -118.85M | -115.37M | -95.68M |
| Preferred Dividends Paid | -21.30M | -21.30M | -21.30M | -21.30M | -21.54M | -8.27M |
| Total Dividends Paid | -75.63M | -88.16M | -103.10M | -140.16M | -136.91M | -103.95M |
| Other Financing Activities | 2.83M | -23.30M | -6.38M | -5.49M | -33.99M | -24.84M |
| Financing Cash Flow | -1.58B | -355.78M | -1.29B | -271.51M | 1.01B | 1.58B |
| Net Cash Flow | -37.83M | -19.21M | -41.77M | -102.31M | -23.15M | 162.94M |
| Free Cash Flow | 47.03M | 72.28M | 132.56M | 155.72M | 141.12M | 124.79M |
| Free Cash Flow Margin | 456.22% | 131.75% | 562.29% | 154.41% | 70.64% | |
| Free Cash Flow Per Share | 0.75 | 1.08 | 1.91 | 2.25 | 2.09 | 2.20 |
| Cash Interest Paid | 257.46M | 315.92M | 398.81M | 430.27M | 201.01M | 95.26M |
| Cash Income Tax Paid | 371.00K | 296.00K | 708.00K | 409.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 299.14M | 538.32M | 702.68M | 917.02M | 961.64M | 1.28B |
| PE Ratio | 53.76 | 62.56 | 10.18 | |||
| PS Ratio | 33.98 | 6.98 | 33.11 | 10.52 | 7.24 | |
| PB Ratio | 0.51 | 0.44 | 0.50 | 0.65 | 0.61 | 0.94 |
| P/FCF Ratio | 6.08 | 7.45 | 5.30 | 5.89 | 6.81 | 10.24 |
| P/OCF Ratio | 6.08 | 7.45 | 5.30 | 5.89 | 6.81 | 10.24 |
| Debt / Equity Ratio | 3.12 | 3.83 | 3.50 | 4.32 | 3.92 | 3.89 |
| Debt / FCF Ratio | 64.37 | 64.93 | 36.95 | 38.92 | 43.68 | 42.43 |
| Net Debt / Equity Ratio | 2.94 | 3.76 | 3.43 | 4.22 | 3.77 | 3.69 |
| Net Debt / FCF Ratio | 60.81 | 63.76 | 36.16 | 38.04 | 41.98 | 40.26 |
| Quick Ratio | 3.99 | 13.93 | 133.11 | 98.56 | 131.28 | 140.99 |
| Current Ratio | 4.22 | 14.48 | 134.42 | 100.09 | 131.49 | 141.07 |
| Asset Turnover | 0.00 | 0.01 | 0.00 | 0.01 | 0.03 | |
| Return on Equity (ROE) | -17.94% | -3.85% | 2.45% | -2.13% | 2.56% | 11.40% |
| Return on Assets (ROA) | -3.46% | -0.79% | 0.49% | -0.41% | 0.52% | 2.35% |
| Return on Invested Capital (ROIC) | -3.24% | -0.83% | 0.50% | -0.41% | 0.50% | 2.28% |
| Earnings Yield | -68.23% | -8.74% | 5.07% | -3.36% | 3.96% | 10.73% |
| FCF Yield | 16.45% | 13.43% | 18.87% | 16.98% | 14.67% | 9.76% |
| Dividend Yield | 7.62% | 11.96% | 9.78% | 13.00% | 12.36% | 8.26% |
| Payout Ratio | 289.69% | 359.31% | 75.77% | |||
| Buyback Yield / Dilution | 7.75% | 3.73% | -0.31% | -2.41% | -18.97% | -1.29% |
| Total Shareholder Return | 15.59% | 15.69% | 9.47% | 10.59% | -6.61% | 6.96% |