KKR Real Estate Finance Trust (KREF) Financials

$9.60 -0.11 (-1.08%)

Closing price 09/12/2025 03:59 PM Eastern

Extended Trading

$9.60 -0.01 (-0.10%)

As of 09/12/2025 06:30 PM Eastern

Annual Income Statements for KKR Real Estate Finance Trust

This table shows KKR Real Estate Finance Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	15	-54	13
Consolidated Net Income / (Loss)	38	-32	34
Net Income / (Loss) Continuing Operations	38	-32	34
Total Pre-Tax Income	38	-31	35
Total Revenue	186	182	151
Net Interest Income / (Expense)	186	182	152
Total Interest Income	422	640	565
Loans and Leases Interest Income	422	640	565
Total Interest Expense	236	459	413
Long-Term Debt Interest Expense	236	459	413
Total Non-Interest Income	0.00	0.00	-0.62
Net Realized & Unrealized Capital Gains on Investments	0.00	0.00	-0.62
Total Non-Interest Expense	158	225	124
Salaries and Employee Benefits	0.63	2.49	0.00
Other Operating Expenses	158	223	124
Nonoperating Income / (Expense), net	10	13	7.26
Income Tax Expense	0.06	0.71	0.25
Preferred Stock Dividends Declared	21	21	21
Net Income / (Loss) Attributable to Noncontrolling Interest	0.92	0.96	-0.05
Basic Earnings per Share	$0.23	($0.78)	$0.19
Weighted Average Basic Shares Outstanding	67.55M	69.18M	69.40M
Diluted Earnings per Share	$0.23	($0.78)	$0.19
Weighted Average Diluted Shares Outstanding	67.55M	69.18M	69.40M
Weighted Average Basic & Diluted Shares Outstanding	69.10M	69.31M	68.71M
Cash Dividends to Common per Share	$1.72	$1.72	$1.00

This table shows KKR Real Estate Finance Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-48	15	-31	-26	21	-19	-8.74	20	-13	15	-11
Consolidated Net Income / (Loss)	-43	20	-25	-20	27	-13	-3.43	26	-7.33	20	-5.75
Net Income / (Loss) Continuing Operations	-43	20	-25	-20	27	-13	-3.43	26	-7.33	20	-5.75
Total Pre-Tax Income	-43	20	-25	-20	27	-13	-3.39	26	-7.24	20	-5.75
Total Revenue	47	52	47	44	45	46	39	40	37	35	31
Net Interest Income / (Expense)	47	52	47	44	45	46	39	40	37	35	31
Total Interest Income	115	144	153	160	163	165	152	149	140	124	114
Loans and Leases Interest Income	115	144	153	160	163	165	152	149	140	124	114
Total Interest Expense	67	92	106	116	119	119	112	109	103	88	83
Long-Term Debt Interest Expense	67	92	106	116	119	119	112	109	103	88	83
Total Non-Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	-0.62	0.00	-	0.00
Total Non-Interest Expense	92	34	74	69	21	61	45	16	46	17	38
Other Operating Expenses	92	34	72	68	21	61	45	16	46	17	38
Nonoperating Income / (Expense), net	1.75	2.40	2.36	4.99	3.65	1.65	2.64	2.05	1.48	1.09	0.99
Income Tax Expense	0.00	0.06	0.17	0.18	0.17	0.20	0.04	0.07	0.09	0.05	0.00
Preferred Stock Dividends Declared	5.33	5.33	5.33	5.33	5.33	5.33	5.33	5.33	5.33	5.33	5.33
Net Income / (Loss) Attributable to Noncontrolling Interest	0.18	0.17	0.23	0.32	0.11	0.30	-0.02	-0.02	0.34	-0.35	-0.53
Basic Earnings per Share	($0.70)	$0.18	($0.45)	($0.37)	$0.31	($0.27)	($0.13)	$0.29	($0.19)	$0.22	($0.15)
Weighted Average Basic Shares Outstanding	69.38M	67.55M	69.10M	69.12M	69.12M	69.18M	69.39M	69.42M	69.43M	69.40M	68.77M
Diluted Earnings per Share	($0.70)	$0.19	($0.45)	($0.37)	$0.31	($0.27)	($0.13)	$0.29	($0.19)	$0.22	($0.15)
Weighted Average Diluted Shares Outstanding	69.38M	67.55M	69.10M	69.12M	69.12M	69.18M	69.39M	69.42M	69.43M	69.40M	68.77M
Weighted Average Basic & Diluted Shares Outstanding	69.10M	69.10M	69.10M	69.11M	69.31M	69.31M	69.31M	69.33M	69.57M	68.71M	67.81M
Cash Dividends to Common per Share	$0.43	$0.43	$0.43	$0.43	$0.43	$0.43	$0.25	$0.25	$0.25	$0.25	$0.25

This table details how cash moves in and out of KKR Real Estate Finance Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-23	-102	-42
Net Cash From Operating Activities	141	156	133
Net Cash From Continuing Operating Activities	141	156	133
Net Income / (Loss) Continuing Operations	38	-32	34
Consolidated Net Income / (Loss)	38	-32	34
Provision For Loan Losses	112	175	81
Depreciation Expense	0.00	0.00	0.98
Amortization Expense	24	26	14
Non-Cash Adjustments to Reconcile Net Income	-20	-14	-6.22
Changes in Operating Assets and Liabilities, net	-12	-0.18	8.50
Net Cash From Investing Activities	-1,177	13	1,116
Net Cash From Continuing Investing Activities	-1,177	13	1,116
Purchase of Property, Leasehold Improvements and Equipment	-1.66	-1.86	-8.11
Purchase of Investment Securities	-2,420	-677	-299
Sale and/or Maturity of Investments	1,244	693	1,425
Other Investing Activities, net	0.00	0.00	-1.75
Net Cash From Financing Activities	1,013	-272	-1,291
Net Cash From Continuing Financing Activities	1,013	-272	-1,291
Issuance of Debt	3,331	811	602
Issuance of Preferred Equity	151	0.00	0.00
Issuance of Common Equity	194	0.00	0.00
Repayment of Debt	-2,487	-941	-1,779
Repurchase of Common Equity	-36	0.00	-10
Payment of Dividends	-137	-140	-103
Other Financing Activities, Net	-3.78	-1.66	-0.50
Cash Interest Paid	201	430	399
Cash Income Taxes Paid	0.71	0.30	0.37

This table details how cash moves in and out of KKR Real Estate Finance Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	65	60	16	-43	-101	27	-30	-6.11	-1.53	-4.60	0.80
Net Cash From Operating Activities	36	37	42	35	42	37	34	31	49	18	16
Net Cash From Continuing Operating Activities	36	37	42	35	42	37	34	31	49	18	16
Net Income / (Loss) Continuing Operations	-43	20	-25	-20	27	-13	-3.43	26	-7.33	20	-5.75
Consolidated Net Income / (Loss)	-43	20	-25	-20	27	-13	-3.43	26	-7.33	20	-5.75
Provision For Loan Losses	81	21	60	56	8.81	50	33	4.55	38	4.59	25
Depreciation Expense	-	-	-	-	-	-	-	-	-	0.50	0.49
Amortization Expense	6.45	6.79	6.80	7.10	6.55	5.73	5.03	4.25	3.79	1.30	3.08
Non-Cash Adjustments to Reconcile Net Income	-5.35	-5.08	-2.61	-4.10	-3.19	-3.85	-2.49	-2.42	2.06	-3.37	-1.24
Changes in Operating Assets and Liabilities, net	-3.22	-5.83	2.23	-3.74	2.76	-1.43	2.11	-1.26	12	-4.25	-5.53
Net Cash From Investing Activities	173	-207	-113	172	-122	76	237	228	244	408	-220
Net Cash From Continuing Investing Activities	173	-207	-113	172	-122	76	237	228	244	408	-220
Purchase of Property, Leasehold Improvements and Equipment	-0.52	-0.54	-0.87	-0.31	-0.21	-0.47	-2.11	-5.29	-0.69	-0.02	-1.28
Purchase of Investment Securities	-213	-415	-202	-173	-165	-138	-96	-92	-53	-58	-400
Sale and/or Maturity of Investments	387	209	90	345	43	215	335	325	298	467	182
Other Investing Activities, net	-	-	-	-	-	-	-	-	-	-1.27	-1.08
Net Cash From Financing Activities	-144	229	87	-251	-21	-87	-301	-265	-295	-431	205
Net Cash From Continuing Financing Activities	-144	229	87	-251	-21	-87	-301	-265	-295	-431	205
Issuance of Debt	85	582	162	394	100	155	119	148	198	137	813
Repayment of Debt	-189	-308	-41	-610	-86	-204	-384	-390	-470	-535	-576
Repurchase of Common Equity	-10	-7.45	-	-	-	-	-	-	-	-	-9.83
Payment of Dividends	-35	-35	-35	-35	-35	-35	-35	-23	-23	-23	-23
Other Financing Activities, Net	0.20	-2.84	0.26	-	-	-1.91	0.00	-	0.23	-0.74	0.77
Cash Interest Paid	56	82	95	112	111	112	108	107	93	90	85

This table presents KKR Real Estate Finance Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	7,802	7,548	6,350
Cash and Due from Banks	240	0.00	105
Trading Account Securities	-	35	117
Loans and Leases, Net of Allowance	-107	-210	-117
Allowance for Loan and Lease Losses	107	210	117
Other Assets	7,670	244	6,245
Total Liabilities & Shareholders' Equity	7,802	7,548	6,350
Total Liabilities	6,231	6,143	4,952
Short-Term Debt	3,749	3,782	2,799
Accrued Interest Payable	18	20	20
Other Short-Term Payables	30	30	17
Long-Term Debt	2,416	2,278	2,100
Other Long-Term Liabilities	0.00	18	14
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,571	1,404	1,399
Total Preferred & Common Equity	1,572	1,405	1,345
Preferred Stock	0.13	0.13	0.13
Total Common Equity	1,571	1,405	1,345
Common Stock	1,810	1,816	1,715
Retained Earnings	-142	-314	-370
Treasury Stock	-97	-97	0.00
Noncontrolling Interest	-0.10	-0.59	54

This table presents KKR Real Estate Finance Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	7,541	7,876	7,609	7,625	7,257	7,064	6,774	6,555
Cash and Due from Banks	183	254	208	108	107	107	109	106
Trading Account Securities	-	-	-	-	-	117	117	117
Loans and Leases, Net of Allowance	0.00	0.00	-224	-219	-244	-111	-148	-142
Allowance for Loan and Lease Losses	-	-	224	219	244	111	148	142
Other Assets	7,358	7,622	7,625	7,736	7,394	6,950	6,558	6,473
Total Liabilities & Shareholders' Equity	7,541	7,876	7,609	7,625	7,257	7,064	6,774	6,555
Total Liabilities	5,946	6,363	6,150	6,172	5,877	5,625	5,363	5,191
Short-Term Debt	3,469	3,875	3,808	3,827	3,522	3,286	3,018	3,024
Accrued Interest Payable	15	22	18	19	19	17	23	15
Other Short-Term Payables	-	-	30	30	17	17	17	17
Long-Term Debt	2,423	2,426	2,276	2,277	2,278	2,276	2,275	2,117
Other Long-Term Liabilities	39	40	0.00	0.00	0.00	26	0.00	17
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,595	1,513	1,460	1,453	1,380	1,439	1,411	1,364
Total Preferred & Common Equity	1,595	1,513	1,460	1,454	1,381	1,386	1,358	1,310
Preferred Stock	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13
Total Common Equity	1,595	1,513	1,460	1,454	1,381	1,386	1,358	1,310
Common Stock	1,811	1,812	1,814	1,816	1,818	1,724	1,726	1,708
Retained Earnings	-126	-202	-258	-266	-340	-338	-368	-398
Noncontrolling Interest	-0.04	-0.02	-0.12	-0.43	-0.91	53	53	54

This table displays calculated financial ratios and metrics derived from KKR Real Estate Finance Trust's official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	8.93%	-2.29%	-16.80%
EBITDA Growth	-65.00%	-133.96%	345.00%
EBIT Growth	-79.03%	-258.97%	162.66%
NOPAT Growth	-78.96%	-211.45%	188.87%
Net Income Growth	-72.60%	-184.21%	208.43%
EPS Growth	-89.59%	-439.13%	124.36%
Operating Cash Flow Growth	13.09%	10.34%	-14.87%
Free Cash Flow Firm Growth	34.94%	123.06%	394.99%
Invested Capital Growth	16.11%	-3.51%	-15.63%
Revenue Q/Q Growth	2.39%	-2.90%	-6.99%
EBITDA Q/Q Growth	-27.25%	-209.10%	504.64%
EBIT Q/Q Growth	-43.07%	-286.88%	574.54%
NOPAT Q/Q Growth	-42.74%	-269.78%	685.36%
Net Income Q/Q Growth	-35.00%	-2,133.20%	1,970.39%
EPS Q/Q Growth	-64.06%	-143.75%	163.33%
Operating Cash Flow Q/Q Growth	7.00%	-0.21%	-12.26%
Free Cash Flow Firm Q/Q Growth	39.22%	407.57%	40.67%
Invested Capital Q/Q Growth	3.32%	-1.24%	-6.07%
Profitability Metrics	-	-	-
EBITDA Margin	27.59%	-9.59%	28.24%
EBIT Margin	14.76%	-24.01%	18.08%
Profit (Net Income) Margin	20.23%	-17.43%	22.72%
Tax Burden Percent	99.85%	102.29%	99.28%
Interest Burden Percent	137.27%	70.98%	126.56%
Effective Tax Rate	0.15%	0.00%	0.72%
Return on Invested Capital (ROIC)	0.38%	-0.40%	0.39%
ROIC Less NNEP Spread (ROIC-NNEP)	0.56%	-0.42%	0.53%
Return on Net Nonoperating Assets (RNNOA)	2.18%	-1.73%	2.06%
Return on Equity (ROE)	2.56%	-2.13%	2.45%
Cash Return on Invested Capital (CROIC)	-14.53%	3.17%	17.35%
Operating Return on Assets (OROA)	0.38%	-0.57%	0.39%
Return on Assets (ROA)	0.52%	-0.41%	0.49%
Return on Common Equity (ROCE)	2.56%	-2.13%	2.40%
Return on Equity Simple (ROE_SIMPLE)	2.39%	-2.25%	2.55%
Net Operating Profit after Tax (NOPAT)	27	-31	27
NOPAT Margin	14.73%	-16.81%	17.95%
Net Nonoperating Expense Percent (NNEP)	-0.18%	0.02%	-0.13%
SG&A Expenses to Revenue	0.34%	1.37%	0.00%
Operating Expenses to Revenue	85.24%	124.01%	81.92%
Earnings before Interest and Taxes (EBIT)	27	-44	27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	51	-17	43
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.48	0.59	0.52
Price to Tangible Book Value (P/TBV)	0.48	0.59	0.52
Price to Revenue (P/Rev)	4.09	4.58	4.65
Price to Earnings (P/E)	49.40	0.00	53.76
Dividend Yield	15.65%	14.34%	9.90%
Earnings Yield	2.02%	0.00%	1.86%
Enterprise Value to Invested Capital (EV/IC)	0.86	0.92	0.88
Enterprise Value to Revenue (EV/Rev)	35.96	37.94	36.73
Enterprise Value to EBITDA (EV/EBITDA)	130.33	0.00	130.06
Enterprise Value to EBIT (EV/EBIT)	243.69	0.00	203.17
Enterprise Value to NOPAT (EV/NOPAT)	244.07	0.00	204.64
Enterprise Value to Operating Cash Flow (EV/OCF)	47.36	44.25	41.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	28.57	4.65
Leverage & Solvency	-	-	-
Debt to Equity	3.92	4.32	3.50
Long-Term Debt to Equity	1.54	1.62	1.50
Financial Leverage	3.91	4.11	3.91
Leverage Ratio	4.95	5.16	4.96
Compound Leverage Factor	6.79	3.66	6.28
Debt to Total Capital	79.69%	81.19%	77.79%
Short-Term Debt to Total Capital	48.46%	50.67%	44.44%
Long-Term Debt to Total Capital	31.23%	30.51%	33.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	-0.01%	0.86%
Common Equity to Total Capital	20.31%	18.82%	21.36%
Debt to EBITDA	120.20	-347.89	114.78
Net Debt to EBITDA	115.52	-347.89	112.33
Long-Term Debt to EBITDA	47.10	-130.75	49.21
Debt to NOPAT	225.09	-198.55	180.61
Net Debt to NOPAT	216.34	-198.55	176.74
Long-Term Debt to NOPAT	88.21	-74.62	77.42
Noncontrolling Interest Sharing Ratio	0.01%	-0.01%	1.91%
Liquidity Ratios	-	-	-
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-1,046	241	1,194
Operating Cash Flow to CapEx	8,491.28%	8,371.77%	1,635.37%
Free Cash Flow to Firm to Interest Expense	-4.43	0.53	2.89
Operating Cash Flow to Interest Expense	0.60	0.34	0.32
Operating Cash Flow Less CapEx to Interest Expense	0.59	0.34	0.30
Efficiency Ratios	-	-	-
Asset Turnover	0.03	0.02	0.02
Fixed Asset Turnover	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-
Invested Capital	7,736	7,464	6,298
Invested Capital Turnover	0.03	0.02	0.02
Increase / (Decrease) in Invested Capital	1,073	-272	-1,167
Enterprise Value (EV)	6,684	6,891	5,550
Market Capitalization	759	831	703
Book Value per Share	$22.74	$20.26	$19.33
Tangible Book Value per Share	$22.74	$20.26	$19.33
Total Capital	7,736	7,464	6,298
Total Debt	6,164	6,060	4,899
Total Long-Term Debt	2,416	2,278	2,100
Net Debt	5,925	6,060	4,794
Capital Expenditures (CapEx)	1.66	1.86	8.11
Net Nonoperating Expense (NNE)	-10	1.14	-7.20
Net Nonoperating Obligations (NNO)	6,164	6,060	4,899
Total Depreciation and Amortization (D&A)	24	26	15
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.78)	$0.19
Adjusted Weighted Average Basic Shares Outstanding	0.00	69.18M	69.40M
Adjusted Diluted Earnings per Share	$0.00	($0.78)	$0.19
Adjusted Weighted Average Diluted Shares Outstanding	0.00	69.18M	69.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	69.31M	68.71M
Normalized Net Operating Profit after Tax (NOPAT)	27	-31	27
Normalized NOPAT Margin	14.73%	-16.81%	17.95%
Pre Tax Income Margin	20.26%	-17.04%	22.88%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.12	-0.10	0.07
NOPAT to Interest Expense	0.12	-0.07	0.07
EBIT Less CapEx to Interest Expense	0.11	-0.10	0.05
NOPAT Less CapEx to Interest Expense	0.11	-0.07	0.05
Payout Ratios	-	-	-
Dividend Payout Ratio	364.18%	-442.74%	300.36%
Augmented Payout Ratio	459.37%	-442.74%	329.56%

This table displays calculated financial ratios and metrics derived from KKR Real Estate Finance Trust's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.02%	9.12%	14.18%	-4.18%	-5.71%	-10.45%	-15.92%	-9.41%	-17.05%	-24.43%	-19.93%
EBITDA Growth	-202.20%	-43.89%	-156.65%	-162.59%	178.25%	-135.98%	95.18%	255.86%	-116.45%	329.85%	-217.47%
EBIT Growth	-233.40%	-53.88%	-186.83%	-209.73%	152.28%	-182.01%	78.05%	194.44%	-137.31%	227.05%	-11.78%
NOPAT Growth	-193.66%	-53.53%	-160.78%	-176.81%	174.22%	-157.57%	78.05%	234.54%	-126.28%	281.08%	-11.78%
Net Income Growth	-220.31%	-50.17%	-171.31%	-180.51%	162.53%	-165.24%	86.42%	226.85%	-127.31%	249.13%	-67.66%
EPS Growth	-222.81%	-68.33%	-197.83%	-232.14%	144.29%	-242.11%	71.11%	178.38%	-161.29%	181.48%	-15.38%
Operating Cash Flow Growth	-8.21%	33.07%	25.67%	0.62%	17.42%	-0.89%	-17.17%	-13.62%	17.58%	-50.27%	-53.85%
Free Cash Flow Firm Growth	-263.38%	37.89%	60.21%	104.89%	97.39%	124.77%	186.38%	437.52%	1,904.48%	353.21%	6.22%
Invested Capital Growth	30.93%	16.11%	10.01%	-1.60%	0.94%	-3.51%	-8.13%	-7.19%	-11.29%	-15.63%	-9.40%
Revenue Q/Q Growth	3.15%	9.72%	-10.33%	-5.59%	1.50%	4.21%	-15.80%	1.72%	-7.06%	-5.06%	-10.80%
EBITDA Q/Q Growth	-234.11%	164.24%	-184.12%	13.63%	267.66%	-129.54%	96.93%	2,891.16%	-117.70%	512.70%	-115.57%
EBIT Q/Q Growth	-296.58%	139.77%	-254.53%	9.16%	193.65%	-162.39%	58.64%	490.85%	-137.00%	312.42%	-136.39%
NOPAT Q/Q Growth	-237.61%	156.64%	-208.48%	9.16%	232.96%	-143.94%	58.64%	656.82%	-125.97%	402.76%	-125.53%
Net Income Q/Q Growth	-271.69%	146.84%	-225.64%	20.31%	233.34%	-148.87%	73.85%	844.47%	-128.71%	366.87%	-129.40%
EPS Q/Q Growth	-350.00%	127.14%	-336.84%	17.78%	183.78%	-187.10%	51.85%	323.08%	-165.52%	215.79%	-168.18%
Operating Cash Flow Q/Q Growth	0.89%	4.51%	12.01%	-14.80%	17.74%	-11.79%	-6.39%	-11.15%	60.27%	-62.69%	-13.13%
Free Cash Flow Firm Q/Q Growth	16.40%	41.36%	30.81%	114.42%	-144.57%	656.99%	141.26%	-10.26%	49.64%	39.89%	-43.46%
Invested Capital Q/Q Growth	-2.33%	3.32%	1.02%	-3.47%	0.19%	-1.24%	-3.81%	-2.49%	-4.23%	-6.07%	3.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-80.77%	47.29%	-44.36%	-40.58%	67.03%	-19.00%	-2.54%	69.82%	-13.30%	57.79%	-10.09%
EBIT Margin	-94.41%	34.21%	-58.96%	-56.73%	52.34%	-31.33%	-15.39%	59.14%	-23.55%	52.68%	-21.49%
Profit (Net Income) Margin	-90.70%	38.72%	-54.25%	-45.79%	60.15%	-28.20%	-8.76%	64.11%	-19.80%	55.66%	-18.34%
Tax Burden Percent	100.00%	99.71%	100.67%	100.89%	99.39%	101.54%	101.21%	99.72%	101.26%	99.77%	100.00%
Interest Burden Percent	96.07%	113.49%	91.39%	80.00%	115.62%	88.65%	56.23%	108.71%	83.06%	105.91%	85.36%
Effective Tax Rate	0.00%	0.29%	0.00%	0.00%	0.61%	0.00%	0.00%	0.28%	0.00%	0.23%	0.00%
Return on Invested Capital (ROIC)	-1.82%	0.88%	-1.06%	-0.99%	1.29%	-0.52%	-0.25%	1.38%	-0.38%	1.15%	-0.32%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.04%	0.92%	-1.16%	-1.04%	1.35%	-0.57%	-0.24%	1.41%	-0.40%	1.17%	-0.33%
Return on Net Nonoperating Assets (RNNOA)	-7.48%	3.61%	-4.32%	-3.98%	5.33%	-2.35%	-0.99%	5.68%	-1.58%	4.59%	-1.33%
Return on Equity (ROE)	-9.29%	4.49%	-5.38%	-4.98%	6.62%	-2.87%	-1.24%	7.06%	-1.96%	5.74%	-1.65%
Cash Return on Invested Capital (CROIC)	-26.06%	-14.53%	-9.83%	0.88%	-1.04%	3.17%	8.26%	7.82%	11.90%	17.35%	10.25%
Operating Return on Assets (OROA)	-2.58%	0.88%	-1.50%	-1.41%	1.29%	-0.74%	-0.35%	1.37%	-0.53%	1.15%	-0.45%
Return on Assets (ROA)	-2.48%	0.99%	-1.38%	-1.13%	1.48%	-0.67%	-0.20%	1.49%	-0.45%	1.21%	-0.38%
Return on Common Equity (ROCE)	-9.28%	4.49%	-5.38%	-4.98%	6.62%	-2.87%	-1.24%	6.93%	-1.92%	5.63%	-1.61%
Return on Equity Simple (ROE_SIMPLE)	3.63%	0.00%	-1.52%	-4.67%	0.11%	0.00%	-0.71%	2.58%	0.12%	0.00%	2.44%
Net Operating Profit after Tax (NOPAT)	-31	18	-19	-17	23	-10	-4.22	23	-6.10	18	-4.71
NOPAT Margin	-66.08%	34.12%	-41.27%	-39.71%	52.02%	-21.93%	-10.77%	58.98%	-16.48%	52.56%	-15.04%
Net Nonoperating Expense Percent (NNEP)	0.22%	-0.04%	0.10%	0.04%	-0.06%	0.05%	-0.01%	-0.04%	0.02%	-0.02%	0.02%
SG&A Expenses to Revenue	0.00%	1.22%	3.89%	1.39%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	194.41%	65.79%	158.96%	156.73%	47.66%	131.33%	115.39%	40.86%	123.55%	47.32%	121.49%
Earnings before Interest and Taxes (EBIT)	-45	18	-27	-25	23	-15	-6.03	24	-8.71	19	-6.74
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-38	25	-21	-18	30	-8.83	-1.00	28	-4.92	20	-3.16
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.56	0.48	0.45	0.51	0.51	0.59	0.49	0.45	0.63	0.52	0.57
Price to Tangible Book Value (P/TBV)	0.56	0.48	0.45	0.51	0.51	0.59	0.49	0.45	0.63	0.52	0.57
Price to Revenue (P/Rev)	4.95	4.09	3.52	3.93	3.95	4.58	3.89	3.69	5.27	4.65	5.18
Price to Earnings (P/E)	18.91	49.40	0.00	0.00	0.00	0.00	0.00	0.00	0.00	53.76	65.91
Dividend Yield	13.26%	15.65%	17.64%	15.94%	16.08%	14.34%	15.74%	15.03%	9.55%	9.90%	9.26%
Earnings Yield	5.29%	2.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.86%	1.52%
Enterprise Value to Invested Capital (EV/IC)	0.88	0.86	0.86	0.88	0.89	0.92	0.89	0.88	0.91	0.88	0.90
Enterprise Value to Revenue (EV/Rev)	36.40	35.96	35.07	34.90	36.01	37.94	36.57	36.07	37.51	36.73	40.69
Enterprise Value to EBITDA (EV/EBITDA)	93.73	130.33	0.00	0.00	421.83	0.00	0.00	252.69	0.00	130.06	143.93
Enterprise Value to EBIT (EV/EBIT)	137.14	243.69	0.00	0.00	0.00	0.00	0.00	233.20	0.00	203.17	219.12
Enterprise Value to NOPAT (EV/NOPAT)	138.15	244.07	0.00	0.00	0.00	0.00	0.00	236.30	0.00	204.64	220.54
Enterprise Value to Operating Cash Flow (EV/OCF)	50.10	47.36	44.92	44.19	43.16	44.25	42.88	42.68	40.34	41.87	51.15
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	98.43	0.00	28.57	10.28	10.79	7.18	4.65	8.32
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.69	3.92	4.16	4.17	4.20	4.32	4.20	3.86	3.75	3.50	3.77
Long-Term Debt to Equity	1.52	1.54	1.60	1.56	1.57	1.62	1.65	1.58	1.61	1.50	1.55
Financial Leverage	3.66	3.91	3.72	3.85	3.94	4.11	4.18	4.02	3.98	3.91	3.99
Leverage Ratio	4.69	4.95	4.75	4.89	4.98	5.16	5.23	5.06	5.03	4.96	5.03
Compound Leverage Factor	4.51	5.61	4.34	3.91	5.75	4.57	2.94	5.50	4.18	5.25	4.30
Debt to Total Capital	78.69%	79.69%	80.64%	80.65%	80.77%	81.19%	80.78%	79.44%	78.95%	77.79%	79.04%
Short-Term Debt to Total Capital	46.33%	48.46%	49.59%	50.48%	50.64%	50.67%	49.05%	46.93%	45.01%	44.44%	46.49%
Long-Term Debt to Total Capital	32.36%	31.23%	31.05%	30.17%	30.13%	30.51%	31.72%	32.51%	33.94%	33.35%	32.54%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	-0.01%	-0.01%	-0.01%	0.76%	0.80%	0.86%	0.83%
Common Equity to Total Capital	21.30%	20.31%	19.36%	19.35%	19.23%	18.82%	19.23%	19.80%	20.25%	21.36%	20.13%
Debt to EBITDA	83.59	120.20	-1,082.34	-116.64	382.32	-347.89	-271.52	229.07	-501.84	114.78	126.91
Net Debt to EBITDA	80.98	115.52	-1,038.69	-112.66	375.56	-347.89	-266.53	224.66	-491.52	112.33	124.28
Long-Term Debt to EBITDA	34.37	47.10	-416.71	-43.63	142.60	-130.75	-106.63	93.74	-215.73	49.21	52.26
Debt to NOPAT	123.19	225.09	-284.58	-109.61	-739.57	-198.55	-373.58	214.21	-1,142.30	180.61	194.46
Net Debt to NOPAT	119.36	216.34	-273.11	-105.87	-726.48	-198.55	-366.71	210.09	-1,118.82	176.74	190.43
Long-Term Debt to NOPAT	50.66	88.21	-109.57	-41.00	-275.85	-74.62	-146.71	87.66	-491.05	77.42	80.07
Noncontrolling Interest Sharing Ratio	0.10%	0.01%	0.01%	0.01%	-0.01%	-0.01%	-0.02%	1.84%	1.86%	1.91%	1.94%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,800	-1,056	-730	105	-47	261	631	566	847	1,185	670
Operating Cash Flow to CapEx	6,840.19%	6,845.67%	4,796.66%	11,592.48%	19,608.45%	7,788.79%	1,634.50%	579.15%	7,169.34%	91,610.00%	1,241.50%
Free Cash Flow to Firm to Interest Expense	-26.74	-11.52	-6.89	0.91	-0.40	2.21	5.61	5.20	8.21	13.39	8.11
Operating Cash Flow to Interest Expense	0.53	0.41	0.39	0.31	0.35	0.31	0.31	0.28	0.48	0.21	0.19
Operating Cash Flow Less CapEx to Interest Expense	0.52	0.40	0.38	0.30	0.35	0.31	0.29	0.23	0.47	0.21	0.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,487	7,736	7,815	7,543	7,557	7,464	7,179	7,001	6,704	6,298	6,505
Invested Capital Turnover	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Increase / (Decrease) in Invested Capital	1,769	1,073	711	-123	70	-272	-635	-543	-853	-1,167	-675
Enterprise Value (EV)	6,607	6,684	6,721	6,621	6,735	6,891	6,370	6,135	6,094	5,550	5,831
Market Capitalization	899	759	674	746	739	831	678	627	856	703	742
Book Value per Share	$23.03	$22.74	$21.90	$21.13	$21.03	$20.26	$19.90	$20.00	$19.58	$19.33	$19.06
Tangible Book Value per Share	$23.03	$22.74	$21.90	$21.13	$21.03	$20.26	$19.90	$20.00	$19.58	$19.33	$19.06
Total Capital	7,487	7,736	7,815	7,543	7,557	7,464	7,179	7,001	6,704	6,298	6,505
Total Debt	5,892	6,164	6,301	6,084	6,104	6,060	5,799	5,561	5,293	4,899	5,141
Total Long-Term Debt	2,423	2,416	2,426	2,276	2,277	2,278	2,278	2,276	2,275	2,100	2,117
Net Debt	5,709	5,925	6,047	5,876	5,996	6,060	5,693	5,454	5,184	4,794	5,035
Capital Expenditures (CapEx)	0.52	0.54	0.87	0.31	0.21	0.47	2.11	5.29	0.69	0.02	1.28
Net Nonoperating Expense (NNE)	12	-2.39	6.04	2.67	-3.63	2.92	-0.79	-2.04	1.23	-1.09	1.03
Net Nonoperating Obligations (NNO)	5,892	6,164	6,301	6,084	6,104	6,060	5,799	5,561	5,293	4,899	5,141
Total Depreciation and Amortization (D&A)	6.45	6.79	6.80	7.10	6.55	5.73	5.03	4.25	3.79	1.80	3.57
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.70)	$0.18	($0.45)	($0.37)	$0.31	($0.27)	($0.13)	$0.29	($0.19)	$0.22	($0.15)
Adjusted Weighted Average Basic Shares Outstanding	69.38M	67.55M	69.10M	69.12M	69.12M	69.18M	69.39M	69.42M	69.43M	69.40M	68.77M
Adjusted Diluted Earnings per Share	($0.70)	$0.19	($0.45)	($0.37)	$0.31	($0.27)	($0.13)	$0.29	($0.19)	$0.22	($0.15)
Adjusted Weighted Average Diluted Shares Outstanding	69.38M	67.55M	69.10M	69.12M	69.12M	69.18M	69.39M	69.42M	69.43M	69.40M	68.77M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	69.10M	69.10M	69.10M	69.11M	69.31M	69.31M	69.31M	69.33M	69.57M	68.71M	67.81M
Normalized Net Operating Profit after Tax (NOPAT)	-31	18	-19	-17	23	-10	-4.22	23	-6.10	18	-4.71
Normalized NOPAT Margin	-66.08%	34.12%	-41.27%	-39.71%	52.02%	-21.93%	-10.77%	58.98%	-16.48%	52.56%	-15.04%
Pre Tax Income Margin	-90.70%	38.83%	-53.88%	-45.38%	60.52%	-27.78%	-8.66%	64.29%	-19.56%	55.79%	-18.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.66	0.19	-0.26	-0.22	0.20	-0.12	-0.05	0.22	-0.08	0.21	-0.08
NOPAT to Interest Expense	-0.46	0.19	-0.18	-0.15	0.20	-0.09	-0.04	0.22	-0.06	0.21	-0.06
EBIT Less CapEx to Interest Expense	-0.67	0.19	-0.27	-0.22	0.20	-0.13	-0.07	0.17	-0.09	0.21	-0.10
NOPAT Less CapEx to Interest Expense	-0.47	0.19	-0.19	-0.15	0.19	-0.09	-0.06	0.17	-0.07	0.21	-0.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	221.80%	364.18%	-607.76%	-206.02%	9,008.16%	-442.74%	-1,426.48%	356.98%	6,965.38%	300.36%	282.68%
Augmented Payout Ratio	270.80%	459.37%	-607.76%	-206.02%	9,008.16%	-442.74%	-1,426.48%	356.98%	6,965.38%	329.56%	344.72%

Key Financial Trends

KKR Real Estate Finance Trust (NYSE: KREF) Financial Summary and Trends (Q3 2022 - Q1 2025)

KKR Real Estate Finance Trust, a real estate finance company, has shown varying financial performance over the last several quarters. Below is an analysis of key financial metrics and trends based on quarterly income statements, cash flow statements, and balance sheets from Q3 2022 through Q1 2025.

Consistent Interest Income: Loans and leases interest income has generally been strong, peaking around $165 million in Q4 2023 before a decline in early 2025 to approximately $114 million in Q1 2025.
Operating Cash Flow Positive: The company has generated positive net cash from operating activities in recent quarters, e.g., $15.9 million in Q1 2025, indicative of operational cash-generating ability despite accounting losses.
Stable Dividend Payments: KREF has maintained quarterly dividends to common shareholders at $0.25 per share consistently since early 2023, supporting investor income expectations.
Debt Management Activities: The company has engaged in significant debt issuance and repayments, notably issuing $813 million in Q1 2025 and repaying $576 million, showing active capital structure management.
Allowance for Loan Losses Has Reduced: The allowance for loan and lease losses declined from roughly $243 million in Q1 2024 to $142 million in Q1 2025, indicating improved credit quality or reduced risk exposure.

Volatility in Net Income: The company has experienced fluctuations from positive net income in some quarters (e.g., $26.8 million in Q3 2023) to losses in others (-$10.5 million in Q1 2025), reflecting operational or market variability.
High Operating Expenses: Other operating expenses remain elevated relative to interest income, often exceeding $30-$70 million per quarter, impacting overall profitability.
Non-Interest Income Minimal or Negative: Non-interest income contributions are negligible or negative in several quarters, limiting diversification of revenue sources.
Stable Common Shares Outstanding: Weighted average shares outstanding have remained relatively consistent around 69 million shares, indicating limited dilution.
Fluctuating Cash Balances: Cash and equivalents have ranged roughly between $100 million and $254 million, influenced by financing and investing activities.

Declining Revenue and Net Interest Income: Total interest income and net interest income trended downward from $165 million and $46 million, respectively, in late 2023 to about $114 million and $31 million by Q1 2025.
Net Losses Recent Trend: The most recent quarter, Q1 2025, shows a net loss attributable to common shareholders of approximately $10.55 million, contrasting with profits in previous years.
High Preferred Dividends Burden: Preferred stock dividends consistently amount to around $5.3 million per quarter, adding to net income pressure given recent losses.
Elevated Non-Interest Expenses: Non-interest expenses have surged to nearly $38 million in Q1 2025 from as low as $16 million in Q4 2024, reducing profitability.
Substantial Investment Activity Outflows: The company is investing heavily in securities with outflows like $400 million in Q1 2025, while sales are lower, contributing to negative investing cash flow.

Overall Analysis:

KKR Real Estate Finance Trust has exhibited strong operational and interest income fundamentals but faces challenges including recent net losses, elevated non-interest expenses, and fluctuating investment cash flows. The company actively manages its liabilities through debt issuances and repayments, while maintaining stable dividends to shareholders. Allowance for loan losses reduction is a positive credit indicator. Investors should watch for improvements in profitability and control of expenses as key factors driving the stock’s potential recovery.

09/15/25 04:36 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About KKR Real Estate Finance Trust's Financials

When does KKR Real Estate Finance Trust's fiscal year end?

According to the most recent income statement we have on file, KKR Real Estate Finance Trust's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has KKR Real Estate Finance Trust's net income changed over the last 2 years?

KKR Real Estate Finance Trust's net income appears to be on a downward trend, with a most recent value of $34.33 million in 2024, falling from $37.59 million in 2022. The previous period was -$31.66 million in 2023. Find out what analysts predict for KKR Real Estate Finance Trust in the coming months.

How has KKR Real Estate Finance Trust's revenue changed over the last 2 years?

Over the last 2 years, KKR Real Estate Finance Trust's total revenue changed from $185.87 million in 2022 to $151.10 million in 2024, a change of -18.7%.

How much debt does KKR Real Estate Finance Trust have?

KKR Real Estate Finance Trust's total liabilities were at $4.95 billion at the end of 2024, a 19.4% decrease from 2023, and a 20.5% decrease since 2022.

How much cash does KKR Real Estate Finance Trust have?

In the past 2 years, KKR Real Estate Finance Trust's cash and equivalents has ranged from $0.00 in 2023 to $239.79 million in 2022, and is currently $104.93 million as of their latest financial filing in 2024.

How has KKR Real Estate Finance Trust's book value per share changed over the last 2 years?

Over the last 2 years, KKR Real Estate Finance Trust's book value per share changed from 22.74 in 2022 to 19.33 in 2024, a change of -15.0%.

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This page (NYSE:KREF) was last updated on 9/15/2025 by MarketBeat.com Staff

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KKR Real Estate Finance Trust (KREF) Financials

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KKR Real Estate Finance Trust (KREF) Financials

Annual Income Statements for KKR Real Estate Finance Trust

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Quarterly Balance Sheets for KKR Real Estate Finance Trust

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