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.
Quarterly Income Statements for KKR Real Estate Finance Trust
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 |
| 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 |
Annual Cash Flow Statements for KKR Real Estate Finance Trust
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 |
| 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 |
Quarterly Cash Flow Statements for KKR Real Estate Finance Trust
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 |
| 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 |
Annual Balance Sheets for KKR Real Estate Finance Trust
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 |
| 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 |
Quarterly Balance Sheets for KKR Real Estate Finance Trust
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 |
| 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 |
Annual Metrics And Ratios for KKR Real Estate Finance Trust
This table displays calculated financial ratios and metrics derived from KKR Real Estate Finance Trust's official financial filings.
| Metric |
2022 |
2023 |
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% |
Quarterly Metrics And Ratios for KKR Real Estate Finance Trust
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 |
| 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 (KREF) Financial Overview (Q1 2025 vs Prior Quarters):
KKR Real Estate Finance Trust has experienced some notable trends over the last several quarters based on its recent quarterly filings through Q1 2025. Here’s a summary of the key financial highlights and trends that may impact investors:
- Net interest income remains positive but has declined from approximately $46 million in early 2023 to about $31 million in Q1 2025, indicating sustained but slowing core interest earnings.
- Operating cash flow from continuing operations was healthy at $15.9 million in Q1 2025, supporting ongoing business liquidity.
- KKR continues to actively manage its debt portfolio; Q1 2025 saw net debt issued exceeding repayments ($813M issued vs $576M repaid), which could fuel growth initiatives.
- Dividends to common shareholders remain stable at $0.25 per share in Q1 2025 as in prior quarters, supporting shareholder income.
- Allowance for loan and lease losses decreased from $243.6 million in Q1 2024 to $142.3 million in Q1 2025, potentially signaling improved asset quality or risk management.
- Total operating expenses, primarily "Other Operating Expenses," stood at $38.1M in Q1 2025, up compared to $16.6M in Q4 2024 but still fluctuating quarter-to-quarter, impacting profitability consistency.
- Cash and equivalents remained relatively stable near $106 million across recent quarters, providing reasonable liquidity coverage.
- Equity base showed modest decrease from approximately $1.5 billion in early 2023 to about $1.3 billion at Q1 2025, reflecting net losses offset by capital activities.
- Net loss attributed to common shareholders increased significantly in Q1 2025 at approximately -$10.6 million, worse than positive earnings seen in late 2024 and mid-2023, indicating profitability pressures.
- Q1 2025 net income attributable to common shareholders was negative -$10.6 million, reversing from prior profitable quarters (e.g., $19.6 million in Q4 2024), driven by margin compression and increased provisions.
- Provision for loan losses surged to $24.9 million in Q1 2025 from just $4.6 million in Q4 2024 and $33 million in Q1 2024, reflecting heightened credit risk or portfolio losses.
Trend Analysis:
KKR Real Estate Finance Trust's financial performance shows a recent decline in profitability with a net loss in Q1 2025, largely due to an increased provision for loan losses and increased operating expenses. Despite this, interest income remains solid though shrinking, and the company maintains healthy operating cash flows and dividend payments. Its active debt issuance suggests ongoing capital deployment for potential growth. However, investors should be cautious about elevated credit risk indicated by rising loan loss provisions and somewhat volatile earnings.
Summary: KREF is navigating through profitability challenges in early 2025, with increased credit loss provisions impacting earnings. The core business of earning net interest remains intact but pressured. Cash flow generation and dividend stability offer some reassurance. Monitoring credit quality and expense control in upcoming quarters will be critical for the firm's financial health and stock performance.
10/25/25 03:00 PM ETAI Generated. May Contain Errors.