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KKR Real Estate Finance Trust (KREF) Financials

KKR Real Estate Finance Trust logo
$9.20 +0.13 (+1.38%)
Closing price 08/4/2025 03:59 PM Eastern
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$9.24 +0.05 (+0.54%)
As of 04:00 AM Eastern
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Annual Income Statements for KKR Real Estate Finance Trust

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

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
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

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
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

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
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

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
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

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
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

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
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%

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
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 Inc. (NYSE: KREF) has shown mixed financial performance over the last four years, with key trends visible in its income, cash flow, and balance sheet statements.

Income Statement Highlights:

  • KKR's quarterly net income has been volatile, with recent Q1 2025 reporting a net loss attributable to common shareholders of -$10.55 million, down from positive earnings in Q4 2024 (net income $14.58 million).
  • Net interest income has declined from $46.5 million in Q1 2023 to $31.3 million in Q1 2025, indicating pressure on interest margins or shrinking loan portfolios.
  • Non-interest expenses have generally remained high, with $38.1 million in Q1 2025 compared to $16.6 million in Q4 2024 and even higher in some earlier quarters, pressuring profitability.
  • Preferred stock dividends remain stable around $5.3 million each quarter, which is a fixed obligation reducing earnings available to common shareholders.
  • Cash dividends to common shareholders have been maintained at $0.25 per share each quarter, indicating a consistent shareholder return policy despite earnings volatility.

Cash Flow Statement Highlights:

  • Operating cash flow remains positive even in loss-making quarters, with $15.9 million generated in Q1 2025 driven by provisions for loan losses and amortization expenses, suggesting solid cash management.
  • Investing activities have shown significant net outflows, such as $220 million in Q1 2025 for purchasing investments, indicating ongoing capital deployment into real estate finance assets.
  • Financing cash flows have been positive recently, with $205.3 million net inflow in Q1 2025 primarily due to issuance of debt exceeding repayments, signaling reliance on external financing to support growth or operations.
  • Interest paid in cash has increased recently, with $84.7 million paid in Q1 2025, up from about $81-110 million in previous quarters, contributing to higher financing costs.
  • Provisions for loan losses have increased in recent quarters, hitting $24.9 million in Q1 2025, which may reflect increased credit risk in the loan portfolio.

Balance Sheet Highlights:

  • Total assets have declined modestly over the recent quarters to $6.55 billion in Q1 2025 from $7.26 billion in Q1 2024, reflecting possible contraction or asset sales.
  • Allowance for loan and lease losses remains significant at $142 million in Q1 2025, slightly reduced from $243 million in Q1 2024 but still a material reserve against credit risks.
  • Short-term debt remains a large component of total liabilities (~$3 billion) while long-term debt decreased slightly to $2.1 billion in Q1 2025, signaling high leverage.
  • Total equity decreased to approximately $1.36 billion in Q1 2025 from about $1.51 billion in Q1 2024, partly due to accumulated losses and dividend payments.
  • Noncontrolling interest remains modest but positive at about $53.7 million in Q1 2025.

Summary:

KKR Real Estate Finance Trust has faced profitability challenges recently as indicated by net losses in early 2025 and volatile earnings over four years. Despite this, operating cash flow remains positive, supported by provisions and amortization adjustments. The company appears dependent on ongoing debt issuance to fund investing activities and manage liquidity. Asset levels are slightly declining, and credit risk provisions continue to be material but manageable. Dividend payments on both preferred and common shares have been steady, although earnings volatility raises concerns about sustainability. Retail investors should note the firm's high leverage and sensitivity to credit losses, making it a potentially higher-risk income investment within the real estate finance sector.

08/05/25 03:04 AMAI Generated. May Contain Errors.

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. See KKR Real Estate Finance Trust's forecast for analyst expectations on what’s next for the company.

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 8/5/2025 by MarketBeat.com Staff
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