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 (NYSE: KREF) has experienced notable fluctuations in its financial performance and position over the recent four-year period, according to the latest quarterly filings from Q1 2025 back to Q3 2022.
Positive Trends:
- Net interest income remains positive with $31.3 million reported in Q1 2025, despite declines from prior periods, indicating the company is still generating interest revenue exceeding its interest expenses.
- Provision for loan losses decreased from heightened levels seen in prior quarters (Q1 2025: $24.9 million vs. $60.5 million in Q1 2023), suggesting improving credit conditions or more conservative loan loss recognition.
- Operating cash flow showed strength with $15.9 million in Q1 2025, demonstrating ongoing cash generated from core business activities despite net losses reported.
- Common equity remains substantial at approximately $1.31 billion as of Q1 2025, providing a reasonable equity buffer relative to liabilities.
- The company continues to pay consistent quarterly dividends to common shareholders, sustaining a $0.25 per share dividend in Q1 2025, supporting shareholder returns.
Neutral Observations:
- Total assets slightly fluctuated but remain around $6.5 billion as of Q1 2025, reflecting relative balance-sheet stability.
- Net cash from financing activities was a positive $205 million in Q1 2025, driven by issuance of debt exceeding repayments, indicating active capital management.
- The share count has been relatively stable around 68-69 million shares outstanding over recent quarters, indicating little dilution or buyback activity.
- Non-interest income remained consistently at or near zero, aligning with KREF’s focus as a real estate finance trust primarily earning interest income.
Negative Factors:
- KKR REF reported a net loss of $10.55 million attributable to common shareholders in Q1 2025, marking a deterioration from profitable quarters in 2024 and indicating challenges in profitability.
- Non-interest expenses rose considerably to $38.1 million in Q1 2025 compared to approximately $16.6 million in Q4 2024, putting pressure on earnings.
- Allowance for loan and lease losses increased to $142.3 million as of Q1 2025, signaling credit risk concerns within the loan portfolio.
- The company continues to face relatively high interest expense levels ($82.6 million in Q1 2025), consuming a significant portion of its interest income and squeezing margins.
- Recurrent net losses were reported through most quarters in the last two years, reflecting operational and market headwinds in the real estate finance sector.
Summary: KKR Real Estate Finance Trust exhibits typical characteristics of a real estate finance company navigating volatile market conditions. While it continues to generate positive net interest income and operating cash flow, rising loan loss provisions, elevated non-interest expenses, and recurring net losses suggest cautiousness. The stable equity base and ongoing dividend payments support shareholder confidence, but profitability challenges and credit risks should be monitored closely by investors.
10/05/25 01:48 PM ETAI Generated. May Contain Errors.