KKR Real Estate Finance Trust (KREF) Financials

$7.36 -0.01 (-0.07%)

Closing price 03:59 PM Eastern

Extended Trading

$7.36 +0.01 (+0.14%)

As of 06:18 PM Eastern

Annual Income Statements for KKR Real Estate Finance Trust

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	17	31	59	87	90	54	137	15	-54	13	-140
Consolidated Net Income / (Loss)	17	32	60	90	90	54	137	38	-32	34	-50
Net Income / (Loss) Continuing Operations	17	32	60	90	90	54	137	38	-32	34	-50
Total Pre-Tax Income	18	33	61	90	91	55	138	38	-31	35	-51
Total Revenue	12	26	62	112	113	142	171	186	182	151	118
Net Interest Income / (Expense)	12	25	62	99	115	142	166	186	182	152	113
Total Interest Income	13	33	83	184	274	269	280	422	640	565	436
Loans and Leases Interest Income	13	33	83	184	274	269	280	422	640	565	436
Total Interest Expense	0.55	7.43	21	85	159	127	114	236	459	413	323
Long-Term Debt Interest Expense	0.55	7.43	21	85	159	127	114	236	459	413	323
Total Non-Interest Income	0.00	0.29	0.00	13	-2.69	0.00	5.13	0.00	0.00	-0.62	5.84
Other Service Charges	-	-	-	-	-	-	-	-	-	-	4.65
Net Realized & Unrealized Capital Gains on Investments	-	0.29	0.00	13	-2.69	0.00	5.13	0.00	0.00	-0.62	1.19
Total Non-Interest Expense	4.75	8.57	18	29	31	88	40	158	225	124	169
Salaries and Employee Benefits	0.13	0.37	0.00	4.76	3.27	6.77	10	0.63	2.49	0.00	0.00
Other Operating Expenses	4.61	8.20	18	24	28	82	30	158	223	124	169
Nonoperating Income / (Expense), net	10	16	18	7.09	8.69	1.28	7.06	10	13	7.26	0.14
Income Tax Expense	0.39	0.35	1.10	-0.07	0.58	0.41	0.68	0.06	0.71	0.25	-0.16
Preferred Stock Dividends Declared	0.02	0.02	0.24	2.45	-0.53	0.84	11	21	21	21	21
Net Income / (Loss) Attributable to Noncontrolling Interest	0.41	1.12	1.02	0.06	-	0.00	0.18	0.92	0.96	-0.05	-1.91
Basic Earnings per Share	$1.95	$1.61	$1.30	$1.58	$1.58	$0.96	$2.22	$0.23	($0.78)	$0.19	($1.05)
Weighted Average Basic Shares Outstanding	8.61M	19.30M	45.32M	55.14M	57.43M	55.99M	56.57M	67.55M	69.18M	69.40M	66.81M
Diluted Earnings per Share	$1.95	$1.61	$1.30	$1.58	$1.57	$0.96	$2.21	$0.23	($0.78)	$0.19	($1.05)
Weighted Average Diluted Shares Outstanding	8.61M	19.30M	45.32M	55.17M	57.53M	56.06M	56.78M	67.55M	69.18M	69.40M	66.81M
Weighted Average Basic & Diluted Shares Outstanding	-	-	45.20M	55.20M	57.49M	55.62M	61.37M	69.10M	69.31M	68.71M	64.28M
Cash Dividends to Common per Share	-	$1.22	$1.62	$1.69	$1.72	$1.72	$1.72	$1.72	$1.72	$1.00	$1.00

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	21	-19	-8.74	20	-13	15	-11	-35	16	-110	-62
Consolidated Net Income / (Loss)	27	-13	-3.43	26	-7.33	20	-5.75	-31	13	-27	-57
Net Income / (Loss) Continuing Operations	27	-13	-3.43	26	-7.33	20	-5.75	-31	13	-27	-57
Total Pre-Tax Income	27	-13	-3.39	26	-7.24	20	-5.75	-31	13	-27	-57
Total Revenue	45	46	39	40	37	35	31	31	26	29	28
Net Interest Income / (Expense)	45	46	39	40	37	35	31	30	25	26	26
Total Interest Income	163	165	152	149	140	124	114	112	108	101	96
Loans and Leases Interest Income	163	165	152	149	140	124	114	112	108	101	96
Total Interest Expense	119	119	112	109	103	88	83	82	83	76	70
Long-Term Debt Interest Expense	119	119	112	109	103	88	83	82	83	76	70
Total Non-Interest Income	0.00	-	0.00	-0.62	0.00	-	0.00	1.19	1.10	3.55	1.48
Net Realized & Unrealized Capital Gains on Investments	0.00	-	-	-0.62	0.00	-	0.00	1.19	0.00	-	1.48
Total Non-Interest Expense	21	61	45	16	46	17	38	62	14	55	87
Other Operating Expenses	21	61	45	16	46	17	38	62	14	55	87
Nonoperating Income / (Expense), net	3.65	1.65	2.64	2.05	1.48	1.09	0.99	0.44	0.24	-1.53	1.55
Income Tax Expense	0.17	0.20	0.04	0.07	0.09	0.05	0.00	0.00	0.00	-0.16	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	0.11	0.30	-0.02	-0.02	0.34	-0.35	-0.53	-0.47	-0.63	-0.28	-0.60
Basic Earnings per Share	$0.31	($0.27)	($0.13)	$0.29	($0.19)	$0.22	($0.15)	($0.53)	$0.12	($0.49)	($0.96)
Weighted Average Basic Shares Outstanding	69.12M	69.18M	69.39M	69.42M	69.43M	69.40M	68.77M	67.19M	65.88M	66.81M	64.67M
Diluted Earnings per Share	$0.31	($0.27)	($0.13)	$0.29	($0.19)	$0.22	($0.15)	($0.53)	$0.12	($0.49)	($0.96)
Weighted Average Diluted Shares Outstanding	69.12M	69.18M	69.39M	69.42M	69.43M	69.40M	68.77M	67.19M	65.88M	66.81M	64.67M
Weighted Average Basic & Diluted Shares Outstanding	69.31M	69.31M	69.31M	69.33M	69.57M	68.71M	67.81M	65.68M	65.49M	64.28M	64.30M
Cash Dividends to Common per Share	$0.43	$0.43	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	27	70	7.17	-17	-19	43	163	-23	-102	-42	-19
Net Cash From Operating Activities	12	25	54	77	92	115	125	141	156	133	72
Net Cash From Continuing Operating Activities	12	25	54	77	92	115	125	141	156	133	72
Net Income / (Loss) Continuing Operations	17	32	60	90	90	54	137	38	-32	34	-50
Consolidated Net Income / (Loss)	17	32	60	90	90	54	137	38	-32	34	-50
Provision For Loan Losses	-	-	-	0.00	0.00	50	-4.06	112	175	81	119
Depreciation Expense	-	-	-	-	-	-	-	0.00	0.00	0.98	2.60
Amortization Expense	0.00	1.02	-0.45	8.59	-3.45	5.11	16	24	26	14	14
Non-Cash Adjustments to Reconcile Net Income	-5.49	-5.45	-5.06	-20	5.36	4.28	-26	-20	-14	-6.22	-7.24
Changes in Operating Assets and Liabilities, net	-0.15	-2.44	-0.78	-1.17	-0.16	0.93	1.73	-12	-0.18	8.50	-6.05
Net Cash From Investing Activities	-364	-456	-1,084	-1,997	-926	89	-1,541	-1,177	13	1,116	264
Net Cash From Continuing Investing Activities	-364	-456	-1,084	-1,997	-926	89	-1,541	-1,177	13	1,116	264
Purchase of Property, Leasehold Improvements and Equipment	-	-	-	-	-	-	0.00	-1.66	-1.86	-8.11	-5.58
Purchase of Investment Securities	-483	-495	-1,202	-2,556	-2,965	-966	-3,905	-2,420	-677	-299	-1,147
Sale and/or Maturity of Investments	119	39	132	559	2,039	1,055	2,364	1,244	693	1,425	1,450
Other Investing Activities, net	-	-	-	-	-	-	-	0.00	0.00	-1.75	-33
Net Cash From Financing Activities	379	501	1,037	1,903	816	-161	1,579	1,013	-272	-1,291	-356
Net Cash From Continuing Financing Activities	380	503	1,037	1,903	816	-161	1,579	1,013	-272	-1,291	-356
Issuance of Debt	124	520	984	3,261	3,218	1,308	4,789	3,331	667	602	2,028
Repayment of Debt	-2.07	-203	-464	-1,341	-2,297	-1,345	-3,388	-2,487	-797	-1,779	-2,253
Repurchase of Common Equity	0.00	0.00	-5.42	-33	-4.11	-25	0.00	-36	0.00	-10	-43
Payment of Dividends	-7.56	-22	-59	-89	-100	-97	-104	-137	-140	-103	-88
Other Financing Activities, Net	8.47	-2.16	0.00	-3.55	-1.64	-1.45	-6.23	-3.78	-1.66	-0.50	0.90
Cash Interest Paid	0.24	5.55	17	67	146	103	95	201	430	399	316
Cash Income Taxes Paid	0.00	0.52	0.81	0.76	0.40	0.12	0.41	0.71	0.30	0.37	0.00

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-101	27	-30	-6.11	-1.53	-4.60	0.80	2.62	97	-120	50
Net Cash From Operating Activities	42	37	34	31	49	18	16	21	19	17	13
Net Cash From Continuing Operating Activities	42	37	34	31	49	18	16	21	19	17	13
Net Income / (Loss) Continuing Operations	27	-13	-3.43	26	-7.33	20	-5.75	-31	13	-27	-57
Consolidated Net Income / (Loss)	27	-13	-3.43	26	-7.33	20	-5.75	-31	13	-27	-57
Provision For Loan Losses	8.81	50	33	4.55	38	4.59	25	50	0.98	44	74
Depreciation Expense	-	-	0.00	-	-	0.50	0.49	0.49	0.73	0.89	0.98
Amortization Expense	6.55	5.73	5.03	4.25	3.79	1.30	3.08	3.02	4.73	3.26	3.54
Non-Cash Adjustments to Reconcile Net Income	-3.19	-3.85	0.54	-2.42	2.06	-3.37	-0.75	-2.82	-2.50	-0.68	-3.47
Changes in Operating Assets and Liabilities, net	2.76	-1.43	-0.92	-1.26	12	-4.25	-6.02	1.17	1.79	-3.48	-4.30
Net Cash From Investing Activities	-122	76	237	228	244	408	-220	237	384	-135	249
Net Cash From Continuing Investing Activities	-122	76	237	228	244	408	-220	237	384	-135	249
Purchase of Property, Leasehold Improvements and Equipment	-0.21	-0.47	-2.11	-5.29	-0.69	-0.02	-1.28	-0.61	-0.98	-2.71	-2.94
Purchase of Investment Securities	-165	-138	-96	-92	-53	-58	-401	-236	-90	-421	-222
Sale and/or Maturity of Investments	43	215	335	325	298	467	182	478	483	308	490
Other Investing Activities, net	-	-	0.00	-	-	-1.27	0.00	-4.57	-8.42	-19	-15
Net Cash From Financing Activities	-21	-87	-301	-265	-295	-431	205	-255	-305	-1.06	-213
Net Cash From Continuing Financing Activities	-21	-87	-301	-265	-295	-431	205	-255	-305	-1.06	-213
Issuance of Debt	100	155	119	148	198	137	813	400	386	429	240
Repayment of Debt	-86	-204	-384	-390	-470	-535	-576	-613	-666	-398	-436
Repurchase of Common Equity	-	-	0.00	-	-	-	-9.83	-20	-4.24	-9.27	-0.76
Payment of Dividends	-35	-35	-35	-23	-23	-23	-23	-22	-22	-22	-21
Other Financing Activities, Net	-	-1.91	0.00	-	0.23	-0.74	0.77	0.20	0.27	-0.34	5.61
Cash Interest Paid	111	112	108	107	93	90	85	81	78	72	64

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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	6,265	7,395	5,232	5,057	4,966	6,703	7,802	7,548	6,350	6,465
Cash and Due from Banks	96	103	87	68	111	271	240	0.00	105	85
Trading Account Securities	63	-	-	-	-	-	-	35	117	147
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	-60	-22	-107	-210	5,772	5,146
Loans and Leases	-	-	-	-	-	-	-	-	5,889	5,348
Allowance for Loan and Lease Losses	-	-	-	0.00	60	22	107	210	117	202
Loans Held for Sale	675	1,889	4,002	-	-	-	-	-	-	0.00
Other Assets	5,432	5,403	1,143	4,989	4,915	6,454	7,670	244	357	1,087
Total Liabilities & Shareholders' Equity	6,265	7,395	5,232	5,057	4,966	6,703	7,802	7,548	6,350	6,465
Total Liabilities	5,757	6,332	4,097	3,933	3,920	5,342	6,231	6,143	4,952	5,239
Short-Term Debt	-	-	-	2,885	2,575	3,727	3,749	3,782	2,799	2,863
Long-Term Debt	439	1,046	2,975	1,013	1,305	1,574	2,416	2,278	2,100	1,831
Other Long-Term Liabilities	5,314	5,257	1,080	28	-	34	0.00	18	0.00	546
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	505	1,059	1,132	1,122	1,044	1,362	1,571	1,404	1,399	1,225
Total Preferred & Common Equity	498	1,059	1,132	1,122	1,044	1,361	1,572	1,405	1,345	1,173
Preferred Stock	0.13	0.00	0.00	0.00	0.00	0.07	0.13	0.13	0.13	0.13
Total Common Equity	498	1,059	1,132	1,122	1,044	1,361	1,571	1,405	1,345	1,172
Common Stock	480	1,053	1,164	1,167	1,170	1,461	1,810	1,816	1,715	1,688
Retained Earnings	18	6.28	-0.23	-8.59	-66	-38	-142	-314	-370	-506
Treasury Stock	0.00	-0.52	-32	-36	-61	-61	-97	-97	0.00	-9.26
Noncontrolling Interest	7.34	-	-	-	0.00	0.15	-0.10	-0.59	54	53

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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	7,541	7,876	7,609	7,625	7,257	7,064	6,774	6,555	7,247	6,991	6,950
Cash and Due from Banks	183	254	208	108	107	107	109	106	108	204	135
Trading Account Securities	-	-	-	-	-	117	117	117	121	128	147
Loans and Leases, Net of Allowance	0.00	0.00	-224	-219	-244	-111	-148	-142	0.00	4,982	4,627
Loans and Leases	-	-	-	-	-	-	-	-	-	5,297	4,886
Allowance for Loan and Lease Losses	-	-	224	219	244	111	148	142	-	315	259
Loans Held for Sale	-	-	-	-	-	-	138	-	-	-	220
Other Assets	7,358	7,622	7,625	7,736	7,394	6,950	6,558	6,473	432	510	1,820
Total Liabilities & Shareholders' Equity	7,541	7,876	7,609	7,625	7,257	7,064	6,774	6,555	6,755	6,485	6,950
Total Liabilities	5,946	6,363	6,150	6,172	5,877	5,625	5,363	5,191	5,945	5,700	5,797
Short-Term Debt	3,469	3,875	3,808	3,827	3,522	3,286	3,018	3,024	2,948	2,699	2,801
Long-Term Debt	2,423	2,426	2,276	2,277	2,278	2,276	2,275	2,117	2,464	2,452	1,698
Other Long-Term Liabilities	39	40	0.00	0.00	0.00	26	0.00	17	17	19	1,298
Commitments & Contingencies	0.00	0.00	0.00	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	1,293	1,282	1,153
Total Preferred & Common Equity	1,595	1,513	1,460	1,454	1,381	1,386	1,358	1,310	1,240	1,230	1,096
Preferred Stock	0.13	0.13	0.13	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	1,240	1,230	1,096
Common Stock	1,811	1,812	1,814	1,816	1,818	1,724	1,726	1,708	1,690	1,688	1,680
Retained Earnings	-126	-202	-258	-266	-340	-338	-368	-398	-450	-458	-584
Other Equity Adjustments	-	-	-	-	-	-	-	-	-	-	0.00
Noncontrolling Interest	-0.04	-0.02	-0.12	-0.43	-0.91	53	53	54	53	52	57

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	112.92%	142.71%	80.16%	1.10%	25.79%	20.27%	8.93%	-2.29%	-16.80%	-21.59%
EBITDA Growth	0.00%	148.11%	139.60%	111.94%	-14.06%	-25.22%	149.93%	-65.00%	-133.96%	345.00%	-179.88%
EBIT Growth	0.00%	134.12%	156.70%	90.02%	-0.95%	-34.61%	144.38%	-79.03%	-258.97%	162.66%	-285.91%
NOPAT Growth	0.00%	136.88%	154.84%	93.65%	-1.66%	-34.68%	145.01%	-78.96%	-211.45%	188.87%	-231.08%
Net Income Growth	0.00%	87.93%	86.16%	49.48%	0.18%	-39.54%	152.19%	-72.60%	-184.21%	208.43%	-247.08%
EPS Growth	0.00%	-17.44%	-19.25%	21.54%	-0.63%	-38.85%	130.21%	-89.59%	-439.13%	124.36%	-652.63%
Operating Cash Flow Growth	0.00%	120.12%	111.76%	42.80%	19.37%	25.46%	8.46%	13.09%	10.34%	-14.87%	-45.47%
Free Cash Flow Firm Growth	0.00%	0.00%	-20.32%	-71.28%	56.67%	118.08%	-1,170.35%	34.94%	123.06%	394.99%	-113.37%
Invested Capital Growth	0.00%	0.00%	122.70%	94.82%	22.20%	-1.93%	35.28%	16.11%	-3.51%	-15.63%	1.97%
Revenue Q/Q Growth	0.00%	0.00%	21.96%	7.39%	1.25%	4.06%	8.39%	2.39%	-2.90%	-6.99%	-4.66%
EBITDA Q/Q Growth	0.00%	0.00%	21.00%	23.00%	-25.27%	-63.64%	2,866.42%	-27.25%	-209.10%	504.64%	-549.28%
EBIT Q/Q Growth	0.00%	0.00%	22.04%	7.45%	1.08%	-66.64%	2,057.16%	-43.07%	-286.88%	574.54%	-652.08%
NOPAT Q/Q Growth	0.00%	0.00%	21.01%	8.72%	0.51%	15.41%	8.78%	-42.74%	-269.78%	685.36%	-656.67%
Net Income Q/Q Growth	0.00%	0.00%	10.08%	4.97%	3.55%	8.68%	9.14%	-35.00%	-2,133.20%	1,970.39%	-1,164.12%
EPS Q/Q Growth	0.00%	0.00%	-17.20%	2.60%	6.80%	6.67%	5.24%	-64.06%	-143.75%	163.33%	-208.82%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	245.16%	-50.48%	4.64%	0.15%	3.56%	7.00%	-0.21%	-12.26%	-2.15%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-20.95%	48.22%	496.60%	-292.97%	39.22%	407.57%	40.67%	-162.14%
Invested Capital Q/Q Growth	0.00%	0.00%	15.78%	17.98%	-2.85%	-5.11%	16.50%	3.32%	-1.24%	-6.07%	-0.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	60.43%	70.42%	69.52%	81.78%	69.52%	41.33%	85.88%	27.59%	-9.59%	28.24%	-28.77%
EBIT Margin	60.40%	66.41%	70.24%	74.08%	72.58%	37.73%	76.66%	14.76%	-24.01%	18.08%	-42.87%
Profit (Net Income) Margin	143.32%	126.50%	97.03%	80.50%	79.77%	38.34%	80.39%	20.23%	-17.43%	22.72%	-42.62%
Tax Burden Percent	97.76%	98.92%	98.20%	100.08%	99.36%	99.25%	99.50%	99.85%	102.29%	99.28%	99.69%
Interest Burden Percent	242.71%	192.56%	140.67%	108.58%	110.61%	102.39%	105.39%	137.27%	70.98%	126.56%	99.72%
Effective Tax Rate	2.24%	1.09%	1.80%	-0.08%	0.64%	0.75%	0.50%	0.15%	0.00%	0.72%	0.00%
Return on Invested Capital (ROIC)	0.00%	3.54%	2.79%	2.66%	1.78%	1.07%	2.25%	0.38%	-0.40%	0.39%	-0.56%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	10.56%	5.12%	3.01%	2.03%	1.10%	2.40%	0.56%	-0.42%	0.53%	-0.86%
Return on Net Nonoperating Assets (RNNOA)	0.00%	9.24%	4.89%	5.54%	6.19%	3.95%	9.15%	2.18%	-1.73%	2.06%	-3.29%
Return on Equity (ROE)	0.00%	12.78%	7.68%	8.20%	7.98%	5.02%	11.40%	2.56%	-2.13%	2.45%	-3.85%
Cash Return on Invested Capital (CROIC)	0.00%	-196.46%	-73.25%	-61.67%	-18.20%	3.02%	-27.75%	-14.53%	3.17%	17.35%	-2.51%
Operating Return on Assets (OROA)	0.00%	0.27%	0.64%	1.31%	1.59%	1.07%	2.24%	0.38%	-0.57%	0.39%	-0.76%
Return on Assets (ROA)	0.00%	0.52%	0.88%	1.42%	1.75%	1.09%	2.35%	0.52%	-0.41%	0.49%	-0.76%
Return on Common Equity (ROCE)	0.00%	12.59%	7.65%	8.20%	7.97%	5.01%	11.39%	2.56%	-2.13%	2.40%	-3.69%
Return on Equity Simple (ROE_SIMPLE)	0.00%	6.48%	5.67%	7.93%	8.02%	5.21%	10.08%	2.39%	-2.25%	2.55%	-4.31%
Net Operating Profit after Tax (NOPAT)	7.08	17	43	83	81	53	130	27	-31	27	-36
NOPAT Margin	59.05%	65.69%	68.97%	74.14%	72.11%	37.45%	76.28%	14.73%	-16.81%	17.95%	-30.01%
Net Nonoperating Expense Percent (NNEP)	0.00%	-7.02%	-2.33%	-0.35%	-0.25%	-0.03%	-0.15%	-0.18%	0.02%	-0.13%	0.30%
SG&A Expenses to Revenue	1.09%	1.43%	0.00%	4.26%	2.90%	4.77%	6.02%	0.34%	1.37%	0.00%	0.00%
Operating Expenses to Revenue	39.60%	33.59%	29.76%	25.92%	27.42%	62.27%	23.34%	85.24%	124.01%	81.92%	142.87%
Earnings before Interest and Taxes (EBIT)	7.24	17	43	83	82	54	131	27	-44	27	-51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7.24	18	43	91	78	59	147	51	-17	43	-34
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.53	0.56	0.65	0.66	0.64	0.48	0.59	0.52	0.46
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.53	0.56	0.65	0.66	0.64	0.48	0.59	0.52	0.46
Price to Revenue (P/Rev)	0.00	0.00	9.05	5.66	6.45	4.82	5.08	4.09	4.58	4.65	4.54
Price to Earnings (P/E)	0.00	0.00	9.53	7.24	8.03	12.76	6.31	49.40	0.00	53.76	0.00
Dividend Yield	0.00%	0.00%	9.48%	15.52%	13.60%	14.00%	11.09%	15.65%	14.34%	9.90%	12.17%
Earnings Yield	0.00%	0.00%	10.49%	13.82%	12.45%	7.84%	15.84%	2.02%	0.00%	1.86%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.71	0.86	0.91	0.90	0.88	0.86	0.92	0.88	0.89
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	24.28	31.55	40.42	31.39	34.55	35.96	37.94	36.73	48.06
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	34.92	38.58	58.15	75.96	40.23	130.33	0.00	130.06	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	34.57	42.59	55.70	83.21	45.07	243.69	0.00	203.17	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	35.20	42.56	56.06	83.84	45.30	244.07	0.00	204.64	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	27.94	45.81	49.71	38.71	47.24	47.36	44.25	41.87	78.77
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	29.66	0.00	0.00	28.57	4.65	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.87	0.99	2.63	3.47	3.71	3.89	3.92	4.32	3.50	4.23
Long-Term Debt to Equity	0.00	0.87	0.99	2.63	0.90	1.25	1.16	1.54	1.62	1.50	1.90
Financial Leverage	0.00	0.88	0.95	1.84	3.05	3.59	3.81	3.91	4.11	3.91	3.85
Leverage Ratio	0.00	12.41	8.73	5.76	4.56	4.62	4.85	4.95	5.16	4.96	5.08
Compound Leverage Factor	0.00	23.89	12.28	6.26	5.04	4.73	5.11	6.79	3.66	6.28	5.06
Debt to Total Capital	0.00%	46.51%	49.69%	72.43%	77.62%	78.77%	79.56%	79.69%	81.19%	77.79%	80.89%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	57.45%	52.28%	55.93%	48.46%	50.67%	44.44%	44.64%
Long-Term Debt to Total Capital	0.00%	46.51%	49.69%	72.43%	20.18%	26.49%	23.63%	31.23%	30.51%	33.35%	36.25%
Preferred Equity to Total Capital	0.00%	0.01%	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%	0.78%	0.00%	0.00%	0.03%	0.04%	0.00%	0.00%	-0.01%	0.86%	0.82%
Common Equity to Total Capital	0.00%	52.70%	50.31%	27.57%	22.34%	21.19%	20.43%	20.31%	18.82%	21.36%	18.28%
Debt to EBITDA	0.00	24.44	24.31	32.60	49.72	66.17	36.17	120.20	-347.89	114.78	-152.16
Net Debt to EBITDA	0.00	19.08	21.90	31.66	48.86	64.28	34.32	115.52	-347.89	112.33	-149.68
Long-Term Debt to EBITDA	0.00	24.44	24.31	32.60	12.92	22.25	10.74	47.10	-130.75	49.21	-68.19
Debt to NOPAT	0.00	26.20	24.50	35.96	47.93	73.02	40.73	225.09	-198.55	180.61	-145.91
Net Debt to NOPAT	0.00	20.45	22.07	34.92	47.10	70.94	38.64	216.34	-198.55	176.74	-143.53
Long-Term Debt to NOPAT	0.00	26.20	24.50	35.96	12.46	24.56	12.10	88.21	-74.62	77.42	-65.38
Noncontrolling Interest Sharing Ratio	0.00%	1.48%	0.48%	0.00%	0.08%	0.16%	0.09%	0.01%	-0.01%	1.91%	4.07%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-930	-1,120	-1,918	-831	150	-1,607	-1,046	241	1,194	-160
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8,491.28%	8,371.77%	1,635.37%	1,294.93%
Free Cash Flow to Firm to Interest Expense	0.00	-125.20	-52.75	-22.56	-5.23	1.18	-14.05	-4.43	0.53	2.89	-0.49
Operating Cash Flow to Interest Expense	20.83	3.42	2.53	0.90	0.58	0.90	1.09	0.60	0.34	0.32	0.22
Operating Cash Flow Less CapEx to Interest Expense	20.83	3.42	2.53	0.90	0.58	0.90	1.09	0.59	0.34	0.30	0.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.01	0.02	0.02	0.03	0.03	0.03	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	0.00	947	2,109	4,110	5,022	4,925	6,663	7,736	7,464	6,298	6,422
Invested Capital Turnover	0.00	0.05	0.04	0.04	0.02	0.03	0.03	0.03	0.02	0.02	0.02
Increase / (Decrease) in Invested Capital	0.00	947	1,162	2,000	912	-97	1,738	1,073	-272	-1,167	124
Enterprise Value (EV)	0.00	0.00	1,503	3,520	4,559	4,454	5,896	6,684	6,891	5,550	5,694
Market Capitalization	0.00	0.00	561	632	727	683	866	759	831	703	538
Book Value per Share	$0.00	$25.78	$19.73	$19.52	$19.52	$18.76	$24.39	$22.74	$20.26	$19.33	$17.90
Tangible Book Value per Share	$0.00	$25.78	$19.73	$19.52	$19.52	$18.76	$24.39	$22.74	$20.26	$19.33	$17.90
Total Capital	0.00	944	2,105	4,107	5,022	4,925	6,663	7,736	7,464	6,298	6,412
Total Debt	0.00	439	1,046	2,975	3,898	3,879	5,301	6,164	6,060	4,899	5,187
Total Long-Term Debt	0.00	439	1,046	2,975	1,013	1,305	1,574	2,416	2,278	2,100	2,325
Net Debt	0.00	343	943	2,888	3,831	3,769	5,029	5,925	6,060	4,794	5,103
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.66	1.86	8.11	5.58
Net Nonoperating Expense (NNE)	-10	-16	-17	-7.10	-8.63	-1.27	-7.02	-10	1.14	-7.20	15
Net Nonoperating Obligations (NNO)	0.00	442	1,050	2,977	3,898	3,879	5,301	6,164	6,060	4,899	5,196
Total Depreciation and Amortization (D&A)	0.00	1.02	-0.45	8.59	-3.45	5.11	16	24	26	15	17
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.95	$1.61	$1.30	$1.58	$1.58	$0.96	$2.22	$0.00	($0.78)	$0.19	($1.05)
Adjusted Weighted Average Basic Shares Outstanding	8.61M	19.30M	45.32M	55.14M	57.43M	55.99M	56.57M	0.00	69.18M	69.40M	66.81M
Adjusted Diluted Earnings per Share	$1.95	$1.61	$1.30	$1.58	$1.57	$0.96	$2.21	$0.00	($0.78)	$0.19	($1.05)
Adjusted Weighted Average Diluted Shares Outstanding	8.61M	19.30M	45.32M	55.17M	57.53M	56.06M	56.78M	0.00	69.18M	69.40M	66.81M
Adjusted Basic & Diluted Earnings per Share	$1.95	$1.61	$1.30	$0.00	$1.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	53.19M	57.38M	57.49M	55.62M	61.37M	0.00	69.31M	68.71M	64.28M
Normalized Net Operating Profit after Tax (NOPAT)	7.08	17	43	58	81	53	130	27	-31	27	-36
Normalized NOPAT Margin	59.05%	65.69%	68.97%	51.86%	72.11%	37.45%	76.28%	14.73%	-16.81%	17.95%	-30.01%
Pre Tax Income Margin	146.59%	127.88%	98.80%	80.44%	80.28%	38.63%	80.80%	20.26%	-17.04%	22.88%	-42.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.06	2.28	2.05	0.97	0.52	0.42	1.14	0.12	-0.10	0.07	-0.16
NOPAT to Interest Expense	12.77	2.26	2.01	0.97	0.51	0.42	1.14	0.12	-0.07	0.07	-0.11
EBIT Less CapEx to Interest Expense	13.06	2.28	2.05	0.97	0.52	0.42	1.14	0.11	-0.10	0.05	-0.17
NOPAT Less CapEx to Interest Expense	12.77	2.26	2.01	0.97	0.51	0.42	1.14	0.11	-0.07	0.05	-0.13
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	44.03%	67.94%	98.22%	99.36%	110.65%	178.47%	75.77%	364.18%	-442.74%	300.36%	-174.62%
Augmented Payout Ratio	44.03%	67.94%	107.25%	135.74%	115.21%	224.55%	75.77%	459.37%	-442.74%	329.56%	-260.59%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	67,806,289.00	65,676,132.00	-	64,275,643.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	67,806,289.00	65,676,132.00	-	64,275,643.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-0.45	0.19	-	-0.89
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.71%	-10.45%	-15.92%	-9.41%	-17.05%	-24.43%	-19.93%	-21.23%	-28.58%	-16.49%	-11.73%
EBITDA Growth	178.25%	-135.98%	95.18%	255.86%	-116.45%	329.85%	-217.47%	-199.09%	505.96%	-205.26%	-1,627.58%
EBIT Growth	152.28%	-182.01%	78.05%	194.44%	-137.31%	227.05%	-11.78%	-231.88%	243.81%	-237.92%	-778.23%
NOPAT Growth	174.22%	-157.57%	78.05%	234.54%	-126.28%	281.08%	-11.78%	-192.45%	305.44%	-196.92%	-771.71%
Net Income Growth	162.53%	-165.24%	86.42%	226.85%	-127.31%	249.13%	-67.66%	-219.76%	274.29%	-237.75%	-894.24%
EPS Growth	144.29%	-242.11%	71.11%	178.38%	-161.29%	181.48%	-15.38%	-282.76%	163.16%	-322.73%	-540.00%
Operating Cash Flow Growth	17.42%	-0.89%	-17.17%	-13.62%	17.58%	-50.27%	-53.85%	-31.05%	-62.32%	-8.66%	-17.42%
Free Cash Flow Firm Growth	97.39%	124.77%	186.38%	437.52%	1,904.48%	353.21%	6.22%	-53.20%	-67.64%	-111.98%	21.17%
Invested Capital Growth	0.94%	-3.51%	-8.13%	-7.19%	-11.29%	-15.63%	-9.40%	-4.09%	-3.90%	1.97%	-13.11%
Revenue Q/Q Growth	1.50%	4.21%	-15.80%	1.72%	-7.06%	-5.06%	-10.80%	0.07%	-15.73%	11.02%	-5.72%
EBITDA Q/Q Growth	267.66%	-129.54%	96.93%	2,891.16%	-117.70%	512.70%	-115.57%	-771.19%	165.31%	-218.80%	-155.57%
EBIT Q/Q Growth	193.65%	-162.39%	58.64%	490.85%	-137.00%	312.42%	-136.39%	-361.11%	140.35%	-303.73%	-131.71%
NOPAT Q/Q Growth	232.96%	-143.94%	58.64%	656.82%	-125.97%	402.76%	-125.53%	-360.50%	157.71%	-242.84%	-129.62%
Net Income Q/Q Growth	233.34%	-148.87%	73.85%	844.47%	-128.71%	366.87%	-129.40%	-431.80%	141.78%	-310.92%	-112.18%
EPS Q/Q Growth	183.78%	-187.10%	51.85%	323.08%	-165.52%	215.79%	-168.18%	-253.33%	122.64%	-508.33%	-95.92%
Operating Cash Flow Q/Q Growth	17.74%	-11.79%	-6.39%	-11.15%	60.27%	-62.69%	-13.13%	32.74%	-12.41%	-9.57%	-21.46%
Free Cash Flow Firm Q/Q Growth	-144.57%	656.99%	141.26%	-10.26%	49.64%	39.89%	-43.46%	-60.46%	3.46%	-151.80%	671.87%
Invested Capital Q/Q Growth	0.19%	-1.24%	-3.81%	-2.49%	-4.23%	-6.07%	3.29%	3.22%	-4.04%	-0.33%	-11.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	67.03%	-19.00%	-2.54%	69.82%	-13.30%	57.79%	-10.09%	-87.83%	68.07%	-72.84%	-197.46%
EBIT Margin	52.34%	-31.33%	-15.39%	59.14%	-23.55%	52.68%	-21.49%	-99.02%	47.41%	-87.00%	-213.80%
Profit (Net Income) Margin	60.15%	-28.20%	-8.76%	64.11%	-19.80%	55.66%	-18.34%	-97.48%	48.32%	-91.81%	-206.61%
Tax Burden Percent	99.39%	101.54%	101.21%	99.72%	101.26%	99.77%	100.00%	100.00%	100.00%	99.42%	100.00%
Interest Burden Percent	115.62%	88.65%	56.23%	108.71%	83.06%	105.91%	85.36%	98.44%	101.93%	106.14%	96.64%
Effective Tax Rate	0.61%	0.00%	0.00%	0.28%	0.00%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.29%	-0.52%	-0.25%	1.38%	-0.38%	1.15%	-0.32%	-1.36%	0.90%	-1.14%	-2.81%
ROIC Less NNEP Spread (ROIC-NNEP)	1.35%	-0.57%	-0.24%	1.41%	-0.40%	1.17%	-0.33%	-1.52%	0.90%	-1.32%	-3.14%
Return on Net Nonoperating Assets (RNNOA)	5.33%	-2.35%	-0.99%	5.68%	-1.58%	4.59%	-1.33%	-6.12%	3.50%	-5.06%	-12.02%
Return on Equity (ROE)	6.62%	-2.87%	-1.24%	7.06%	-1.96%	5.74%	-1.65%	-7.48%	4.39%	-6.20%	-14.83%
Cash Return on Invested Capital (CROIC)	-1.04%	3.17%	8.26%	7.82%	11.90%	17.35%	10.25%	3.89%	3.91%	-2.51%	12.85%
Operating Return on Assets (OROA)	1.29%	-0.74%	-0.35%	1.37%	-0.53%	1.15%	-0.45%	-1.87%	0.86%	-1.55%	-3.64%
Return on Assets (ROA)	1.48%	-0.67%	-0.20%	1.49%	-0.45%	1.21%	-0.38%	-1.84%	0.87%	-1.63%	-3.51%
Return on Common Equity (ROCE)	6.62%	-2.87%	-1.24%	6.93%	-1.92%	5.63%	-1.61%	-7.19%	4.22%	-5.94%	-14.17%
Return on Equity Simple (ROE_SIMPLE)	0.11%	0.00%	-0.71%	2.58%	0.12%	0.00%	2.44%	-1.94%	-0.32%	0.00%	-9.30%
Net Operating Profit after Tax (NOPAT)	23	-10	-4.22	23	-6.10	18	-4.71	-22	13	-18	-41
NOPAT Margin	52.02%	-21.93%	-10.77%	58.98%	-16.48%	52.56%	-15.04%	-69.22%	47.41%	-61.00%	-148.55%
Net Nonoperating Expense Percent (NNEP)	-0.06%	0.05%	-0.01%	-0.04%	0.02%	-0.02%	0.02%	0.16%	0.00%	0.18%	0.33%
SG&A Expenses to Revenue	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	47.66%	131.33%	115.39%	40.86%	123.55%	47.32%	121.49%	199.02%	52.59%	187.00%	313.80%
Earnings before Interest and Taxes (EBIT)	23	-15	-6.03	24	-8.71	19	-6.74	-31	13	-26	-59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	30	-8.83	-1.00	28	-4.92	20	-3.16	-28	18	-21	-55
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.51	0.59	0.49	0.45	0.63	0.52	0.57	0.48	0.48	0.46	0.36
Price to Tangible Book Value (P/TBV)	0.51	0.59	0.49	0.45	0.63	0.52	0.57	0.48	0.48	0.46	0.36
Price to Revenue (P/Rev)	3.95	4.58	3.89	3.69	5.27	4.65	5.18	4.41	4.76	4.54	3.43
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	53.76	65.91	0.00	0.00	0.00	0.00
Dividend Yield	16.08%	14.34%	15.74%	15.03%	9.55%	9.90%	9.26%	11.40%	11.11%	12.17%	16.34%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	1.86%	1.52%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.89	0.92	0.89	0.88	0.91	0.88	0.90	0.89	0.87	0.89	0.85
Enterprise Value to Revenue (EV/Rev)	36.01	37.94	36.57	36.07	37.51	36.73	40.69	44.14	44.99	48.06	41.93
Enterprise Value to EBITDA (EV/EBITDA)	421.83	0.00	0.00	252.69	0.00	130.06	143.93	0.00	736.81	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	233.20	0.00	203.17	219.12	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	236.30	0.00	204.64	220.54	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	43.16	44.25	42.88	42.68	40.34	41.87	51.15	56.97	75.69	78.77	69.26
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	28.57	10.28	10.79	7.18	4.65	8.32	22.28	21.77	0.00	6.16
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.20	4.32	4.20	3.86	3.75	3.50	3.77	4.19	4.02	4.23	3.90
Long-Term Debt to Equity	1.57	1.62	1.65	1.58	1.61	1.50	1.55	1.91	1.91	1.90	1.47
Financial Leverage	3.94	4.11	4.18	4.02	3.98	3.91	3.99	4.02	3.88	3.85	3.83
Leverage Ratio	4.98	5.16	5.23	5.06	5.03	4.96	5.03	5.24	5.11	5.08	5.37
Compound Leverage Factor	5.75	4.57	2.94	5.50	4.18	5.25	4.30	5.16	5.21	5.39	5.19
Debt to Total Capital	80.77%	81.19%	80.78%	79.44%	78.95%	77.79%	79.04%	80.71%	80.07%	80.89%	79.60%
Short-Term Debt to Total Capital	50.64%	50.67%	49.05%	46.93%	45.01%	44.44%	46.49%	43.97%	41.95%	44.64%	49.56%
Long-Term Debt to Total Capital	30.13%	30.51%	31.72%	32.51%	33.94%	33.35%	32.54%	36.74%	38.12%	36.25%	30.04%
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	-0.01%	-0.01%	-0.01%	0.76%	0.80%	0.86%	0.83%	0.79%	0.81%	0.82%	1.01%
Common Equity to Total Capital	19.23%	18.82%	19.23%	19.80%	20.25%	21.36%	20.13%	18.49%	19.11%	18.28%	19.38%
Debt to EBITDA	382.32	-347.89	-271.52	229.07	-501.84	114.78	126.91	-364.78	678.90	-152.16	-52.58
Net Debt to EBITDA	375.56	-347.89	-266.53	224.66	-491.52	112.33	124.28	-357.52	652.00	-149.68	-51.00
Long-Term Debt to EBITDA	142.60	-130.75	-106.63	93.74	-215.73	49.21	52.26	-166.05	323.19	-68.19	-19.84
Debt to NOPAT	-739.57	-198.55	-373.58	214.21	-1,142.30	180.61	194.46	-276.56	-1,096.43	-145.91	-62.54
Net Debt to NOPAT	-726.48	-198.55	-366.71	210.09	-1,118.82	176.74	190.43	-271.05	-1,052.99	-143.53	-60.66
Long-Term Debt to NOPAT	-275.85	-74.62	-146.71	87.66	-491.05	77.42	80.07	-125.89	-521.95	-65.38	-23.60
Noncontrolling Interest Sharing Ratio	-0.01%	-0.01%	-0.02%	1.84%	1.86%	1.91%	1.94%	3.90%	3.94%	4.07%	4.42%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-47	261	631	566	847	1,185	670	265	274	-142	812
Operating Cash Flow to CapEx	19,608.45%	7,788.79%	1,634.50%	579.15%	7,169.34%	91,610.00%	1,241.50%	3,446.49%	1,888.27%	618.21%	446.92%
Free Cash Flow to Firm to Interest Expense	-0.40	2.21	5.61	5.20	8.21	13.39	8.11	3.23	3.32	-1.88	11.65
Operating Cash Flow to Interest Expense	0.35	0.31	0.31	0.28	0.48	0.21	0.19	0.26	0.22	0.22	0.19
Operating Cash Flow Less CapEx to Interest Expense	0.35	0.31	0.29	0.23	0.47	0.21	0.18	0.25	0.21	0.19	0.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.02	0.02	0.02	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	7,557	7,464	7,179	7,001	6,704	6,298	6,505	6,714	6,443	6,422	5,652
Invested Capital Turnover	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Increase / (Decrease) in Invested Capital	70	-272	-635	-543	-853	-1,167	-675	-287	-262	124	-853
Enterprise Value (EV)	6,735	6,891	6,370	6,135	6,094	5,550	5,831	5,952	5,591	5,694	4,814
Market Capitalization	739	831	678	627	856	703	742	595	591	538	393
Book Value per Share	$21.03	$20.26	$19.90	$20.00	$19.58	$19.33	$19.06	$18.29	$18.72	$17.90	$17.04
Tangible Book Value per Share	$21.03	$20.26	$19.90	$20.00	$19.58	$19.33	$19.06	$18.29	$18.72	$17.90	$17.04
Total Capital	7,557	7,464	7,179	7,001	6,704	6,298	6,505	6,705	6,434	6,412	5,652
Total Debt	6,104	6,060	5,799	5,561	5,293	4,899	5,141	5,412	5,151	5,187	4,499
Total Long-Term Debt	2,277	2,278	2,278	2,276	2,275	2,100	2,117	2,464	2,452	2,325	1,698
Net Debt	5,996	6,060	5,693	5,454	5,184	4,794	5,035	5,304	4,947	5,103	4,363
Capital Expenditures (CapEx)	0.21	0.47	2.11	5.29	0.69	0.02	1.28	0.61	0.98	2.71	2.94
Net Nonoperating Expense (NNE)	-3.63	2.92	-0.79	-2.04	1.23	-1.09	1.03	8.86	-0.24	9.04	16
Net Nonoperating Obligations (NNO)	6,104	6,060	5,799	5,561	5,293	4,899	5,141	5,421	5,161	5,196	4,499
Total Depreciation and Amortization (D&A)	6.55	5.73	5.03	4.25	3.79	1.80	3.57	3.51	5.46	4.15	4.52
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.31	($0.27)	($0.13)	$0.29	($0.19)	$0.22	($0.15)	($0.53)	$0.12	($0.49)	($0.96)
Adjusted Weighted Average Basic Shares Outstanding	69.12M	69.18M	69.39M	69.42M	69.43M	69.40M	68.77M	67.19M	65.88M	66.81M	64.67M
Adjusted Diluted Earnings per Share	$0.31	($0.27)	($0.13)	$0.29	($0.19)	$0.22	($0.15)	($0.53)	$0.12	($0.49)	($0.96)
Adjusted Weighted Average Diluted Shares Outstanding	69.12M	69.18M	69.39M	69.42M	69.43M	69.40M	68.77M	67.19M	65.88M	66.81M	64.67M
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	69.31M	69.31M	69.31M	69.33M	69.57M	68.71M	67.81M	65.68M	65.49M	64.28M	64.30M
Normalized Net Operating Profit after Tax (NOPAT)	23	-10	-4.22	23	-6.10	18	-4.71	-22	8.77	-18	-41
Normalized NOPAT Margin	52.02%	-21.93%	-10.77%	58.98%	-16.48%	52.56%	-15.04%	-69.22%	33.19%	-61.00%	-148.55%
Pre Tax Income Margin	60.52%	-27.78%	-8.66%	64.29%	-19.56%	55.79%	-18.34%	-97.48%	48.32%	-92.34%	-206.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.20	-0.12	-0.05	0.22	-0.08	0.21	-0.08	-0.38	0.15	-0.34	-0.85
NOPAT to Interest Expense	0.20	-0.09	-0.04	0.22	-0.06	0.21	-0.06	-0.26	0.15	-0.24	-0.59
EBIT Less CapEx to Interest Expense	0.20	-0.13	-0.07	0.17	-0.09	0.21	-0.10	-0.39	0.14	-0.37	-0.89
NOPAT Less CapEx to Interest Expense	0.19	-0.09	-0.06	0.17	-0.07	0.21	-0.07	-0.27	0.14	-0.27	-0.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	9,008.16%	-442.74%	-1,426.48%	356.98%	6,965.38%	300.36%	282.68%	-373.97%	-2,233.10%	-174.62%	-85.46%
Augmented Payout Ratio	9,008.16%	-442.74%	-1,426.48%	356.98%	6,965.38%	329.56%	344.72%	-539.66%	-3,338.68%	-260.59%	-119.15%

Financials Breakdown Chart

Key Financial Trends

KKR Real Estate Finance Trust (NYSE: KREF) showed a meaningful year-over-year improvement in Q1 2026, but the quarter was still dominated by credit costs and interest expense. Revenue and operating cash flow improved versus the prior year, yet the company remained in the red and continued to carry a large debt load relative to equity.

Operating cash flow improved sharply year over year. KREF generated $13.1 million in operating cash in Q1 2026, up from $15.9 million in Q1 2025 on a comparable basis? Actually, compared with Q1 2025, operating cash flow was still positive and supported by non-cash add-backs; versus Q4 2025 it improved from $16.7 million. This suggests the business is still producing cash despite accounting losses.
Net change in cash was positive in Q1 2026. Cash and equivalents rose by $50.0 million during the quarter, helped by strong investment-related cash inflows.
Investment portfolio activity supported liquidity. The company sold or matured $489.7 million of investments, more than offsetting $222.2 million of purchases, resulting in $249.5 million of investing cash flow.
Interest revenue remains substantial. Total interest income was $95.9 million in Q1 2026, which shows the loan portfolio continues to generate meaningful top-line income.
Allowance and loss provisioning, while high, were below the level of some earlier periods. Provision for loan losses was $73.5 million in Q1 2026, high but less severe than the very elevated provisions seen in parts of 2024 and 2025.
Net interest spread remained positive, but thin. KREF produced $26.2 million of net interest income in Q1 2026 versus $25.8 million in Q4 2025, indicating some stability, but not a wide margin after interest costs.
Book equity ticked down from prior quarters but remained positive. Total equity and noncontrolling interests were $1.15 billion at March 31, 2026, down from $1.29 billion in Q2 2025 and $1.36 billion in Q1 2025.
Share count has drifted lower. Weighted average basic shares fell to 64.7 million in Q1 2026 from 66.8 million in Q4 2025, which can help per-share results if earnings recover.
The dividend appears covered only in the sense of being maintained, not earned. KREF paid $0.25 per share in common dividends, but reported EPS was still negative at $(0.96), so the payout is not currently backed by GAAP earnings.
Q1 2026 was still a net loss quarter. KREF reported a net loss of $57.2 million, or $(0.96) per share, compared with a loss of $26.9 million in Q4 2025 and a profit in Q3 2025.
Interest expense remains a major burden. Total interest expense was $69.7 million in Q1 2026, versus $95.9 million in interest income when combined with a large provision and operating expenses, leaving little room for profitability.
Credit costs were heavy. The $73.5 million provision for loan losses was far larger than operating cash flow and indicates continued pressure in the loan book.
Leverage remains high. At quarter-end, KREF had $4.50 billion of debt against $1.10 billion of common equity, leaving the balance sheet highly leveraged.
Common equity is still being pressured by retained losses. Retained earnings were negative $584.1 million in Q1 2026, reflecting cumulative losses and past distributions.
Financing cash flow was negative. The company used $212.6 million in financing activities in Q1 2026, mainly because debt repayments exceeded new borrowings and dividend payments continued.

Longer-term trend: KREF’s results have been volatile over the last four years, with quarters swinging between profits and losses. Compared with the weaker periods in 2023 and parts of 2024, Q1 2026 shows improved cash generation and a somewhat more stable net interest profile. However, profitability remains inconsistent, loan-loss provisioning remains elevated, and leverage is still a major risk for common shareholders.

Bottom line: KREF looks like a balance-sheet-sensitive income vehicle rather than a steadily growing earnings story. The improving cash flow is encouraging, but the combination of recurring losses, heavy provisions, and high debt means investors should treat the dividend and book value carefully.

07/13/26 11:16 PM ETAI Generated. May Contain Errors.

KKR Real Estate Finance Trust Financials - Frequently Asked Questions

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 2025 ended on December 31, 2025.

KKR Real Estate Finance Trust's net income appears to be on a downward trend, with a most recent value of -$50.49 million in 2025, falling from $17.17 million in 2015. The previous period was $34.33 million in 2024. See KKR Real Estate Finance Trust's forecast for analyst expectations on what's next for the company.

Over the last 10 years, KKR Real Estate Finance Trust's total revenue changed from $11.98 million in 2015 to $118.48 million in 2025, a change of 888.8%.

KKR Real Estate Finance Trust's total liabilities were at $5.24 billion at the end of 2025, a 5.8% increase from 2024, and a 9.0% decrease since 2016.

In the past 9 years, KKR Real Estate Finance Trust's cash and equivalents has ranged from $0.00 in 2023 to $271.49 million in 2021, and is currently $84.62 million as of their latest financial filing in 2025.

Over the last 10 years, KKR Real Estate Finance Trust's book value per share changed from 0.00 in 2015 to 17.90 in 2025, a change of 1,790.3%.

Related Companies

Financial statements for NYSE:KREF last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

KKR Real Estate Finance Trust (KREF) Financials

Financials Breakdown Chart

Key Financial Trends

KKR Real Estate Finance Trust Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

KKR Real Estate Finance Trust (KREF) Financials

Annual Income Statements for KKR Real Estate Finance Trust

Quarterly Income Statements for KKR Real Estate Finance Trust

Annual Cash Flow Statements for KKR Real Estate Finance Trust

Quarterly Cash Flow Statements for KKR Real Estate Finance Trust

Annual Balance Sheets for KKR Real Estate Finance Trust

Quarterly Balance Sheets for KKR Real Estate Finance Trust

Annual Metrics And Ratios for KKR Real Estate Finance Trust

Quarterly Metrics And Ratios for KKR Real Estate Finance Trust

Financials Breakdown Chart

Key Financial Trends

KKR Real Estate Finance Trust Financials - Frequently Asked Questions

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

How has KKR Real Estate Finance Trust's net income changed over the last 10 years?

How has KKR Real Estate Finance Trust's revenue changed over the last 10 years?

How much debt does KKR Real Estate Finance Trust have?

How much cash does KKR Real Estate Finance Trust have?

How has KKR Real Estate Finance Trust's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools