KKR Real Estate Finance Trust Inc. (KREF) Stock Analysis
Real Estate · REIT - Mortgage · NYSE
KKR Real Estate Finance Trust Inc. (KREF) posted $112.98M in revenue for fiscal 2025 (down 27.2% year over year), with a net loss of $47.05M, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on KKR Real Estate Finance Trust Inc.
KKR Real Estate Finance Trust Inc. has grown revenue from $0 to $112.98M over the last 10 fiscal years. The most recent year was down 27.2%.
Net margin sits at -41.6%, down 64.5 points year over year. It carries about $4.13B of total debt.
At today's valuation the market is pricing in roughly -7.6% annual free-cash-flow growth. The one thing worth a second look in the filings is heavy debt load.
Synthesised from KKR Real Estate Finance Trust Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
KKR Real Estate Finance Trust Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $174.73M | $175.22M | $155.17M | $112.98M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $31.16M | $59.06M | $89.74M | $89.97M | $54.40M | $137.18M | $38.10M | $-30.85M | $35.59M | $-47.05M |
| Net margin | — | — | — | — | — | — | 21.8% | -17.6% | 22.9% | -41.6% |
Source: KKR Real Estate Finance Trust Inc. SEC filings (10-K). 11 years of history available in the interactive view.
KKR Real Estate Finance Trust Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Heavy debt loadTotal debt of $4130.5M is 57.1× last year's operating cash flow — it would take years of cash flow to clear.
- Currently unprofitableThe latest fiscal year was a net loss (net margin -41.6%).
What growth is priced into KREF stock?
At today's market cap of $449.78M, KKR Real Estate Finance Trust Inc. is priced for free-cash-flow growth of about -7.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $66.70M from the FY ending 2025-12-31). This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 11 years of KKR Real Estate Finance Trust Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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KKR Real Estate Finance Trust Inc. financial history by metric
Compare KKR Real Estate Finance Trust Inc. with peers
About KKR Real Estate Finance Trust Inc.
KKR Real Estate Finance Trust Inc., a mortgage real estate investment trust, focuses primarily on originating and acquiring transitional senior loans secured by commercial real estate (CRE) assets in the United States. It engages in the origination and purchase of credit investments related to CRE, including leveraged and unleveraged commercial real estate loans. The company has also elected to be taxed as a real estate investment trust and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. KKR Real Estate Finance Trust Inc. was incorporated in 2014 and is headquartered in New York, New York.
KKR Real Estate Finance Trust Inc. — frequently asked questions
What is KKR Real Estate Finance Trust Inc.'s revenue?
KKR Real Estate Finance Trust Inc. (KREF) reported revenue of $112.98M for fiscal year 2025, down 27.2% from the prior year, according to its SEC filings.
Is KKR Real Estate Finance Trust Inc. profitable?
No — KREF reported a net loss of $-47.05M in fiscal 2025.
What is KREF's P/E ratio?
KKR Real Estate Finance Trust Inc. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How much debt does KKR Real Estate Finance Trust Inc. have?
As of fiscal year 2025, KREF carried roughly $4.13B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is KKR Real Estate Finance Trust Inc.'s market cap?
KKR Real Estate Finance Trust Inc. (KREF) has a market capitalization of about $449.78M, based on the latest data in our nightly-refreshed cache.
When does KKR Real Estate Finance Trust Inc.'s fiscal year end?
KREF's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into KREF stock?
At today's market cap of $449.78M, KKR Real Estate Finance Trust Inc. is priced for free-cash-flow growth of about -7.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $66.70M from the FY ending 2025-12-31).
Where does this data come from?
All figures are computed from KKR Real Estate Finance Trust Inc.'s official SEC filings (10-K and 10-Q), covering 11 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.