KKR Real Estate Finance Trust Inc. KREF
KREF is a real estate finance company that originates and acquires transitional senior loans, mezzanine loans, preferred equity, and other debt instruments secured by institutional-quality commercial real estate properties in top markets. As of December 31, 2025, the company's investment portfolio totaled $5,924.2 million, consisting primarily of $5,361.9 million in outstanding principal of senior commercial real estate loans, $502.6 million in real estate owned assets, $44.6 million in CMBS investments, and $15.1 million in an affiliated company investment. The company is externally managed by an indirect subsidiary of KKR and operates as a REIT.
Business overview written from the company's own Form 10-K (Item 1), filed 2026-02-03 — refreshed whenever it files a new one. The figures above are current; see its SEC filings. ✓ From the 10-K
Plain-English: the Snapshot is the quick read — what it pays you (yield, dividend), how its cash flow looks (FFO/AFFO, Price/OCF) and how much debt it carries. Switch to Expert in the header to hide these explanations.
Snapshot
Reported FFO / Distributable Earnings / leverage are from the Q1 2026 earnings release (filed 2026-04-22) — 8-K, EX-99.1 ✓ Verified to filing.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
$10,000 invested
Illustrative income only, at today's price and latest declared dividend — it excludes price changes, dividend cuts and taxes. Not a forecast.
Model KREF yourself — any amount, shares, per-payment & a multi-year DRIP projection →
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $457.96M | $-47.05M | $2.60M | $274.92M | $72.28M |
| 2024 | $592.62M | $35.59M | $983.00K | $448.47M | $132.56M |
| 2023 | $660.19M | $-30.85M | $0.00 | $427.86M | $155.72M |
| 2022 | $436.51M | $38.10M | $0.00 | $273.75M | $141.12M |
| 2021 | $285.76M | $137.18M | $0.00 | $252.31M | $124.79M |
| 2020 | $269.93M | $54.40M | $0.00 | $182.12M | $115.06M |
Dividends
Recent regular dividends per share (special distributions excluded), oldest → newest.
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-15 | 2026-04-22 | $0.10 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-15 | 2026-03-11 | $0.25 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-15 | 2025-12-10 | $0.25 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-15 | 2025-09-11 | $0.25 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-15 | 2025-06-10 | $0.25 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-15 | 2025-03-14 | $0.25 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-15 | 2024-12-12 | $0.25 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-15 | 2024-09-13 | $0.25 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-15 | 2024-06-13 | $0.25 | Quarterly |
| 2024-03-27 | 2024-03-28 | 2024-04-15 | 2024-02-01 | $0.25 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-12 | 2023-12-15 | $0.43 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-13 | 2023-09-15 | $0.43 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-14 | 2023-06-15 | $0.43 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-14 | 2023-03-17 | $0.43 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-13 | 2022-12-13 | $0.43 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-14 | 2022-09-13 | $0.43 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-15 | 2022-06-15 | $0.43 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-15 | 2022-03-15 | $0.43 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-14 | 2021-12-14 | $0.43 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-10-15 | 2021-09-15 | $0.43 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-07-15 | 2021-06-15 | $0.43 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-15 | 2021-03-15 | $0.43 | Quarterly |
| 2020-12-30 | 2020-12-31 | 2021-01-15 | 2020-12-15 | $0.43 | Quarterly |
| 2020-09-29 | 2020-09-30 | 2020-10-15 | 2020-09-15 | $0.43 | Quarterly |
Coverage (payout of operating cash flow): 36.97%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Recent news — KREF
KKR Real Estate Finance Trust Inc. Declares Preferred Stock Dividend
KKR Real Estate Finance Trust Inc. to Announce Second Quarter 2026 Results
Implied Volatility Surging for KKR Real Estate Stock Options
Comparing AG Mortgage Investment Trust (NYSE:MITT) & KKR Real Estate Finance Trust (NYSE:KREF)
KKR Real Estate Finance Trust Inc. (KREF) Q1 2026 Earnings Call Transcript
KKR Real Estate Finance (KREF) Reports Q1 Loss, Tops Revenue Estimates
Compared to Estimates, KKR Real Estate (KREF) Q1 Earnings: A Look at Key Metrics
KKR Real Estate Finance Trust Inc. Reports First Quarter 2026 Results
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
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Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.