KKR Real Estate Finance Trust Inc. KREF
KKR Real Estate Finance Trust Inc. (KREF) operates as a mortgage real estate investment trust (REIT), primarily focused on originating and acquiring first-lien debt secured by commercial properties. Its investment strategy includes a range of commercial real estate credit products, such as both leveraged and unleveraged commercial mortgage loans, as well as commercial mortgage-backed securities (CMBS). As an elected REIT, the company is exempt from federal corporate income tax, provided it distributes a minimum of 90% of its taxable income to its shareholders. KREF was established in 2014 and maintains its corporate headquarters in New York, New York.
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. |
|---|---|---|---|---|---|
| 2026-09-30 | 2026-09-30 | 2026-10-15 | 2026-09-18 | $0.10 | Quarterly |
| 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 |
| 2021-05-27 | 2021-05-28 | 2021-06-15 | 2021-05-21 | $0.27 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-15 | 2021-03-15 | $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. to Announce Third Quarter 2026 Results
KKR Real Estate Finance Trust (NYSE:KREF) Declares Quarterly Dividend of $0.10
KKR Real Estate Finance Trust Inc. Declares Quarterly Dividend of $0.10 Per Share of Common Stock
5 Cheap REITs With Dividends Above 3% to Buy on the Dip
Analyzing Adamas Trust (NASDAQ:ADAM) and KKR Real Estate Finance Trust (NYSE:KREF)
Bank of New York Mellon Corp Has $1 Million Position in KKR Real Estate Finance Trust $KREF
Surging Earnings Estimates Signal Upside for KKR Real Estate (KREF) Stock
KKR Real Estate Finance Trust Q2 Earnings Call Highlights
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
Other Mortgage REITs
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.