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. |
|---|---|---|---|---|---|
| 2026-06-30 | 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 |
| 2020-12-30 | 2020-12-31 | 2021-01-15 | 2020-12-15 | $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
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
KKR Real Estate Finance Trust Inc. (KREF) Q2 2026 Earnings Call Transcript
KKR Real Estate Finance Trust Q2 Earnings Call Highlights
Here's What Key Metrics Tell Us About KKR Real Estate (KREF) Q2 Earnings
KKR Real Estate Finance (KREF) Reports Q2 Loss, Misses Revenue Estimates
KKR Real Estate Finance Trust Inc. Reports Second Quarter 2026 Results
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.