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Definitive Analysis

Financial Statements

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Ticker

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Page: Company Financials

KKR Real Estate Finance Trust Inc.

Ticker: KREF | Industry: REIT - Mortgage | Sector: Real Estate
$8.15 -0.07 (-0.85%)
As of: 2026-01-23

Master Data Export


Enterprise Value

Metric MRQ MRQ-1 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Stock Price 9.00 8.77 9.52 10.30 12.17 17.07 20.49 16.51 20.01 19.76 21.17 22.13
Market Capitalization 592.89M 589.27M 641.61M 714.94M 841.64M 1,178.85M 1,159.17M 923.70M 1,149.26M 1,088.78M 1,088.93M 1,154.62M
(-) Cash & Equivalents 204.09M 107.72M 139.41M 106.85M 175.18M 178.58M 226.93M 227.33M 138.33M 85.80M 100.93M 33.42M
(+) Total Debt 0.00M 5,411.81M 3,138.91M 5,388.28M 6,135.15M 5,868.39M 4,552.03M 4,142.53M 3,659.18M 2,130.94M 641.60M 1,585.60M
Enterprise Value 388.80M 5,893.36M 3,641.12M 5,996.37M 6,801.61M 6,868.65M 5,484.27M 4,838.90M 4,670.11M 3,133.92M 1,629.60M 2,706.79M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31
Revenue 209M 352M 152M 175M 175M 152M 126M 100M 99M 65M 35M 20M 1M
Cost of Revenue 18M 33M 49M 11M 11M 30M 24M 20M -16M -13M 6M 3M 0M
Gross Profit 191M 319M 103M 164M 164M 122M 102M 79M 116M 79M 29M 17M 1M
Gross Profit Margin 91.3% 90.6% 68.0% 93.6% 93.6% 80.5% 81.1% 79.5% 116.5% 120.7% 82.1% 86.0% 100.0%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 30M 32M 18M 19M 18M 14M 14M 11M 8M 5M 2M 2M 3M
Operating Expenses 69M 76M 43M 175M 167M -14M -71M -9M 29M 18M 4M -2M 3M
Operating Income (EBIT) 122M 243M 60M -11M -4M 136M 173M 89M 87M 61M 25M 19M -2M
Operating Income Margin 58.5% 69.0% 39.7% -6.4% -2.2% 89.8% 137.5% 88.8% 87.2% 93.1% 71.7% 96.1% -314.3%
Interest Income 458M 606M 565M 640M 422M 280M 269M 274M 184M 83M 33M 13M 0M
Interest Expense 336M 443M 413M 459M 236M 114M 127M 159M 85M 21M 7M 1M 0M
Net Interest Income 122M 163M 152M 182M 186M 166M 142M 115M 99M 62M 25M 12M 0M
Unusual Items -248M -404M -177M -201M -144M -164M -260M -114M -95M -61M -18M -13M 0M
EBT Excluding Unusual Items 244M 406M 212M 170M 182M 302M 315M 204M 185M 123M 51M 31M -2M
Pre-Tax Income -4M 2M 35M -31M 38M 138M 55M 91M 90M 61M 33M 18M -2M
Pre-Tax Margin -1.9% 0.6% 22.8% -17.7% 21.5% 90.7% 43.6% 90.8% 90.4% 93.8% 92.5% 89.2% -314.3%
Income Tax Expense 10M 0M 0M 1M 0M 1M 0M 1M 0M 1M 0M 0M 0M
Net Income -7M 2M 36M -31M 38M 137M 54M 90M 90M 59M 31M 17M -2M
Net Income Margin -3.2% 0.6% 23.5% -17.6% 21.8% 90.3% 43.3% 90.2% 90.4% 90.5% 88.4% 85.1% -298.3%
Depreciation & Amortization 11M -22M 1M 485M 167M 40M 88M 190M 111M 24M 1M -18M 2M
EBITDA 133M 222M 61M 474M 164M 176M 261M 278M 198M 85M 26M 1M 0M
EBITDA Margin 63.7% 62.9% 40.3% 270.4% 93.6% 116.0% 207.8% 279.0% 199.4% 129.6% 73.2% 6.9% 0.0%
NOPAT 96M 196M 60M -9M -4M 136M 171M 88M 87M 60M 25M 18M -2M
NOPAT Margin 46.2% 55.6% 39.4% -5.0% -2.2% 89.3% 136.4% 88.2% 87.3% 91.4% 70.9% 93.9% -248.3%
Owner's Earnings 3M -28M 28M 452M 206M 177M 143M 280M 201M 83M 31M -1M 0M
Owner's Earnings Margin 1.2% -7.9% 18.8% 258.1% 117.6% 116.5% 113.6% 280.4% 202.6% 127.0% 88.6% -5.5% 16.0%
EPS (Basic) -0.35 -0.14 0.19 -0.78 0.23 2.22 0.96 1.58 1.63 1.30 0.60 0.32 -6.54
EPS (Diluted) -0.10 0.03 0.51 -0.45 0.56 2.42 0.97 1.56 1.63 1.30 0.60 0.32 -6.54
Shares (Basic) 68M 69M 69M 69M 68M 57M 56M 57M 55M 45M 52M 52M 0M
Shares (Diluted) 68M 69M 69M 69M 68M 57M 56M 58M 55M 45M 52M 52M 0M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31
Cash & Cash Equivalents 204.09M 107.72M 104.93M 135.90M 239.79M 271.49M 110.83M 67.62M 86.53M 103.12M 96.19M 26.69M 0.06M
Short-Term Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Cash & Short-Term Investments 204.09M 107.72M 104.93M 135.90M 239.79M 271.49M 110.83M 67.62M 86.53M 103.12M 96.19M 26.69M 0.06M
Net Receivables 25.75M 28.48M 28.75M 41.00M 39.01M 6,294.49M 4,800.63M 4,931.04M 16.18M 8.42M 2.97M 1.38M 16.74M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -1.73M 0.00M
Other Current Assets 0.00M -136.20M -133.69M 0.00M 0.00M 20.34M 15.91M 16.31M 0.00M 8.82M 29.36M 1.73M 0.23M
Total Current Assets 229.84M 0.00M 0.00M 176.90M 278.80M 6,586.32M 4,927.38M 5,014.97M 102.71M 120.37M 128.52M 28.06M 17.02M
Property, Plant & Equipment 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Goodwill 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Long-Term Investments 0.00M 35.46M 35.60M 35.08M 36.85M 35.54M 33.65M 37.47M 30.73M 14.39M 36.45M 24.41M 0.00M
Tax Assets 0.00M 0.00M 0.00M 0.00M 7,802.32M 0.00M 0.00M 0.00M 5,231.85M 7,394.89M 6,265.40M 0.00M 0.00M
Other Non-Current Assets 0.00M -35.46M -35.60M 0.00M -7,802.32M 81.39M 4.58M 4.58M -133.44M -125.93M -6,265.40M -24.41M 0.02M
Other Assets 6,255.14M 6,755.27M 6,350.40M 7,335.64M 7,486.68M 0.00M 0.00M 0.00M 16.18M 8.42M 6,128.89M 4,664.46M 0.00M
Total Non-Current Assets 6,255.14M 6,755.27M 6,350.40M 7,370.72M 7,523.53M 116.92M 38.24M 42.05M 5,145.31M 7,291.77M 6,165.34M 4,664.46M 0.02M
Total Assets 6,484.97M 6,755.27M 6,350.40M 7,547.62M 7,802.32M 6,703.24M 4,965.61M 5,057.02M 5,248.02M 7,412.14M 6,293.86M 4,692.52M 17.04M
Accounts Payable 0.00M 15.35M 19.94M 20.21M 17.86M 7.52M 0.00M 0.00M 12.05M 4.09M 2.89M 4.82M 0.06M
Short-Term Debt 0.00M 40.00M 80.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Tax Payables 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Revenue 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -137.69M -6,221.73M -5,749.83M 0.03M 0.00M
Other Current Liabilities 0.00M -77.90M -123.04M 0.00M -56.29M 26.59M 24.29M 25.04M 1,080.26M 5,253.95M -4.62M -6.97M 0.00M
Total Current Liabilities 0.00M -22.56M -23.10M 20.21M -38.43M 34.11M 24.29M 25.04M 954.61M -963.69M -5,751.56M -2.13M 0.06M
Long-Term Debt 0.00M 4,274.28M 3,783.16M 6,059.92M 6,164.35M 5,294.97M 3,879.47M 3,892.30M 2,974.55M 1,046.27M 439.14M 122.13M 0.00M
Capital Lease Obligations 0.00M 0.55M 0.73M 0.13M 0.13M 0.00M 0.00M 0.00M 2.85M 0.95M 0.13M 0.00M 0.00M
Deferred Tax Liabilities 0.00M 0.00M 0.00M 0.00M -6,230.89M 0.00M 0.00M 0.00M -3,993.95M -6,215.17M -5,657.11M -6.94M 0.00M
Other Non-Current Liabilities 0.00M -4,274.83M -3,783.89M 0.00M -6,164.35M 0.00M 1.72M 0.66M 984.42M 0.00M -439.14M 0.00M 0.00M
Total Non-Current Liabilities 0.00M 0.00M 0.00M 6,060.05M -6,230.75M 5,294.97M 3,881.20M 3,892.97M -32.13M -5,167.95M -5,656.99M 115.19M 0.00M
Total Liabilities 0.00M -22.56M -23.10M 6,080.26M -6,269.19M 5,329.08M 3,905.48M 3,918.00M 922.48M -6,131.63M -11,408.55M 113.07M 0.06M
Preferred Stock 0.13M 0.13M 0.13M 318.23M 0.13M 167.07M 1.85M 1.69M 2.85M 0.95M 0.13M 0.13M 0.00M
Common Stock 0.65M 0.66M 0.69M 0.69M 0.69M 0.61M 0.56M 0.58M 0.58M 0.54M 0.24M 0.14M 0.01M
Retained Earnings -458.05M -449.82M -370.47M -314.37M -141.50M -38.21M -65.70M -8.59M -0.23M 6.28M 17.91M 8.68M -0.52M
Accumulated OCI 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 1,135.19M 1,063.18M 508.07M 272.65M 0.00M
Minority Interest 52.35M 53.09M 53.85M -0.59M -0.10M 0.15M 0.00M 0.00M 3,882.81M 3.09M 7.34M 4.91M 0.81M
Total Shareholders’ Equity -457.27M -449.03M -369.65M 4.56M -140.68M 129.47M -63.29M -6.32M 1,138.39M 1,070.95M 526.35M 281.60M -0.51M
Total Equity -404.92M -395.94M -315.81M 3.97M -140.78M 129.62M -63.29M -6.32M 5,021.19M 1,074.04M 533.69M 286.51M 0.30M
Total Liabilities & Equity -404.92M -418.50M -338.90M 6,084.23M -6,409.97M 5,458.70M 3,842.19M 3,911.68M 5,943.67M -5,057.59M -10,874.86M 399.58M 0.35M
Tangible Assets 6,484.97M 6,755.27M 6,350.40M 7,547.62M 7,802.32M 6,703.24M 4,965.61M 5,057.02M 5,248.02M 7,412.14M 6,293.86M 4,692.52M 17.04M
Tangible Equity -404.92M -395.94M -315.81M 3.97M -140.78M 129.62M -63.29M -6.32M 5,021.19M 1,074.04M 533.69M 286.51M 0.30M
Tangible Book Value -404.92M -395.94M -315.81M 3.97M -140.78M 129.62M -63.29M -6.32M 5,021.19M 1,074.04M 533.69M 286.51M 0.30M
Total Investments 0.00M 35.46M 35.60M 35.08M 36.85M 35.54M 33.65M 37.47M 30.73M 14.39M 36.45M 24.41M 0.00M
Net Debt -204.09M 4,206.57M 3,758.23M 5,924.02M 5,924.56M 5,023.48M 3,768.64M 3,824.69M 2,888.02M 943.15M 342.96M 95.45M -0.06M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31
Working Capital 229.8M 0.0M 0.0M 118.6M 250.7M 6,539.6M 4,888.4M 4,974.6M -1,035.6M -5,185.4M 97.2M 23.2M 16.2M
Total Capital 1,229.8M 5,554.9M 5,208.9M 7,464.7M 7,735.9M 6,656.4M 4,924.9M 5,016.0M 4,109.7M 2,106.4M 936.8M 403.6M 15.4M
Capital Employed 6,485.0M 6,755.3M 6,350.4M 7,489.3M 7,774.2M 6,656.6M 4,926.6M 5,016.7M 4,109.7M 2,106.4M 6,262.5M 4,712.1M 16.2M
Invested Capital 1,025.7M 5,447.2M 5,104.0M 7,328.8M 7,496.1M 6,384.9M 4,814.0M 4,948.4M 4,023.2M 2,003.2M 840.7M 376.9M 15.3M

Cash Flow Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31
Net Income -3.99M 1.86M 34.33M -31.66M 37.59M 137.18M 54.40M 89.97M 89.81M 60.08M 32.27M 17.17M -2.09M
Depreciation & Amortization 2.21M 5.73M 0.98M 0.00M 23.86M 15.73M 0.00M 0.00M 8.59M 3.14M 0.00M 0.00M 0.00M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M 0.00M -15.73M 0.00M 0.00M -24.93M -5.33M 0.00M 0.00M 0.00M
Stock-Based Compensation 8.00M 8.27M 8.26M 8.08M 7.84M 7.43M 5.68M 4.09M 1.97M 0.07M 0.00M 0.00M 0.00M
Change in Working Capital -10.03M 14.36M 10.06M -0.18M -12.29M 1.73M 0.93M -0.16M -1.17M -0.78M -2.44M -0.15M 2.28M
Accounts Receivable 6.54M 7.58M 12.18M -2.00M -23.76M 0.17M 0.89M 0.06M -6.91M -5.45M -1.65M -1.05M -0.45M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 6.91M 5,196.37M 0.00M 0.00M 0.00M
Accounts Payable -12.10M 2.56M -2.28M 1.73M 10.33M 1.87M 0.73M -0.71M 1.77M -6.28M -6.87M 3.07M 0.00M
Other Working Capital -4.47M 4.23M 0.16M 0.09M 1.14M -0.31M -0.69M 0.49M -2.94M -5,185.41M 6.08M -2.16M 2.73M
Other Non-Cash Items 77.69M 120.86M 78.93M 179.47M 84.13M -21.55M 54.06M -2.18M 2.56M -3.38M -4.42M -5.49M -0.16M
Net Cash from Operating Activities 73.87M 151.08M 132.56M 155.72M 141.13M 124.79M 115.06M 91.71M 76.83M 53.80M 25.41M 11.54M 0.03M
Capital Expenditures (PPE) -1.61M -8.09M -8.11M -1.86M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.46M -0.27M 0.00M
Acquisitions (Net) 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Purchases of Investments -24.36M -1.11M -2.38M 0.00M 0.00M 0.00M 0.00M -94.01M -15.61M -1,201.78M -10.24M -23.89M 0.00M
Sales / Maturities of Investments 0.00M 0.00M 0.00M 1.29M 1,244.26M 1.30M 0.00M 94.07M 99.75M 37.31M 2.05M 92.32M 0.00M
Other Investing Activities 833.33M 794.31M 1,126.72M 14.06M -2,421.40M -1,542.14M 88.71M -926.38M -2,096.96M 80.79M -445.75M -340.15M -66.75M
Net Cash from Investing Activities 807.36M 785.11M 1,116.24M 13.49M -1,177.13M -1,540.84M 88.71M -926.31M -1,997.21M -1,083.68M -456.45M -364.31M -66.75M
Net Debt Issuance -627.72M -821.79M -1,169.19M -123.89M 876.81M 1,425.57M -24.89M 933.04M 1,945.77M 523.77M 321.68M 123.90M 0.00M
Long-Term Debt Issuance -627.72M -821.79M -1,169.19M -123.89M 876.81M 1,425.57M -24.89M 933.04M 1,945.77M 523.77M 321.68M 123.90M 0.00M
Short-Term Debt Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Stock Issuance -34.13M -1.98M -10.03M 0.00M 309.61M 287.78M -25.06M -4.11M 78.15M -0.52M 210.00M 256.95M 0.00M
Common Stock Issuance 0.00M 0.00M 0.00M 0.00M 194.23M 120.71M 0.00M 0.00M 109.50M 581.26M 210.00M 256.83M 0.00M
Common Stock Repurchased -34.13M -1.98M -10.03M 0.00M -35.79M 0.00M -25.06M -4.11M -31.35M -0.65M 0.00M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 151.17M 167.07M 0.00M 0.00M 0.00M -0.13M 0.00M 0.13M 0.00M
Net Dividends Paid -89.19M -115.49M -103.10M -140.16M -136.91M -103.95M -97.09M -99.55M -89.23M -50.72M -21.92M -7.56M 0.00M
Common Dividends Paid -67.89M -99.51M -81.80M -118.85M -115.37M -95.68M -96.45M -98.95M -88.85M -50.58M -21.91M -7.55M 0.00M
Preferred Dividends Paid -21.30M -15.98M -21.30M -21.30M -21.54M -8.27M -0.63M -0.59M -0.39M -0.14M -0.02M -0.02M 0.00M
Other Financing Activities -34.20M -7.43M -8.25M -7.47M -36.65M -30.42M -13.52M -13.70M -31.29M 564.52M -9.16M 6.20M 66.96M
Net Cash from Financing Activities -785.24M -946.68M -1,290.57M -271.51M 1,012.86M 1,578.98M -160.56M 815.69M 1,903.39M 1,037.05M 500.60M 379.49M 66.96M
Effect of FX on Cash 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Change in Cash 95.99M -10.49M -41.77M -102.31M -23.15M 162.94M 43.21M -18.91M -16.99M 7.17M 69.56M 26.73M 0.24M
Cash at Beginning of Period 434.99M 501.40M 148.31M 250.62M 273.77M 110.83M 67.62M 86.53M 103.52M 96.35M 26.79M 0.06M 0.00M
Cash at End of Period 530.99M 490.92M 106.55M 148.31M 250.62M 273.77M 110.83M 67.62M 86.53M 103.52M 96.35M 26.79M 0.24M
Operating Cash Flow 73.87M 151.08M 132.56M 155.72M 141.13M 124.79M 115.06M 91.71M 76.83M 53.80M 25.41M 11.54M 0.03M
Capital Expenditure -1.61M -8.09M -8.11M -1.86M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.46M -0.27M 0.00M
Free Cash Flow 72.26M 143.00M 124.46M 153.86M 141.13M 124.79M 115.06M 91.71M 76.83M 53.80M 24.95M 11.27M 0.03M

Free Cash Flow

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31
EBITDA 171.54M 265.69M 85.67M 630.22M 313.42M 147.89M 175.97M 258.63M 219.12M 97.60M 27.23M -2.62M 0.00M
(-) Tax Adjustment 0.00M 51.85M 0.61M 0.00M 0.48M 0.73M 1.32M 1.65M 0.00M 1.76M 0.30M -0.06M 0.00M
(-) Change In Working Capital -10.03M 14.36M 10.06M -0.18M -12.29M 1.73M 0.93M -0.16M -1.17M -0.78M -2.44M -0.15M 2.28M
(-) Capital Expenditure -1.61M -8.09M -8.11M -1.86M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.46M -0.27M 0.00M
Unlevered Free Cash Flow 179.95M 191.39M 66.89M 628.53M 325.22M 145.42M 173.72M 257.14M 220.29M 96.62M 28.92M -2.69M -2.28M
(-) Net Interest Income After Taxes 121.98M 131.25M 150.63M 181.61M 185.59M 164.69M 140.81M 114.74M 98.56M 60.81M 24.95M 11.71M 0.00M
Net Debt Issuance -627.72M -821.79M -1,169.19M -123.89M 876.81M 1,425.57M -24.89M 933.04M 1,945.77M 523.77M 321.68M 123.90M 0.00M
Levered Free Cash Flow -569.74M -761.65M -1,252.92M 323.04M 1,016.45M 1,406.30M 8.02M 1,075.44M 2,067.50M 559.58M 325.65M 109.50M -2.28M