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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Page: Earnings Power Value

KKR Real Estate Finance Trust Inc.

Ticker: KREF | Industry: REIT - Mortgage | Sector: Real Estate
$8.40 +0.15 (1.82%)
As of: 2026-01-28

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Valuation Snapshot

Intrinsic Range$10.42 — $13.01
Selected Value (Mid)$11.72
Live Price$8.50
Upside / Downside37.84%

EPV Per Share Breakdown

MetricLowMidHigh
EPV Per Share$10.42$11.72$13.01

Normalized EBIT Margin

ScenarioMargin
Low25.29%
Mid29.75%
High34.21%

Normalized Tax Rate

MetricValue
Tax Rate21.00%

Adjusted Earnings (NOPAT)

ScenarioValue
Low41,688,735
Mid49,045,570
High56,402,406

Capital Structure

ComponentValue
Net Debt-204,094,000
Shares Outstanding65,876,727
WACC8.64%

Reverse EPV (Market Implied)

If "Implied" > "Actual", market expects profitability to improve.

MetricActual (LTM)Market Implied
EBIT Margin29.75%18.44%
NOPAT (Earnings)49,045,57030,399,281
Enterprise Value567,757,172351,905,576

Valuation Details

MetricLowMidHigh
Enterprise Value482,593,596567,757,172652,920,748
(-) Net Debt-204,094,000-204,094,000-204,094,000
(=) Equity Value686,687,596771,851,172857,014,748
(/) Shares Outstanding65,876,72765,876,72765,876,727
(=) Fair Value$10.42$11.72$13.01
Live Price$8.50$8.50$8.50
Upside %22.63%37.84%53.05%

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