KREF on NYSE
KKR Real Estate Finance Trust Inc.
American real estate investment trust based in Lutherville-Timonium.
Price unavailable
Last updated Oct 18, 2026.
Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Interest income | $435.6M | $564.6M | $640.4M |
| Interest expense | $323.0M | $412.9M | $458.8M |
| Total net interest income | $112.6M | $151.7M | $181.6M |
| Revenue from real estate owned operations | $16.5M | $22.9M | $8.5M |
| Income (loss) from equity method investments | -$512.0K | $1.5M | $1.4M |
| Change in net assets of consolidated variable interest entity, CMBS trust | $730.0K | $0 | $0 |
| Gain (loss) on sale of investments | $1.2M | -$615.0K | $0 |
| Gain (loss) on foreign currency translation | $1.2M | $0 | $0 |
| Gain (loss) on foreign currency forward contracts | -$1.3M | $0 | $0 |
| Other miscellaneous income | $4.6M | $5.7M | $11.2M |
| Total other income | $22.5M | $29.5M | $21.2M |
| Provision for credit losses, net | $119.4M | $80.6M | $175.1M |
| Expenses from real estate owned operations | $25.7M | $23.1M | $11.2M |
| Management fee to related parties | $22.7M | $24.5M | $26.2M |
| Incentive compensation to affiliate | $0 | $0 | $2.5M |
| General and administrative | $18.1M | $18.4M | $18.8M |
| Total operating expenses | $185.8M | $146.6M | $233.8M |
| Income (Loss) Before Income Taxes | -$50.6M | $34.6M | -$30.9M |
| Income tax expense | -$156.0K | $248.0K | $710.0K |
| Net Income (Loss) | -$50.5M | $34.3M | -$31.7M |
| Net income (loss) attributable to noncontrolling interests | -$3.4M | -$1.3M | -$806.0K |
| Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries | -$47.1M | $35.6M | -$30.9M |
| Preferred stock dividends | $21.3M | $21.3M | $21.3M |
| Participating securities' share in earnings | $1.5M | $1.2M | $1.8M |
| Net Income (Loss) Attributable to Common Stockholders | -$69.9M | $13.1M | -$53.9M |
| Net Income (Loss) Attributable to Common Stockholders | -$69.9M | $13.1M | -$53.9M |
| Basic (usd per share) | -$1.05 | $0.19 | -$0.78 |
| Diluted (usd per share) | -$1.05 | $0.19 | -$0.78 |
| Basic (in shares) | 66.8M shares | 69.4M shares | 69.2M shares |
| Diluted (in shares) | 66.8M shares | 69.4M shares | 69.2M shares |
| Dividends declared per share of common stock (usd per share) | $1.00 | $1.00 | $1.72 |
| Period ending | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|
| Interest income | $101.3M | $108.0M | $112.3M | $114.0M | $123.6M | $140.2M | $149.2M | $151.6M |
| Interest expense | $75.5M | $82.7M | $82.1M | $82.6M | $88.5M | $103.1M | $108.8M | $112.5M |
| Total net interest income | $25.8M | $25.3M | $30.2M | $31.3M | $35.1M | $37.0M | $40.4M | $39.1M |
| Total other income | $6.8M | $6.1M | $5.7M | $3.9M | $4.7M | $10.0M | $7.2M | $7.6M |
| Total operating expenses | $59.7M | $18.6M | $66.4M | $41.0M | $20.2M | $54.3M | $22.1M | $50.1M |
| Income (Loss) Before Income Taxes | -$27.1M | $12.8M | -$30.6M | -$5.7M | $19.6M | -$7.2M | $25.6M | -$3.4M |
| Income tax expense | -$156.0K | $0 | $0 | $0 | $45.0K | $91.0K | $71.0K | $41.0K |
| Net Income (Loss) | -$26.9M | $12.8M | -$30.6M | -$5.7M | $19.6M | -$7.3M | $25.5M | -$3.4M |
| Net income (loss) attributable to noncontrolling interests | -$697.0K | -$1.0M | -$847.0K | -$888.0K | -$699.0K | $60.0K | -$304.0K | -$321.0K |
| Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries | -$26.2M | $13.8M | -$29.7M | -$4.9M | $20.3M | -$7.4M | $25.8M | -$3.1M |
| Preferred stock dividends | $5.3M | |||||||
| Participating securities' share in earnings | $421.0K | $373.0K | $373.0K | $363.0K | $351.0K | $277.0K | $283.0K | $305.0K |
| Net Income (Loss) Attributable to Common Stockholders | -$32.0M | $8.1M | -$35.4M | -$10.6M | $14.6M | -$13.0M | $20.2M | -$8.7M |
| Net Income (Loss) Attributable to Common Stockholders | -$32.0M | $8.1M | -$35.4M | -$10.6M | $14.6M | -$13.0M | $20.2M | -$8.7M |
| Basic (usd per share) | -$0.49 | $0.12 | -$0.53 | -$0.15 | $0.21 | -$0.19 | $0.29 | -$0.13 |
| Diluted (usd per share) | -$0.49 | $0.12 | -$0.53 | -$0.15 | $0.21 | -$0.19 | $0.29 | -$0.13 |
| Basic (in shares) | 65.4M shares | 65.9M shares | 67.2M shares | 68.8M shares | 69.3M shares | 69.4M shares | 69.4M shares | 69.4M shares |
| Diluted (in shares) | 65.4M shares | 65.9M shares | 67.2M shares | 68.8M shares | 69.3M shares | 69.4M shares | 69.4M shares | 69.4M shares |
| Dividends declared per share of common stock (usd per share) | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 |
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2014-09-30 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $84.6M | $104.9M | $135.9M | ||
| Less: Allowance for credit losses | -$201.9M | -$117.1M | -$210.5M | ||
| Real estate owned, held for investment, net | $338.6M | $262.5M | |||
| Real estate owned assets, held for sale | $130.2M | $56.6M | |||
| Other assets | $87.7M | $8.9M | |||
| Total Assets | $6.5B | $6.4B | |||
| Secured financing agreements, net | $2.9B | $2.8B | |||
| Collateralized loan obligations, net | $1.2B | $1.8B | |||
| Secured term loan, net | $632.5M | $333.9M | |||
| Dividends payable | $16.1M | $17.2M | $29.8M | ||
| Real estate owned liabilities, held for sale | $3.9M | $1.3M | |||
| Total Liabilities | $5.2B | $5.0B | |||
| Commitments and Contingencies (Note 13) | $0 | $0 | |||
| Common stock, $0.01 par value, 300,000,000 authorized (65,488,680 and 68,713,596 shares issued; 64,367,737 and 68,713,596 shares outstanding as of December 31, 2025 and December 31, 2024, respectively) | $644.0K | $686.0K | |||
| Additional paid-in capital | $1.7B | $1.7B | |||
| Accumulated deficit | -$506.1M | -$370.5M | |||
| Repurchased stock (1,120,943 shares repurchased as of December 31, 2025) | -$9.3M | $0 | |||
| Total KKR Real Estate Finance Trust Inc. Stockholders Equity | $1.2B | $1.3B | |||
| Noncontrolling interests in equity of consolidated joint ventures | $52.7M | $53.8M | |||
| Total Equity | $1.2B | $1.4B | $1.4B | $1.6B | |
| Total Liabilities and Equity | $6.5B | $6.4B | |||
| Common stock outstanding (in shares) | 64.4M shares | 68.7M shares | |||
| Preferred stock authorized (in shares) | 50.0M shares | ||||
| Common stock par value (usd per share) | $0.01 | $0.01 | $0.01 | ||
| Common stock authorized (in shares) | 300.0M shares | 300.0M shares | 300.0M shares | ||
| Common stock issued (in shares) | 65.5M shares | 68.7M shares | |||
| Repurchased Stock (in shares) | 1.1M shares | ||||
| Loan principal repayments held by a servicer | $74.3M | $0 |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2014-09-30 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $84.6M | $104.9M | $135.9M | ||
| Less: Allowance for credit losses | -$201.9M | -$117.1M | -$210.5M | ||
| Real estate owned, held for investment, net | $338.6M | $262.5M | |||
| Real estate owned assets, held for sale | $130.2M | $56.6M | |||
| Other assets | $87.7M | $8.9M | |||
| Total Assets | $6.5B | $6.4B | |||
| Secured financing agreements, net | $2.9B | $2.8B | |||
| Collateralized loan obligations, net | $1.2B | $1.8B | |||
| Secured term loan, net | $632.5M | $333.9M | |||
| Dividends payable | $16.1M | $17.2M | $29.8M | ||
| Real estate owned liabilities, held for sale | $3.9M | $1.3M | |||
| Total Liabilities | $5.2B | $5.0B | |||
| Commitments and Contingencies (Note 13) | $0 | $0 | |||
| Common stock, $0.01 par value, 300,000,000 authorized (65,488,680 and 68,713,596 shares issued; 64,367,737 and 68,713,596 shares outstanding as of December 31, 2025 and December 31, 2024, respectively) | $644.0K | $686.0K | |||
| Additional paid-in capital | $1.7B | $1.7B | |||
| Accumulated deficit | -$506.1M | -$370.5M | |||
| Repurchased stock (1,120,943 shares repurchased as of December 31, 2025) | -$9.3M | $0 | |||
| Total KKR Real Estate Finance Trust Inc. Stockholders Equity | $1.2B | $1.3B | |||
| Noncontrolling interests in equity of consolidated joint ventures | $52.7M | $53.8M | |||
| Total Equity | $1.2B | $1.4B | $1.4B | $1.6B | |
| Total Liabilities and Equity | $6.5B | $6.4B | |||
| Common stock outstanding (in shares) | 64.4M shares | 68.7M shares | |||
| Preferred stock authorized (in shares) | 50.0M shares | ||||
| Common stock par value (usd per share) | $0.01 | $0.01 | $0.01 | ||
| Common stock authorized (in shares) | 300.0M shares | 300.0M shares | 300.0M shares | ||
| Common stock issued (in shares) | 65.5M shares | 68.7M shares | |||
| Repurchased Stock (in shares) | 1.1M shares | ||||
| Loan principal repayments held by a servicer | $74.3M | $0 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$50.5M | $34.3M | -$31.7M |
| Accretion of deferred loan fees and discounts | -$16.9M | -$17.2M | -$23.6M |
| Payment-in-kind interest | -$1.5M | -$991.0K | $0 |
| Amortization of deferred debt issuance costs and discounts | $14.1M | $14.4M | $26.2M |
| Loss (income) from equity method investments | $3.5M | $1.5M | $1.8M |
| Provision for credit losses, net | $119.4M | $80.6M | $175.1M |
| Depreciation and amortization | $2.6M | $983.0K | $0 |
| Stock-based compensation expense | $7.9M | $8.3M | $8.1M |
| Loss (gain) on sale of investment | -$1.2M | $615.0K | $0 |
| Gain (loss) on foreign currency translation | -$1.2M | $0 | $0 |
| Loss (gain) on foreign currency forward contract | $1.3M | $0 | $0 |
| Assets related to real estate owned, held for sale, net of liabilities | $1.0M | $1.6M | $0 |
| Accrued interest receivable, net | $3.6M | $12.2M | -$2.0M |
| Other assets | $176.0K | -$796.0K | $244.0K |
| Accrued interest payable | -$7.0M | -$268.0K | $2.4M |
| Due to related parties | $588.0K | -$604.0K | -$154.0K |
| Accounts payable, accrued expenses and other liabilities | -$3.3M | -$2.0M | -$619.0K |
| Net cash provided by (used in) operating activities | $72.3M | $132.6M | $155.7M |
| Proceeds from principal repayments and sale of commercial real estate loans | $1.4B | $1.4B | $691.3M |
| Origination of commercial real estate loans | -$1.1B | -$298.2M | -$677.3M |
| Capital expenditures on real estate owned | -$5.6M | -$8.1M | -$1.9M |
| Payment to acquire real estate owned | -$10.7M | -$363.0K | $0 |
| Net proceeds on sale of real estate owned, held for investment | $5.9M | $0 | $0 |
| Net proceeds (payment) on sale of real estate owned, held for sale | $24.4M | -$1.1M | $0 |
| Purchases of commercial mortgage-backed securities | -$9.0M | $0 | $0 |
| Payment to acquire equity method investment, real estate asset | $0 | -$627.0K | $0 |
| Net cash assumed from investment in real estate owned and related joint venture | $0 | $0 | $1.3M |
| Net cash provided by (used in) investing activities | $264.3M | $1.1B | $13.5M |
| Proceeds from borrowings under secured financing agreements | $1.7B | $601.9M | $811.1M |
| Proceeds from issuance of secured term loan | $310.8M | $0 | $0 |
| Proceeds from noncontrolling interest contributions | $2.2M | $1.4M | $323.0K |
| Principal repayments on borrowings under secured financing agreements | -$1.7B | -$1.6B | -$791.3M |
| Principal repayments on borrowings under collateralized loan obligations | -$567.9M | -$176.5M | $0 |
| Principal repayments on borrowings under secured term loan | -$4.6M | $0 | $0 |
| Principal repayments on borrowings under convertible notes | $0 | $0 | -$143.8M |
| Payments of debt and collateralized debt obligation issuance costs | -$25.5M | -$7.7M | -$5.8M |
| Payments of common stock dividends | -$66.9M | -$81.8M | -$118.9M |
| Payments of preferred stock dividends | -$21.3M | -$21.3M | -$21.3M |
| Payments to reacquire common stock | -$43.4M | -$10.0M | $0 |
| Tax withholding on stock-based compensation | -$1.3M | -$1.9M | -$2.0M |
| Net cash provided by (used in) financing activities | -$355.8M | -$1.3B | -$271.5M |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | -$19.2M | -$41.8M | -$102.3M |
| Cash paid during the period for interest | $315.9M | $398.8M | $430.3M |
| Cash paid during the period for income taxes | $0 | $371.0K | $296.0K |
| Loan principal repayments held by a servicer | $74.3M | $0 | $0 |
| Deferred financing costs, not yet paid | $934.0K | $0 | $0 |
| Acquisition of real estate owned | $164.9M | $175.0M | $76.5M |
| Acquisition of other assets related to real estate owned | $1.4M | $240.0K | $24.6M |
| Assumption of other liabilities related to real estate owned | -$2.1M | $807.0K | $15.9M |
| Transfer of senior loan to real estate owned | $162.9M | $120.1M | $86.4M |
| Consolidation of variable interest entities (incremental assets and liabilities) | $483.0M | $0 | $0 |
| Noncontrolling interest contribution to real estate owned | $0 | $54.3M | $0 |
| Transfer of senior loan to equity method investment, real estate asset | $0 | $82.0M | $0 |
| Sale of real estate owned, held for sale, net of closing costs | $0 | $28.9M | $0 |
| Seller financing provided on sale of real estate owned, held for sale, net | $0 | $30.0M | $0 |
| Modifications accounted for as repayments and new loans, net of write-offs | $0 | $55.1M | $199.4M |
No quarter-by-quarter statement was filed.
Compare KKR Real Estate Finance Trust Inc. with another company
Leadership
Who has led KKR Real Estate Finance Trust Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
20202025
- Chief executive officerChristen E.j. Lee May 4, 2017 to Dec 20, 201911
- Chief executive officerMatthew A. Salem May 4, 2017 to now12
- PresidentW. Patrick Mattson Apr 3, 2020 to now13
- PresidentChristen E.j. Lee May 4, 2017 to Dec 20, 201911
- PresidentMatthew A. Salem May 4, 2017 to Dec 20, 201912
- Chief financial officerKendra Decious Mar 8, 2022 to now14
- Chief financial officerMostafa Nagaty Apr 5, 2018 to Oct 5, 202115
- Chief operating officerW. Patrick Mattson May 4, 2017 to now16
Board members and other officers (13)
- Executive OfficerChristen E.j. Lee Apr 3, 2020 to Apr 3, 202017
- Board memberMatthew A. Salem Dec 20, 2022 to now18
- Board memberChristen E.j. Lee May 5, 2020 to now19
- Board memberPaula Madoff May 8, 2018 to now20
- Board memberIrene M. Esteves Jun 12, 2018 to now21
- Board memberCraig Blanchard May 4, 2017 to May 4, 201722
- Board memberDeborah H. McAneny May 4, 2017 to now23
- Board memberJonathan A. Langer May 4, 2017 to now24
- Board memberRalph F. Rosenberg May 4, 2017 to now25
- Board memberTerrance R. Ahern May 4, 2017 to now26
- Board memberTodd A. Fisher May 4, 2017 to May 4, 201727
- General counselKelly Galligan Oct 25, 2024 to now28
- General counselVincent J. Napolitano Mar 10, 2021 to Oct 3, 202429
Timeline
Filings
212 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 40 major events, 91 insider forms, 21 large holders, 40 other. The latest 20:
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Aug 17, 2026SCHEDULE 13G EDGAR
- Jul 21, 202610-Q EDGAR
- Jul 21, 20268-K EDGAR
- May 14, 2026SCHEDULE 13G EDGAR
- Apr 27, 202640-APP/A EDGAR
- Apr 27, 20264 EDGAR
- Apr 27, 20264 EDGAR
- Apr 22, 202610-Q EDGAR
- Apr 22, 20268-K EDGAR
- Apr 16, 20264 EDGAR
- Apr 16, 20264 EDGAR
- Apr 16, 20264 EDGAR
- Apr 16, 20264 EDGAR
- Apr 16, 20264 EDGAR
- Apr 16, 20268-K EDGAR
- Apr 7, 2026SCHEDULE 13G/A EDGAR
- Mar 27, 2026SCHEDULE 13G/A EDGAR
- Mar 3, 2026ARS EDGAR
The 212 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 21 such filings since October 2021, the latest 10:
- Aug 17, 2026SCHEDULE 13G
- May 14, 2026SCHEDULE 13G
- Apr 7, 2026SCHEDULE 13G/A
- Mar 27, 2026SCHEDULE 13G/A
- Oct 31, 2025SCHEDULE 13G/A
- Jul 29, 2025SCHEDULE 13G/A
- Nov 12, 2024SC 13G/A
- Nov 4, 2024SC 13G/A
- Feb 14, 2024SC 13G/A
- Feb 13, 2024SC 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Kohlberg Kravis Roberts & Co. L.P. | 10,000,001 | $68.4M | 1.3% | No change |
| BlackRock, Inc. | 5,898,946 | $40.3M | 0.0% | +365,925 |
| Long Pond Capital, LP | 5,813,201 | $39.8M | 4.2% | +79,688 |
| UBS Group AG | 3,641,056 | $24.9M | 0.0% | +3,397,148 |
| Nomura Holdings Inc | 2,704,317 | $18.5M | 0.1% | −170,980 |
| Vanguard Capital Management LLC | 2,284,174 | $15.6M | 0.0% | −42,834 |
| Dimension Capital Management LLC | 1,588,196 | $10.9M | 1.3% | New |
| Geode Capital Management, LLC | 1,409,981 | $9.6M | 0.0% | +84,600 |
| Morgan Stanley | 1,290,211 | $8.8M | 0.0% | +538,158 |
| State Street Corp | 1,180,293 | $8.2M | 0.0% | −98,059 |
| Millennium Management LLC | 969,954 | $6.6M | 0.0% | −508,197 |
| Charles Schwab Investment Management Inc | 958,932 | $6.6M | 0.0% | −74,367 |
| Aqr Capital Management LLC | 859,781 | $5.9M | 0.0% | +792,407 |
| Goldman Sachs Group Inc | 729,036 | $5.0M | 0.0% | +88,273 |
| Two Sigma Investments, LP | 643,206 | $4.4M | 0.0% | −298,995 |
| Norges Bank | 635,000 | $4.3M | 0.0% | New |
| Qube Research & Technologies Ltd | 601,842 | $4.1M | 0.0% | +161,578 |
| Northern Trust Corp | 598,251 | $4.1M | 0.0% | +83,210 |
| Jane Street Group, LLC | 585,212 | $4.0M | 0.0% | +286,178 |
| Wells Fargo & Company/mn | 557,842 | $3.8M | 0.0% | +432,319 |
| Van Eck Associates Corp | 517,167 | $3.5M | 0.0% | +49,353 |
| Vanguard Portfolio Management LLC | 450,131 | $3.1M | 0.0% | +39,695 |
| Nokomis Capital, L.L.C. | 435,600 | $3.0M | 1.1% | −684,222 |
| Bank Of America Corp /de/ | 401,115 | $2.7M | 0.0% | +190,818 |
| Vanguard Fiduciary Trust Co | 355,615 | $2.4M | 0.0% | +10,943 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 13SEC EDGARW. Patrick Mattson, President
- 14
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- 17SEC EDGARChristen E.j. Lee, Executive Officer
- 18SEC EDGARMatthew A. Salem, Board member
- 19SEC EDGARChristen E.j. Lee, Board member
- 20SEC EDGARPaula Madoff, Board member
- 21SEC EDGARIrene M. Esteves, Board member
- 22SEC EDGARCraig Blanchard, Board member
- 23SEC EDGARDeborah H. McAneny, Board member
- 24SEC EDGARJonathan A. Langer, Board member
- 25SEC EDGARRalph F. Rosenberg, Board member
- 26SEC EDGARTerrance R. Ahern, Board member
- 27SEC EDGARTodd A. Fisher, Board member
- 28SEC EDGARKelly Galligan, General counsel
- 29
- 30