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Earnings transcript
Read the complete earnings call transcript.
KREF
KKR Real Estate Finance Trust Inc.
$6.22
0.21
(3.49%)
| Exchange: | NYSE |
| Market Cap: | 399.794M |
| Shares Outstanding: | 319212 |
About The Company
| Sector: | Real Estate | |||||
| Industry: | REIT – Mortgage | |||||
| CEO: | Matthew A. Salem | |||||
| Full Time Employees: | 0 | |||||
| Address: |
| |||||
| Website: | https://www.kkrreit.com |
KKR Real Estate Finance Trust Inc., a mortgage real estate investment trust, focuses primarily on originating and acquiring senior loans secured by commercial real estate (CRE) assets. It engages in the origination and purchase of credit investments related to CRE, including leveraged and unleveraged commercial mortgage loans, and commercial mortgage-backed securities. The company has elected to be taxed as a real estate investment trust and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. KKR Real Estate Finance Trust Inc. was incorporated in 2014 and is headquartered in New York, New York.
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Revenue Segmentation
EPS
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Earnings Call
AI summary
Key takeaways
Short, structured highlights from the call so you can focus on what matters.
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 660,194 | 592,618 | 457,959 |
| Gross Profit | 620,342 | 543,019 | 404,399 |
| EBITDA | 427,855 | 448,471 | 274,920 |
| Operating Income | 426,438 | 445,970 | 271,638 |
| Net Income | -30,851 | 35,591 | -47,051 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 7,547,618 | 6,350,398 | 6,464,643 |
| Total Liabilities | 6,143,436 | 4,951,519 | 5,239,439 |
| Total Stockholders Equity | 1,404,767 | 1,345,030 | 1,172,550 |
| Total Debt | 6,059,921 | 3,863,892 | 4,693,537 |
| Cash and Cash Equivalents | 135,898 | 104,933 | 84,617 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 155,715 | 132,563 | 72,283 |
| Capital Expenditure | 0 | 0 | -5,582 |
| Free Cash Flow | 155,715 | 132,563 | 66,701 |
| Net Income | -32,615 | 34,327 | -50,489 |
| Net Change in Cash | -102,308 | -41,766 | -19,209 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 111,224.595 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 131,524.002 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 122,000 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 78,195.447 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 92,466.762 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 85,770.998 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 56,179.706 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 69,907.965 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 63,467.061 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 1,978.857 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 2,340.015 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 2,170.568 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 0.950 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 1.050 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 0.840 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 1 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Financial Performance in Q2 2025: As highlighted in the latest earnings call transcript, KREF reported solid financial results for the second quarter of 2025, with key metrics such as net income and operating cash flow showing resilience despite market challenges, reflecting effective management and operational efficiency.
- Strong Liquidity Position: Balance sheet data indicates a healthy level of cash and cash equivalents, supported by a favorable current ratio (TTM), which positions KREF to weather short-term obligations and invest in strategic opportunities.
- Strategic Diversification: The earnings call emphasized KREF’s focus on portfolio diversification, which mitigates risk exposure in volatile real estate markets and aligns with long-term stability, as evidenced by revenue distribution across product and geographic segments.
- High Dividend Yield: With a competitive dividend yield (TTM), KREF remains attractive to income-focused investors, supported by consistent dividend payments as seen in cash flow statements.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates KREF intrinsic value between $28.11 – $28.83 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about KREF valuation
Is KKR Real Estate Finance Trust Inc. (KREF) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for KKR Real Estate Finance Trust Inc. (KREF) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is KREF a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether KREF trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is KREF’s P/E ratio?
You can see KREF’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for KREF?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is KREF a good long-term investment?
Whether KREF fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
KREF
1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.
Daily snapshot
3.49
Trading Metrics:
| Open: | 5.94 | Previous Close: | 6.01 | |
| Day Low: | 5.88 | Day High: | 6.27 | |
| Year Low: | 5.87 | Year High: | 10.18 | |
| Price Avg 50: | 7.07 | Price Avg 200: | 8.38 | |
| Volume: | 1.62M | Average Volume: | 1.392M |
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Login — it's freeKREF full analysis
Welcome to MARKETSNAP’s SWOT analysis for KKR Real Estate Finance Trust Inc., or KREF as it’s known on the ticker. If you’re a long-term investor looking to build wealth through smart stock picks, you’re in the right place. Today, we’re diving deep into this real estate investment trust to uncover what makes it tick, where it shines, and where it might stumble. Let’s break it down with a comprehensive look at the company, some recent developments, and a full SWOT…
