K
KKR Real Estate Finance Trust Inc.
KREFCIK 0001631596NYSEAcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-47.05M
Total Assets
$6.46B
Equity
$1.17B
Shares Out
64.30M
Op. Cash Flow
$72.28M
Business
KKR Real Estate Finance Trust Inc. is a real estate finance company that originates and acquires transitional, debt-oriented investments secured by institutional-quality commercial real estate. It offers primarily senior loans, as well as mezzanine loans, preferred equity, CMBS B-pieces and other real estate debt securities. The company operates through a single business segment as a holding company externally managed by an indirect subsidiary of KKR, with investment origination, underwriting and portfolio financing functions conducted through its Manager and subsidiaries. As of the latest reporting period, its investment activity and portfolio are concentrated in the United States and utilize capital markets, repurchase facilities, term lending arrangements and syndication channels for distribution and financing.
Summary from filing dated 2025-02-03
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Interest income | 436 | 565 | 640 | 422 | 280 | |
| Interest expense | 323 | 413 | 459 | 236 | — | |
| Total net interest income | 113 | 152 | 182 | 186 | 166 | |
| Revenue from real estate owned operations | 17 | 23 | 9 | 9 | 0 | |
| Income (loss) from equity method investments | −512,000 | 2 | 1 | 5 | 6 | |
| Change in net assets of consolidated variable interest entity, CMBS trust | 730,000 | 0 | 0 | — | — | |
| Gain (loss) on sale of investments | 1 | −615,000 | 0 | 0 | 5 | |
| Gain (loss) on foreign currency translation | 1 | 0 | 0 | — | — | |
| Gain (loss) on foreign currency forward contracts | −1 | 0 | 0 | — | — | |
| Other miscellaneous income | 5 | 6 | 11 | 6 | 686,000 | |
| Total other income | 23 | 30 | 21 | 19 | 12 | |
| Provision for credit losses, net | 119 | 81 | 175 | 112 | −4 | |
| Expenses from real estate owned operations | 26 | 23 | 11 | 11 | 0 | |
| Management fee to related parties | 23 | 25 | 26 | 26 | 19 | |
| Incentive compensation to affiliate | 0 | 0 | 2 | 634,000 | 10 | |
| General and administrative | 18 | 18 | 19 | 18 | 14 | |
| Total operating expenses | 186 | 147 | 234 | 167 | 40 | |
| Income (Loss) Before Income Taxes | −51 | 35 | −31 | 38 | 138 | |
| Income tax expense | −200,000 | 200,000 | 700,000 | 100,000 | 684,000 | |
| Net Income (Loss) | −50 | 34 | −32 | 38 | 137 | |
| Net income (loss) attributable to noncontrolling interests | −3 | −1 | −806,000 | −510,000 | 0 | |
| Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries | −47 | 36 | −31 | 38 | 137 | |
| Preferred stock dividends | 21 | 21 | 21 | 21 | 11 | |
| Participating securities' share in earnings | 2 | 1 | 2 | 1 | 179,000 | |
| Net Income (Loss) Attributable to Common Stockholders | −70 | 13 | −54 | 15 | 126 | |
| Net Income (Loss) Attributable to Common Stockholders | −70 | 13 | −54 | 15 | 126 | |
| Basic (usd per share) | −1.05 | 0.19 | −0.78 | 0.23 | 2.22 | |
| Diluted (usd per share) | −1.05 | 0.19 | −0.78 | 0.23 | 2.21 | |
| Basic (in shares) | 67 | 69 | 69 | 68 | 57 | |
| Diluted (in shares) | 67 | 69 | 69 | 68 | 57 | |
| Dividends declared per share of common stock (usd per share) | 1 | 1 | 1.72 | 1.72 | 1.72 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 85 | 105 | 136 | 240 | 271 | |
| Less: Allowance for credit losses | −202 | −117 | −210 | — | — | |
| Real estate owned, held for investment, net | 339 | 262 | 82 | — | — | |
| Real estate owned assets, held for sale | 130 | 57 | 101 | 0 | — | |
| Other assets | 88 | 9 | 19 | 19 | 8 | |
| Total Assets | 6,465 | 6,350 | 7,548 | 7,802 | 6,703 | |
| Secured financing agreements, net | 2,863 | 2,799 | 3,782 | 3,749 | 3,727 | |
| Collateralized loan obligations, net | 1,198 | 1,766 | 1,942 | 1,936 | 1,088 | |
| Secured term loan, net | 633 | 334 | 335 | 337 | 339 | |
| Dividends payable | 16 | 17 | 30 | 30 | 27 | |
| Real estate owned liabilities, held for sale | 4 | 1 | 16 | 0 | — | |
| Total Liabilities | 5,239 | 4,952 | 6,143 | 6,231 | 5,342 | |
| Commitments and Contingencies (Note 13) | 0 | 0 | 0 | 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) | 644,000 | 686,000 | 693,000 | 691,000 | 613,000 | |
| Additional paid-in capital | 1,687 | 1,715 | 1,815 | 1,809 | 1,460 | |
| Accumulated deficit | −506 | −370 | −314 | −142 | −38 | |
| Repurchased stock (1,120,943 shares repurchased as of December 31, 2025) | −9 | 0 | −97 | −97 | — | |
| Total KKR Real Estate Finance Trust Inc. Stockholders Equity | 1,173 | 1,345 | 1,405 | 1,572 | 1,361 | |
| Noncontrolling interests in equity of consolidated joint ventures | 53 | 54 | −585,000 | −102,000 | 147,000 | |
| Total Equity | 1,225 | 1,399 | 1,404 | 1,571 | 1,362 | |
| Total Liabilities and Equity | 6,465 | 6,350 | 7,548 | 7,802 | 6,703 | |
| Common stock outstanding (in shares) | 64 | 69 | 69 | 69 | 61 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Accretion of deferred loan fees and discounts | −17 | −17 | −24 | −25 | −23 | |
| Payment-in-kind interest | −2 | −991,000 | 0 | −2 | −2 | |
| Amortization of deferred debt issuance costs and discounts | 14 | 14 | 26 | 24 | 16 | |
| Loss (income) from equity method investments | 3 | 2 | 2 | — | — | |
| Depreciation and amortization | 3 | 983,000 | 0 | 0 | — | |
| Stock-based compensation expense | 8 | 8 | 8 | 8 | 7 | |
| Assets related to real estate owned, held for sale, net of liabilities | 1 | 2 | 0 | 0 | — | |
| Accrued interest receivable, net | 4 | 12 | −2 | −24 | 171,000 | |
| Other assets | 176,000 | −796,000 | 244,000 | 421,000 | −1 | |
| Accrued interest payable | −7 | −268,000 | 2 | 11 | 1 | |
| Due to related parties | 588,000 | −604,000 | −154,000 | 721,000 | 806,000 | |
| Accounts payable, accrued expenses and other liabilities | −3 | −2 | −619,000 | −898,000 | 621,000 | |
| Net cash provided by (used in) operating activities | 72 | 133 | 156 | 141 | 125 | |
| Proceeds from principal repayments and sale of commercial real estate loans | 1,420 | 1,426 | 691 | 1,244 | 2,362 | |
| Origination of commercial real estate loans | −1,127 | −298 | −677 | −2,420 | −3,905 | |
| Capital expenditures on real estate owned | −6 | −8 | −2 | −2 | 0 | |
| Payment to acquire real estate owned | −11 | −363,000 | 0 | 0 | — | |
| Net proceeds on sale of real estate owned, held for investment | 6 | 0 | 0 | — | — | |
| Net proceeds (payment) on sale of real estate owned, held for sale | 24 | −1 | 0 | — | — | |
| Purchases of commercial mortgage-backed securities | −9 | 0 | 0 | — | — | |
| Payment to acquire equity method investment, real estate asset | 0 | −627,000 | 0 | 0 | 0 | |
| Net cash assumed from investment in real estate owned and related joint venture | 0 | 0 | 1 | 0 | 1 | |
| Net cash provided by (used in) investing activities | 264 | 1,116 | 13 | −1,177 | −1,541 | |
| Proceeds from borrowings under secured financing agreements | 1,717 | 602 | 811 | 2,484 | 3,642 | |
| Proceeds from issuance of secured term loan | 311 | 0 | 0 | 0 | 52 | |
| Proceeds from noncontrolling interest contributions | 2 | 1 | 323,000 | 261,000 | 0 | |
| Principal repayments on borrowings under secured financing agreements | −1,655 | −1,595 | −791 | −2,455 | −2,488 | |
| Principal repayments on borrowings under collateralized loan obligations | −568 | −177 | 0 | — | — | |
| Principal repayments on borrowings under secured term loan | −5 | 0 | 0 | — | — | |
| Principal repayments on borrowings under convertible notes | 0 | 0 | −144 | 0 | 0 | |
| Payments of debt and collateralized debt obligation issuance costs | −26 | −8 | −6 | −33 | −24 | |
| Payments of common stock dividends | −67 | −82 | −119 | −115 | −96 | |
| Payments of preferred stock dividends | −21 | −21 | −21 | −22 | −8 | |
| Payments to reacquire common stock | −43 | −10 | 0 | −36 | 0 | |
| Tax withholding on stock-based compensation | −1 | −2 | −2 | −3 | −6 | |
| Net cash provided by (used in) financing activities | −356 | −1,291 | −272 | 1,013 | 1,579 | |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | −19 | −42 | −102 | −23 | 163 | |
| Cash paid during the period for interest | 316 | 399 | 430 | 201 | 95 | |
| Cash paid during the period for income taxes | 0 | 371,000 | 296,000 | 708,000 | 409,000 | |
| Loan principal repayments held by a servicer | 74 | 0 | 0 | — | — | |
| Deferred financing costs, not yet paid | 934,000 | 0 | 0 | — | — | |
| Acquisition of real estate owned | 165 | 175 | 76 | 0 | — | |
| Acquisition of other assets related to real estate owned | 1 | 240,000 | 25 | 0 | — | |
| Assumption of other liabilities related to real estate owned | −2 | 807,000 | 16 | 0 | 4 | |
| Transfer of senior loan to real estate owned | 163 | 120 | 86 | 0 | — | |
| Consolidation of variable interest entities (incremental assets and liabilities) | 483 | 0 | 0 | — | — | |
| Noncontrolling interest contribution to real estate owned | 0 | 54 | 0 | 0 | — | |
| Transfer of senior loan to equity method investment, real estate asset | 0 | 82 | 0 | 0 | — | |
| Sale of real estate owned, held for sale, net of closing costs | 0 | 29 | 0 | 0 | — | |
| Seller financing provided on sale of real estate owned, held for sale, net | 0 | 30 | 0 | 0 | — | |
| Modifications accounted for as repayments and new loans, net of write-offs | 0 | 55 | 199 | 0 | 0 |
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