KKR Real Estate Finance Trust
Originates floating-rate senior loans against institutional commercial real estate.
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Profile
Originates transitional senior loans against institutional commercial real estate, earning interest from a mostly floating-rate portfolio financed through repurchase agreements and other facilities. The book spans the United States and Europe, while KKR's external manager provides sourcing, underwriting, and asset management.
Originates and acquires transitional senior loans secured by institutional-quality commercial real estate, with mezzanine loans, preferred equity, and CMBS extending the credit mandate. Interest on a mostly floating-rate loan book is the core income stream, while repurchase agreements and other financing facilities fund investments.
Targets large properties owned by experienced, well-capitalized sponsors. The portfolio spans the United States and Europe, with multifamily and industrial collateral forming most of the loan book. Uses KKR's real estate network to source, underwrite, structure, and manage investments.
Operates as a mortgage REIT under an external-management agreement with KKR Real Estate Finance Manager. Results depend on property and sponsor performance, market interest rates, access to financing, and continued REIT qualification.
Company facts
Categories
Key statistics
Year to date −8.5% · Average volume (30d) 1.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Raymond James | Upgrade | Outperform | Strong Buy | $23.50 | $9.50 |
| Jul 17, 2026 | JP Morgan | Downgrade | Neutral | Underweight | ||
| Apr 28, 2026 | Wells Fargo | Reiterate | Overweight | $10 | $7 | |
| Apr 27, 2026 | Citizens | Downgrade | Market Outperform | Market Perform | ||
| Feb 5, 2026 | BTIG | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q2 FY26 | −$0.56 | −$0.58 | −3.3% | $25.0M | $20.9M | −16.1% | −2.37% |
| Apr 22, 2026Q1 FY26 | $0.15 | −$0.06 | −139.8% | $28.1M | $34.6M | +23.0% | −9.10% |
| Feb 3, 2026Q4 FY25 | $0.13 | $0.22 | +69.2% | $29.9M | $32.6M | +9.2% | −3.67% |
| Oct 21, 2025Q3 FY25 | $0.01 | −$0.03 | −400.0% | $26.1M | $25.3M | −2.8% | −0.58% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $118.0M | $118.6M | $113.9M | $107.5M | $101.7M | $91.1M | |
| Gross profit | $105.8M | $105.7M | $99.5M | $93.5M | $86.2M | $75.3M | |
| Operating income | $77.1M | $52.1M | $95.6M | $46.9M | $17.3M | −$50.6M | |
| Net income | −$4.9M | −$29.7M | $13.8M | −$26.2M | −$56.1M | −$116.4M | |
| Diluted EPS | −$0.15 | −$0.53 | $0.12 | −$0.49 | −$0.96 | −$1.95 | |
| Gross margin | 89.6% | 89.1% | 87.4% | 86.9% | 84.7% | 82.7% | |
| Operating margin | 65.3% | 44.0% | 83.9% | 43.6% | 17.0% | -55.5% |
Fiscal years (4-quarter sums)FY21 $285.8M · FY22 $436.5M · FY23 $660.2M · FY24 $592.6M · FY25 $458.0M
Balance sheet, Jun 30, 2026Cash & short-term investments $83.1M · Total debt $4.31B · Total assets $6.56B · Shareholders' equity $931.8M
Dividends
Last cut to $0.10 from $0.25 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.10 | cut from $0.25 |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.25 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.25 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.25 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.25 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.25 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.25 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.25 |
Ownership
Shares outstanding 64.30M · Float 41.44M · 64.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Kohlberg Kravis Roberts & Co. L.P. | 10.00M | 15.55% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 5.90M | 9.17% | 13F | Aug 7, 2026 |
| Long Pond Capital, LP | 5.81M | 9.04% | 13F | Aug 13, 2026 |
| UBS Group AG | 3.64M | 5.66% | 13F | Aug 13, 2026 |
| Terra Capital Partners, LLC | 3.19M | 5.40% | 13G | Aug 17, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 24, 2026 | W. Patrick Mattson | officer: President, COO and Secretary | +40,000 | $6.03 |
| Apr 24, 2026 | Matthew A. Salem | director, officer: Chief Executive Officer | +60,000 | $6.04 |
| Dec 3, 2025 | Ralph F. Rosenberg | director | −125,289 | $8.25 |
| Nov 6, 2025 | Matthew A. Salem | director, officer: Chief Executive Officer | +32,000 | $7.84 |
| Nov 6, 2025 | W. Patrick Mattson | officer: President and COO | +13,000 | $7.91 |
Peers
- Blackstone Mortgage Trust
Blackstone-backed senior CRE loan platform with global reach
- Starwood Property Trust
Scaled commercial mortgage REIT with broader real estate finance
- TPG RE Finance Trust
TPG-backed first-mortgage lender for institutional properties
- Ladder Capital
Internally managed CRE lender with loans, securities and property
- BrightSpire Capital
CRE credit REIT centered on senior mortgage loan originations
- Franklin BSP Realty Trust
Franklin/BSP-backed REIT for U.S. commercial real estate debt
- Ares Commercial Real Estate
Ares-backed senior mortgage lender in liquid U.S. markets
- Claros Mortgage Trust
Transitional CRE lender with stressed but active senior loan book
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| KKR Real Estate Finance Trust | $7.59 | +0.20% | $488.0M | — | — | 1.2 | −82.3% |
| Blackstone Mortgage Trust | $13.75 | +0.18% | $2.31B | 171.6 | 10.9 | 1.5 | +18.1% |
| Starwood Property Trust | $15.85 | +0.27% | $5.86B | 23.2 | 9.4 | 2.9 | +7.9% |
| TPG RE Finance Trust | $7.73 | −0.06% | $593.4M | 14.3 | 7.2 | 2.2 | −58.7% |
| Ladder Capital | $9.82 | +0.10% | $1.25B | 23.4 | 9.0 | 3.3 | −40.9% |
| BrightSpire Capital | $4.75 | 0.00% | $601.0M | — | 7.8 | 1.8 | −0.9% |
| Franklin BSP Realty Trust | $8.46 | −0.06% | $702.6M | 19.1 | 8.0 | 1.3 | −45.4% |
| Ares Commercial Real Estate | $4.65 | +0.11% | $258.0M | — | 50.3 | 2.6 | — |
| Claros Mortgage Trust | $1.70 | +4.57% | $228.6M | — | — | 1.0 | −77.6% |
| Median | 23.2 | 9.0 | 2.0 | −40.9% |