KKR Real Estate Finance Trust Inc. (KREF) Balance Sheet
KREF balance sheet, 2025
December 31, 2025 · U.S. dollars$6.46B assets = $5.24B liabilities + $1.23B equity
Both columns are drawn to the same scale: what KREF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
KREF financial health
Descriptive bands, not a rating. Fiscal 2025.
KREF balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.27B2016 | $6.46B2025 | +0.3%/yr | |
| Total liabilities | $5.76B2016 | $5.24B2025 | −1.0%/yr | |
| Shareholders’ equity | $505.0M2016 | $1.17B2025 | +9.8%/yr | |
| Cash & short-term investments | $96.2M2016 | $84.6M2025 | −1.4%/yr | |
| Total debt | $6.19B2016 | $4.69B2025 | −3.0%/yr | |
| Net cash (debt) | −$6.10B2016 | −$4.61B2025 | +$1.5B | |
| Working capital | $97.2M2016 | −$234.6M2025 | −$331.8M | |
| Book value per share | $9.682016 | $17.552025 | +6.8%/yr | |
| Current ratio | 34.622016 | 0.322025 | −34.31 | |
| Debt / equity | 12.262016 | 4.002025 | −8.26 | |
| Shares outstanding | 52.2M2016 | 66.8M2025 | +2.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KREF assets
KREF liabilities and equity
KREF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
KREF balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $84.6M | $104.9M | $135.9M | $239.8M | $271.5M | $110.8M | $67.6M | $86.5M | $103.1M | $96.2M |
| Cash & equivalents | $84.6M | $104.9M | $135.9M | $239.8M | $271.5M | $110.8M | $67.6M | $86.5M | $103.1M | $96.2M |
| Short-term investments | — | — | $5.0M | — | $6.32B | — | — | — | $400,000 | $157,000 |
| Receivables | $25.2M | $28.8M | $41.0M | $39.0M | $15.2M | $15.4M | $16.3M | $16.2M | $8.4M | $3.9M |
| Inventory | $0 | $0 | $183.1M | $80.2M | $78.6M | $0 | $0 | $0 | $1 | $1 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $109.8M | $133.7M | $176.9M | $278.8M | $286.7M | $126.2M | $83.9M | $86.5M | $103.1M | $100.1M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $50.5M | $35.6M | $35.1M | $36.8M | $35.5M | $33.7M | $37.5M | $30.7M | $14.4M | $36.4M |
| Other non-current assets | $6.30B | $6.18B | $7.34B | $7.49B | $6.38B | $4.81B | $4.94B | $5.11B | $7.28B | $6.13B |
| Total assets | $6.46B | $6.35B | $7.55B | $7.80B | $6.70B | $4.97B | $5.06B | $5.23B | $7.39B | $6.27B |
| Liabilities | ||||||||||
| Accounts payable | $12.9M | $19.9M | $20.2M | $17.9M | $7.5M | $10.2M | $10.0M | $12.0M | $4.1M | $2.9M |
| Short-term debt | $344.5M | $348.5M | $1.80B | $505.9M | $1.61B | $895.7M | $139.1M | $137.7M | $6.30B | $5.75B |
| Deferred revenue | — | — | −$1.78B | — | −$127.7M | −$130.3M | −$129.0M | −$137.7M | −$6.22B | −$5.75B |
| Total current liabilities | $344.5M | $348.5M | $1.80B | $505.9M | $1.61B | $895.7M | $10.0M | $1.12B | $5.29B | $2.9M |
| Long-term debt | $4.13B | $3.78B | $6.06B | $480.1M | $480.4M | $428.5M | $3.89B | $2.97B | $1.05B | $439.1M |
| Lease obligations | $365,000 | $730,000 | $1.1M | — | — | — | — | — | — | — |
| Other long-term liabilities | $764.5M | $819.9M | $0 | $5.24B | $3.25B | $2.60B | $0 | $0 | $0 | $0 |
| Total liabilities | $5.24B | $4.95B | $6.14B | $6.23B | $5.34B | $3.92B | $3.93B | $4.10B | $6.33B | $5.76B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $644,000 | $686,000 | $693,000 | $691,000 | $613,000 | $556,000 | $575,000 | $576,000 | $537,000 | $242,000 |
| Retained earnings (deficit) | −$506.1M | −$370.5M | −$314.4M | −$141.5M | −$38.2M | −$65.7M | −$8.6M | −$225,000 | $6.3M | $17.9M |
| Treasury stock | — | — | — | −$96.8M | −$61.0M | −$61.0M | −$36.0M | −$31.9M | −$523,000 | — |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | $1.14B | $1.06B | $508.1M |
| Minority interest | $52.7M | $53.8M | −$585,000 | −$102,000 | $147,000 | — | — | — | — | — |
| Total shareholders' equity | $1.17B | $1.35B | $1.40B | $1.57B | $1.36B | $1.05B | $1.12B | $1.14B | $1.06B | $505.0M |
| Key figures | ||||||||||
| Total debt | $4.69B | $4.90B | $6.06B | $6.16B | $5.29B | $3.81B | $4.03B | $3.11B | $7.35B | $6.19B |
| Net cash (debt) | −$4.61B | −$4.79B | −$5.92B | −$5.92B | −$5.02B | −$3.70B | −$3.96B | −$3.03B | −$7.25B | −$6.10B |
| Working capital | −$234.6M | −$214.8M | −$1.62B | −$227.2M | −$1.32B | −$769.5M | $73.9M | −$1.04B | −$5.19B | $97.2M |
| Tangible book value | $1.17B | $1.35B | $1.40B | $1.57B | $1.36B | $1.05B | $1.12B | $1.14B | $1.06B | $505.0M |
| Book value per share | $17.55 | $19.38 | $20.31 | $23.26 | $23.98 | $18.65 | $19.53 | $20.58 | $23.39 | $9.68 |
| Shares outstanding | 66.8M | 69.4M | 69.2M | 67.6M | 56.8M | 56.1M | 57.5M | 55.2M | 45.3M | 52.2M |
| Current ratio | 0.32 | 0.38 | 0.10 | 0.55 | 0.18 | 0.14 | 8.35 | 0.08 | 0.02 | 34.62 |
| Quick ratio | 0.32 | 0.38 | 0.10 | 0.55 | 0.18 | 0.14 | 8.35 | 0.09 | 0.02 | 34.62 |
| Debt / equity | 4.00 | 3.64 | 4.31 | 3.92 | 3.89 | 3.65 | 3.59 | 2.74 | 6.93 | 12.26 |
| Equity / assets | 18.1% | 21.2% | 18.6% | 20.1% | 20.3% | 21.1% | 22.2% | 21.7% | 14.3% | 8.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $83.1M | $135.4M | $84.6M | $204.1M | $107.7M | $106.4M | $104.9M | $108.8M | $107.2M | $106.5M | $135.9M | $108.0M |
| Cash & equivalents | $83.1M | $135.4M | $84.6M | $204.1M | $107.7M | $106.4M | $104.9M | $108.8M | $107.2M | $106.5M | $135.9M | $108.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $82.0M | — | — | — |
| Receivables | $27.9M | $33.2M | $25.2M | $28.1M | $28.5M | $28.0M | $28.8M | $32.3M | $36.4M | $40.6M | $41.0M | $39.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $32.3M | $0 | $182.6M | $183.1M | $81.6M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $83.1M | $168.6M | $109.8M | $232.2M | $136.2M | $134.4M | $133.7M | $141.1M | $143.6M | $147.1M | $176.9M | $148.0M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $75.3M | $77.2M | $50.5M | $35.5M | $35.5M | $35.7M | $35.6M | $35.4M | $35.3M | $35.1M | $35.1M | $35.5M |
| Other non-current assets | $6.40B | $6.70B | $6.30B | $6.22B | $6.58B | $6.38B | $6.18B | $6.60B | $6.88B | $7.07B | $7.34B | $7.44B |
| Total assets | $6.56B | $6.95B | $6.46B | $6.48B | $6.76B | $6.55B | $6.35B | $6.77B | $7.06B | $7.26B | $7.55B | $7.63B |
| Liabilities | ||||||||||||
| Accounts payable | $11.3M | $14.7M | $12.9M | $12.7M | $15.3M | $14.8M | $19.9M | $22.8M | $16.7M | $19.2M | $20.2M | $19.4M |
| Short-term debt | $1.03B | $799.0M | $344.5M | $22.3M | $30.7M | $168.7M | $348.5M | $265.0M | $265.0M | $149.8M | $1.80B | $122.8M |
| Deferred revenue | — | — | — | — | — | — | — | — | $120.8M | −$169.0M | −$1.78B | −$103.4M |
| Total current liabilities | $1.03B | $799.0M | $344.5M | $22.3M | $30.7M | $168.7M | $348.5M | $265.0M | $265.0M | $149.8M | $1.80B | $122.8M |
| Long-term debt | $4.27B | $4.53B | $4.13B | $3.57B | $4.27B | $3.91B | $3.78B | $5.29B | $5.56B | $5.80B | $6.06B | $6.10B |
| Lease obligations | $183,000 | $274,000 | $365,000 | $456,000 | $548,000 | $639,000 | $730,000 | $821,000 | — | — | $1.1M | — |
| Other long-term liabilities | $271.9M | $467.2M | $764.5M | $1.61B | $1.16B | $1.11B | $819.9M | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $5.57B | $5.80B | $5.24B | $5.20B | $5.46B | $5.19B | $4.95B | $5.36B | $5.62B | $5.88B | $6.14B | $6.17B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $609,000 | $643,000 | $644,000 | $652,000 | $657,000 | $678,000 | $686,000 | $693,000 | $693,000 | $693,000 | $693,000 | $691,000 |
| Retained earnings (deficit) | −$711.7M | −$584.1M | −$506.1M | −$458.0M | −$449.8M | −$398.0M | −$370.5M | −$367.9M | −$337.5M | −$340.4M | −$314.4M | −$265.8M |
| Accumulated other comprehensive income | — | — | — | — | $0 | — | — | $0 | −$131,000 | $0 | $0 | $0 |
| Minority interest | $58.5M | $57.2M | $52.7M | $52.4M | $53.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | $931.8M | $1.10B | $1.17B | $1.23B | $1.24B | $1.31B | $1.35B | $1.36B | $1.39B | $1.38B | $1.40B | $1.45B |
| Key figures | ||||||||||||
| Total debt | $4.31B | $4.50B | $4.69B | $5.15B | $5.41B | $5.14B | $4.90B | $5.29B | $5.56B | $5.80B | $6.06B | $6.10B |
| Net cash (debt) | −$4.23B | −$4.36B | −$4.61B | −$4.95B | −$5.30B | −$5.03B | −$4.79B | −$5.18B | −$5.45B | −$5.69B | −$5.92B | −$6.00B |
| Working capital | −$948.3M | −$630.3M | −$234.6M | $210.0M | $105.5M | −$34.3M | −$214.8M | −$123.9M | −$121.4M | −$2.7M | −$1.62B | $25.2M |
| Tangible book value | $931.8M | $1.10B | $1.17B | $1.23B | $1.24B | $1.31B | $1.35B | $1.36B | $1.39B | $1.38B | $1.40B | $1.45B |
| Book value per share | $14.92 | $16.94 | $17.92 | $18.67 | $18.46 | $19.05 | $19.38 | $19.56 | $19.97 | $19.90 | $20.25 | $21.03 |
| Shares outstanding | 62.5M | 64.7M | 65.4M | 65.9M | 67.2M | 68.8M | 69.4M | 69.4M | 69.4M | 69.4M | 69.4M | 69.1M |
| Current ratio | 0.08 | 0.21 | 0.32 | 10.43 | 4.43 | 0.80 | 0.38 | 0.53 | 0.54 | 0.98 | 0.10 | 1.20 |
| Quick ratio | 0.11 | 0.21 | 0.32 | 10.43 | 4.43 | 0.80 | 0.38 | 0.53 | 0.54 | 0.98 | 0.10 | 1.20 |
| Debt / equity | 4.63 | 4.11 | 4.00 | 4.19 | 4.36 | 3.93 | 3.64 | 3.90 | 4.01 | 4.20 | 4.31 | 4.20 |
| Equity / assets | 14.2% | 15.8% | 18.1% | 19.0% | 18.4% | 20.0% | 21.2% | 20.0% | 19.6% | 19.0% | 18.6% | 19.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 3, 2026); data from EODHD.
KREF financial position
At the end of fiscal 2025 (December 31, 2025), KKR Real Estate Finance had total assets of $6.5 billion (up 1.8% from a year earlier), total liabilities of $5.2 billion and shareholders' equity of $1.2 billion. It held $84.6 million in cash and short-term investments against $4.7 billion of debt, net debt of $4.6 billion. Its current ratio was 0.32. In the latest quarter (ended June 30, 2026) total assets were $6.6 billion and equity $931.8 million.
Related: KREF income statement, KREF cash flow statement, KREF key metrics. See the KREF stock overview for the latest quote and news.
KREF balance sheet FAQ
What are KKR Real Estate Finance's total assets?
KKR Real Estate Finance reported total assets of $6.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.4 billion a year earlier.
How much debt does KKR Real Estate Finance have?
KKR Real Estate Finance had $4.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 4.00.
How much cash does KKR Real Estate Finance have?
KKR Real Estate Finance held $84.6 million in cash and short-term investments at the end of fiscal 2025; with $4.7 billion of debt that is net debt of $4.6 billion.
What is KKR Real Estate Finance's book value?
KKR Real Estate Finance's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $17.55 per share.
What is KKR Real Estate Finance's current ratio?
KKR Real Estate Finance had current assets of $109.8 million and current liabilities of $344.5 million, a current ratio of 0.32 (current liabilities exceed current assets).