KKR Real Estate Finance Trust Inc. (KREF) Income Statement
KREF 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsKREF revenue and net income
Where KREF's revenue goes
2025Each bar shows an amount and its share of revenue. KREF kept −10.3% of revenue as net income.
KREF profit margins
KREF growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −22.7% | +1.6% | +29.5% | +37.0% |
| Gross profit | −25.5% | +0.4% | +26.3% | +35.3% |
| Operating income | −39.1% | +0.3% | +37.7% | +31.4% |
| Net income | −232.2% | — | — | — |
| EPS (diluted) | — | −37.4% | −27.2% | −11.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
KREF quarterly EPS vs estimates
KKR Real Estate Finance beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.02).
KREF income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $458.0M | $592.6M | $181.6M | $436.5M | $151.9M | $125.6M | $99.8M | $99.2M | $65.2M | $35.3M |
| Cost of revenue | $53.6M | $49.6M | $11.2M | $37.4M | $39.8M | $88.3M | $158.9M | −$16.3M | −$13.5M | $7.4M |
| Gross profit | $404.4M | $543.0M | $170.4M | $399.1M | $151.9M | $125.6M | $99.8M | $115.6M | $78.7M | $35.3M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 |
| Sales, general & admin | $40.7M | $18.4M | $26.9M | $17.6M | $14.2M | $14.2M | $10.5M | $24.2M | $4.9M | $2.3M |
| Total operating expenses | $132.8M | $97.0M | $222.6M | $130.0M | −$14.1M | −$70.8M | −$9.2M | $29.0M | $18.0M | $3.7M |
| Operating income | $271.6M | $446.0M | −$52.1M | $269.1M | $137.9M | $54.8M | $90.5M | $174.7M | $81.4M | $38.9M |
| Interest income | $435.6M | $564.6M | $618.9M | $422.0M | $279.9M | $269.2M | $274.3M | $183.6M | $83.1M | $32.7M |
| Interest expense | $323.0M | $412.9M | $458.8M | $236.1M | $114.4M | $127.3M | $158.9M | $85.0M | $21.2M | $7.4M |
| Income before taxes | −$50.6M | $34.6M | −$53.2M | $37.7M | $137.9M | $54.8M | $90.5M | $89.7M | $61.2M | $32.6M |
| Income taxes | −$156,000 | $248,000 | $710,000 | $58,000 | $684,000 | $412,000 | $579,000 | −$70,000 | $1.1M | $354,000 |
| Net income | −$47.1M | $35.6M | −$53.9M | $38.1M | $137.2M | $54.4M | $90.0M | $89.7M | $59.1M | $31.2M |
| EBITDA | $274.9M | $448.5M | −$52.1M | $273.7M | $153.6M | $77.1M | $90.5M | $174.7M | $81.4M | $38.9M |
| EPS (diluted) | $0.40 | −$1.02 | $0.84 | $1.63 | $1.66 | $1.95 | $1.67 | $1.88 | $1.24 | $0.37 |
| Gross margin | 88.3% | 91.6% | 93.8% | 91.4% | 100.0% | 100.0% | 100.0% | 116.5% | 120.7% | 100.0% |
| Operating margin | 59.3% | 75.3% | −28.7% | 61.6% | 90.7% | 43.6% | 90.8% | 176.0% | 124.7% | 110.4% |
| Net margin | −10.3% | 6.0% | −29.7% | 8.7% | 90.3% | 43.3% | 90.2% | 90.4% | 90.5% | 88.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $91.1M | $101.7M | $107.5M | $113.9M | $118.5M | $118.0M | $128.4M | $150.0M | $155.9M | $158.4M | $168.8M | $167.8M |
| Cost of revenue | $15.8M | $15.6M | $14.0M | $14.4M | $12.9M | $12.3M | $12.6M | $12.4M | $12.7M | $11.9M | $9.5M | $9.5M |
| Gross profit | $75.3M | $86.2M | $93.5M | $99.5M | $105.7M | $105.8M | $115.7M | $137.6M | $143.1M | $146.5M | $159.3M | $158.4M |
| Sales, general & admin | $4.7M | $4.6M | $9.3M | $4.7M | $10.4M | $4.8M | $8.3M | $4.7M | $9.0M | $5.0M | $11.1M | $11.4M |
| Total operating expenses | $125.9M | $68.9M | $46.6M | $3.9M | $53.5M | $28.7M | $7.6M | $41.9M | $9.3M | $38.3M | $54.1M | $13.6M |
| Operating income | −$50.6M | $17.3M | $46.9M | $95.6M | $52.1M | $77.1M | $108.2M | $95.8M | $133.8M | $108.2M | $105.2M | $144.8M |
| Interest income | $85.5M | $95.9M | $101.3M | $108.0M | $112.3M | $114.0M | $123.6M | $140.2M | $149.2M | $151.6M | $165.0M | $163.2M |
| Interest expense | $67.3M | $69.7M | $75.5M | $82.7M | $82.1M | $82.6M | $88.5M | $103.1M | $108.8M | $112.5M | $118.5M | $118.6M |
| Income before taxes | −$117.3M | −$57.2M | −$27.1M | $12.8M | −$30.6M | −$5.7M | $19.6M | −$7.2M | $25.6M | −$3.4M | −$12.9M | $27.0M |
| Income taxes | — | $4.7M | −$156,000 | $4.7M | — | $4.8M | $45,000 | $91,000 | $71,000 | $41,000 | $199,000 | $165,000 |
| Net income | −$116.4M | −$56.1M | −$26.2M | $13.8M | −$29.7M | −$4.9M | $20.3M | −$7.4M | $25.8M | −$3.1M | −$12.9M | $27.1M |
| EBITDA | −$49.0M | $13.5M | $49.3M | $96.2M | $52.0M | $77.4M | $108.6M | $96.4M | $134.4M | $109.1M | $105.6M | $145.6M |
| EPS (diluted) | −$0.60 | −$0.96 | $0.22 | −$0.03 | −$0.04 | $0.25 | −$0.21 | $0.37 | −$1.57 | $0.39 | −$0.37 | $0.25 |
| Gross margin | 82.7% | 84.7% | 86.9% | 87.4% | 89.1% | 89.6% | 90.2% | 91.8% | 91.8% | 92.5% | 94.4% | 94.4% |
| Operating margin | −55.5% | 17.0% | 43.6% | 83.9% | 44.0% | 65.3% | 84.3% | 63.8% | 85.8% | 68.3% | 62.3% | 86.3% |
| Net margin | −127.8% | −55.2% | −24.4% | 12.1% | −25.1% | −4.1% | 15.8% | −4.9% | 16.6% | −2.0% | −7.6% | 16.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in KREF's financial statements (latest annual report filed February 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
KREF financial results
In fiscal year 2025 (ended December 31, 2025), KKR Real Estate Finance reported revenue of $458.0 million, down 22.7% from the year before. It had a net loss of $47.1 million, a net profit margin of −10.3%. Diluted earnings per share came to $0.40. Over five years revenue grew at an average rate of 29.5% a year.
See the KREF stock overview for the latest quote and news, or the KREF chart for price history and technical indicators.
KREF income statement FAQ
What is KKR Real Estate Finance's annual revenue?
KKR Real Estate Finance reported total revenue of $458.0 million for fiscal year 2025, which ended on December 31, 2025. That was down 22.7% from $592.6 million the previous year.
Is KKR Real Estate Finance profitable?
No. KKR Real Estate Finance reported a net loss of $47.1 million in fiscal 2025, a net profit margin of −10.3%; its operating margin was 59.3%.
What is KKR Real Estate Finance's gross margin?
KKR Real Estate Finance's gross margin was 88.3% in fiscal 2025: for every $100 of revenue, KKR Real Estate Finance kept $88 after the direct cost of its products and services.
How fast is KKR Real Estate Finance growing?
Revenue grew 29.5% a year on average over the last five fiscal years, from $125.6 million to $458.0 million.
What are KKR Real Estate Finance's earnings per share?
KKR Real Estate Finance earned $0.40 per diluted share in fiscal 2025, compared with $-1.02 a year earlier.
When will KKR Real Estate Finance report its next earnings?
KKR Real Estate Finance is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does KKR Real Estate Finance's fiscal year end?
KKR Real Estate Finance's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 3, 2026.