KKR Real Estate Finance Trust Inc. (KREF) Key Metrics
KREF valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $339.8M
- Enterprise value
- $4.95B
- P/E (TTM)
- — 10-yr median 15.4
- Forward P/E
- 11.7
- PEG ratio
- 5.13
- Price / sales
- 326.4 10-yr median 7.8
- Price / book
- 0.4 10-yr median 0.9
- EV / EBITDA
- — 10-yr median 32.7
- Dividend yield
- 6.90% $0.40 a year
- Beta
- 0.93
KREF key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsKREF valuation Price multiples at each fiscal year-end price.
KREF returns How much profit the business earns on the capital it uses.
KREF per-share figures Results divided by the shares outstanding at year-end.
KREF financial health Debt, liquidity and how easily interest is covered.
KREF efficiency & capital use Working capital cycle and where the cash goes.
KREF valuation history
KREF returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
KREF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
KREF cash returned to shareholders
KREF price vs earnings per share
KREF key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $549.2M | $700.9M | $915.3M | $943.0M | $1.18B | $1.00B | $1.17B | $1.06B | $906.9M | — |
| Enterprise value | $5.16B | $5.49B | $6.84B | $6.87B | $6.21B | $4.71B | $5.14B | $4.08B | $8.15B | — |
| P/E ratio | — | 19.7 | — | 24.7 | 8.6 | 18.5 | 13.1 | 11.8 | 15.4 | — |
| Price / sales | 1.2 | 1.2 | 5.0 | 2.2 | 7.8 | 8.0 | 11.8 | 10.6 | 13.9 | — |
| Price / book | 0.5 | 0.5 | 0.7 | 0.6 | 0.9 | 1.0 | 1.0 | 0.9 | 0.9 | — |
| Price / free cash flow | 8.2 | 5.6 | 5.9 | 6.7 | 9.5 | 8.7 | 12.8 | 13.8 | 16.9 | — |
| Price / operating cash flow | 7.6 | 5.3 | 5.9 | 6.7 | 9.5 | 8.7 | 12.8 | 13.8 | 16.9 | — |
| EV / sales | 11.3 | 9.3 | 37.7 | 15.7 | 40.8 | 37.5 | 51.5 | 41.1 | 125.0 | — |
| EV / EBITDA | 18.8 | 12.3 | — | 25.1 | 40.4 | 61.0 | 56.8 | 23.4 | 100.2 | — |
| EV / free cash flow | 77.3 | 44.1 | 44.5 | 48.7 | 49.7 | 40.9 | 56.0 | 53.1 | 151.5 | — |
| Earnings yield | −8.6% | 5.1% | −5.9% | 4.0% | 11.6% | 5.4% | 7.7% | 8.5% | 6.5% | — |
| Free cash flow yield | 12.1% | 17.8% | 16.8% | 15.0% | 10.6% | 11.5% | 7.8% | 7.3% | 5.9% | — |
| Dividend yield | 16.1% | 14.7% | 15.3% | 14.5% | 8.8% | 9.7% | 8.5% | 8.4% | 5.6% | — |
| Shareholder yield (dividends + buybacks) | 24.0% | 16.1% | 15.5% | 18.3% | 8.8% | 12.2% | 8.8% | 11.4% | 5.7% | — |
| Share price at fiscal year-end | $8.22 | $10.10 | $13.23 | $13.96 | $20.83 | $17.92 | $20.42 | $19.15 | $20.01 | — |
| Per share | ||||||||||
| Revenue per share | $6.85 | $8.54 | $2.63 | $6.46 | $2.68 | $2.24 | $1.73 | $1.80 | $1.44 | $0.68 |
| Earnings per share | −$0.70 | $0.51 | −$0.78 | $0.56 | $2.42 | $0.97 | $1.56 | $1.63 | $1.30 | $0.60 |
| Operating cash flow per share | $1.08 | $1.91 | $2.25 | $2.09 | $2.20 | $2.05 | $1.59 | $1.39 | $1.19 | $0.49 |
| Free cash flow per share | $1.00 | $1.79 | $2.22 | $2.09 | $2.20 | $2.05 | $1.59 | $1.39 | $1.19 | $0.48 |
| Cash per share | $1.27 | $1.51 | $1.96 | $3.55 | $4.78 | $1.98 | $1.18 | $1.57 | $2.28 | $1.84 |
| Book value per share | $17.55 | $19.38 | $20.31 | $23.26 | $23.98 | $18.65 | $19.53 | $20.58 | $23.39 | $9.68 |
| Tangible book value per share | $17.55 | $19.38 | $20.31 | $23.26 | $23.98 | $18.65 | $19.53 | $20.58 | $23.39 | $9.68 |
| Dividends per share | $1.32 | $1.49 | $2.03 | $2.03 | $1.83 | $1.73 | $1.73 | $1.62 | $1.12 | $0.42 |
| Capex per share | $0.08 | $0.12 | $0.03 | $0.02 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 |
| Debt per share | $70.25 | $70.59 | $87.60 | $91.25 | $93.25 | $68.02 | $70.07 | $56.41 | $162.16 | $118.68 |
| Shares outstanding | 66.8M | 69.4M | 69.2M | 67.6M | 56.8M | 56.1M | 57.5M | 55.2M | 45.3M | 52.2M |
| Change in shares outstanding | −3.7% | +0.3% | +2.4% | +19.0% | +1.3% | −2.6% | +4.3% | +21.7% | −13.1% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −3.7% | 2.6% | −3.6% | 2.6% | 11.4% | 5.0% | 8.0% | 8.2% | 7.5% | 7.9% |
| Return on invested capital (ROIC) | 3.6% | 6.6% | −0.6% | 3.9% | 2.5% | 1.1% | 1.9% | 2.8% | 1.1% | 0.7% |
| Return on assets (ROA) | −0.7% | 0.5% | −0.7% | 0.5% | 2.4% | 1.1% | 1.7% | 1.4% | 0.9% | 0.6% |
| Return on tangible assets | −0.7% | 0.6% | −0.7% | 0.5% | 2.0% | 1.1% | 1.8% | 1.7% | 0.8% | 0.5% |
| Free cash flow margin | 14.6% | 21.0% | 84.7% | 32.3% | 82.1% | 91.6% | 91.9% | 77.4% | 82.5% | 70.8% |
| Income quality (OCF / net income) | — | 3.72 | — | 3.70 | 0.91 | 2.12 | 1.02 | 0.86 | 0.91 | 0.82 |
| Financial health | ||||||||||
| Total debt | $4.69B | $4.90B | $6.06B | $6.16B | $5.29B | $3.81B | $4.03B | $3.11B | $7.35B | $6.19B |
| Cash & short-term investments | $84.6M | $104.9M | $135.9M | $239.8M | $271.5M | $110.8M | $67.6M | $86.5M | $103.1M | $96.2M |
| Net debt | $4.61B | $4.79B | $5.92B | $5.92B | $5.02B | $3.70B | $3.96B | $3.03B | $7.25B | $6.10B |
| Debt / equity | 4.00 | 3.64 | 4.31 | 3.92 | 3.89 | 3.65 | 3.59 | 2.74 | 6.93 | 12.26 |
| Debt / assets | 0.73 | 0.77 | 0.80 | 0.79 | 0.79 | 0.77 | 0.80 | 0.59 | 0.99 | 0.99 |
| Net debt / EBITDA | 16.76 | 10.69 | — | 21.64 | 32.71 | 48.00 | 43.78 | 17.32 | 89.03 | 156.53 |
| 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 | −0.00 | 0.39 | 0.13 | 0.14 | 8.35 | 0.08 | 0.02 | 34.62 |
| Interest coverage | 0.8 | 1.1 | -0.1 | 1.1 | 1.2 | 0.4 | 0.6 | 2.1 | 3.8 | 5.2 |
| Working capital | −$234.6M | −$214.8M | −$1.62B | −$227.2M | −$1.32B | −$769.5M | $73.9M | −$1.04B | −$5.19B | $97.2M |
| Invested capital | $5.78B | $6.14B | $7.33B | $7.50B | $6.38B | $4.75B | $5.09B | $4.16B | $8.31B | $6.60B |
| Tangible asset value | $1.23B | $1.40B | $1.40B | $1.57B | $1.36B | $1.05B | $1.12B | $1.14B | $1.06B | $505.0M |
| Net current asset value | −$5.13B | −$4.82B | −$5.97B | −$5.95B | −$5.05B | −$3.79B | −$3.85B | −$4.01B | −$6.23B | −$5.66B |
| Graham number | — | $14.96 | — | $17.18 | $36.10 | $20.18 | $26.21 | $27.44 | $26.19 | $11.40 |
| Graham net-net per share | −$76.88 | −$69.53 | −$85.07 | −$87.66 | −$88.40 | −$67.75 | −$66.98 | −$72.47 | −$137.36 | −$108.51 |
| Capital allocation | ||||||||||
| Dividends paid | $88.2M | $103.1M | $140.2M | $136.9M | $103.9M | $97.1M | $99.5M | $89.2M | $50.7M | $21.9M |
| Share buybacks (net) | $43.4M | $10.0M | $2.0M | $35.8M | $0 | $25.1M | $4.1M | $31.3M | $648,000 | $0 |
| Dividend payout ratio | — | 289.7% | — | 359.3% | 75.8% | 178.5% | 110.6% | 99.4% | 85.9% | 70.4% |
| Dividends + buybacks / free cash flow | 197.3% | 90.9% | 92.4% | 122.4% | 83.3% | 106.2% | 113.0% | 156.9% | 95.5% | 87.9% |
| Capex / revenue | 1.2% | 1.4% | 1.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.3% |
| Capex / operating cash flow | 7.7% | 6.1% | 1.2% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.8% |
| Capex / depreciation | 2.14 | 8.25 | 0.07 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.44 |
| Stock-based compensation / revenue | 1.7% | 1.4% | 4.4% | 1.8% | 4.9% | 4.5% | 4.1% | 2.0% | 0.1% | — |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 8.9% | 3.1% | 14.8% | 4.0% | 9.4% | 11.3% | 10.5% | 24.3% | 7.6% | 6.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 21.5 | 21.5 | 80.4 | 22.7 | 36.8 | 46.1 | 59.4 | 45.2 | 34.4 | 27.2 |
| Days of inventory on hand | — | — | 4,294.8 | 774.3 | 720.1 | — | — | — | -0.0 | -42.4 |
| Days payables outstanding | 111.9 | 147.7 | 620.8 | 123.8 | 81.2 | 41.8 | 25.4 | -180.1 | -94.4 | 189.2 |
| Cash conversion cycle (days) | -90.4 | -126.2 | 3,754.4 | 673.3 | 675.7 | 4.2 | 34.0 | 225.4 | 128.8 | -204.4 |
| Receivables turnover | 16.98 | 16.99 | 4.54 | 16.09 | 9.91 | 7.92 | 6.14 | 8.07 | 10.61 | 13.43 |
| Payables turnover | 3.26 | 2.47 | 0.59 | 2.95 | 4.49 | 8.72 | 14.38 | −2.03 | −3.87 | 1.93 |
| Inventory turnover | — | — | 0.08 | 0.47 | 0.51 | — | — | — | −13,492,000.00 | — |
| Asset turnover | 0.07 | 0.09 | 0.02 | 0.06 | 0.03 | 0.03 | 0.02 | 0.02 | 0.01 | 0.01 |
| Average receivables | $27.0M | $34.9M | $40.0M | $27.1M | $15.3M | $15.9M | $16.2M | $12.3M | $6.1M | $2.6M |
| Average payables | $16.4M | $20.1M | $19.0M | $12.7M | $8.9M | $10.1M | $11.0M | $8.1M | $3.5M | $3.9M |
| Average inventory | — | — | $131.7M | $79.4M | $78.6M | — | — | — | $1 | −$862,500 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from KREF's annual financial statements (latest annual report filed February 3, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
KREF valuation and financial ratios
KKR Real Estate Finance earned a return on equity of −3.7% and a return on invested capital of 3.6% in fiscal 2025. It ended the year with $4.7 billion of debt and $84.6 million in cash and short-term investments, net debt of $4.6 billion. It returned $131.6 million to shareholders: $88.2 million in dividends and $43.4 million in share buybacks, 197% of free cash flow. The share count rose 28.0% from 52.2M to 66.8M over 9 years.
See the KREF income statement, the KREF chart for price history, or the KREF stock overview for the latest quote and news.
KREF key metrics FAQ
What is KKR Real Estate Finance's EV/EBITDA?
KKR Real Estate Finance's enterprise value was 18.8 times EBITDA at the end of fiscal 2025 (enterprise value $5.2 billion, EBITDA $274.9 million).
What is KKR Real Estate Finance's return on equity?
KKR Real Estate Finance's return on equity (ROE) was −3.7% in fiscal 2025: net income of -$47.1 million on average shareholders' equity of $1.3 billion.
What is KKR Real Estate Finance's ROIC?
KKR Real Estate Finance's return on invested capital was 3.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does KKR Real Estate Finance have?
KKR Real Estate Finance had total debt of $4.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 4.00 and $4.6 billion of net debt (16.76 times EBITDA).
What is KKR Real Estate Finance's dividend yield?
KKR Real Estate Finance's forward dividend yield is 6.90%. KKR Real Estate Finance paid $88.2 million in dividends in fiscal 2025 ($1.32 per share), a payout ratio of —.
Does KKR Real Estate Finance buy back its shares?
Yes. KKR Real Estate Finance spent $43.4 million on net share repurchases in fiscal 2025 Shares outstanding changed −3.7% over the year, to 66.8M..
What is KKR Real Estate Finance's free cash flow yield?
KKR Real Estate Finance generated $66.7 million of free cash flow in fiscal 2025, a free cash flow yield of 12.1% on its market value at year-end ($549.2 million).
What is KKR Real Estate Finance's current ratio?
KKR Real Estate Finance's current ratio was 0.32 at the end of fiscal 2025: current assets were 0.32 times current liabilities.