Stocks · Real Estate · REIT - Mortgage
KKR Real Estate Finance Trust Inc. KREF
$6.16 -0.65% Close, Oct 2, 2026 · NYSE · Market cap $396.1M
Expensive vs sectorHigh risk
Next earnings report: Oct 20, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Operating margin narrowed to 26.3% from 64.7% a year earlier.
- Net debt is 38.5× EBITDA, a high level of leverage.
- The diluted share count fell 7.0% in a year, mainly through buybacks.
PromtFinance scores
Each score is a percentile within the Real Estate sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Bottom 7%
- FCF growth (TTM, YoY)Bottom 18%
- Revenue growth, 3-year CAGRBottom 26%
- Revenue growth accelerationTop 50%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalBottom 28%
- Gross marginTop 8%
- Operating marginTop 47%
- Accruals (lower is better)Top 41%
- Net debt / EBITDA (lower is better)Bottom 5%
- Interest coverBottom 17%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 4%
- Free-cash-flow yieldTop 30%
- EBITDA / enterprise valueBottom 15%
- Sales / enterprise valueBottom 34%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthBottom 23%
- 6-month returnTop 47%
- 1-year return vs S&P 500Bottom 19%
- Distance from 52-week highBottom 27%
- Trend checklist (0–4)Top 41%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersBottom 5%
- Consecutive EPS beatsBottom 18%
- Share of analysts rating BuyTop 45%
- Upside to consensus price targetTop 30%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Bottom 18%
- Maximum drawdown, 3 yearsBottom 18%
- Beta vs S&P 500 (lower is better)Bottom 35%
- Net debt / EBITDA (lower is better)Bottom 5%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | -20.0% | -19.6% | ↑ |
| Gross margin | 90.3% | 85.6% | ↓ |
| Operating margin | 64.7% | 26.3% | ↓ |
| FCF margin | 19.8% | 8.3% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | -19.6% | -20.0% | ↑ | Bottom 7% |
| Gross margin | 85.6% | 90.3% | ↓ | Top 8% |
| Operating margin | 26.3% | 64.7% | ↓ | Top 47% |
| Net margin | -44.7% | -4.2% | ↓ | — |
| Free-cash-flow margin | 8.3% | 19.8% | ↓ | — |
| Return on invested capital | 1.7% | — | Bottom 28% | |
| Revenue growth, 3-year CAGR | 1.6% | — | Bottom 26% |
Quality of earnings and balance sheet
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -3.8%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 1.8%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- +17.4 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 38.46×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 0.4×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 16.38%
- Net buyback yield (TTM)
- 11.24%
- Shareholder yield
- 27.62%
- Share count change, 1 year
- -7.0%
- Share count change, 3-year CAGR
- -3.3%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Jul 21, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 0
- Beats in the last 8 reports
- 3 of 8
- Average EPS surprise, last 4
- -100.0%
- Average 2-day reaction, last 8
- +0.5%
- Positive 20 days after report
- 4 of 8
Analysts
- Consensus price target
- $8.25
- Target vs current price
- +33.9%
- Analysts with a rating
- 12
- Share rating Buy or Strong Buy
- 50%
- Consensus rating
- Buy
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 21, 2026 | -3.3% | +4.5% | +0.8% | +2.9% | — |
| Apr 22, 2026 | -139.8% | +0.1% | -6.6% | -7.6% | +9.0% |
| Feb 3, 2026 | +69.2% | -1.6% | -13.1% | -13.2% | -25.9% |
| Oct 21, 2025 | -400.0% | +1.5% | +2.2% | -5.4% | -3.9% |
| Jul 22, 2025 | -3265.1% | +1.9% | +3.4% | +3.5% | -1.0% |
| Apr 23, 2025 | -188.2% | +0.0% | -1.1% | +0.2% | -4.3% |
| Feb 3, 2025 | +287.5% | +0.7% | +11.4% | +10.8% | -8.0% |
| Oct 21, 2024 | +29.0% | -3.0% | -2.9% | -6.5% | -13.0% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 21, 2026 | -$0.58 | -$0.56 | -3.3% | $20.9M |
| Apr 22, 2026 | -$0.06 | $0.15 | -139.8% | $34.6M |
| Feb 3, 2026 | $0.22 | $0.13 | +69.2% | $32.6M |
| Oct 21, 2025 | -$0.03 | $0.01 | -400.0% | $25.3M |
| Jul 22, 2025 | -$0.53 | -$0.02 | -3265.1% | $35.9M |
| Apr 23, 2025 | -$0.15 | $0.17 | -188.2% | $31.3M |
| Feb 3, 2025 | $0.31 | $0.08 | +287.5% | $34.0M |
| Oct 21, 2024 | $0.40 | $0.31 | +29.0% | $37.0M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| EV / EBITDA | 42.1× | — | — | Bottom 15% |
| EV / Sales | 11.17× | — | — | Bottom 34% |
| Free-cash-flow yield | 8.66% | — | — | Top 30% |
| Earnings yield | -53.25% | — | — | Bottom 4% |
P/E over the past five years
Range 8.2× – 58.0× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✗ Price above 200-day average
- ✓ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 0
- 50-day average slope (20 days)
- -2.7%
- 200-day average slope (20 days)
- -2.4%
- Distance from 50-day average
- -14.1%
- Distance from 200-day average
- -13.5%
- RSI (14)
- 30.2
- Relative volume
- 0.96×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 36.6%
- Volatility vs own 5-year history
- 76th percentile · Normal for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.69
- Correlation with S&P 500
- 0.33
- Current drawdown from 1-year high
- -31.9%
- Maximum drawdown, 3 years
- -58.1%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Jun 16, 2021 | Apr 27, 2026 | -74.6% | 1220 days | Not yet recovered |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $396.1M
- EPS, diluted (TTM)
- -$3.28
- Revenue (TTM)
- $414.2M
- Dividend yield
- 11.36%
- 52-week range
- $5.25 – $9.13
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $285.8M | $436.5M | $660.2M | $592.6M | $458.0M |
| Gross profit | $256.1M | $399.1M | $620.3M | $543.0M | $404.4M |
| Operating income | $245.9M | $269.1M | $426.4M | $446.0M | $271.6M |
| Net income | $137.2M | $38.1M | -$30.9M | $35.6M | -$47.1M |
| EPS (diluted) | $2.21 | $0.23 | -$0.78 | $0.19 | -$1.05 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $150.0M | $128.4M | $118.0M | $118.5M | $113.9M | $107.5M | $101.7M | $91.1M |
| Net income | -$7.4M | $20.3M | -$4.9M | -$29.7M | $13.8M | -$26.2M | -$56.1M | -$116.4M |
| EPS (diluted) | -$0.19 | $0.21 | -$0.15 | -$0.53 | $0.12 | -$0.49 | -$0.96 | -$1.95 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $124.8M | $141.1M | $155.7M | $132.6M | $72.3M |
| Capital expenditure | $0 | -$1.7M | -$1.9M | -$8.1M | -$5.6M |
| Free cash flow | $124.8M | $139.5M | $153.9M | $124.5M | $66.7M |
| Dividends paid | -$95.7M | -$115.4M | -$118.9M | -$81.8M | -$66.9M |
| Net share buybacks | $120.7M | $158.4M | $0 | -$10.0M | -$43.4M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $83.1M
- Total assets
- $6.56B
- Total liabilities
- $5.57B
- Total debt
- $4.31B
- Net debt
- $4.23B
- Shareholders’ equity
- $931.8M
As of Jun 30, 2026 (filed Jul 21, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Sep 30, 2026 | $0.10 | Oct 15, 2026 |
| Jun 30, 2026 | $0.10 | Jul 15, 2026 |
| Mar 31, 2026 | $0.25 | Apr 15, 2026 |
| Dec 31, 2025 | $0.25 | Jan 15, 2026 |
| Sep 30, 2025 | $0.25 | Oct 15, 2025 |
| Jun 30, 2025 | $0.25 | Jul 15, 2025 |
| Mar 31, 2025 | $0.25 | Apr 15, 2025 |
| Dec 31, 2024 | $0.25 | Jan 15, 2025 |
Short interest
- Shares sold short
- 5,657,629
- Days to cover
- 11.20
- Change vs previous report
- -5.6%
FINRA short interest, settlement date Sep 15, 2026.