KKR Real Estate Finance Trust Inc. (KREF) Stock

KKR Real Estate Finance Trust Inc. (KREF) is a Real Estate stock trading at $7.59 (as of 2026-08-21), with a market capitalization of $444.61M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

KKR Real Estate Finance Trust Inc., a mortgage real estate investment trust, focuses primarily on originating and acquiring senior loans secured by commercial real estate (CRE) assets. It engages in the origination and purchase of credit investments related to CRE, including leveraged and unleveraged commercial mortgage loans, and commercial mortgage-backed securities. The company has elected to be taxed as a real estate investment trust and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. KKR Real Estate Finance Trust Inc. was incorporated in 2014 and is headquartered in New York, New York.

Understand KKR Real Estate Finance Trust Inc.: how it makes money

KKR Real Estate Finance Trust originates and acquires senior commercial real estate (CRE) mortgage loans and related CRE credit investments (including commercial mortgage-backed securities), earning money from returns on those CRE credit investments, while using REIT taxation rules (distributing at least 90% of taxable income) to potentially avoid federal corporate income taxes.

The profit model is earning returns on CRE credit investments (senior mortgage loans and CRE credit instruments, including CMBS), with outcomes driven by the performance of those assets and the funding structure, while REIT rules can reduce federal corporate income taxes if it distributes at least 90% of taxable income.

Business quality (Weak): No official reportable segment revenue or operational KPI labels were provided, so the analysis relies on the business description and the single latest-quarter operating margin and revenue figures.

Bull case

CRE credit focus across origination and acquisition: The company primarily originates and acquires senior loans secured by CRE assets, including leveraged and unleveraged commercial mortgage loans and commercial mortgage-backed securities.
REIT tax structure can reduce federal corporate income taxes: It elected to be taxed as a real estate investment trust, and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to stockholders.

Bear case

Operating profitability was weak in the latest quarter: For the quarter ended 2026-03-31, operating margin was -59.6%.
Credit performance risk is inherent to CRE lending and CMBS exposure: Because it invests in senior CRE loans and related CRE credit investments (including CMBS), results depend on the underlying performance of those CRE assets and their borrowers or collateral.

Valuation — source: SEC EDGAR (first-party)
Price	$7.59
Market Cap	$444.61M
Price / Book	0.45
Price / Sales	1.15
DCF Value (model)	$19.06
DCF Upside vs Price	151.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$435.60M
Net Margin	-10.8%
Revenue Growth (YoY)	-22.9%
EPS Growth (YoY)	-652.6%

Valuation vs Sector & Industry
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Kohlberg Kravis Roberts & Co. L.P. ($61.20M)
Institutional Holders Tracked	10

Company
Sector	Real Estate
Industry	Trading
CEO	Matthew A. Salem
Employees	0
Country	US
IPO Date	2017-05-05

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.