KREF KKR Real Estate Finance Trust Inc. Common Stock
NYSE · Real Estate · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 21, 2026
$6.16
· of 52w range
· above low
· to high
$5.2552w low
$9.1352w high
Market Cap (MRQ)
$361M
P/E
-5.9
EPS
$-1.05
your badges
52W Range
$5–$9
Analyst Rating
BUY
Price Target
$8
P/E
-5.9
ROE
-3.7%
Net Profit Margin
-41.8%
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KREF Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.16
Market Cap (MRQ)
$361M
P/E
-5.9
EPS
$-1.05
Div Yield
16.9%
ROE
-3.7%
52W Range
$5–$9
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10-Year Performance Revenue, net income, margins and EPS trends
EPS$-1.052016-12-31 → 2025-12-31
Net margin-41.8%2017-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | KREF | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -5.95Y avg ≈19.7 | ≈19.7 | · | · | |
| P/S | 3.55Y avg ≈5.4 | ≈5.4 | 4.5 | Undervalued | |
| P/B (MRQ) | 0.45Y avg ≈0.6 | ≈0.6 | 0.6 | Undervalued | |
| Price / Cash Flow | 5.55Y avg ≈7.1 | ≈7.1 | 7.4 | Fair value | |
| Price / Tangible Book | 0.35Y avg ≈0.6 | ≈0.6 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | KREF | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| EBITDA Margin | 2.3% | · | 4.6% | Weak | |
| Pretax Margin | -45.0%5Y avg ≈12.9% | ≈12.9% | 4.0% | Weak | |
| Net Profit Margin | -41.8%5Y avg ≈13.6% | ≈13.6% | 30.5% | Weak | |
| ROA | -0.73%5Y avg ≈0.45% | ≈0.45% | 1.4% | Weak | |
| ROE | -3.7%5Y avg ≈2.2% | ≈2.2% | 5.6% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | KREF | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -25.8%5Y avg ≈-3.1% | ≈-3.1% | · | · | |
| Revenue CAGR 3Y | -15.4%5Y avg ≈-3.2% | ≈-3.2% | · | · | |
| Revenue CAGR 5Y | -4.5% | · | · | · | |
| EPS CAGR 3Y | -55.9% | · | · | · | |
| Net Income CAGR 3Y | -36.2% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | KREF | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.0 | ≈0.0 | 0.0 | In line |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield16.9%
Payout Ratio-142.1%
Annualized Payout≈$0.40
5Y Div CAGR≈-10.3%
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Jun 30, 2026 | $0.10 | USD | ≈12.4% |
| Mar 31, 2026 | $0.25 | USD | ≈16.3% |
| Dec 31, 2025 | $0.25 | USD | ≈12.2% |
| Sep 30, 2025 | $0.25 | USD | ≈11.1% |
| Jun 30, 2025 | $0.25 | USD | ≈11.4% |
| Mar 31, 2025 | $0.25 | USD | ≈9.3% |
| Dec 31, 2024 | $0.25 | USD | ≈9.9% |
| Sep 30, 2024 | $0.25 | USD | ≈9.6% |
| Jun 28, 2024 | $0.25 | USD | ≈15.0% |
| Mar 27, 2024 | $0.25 | USD | ≈15.5% |
| Dec 28, 2023 | $0.43 | USD | ≈12.8% |
| Sep 28, 2023 | $0.43 | USD | ≈14.6% |
| Jun 29, 2023 | $0.43 | USD | ≈14.2% |
| Mar 30, 2023 | $0.43 | USD | ≈15.5% |
| Dec 29, 2022 | $0.43 | USD | ≈12.4% |
| Sep 29, 2022 | $0.43 | USD | ≈10.7% |
| Jun 29, 2022 | $0.43 | USD | ≈9.9% |
| Mar 30, 2022 | $0.43 | USD | ≈9.7% |
| Dec 30, 2021 | $0.43 | USD | ≈9.5% |
| Sep 29, 2021 | $0.43 | USD | ≈9.3% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-154.1%
Next Report
Oct 19, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 20, 2026 | $-0.58 | $-0.63 | 7.7% |
| March 31, 2026 | $-0.96 | $0.11 | -940.6% | |
| Dec. 31, 2025 | $0.22 | $0.15 | 43.8% | |
| Sept. 30, 2025 | $-0.03 | $0.10 | -129.4% | |
| June 30, 2025 | $-0.04 | $-0.08 | 49.7% | |
| March 31, 2025 | $0.25 | $0.17 | 44.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SG&A Expense | $18M | $18M | $19M | $18M | $14M | $14M | $11M | $8M | $5M | $2M | |
| Operating Expenses | $23M | $22M | $11M | · | · | · | $31M | $29M | $18M | $9M | |
| Interest Expense | · | · | $459M | $236M | $114M | $127M | $159M | $85M | $21M | $7M | |
| Interest Income | $436M | $565M | $640M | $422M | $280M | $269M | $274M | $184M | $83M | $33M | |
| Other Non-op | $23M | $30M | $21M | $19M | $12M | $1M | $6M | $20M | $18M | $16M | |
| Pretax Income | $-51M | $35M | $-31M | $38M | $138M | $55M | $91M | $90M | $61M | $33M | |
| Income Tax | $-156.0K | $248.0K | $710.0K | $58.0K | $684.0K | $412.0K | $579.0K | $-70.0K | $1M | $354.0K | |
| Net Income | $-47M | $36M | $-31M | $38M | $137M | $54M | $90M | $90M | $59M | $31M | |
| EPS (Basic) | $-1.05 | $0.19 | $-0.78 | $0.23 | $2.22 | $0.96 | $1.58 | $1.58 | $1.30 | $1.61 | |
| EPS (Diluted) | $-1.05 | $0.19 | $-0.78 | $0.23 | $2.21 | $0.96 | $1.57 | $1.58 | $1.30 | $1.61 | |
| Shares (Basic) | 66,807,432 | 69,396,890 | 69,180,039 | 67,553,578 | 56,571,200 | 55,985,014 | 57,426,912 | 55,136,548 | 45,320,358 | 19,299,597 | |
| Shares (Diluted) | 66,807,432 | 69,396,890 | 69,180,039 | 67,553,578 | 56,783,388 | 56,057,237 | 57,532,490 | 55,171,061 | 45,321,360 | 19,299,597 | |
| EBITDA | $3M | $983.0K | · | · | · | · | · | · | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $85M | $105M | $136M | $240M | $271M | $111M | $68M | $87M | $103M | $96M | |
| Total Assets | $6.46B | $6.35B | $7.55B | $7.80B | $6.70B | $4.97B | $5.06B | $5.23B | $7.39B | $6.27B | |
| Total Liabilities | $5.24B | $4.95B | $6.14B | $6.23B | $5.34B | $3.92B | $3.93B | $4.10B | $6.33B | $5.76B | |
| Long-term Debt | · | · | · | · | · | · | · | · | $6.22B | $5.75B | |
| Common Stock | $644.0K | $686.0K | $693.0K | $691.0K | $613.0K | $556.0K | $575.0K | $576.0K | $537.0K | $242.0K | |
| Paid-in Capital | $1.69B | $1.71B | $1.82B | $1.81B | $1.46B | $1.17B | $1.17B | $1.16B | $1.05B | $479M | |
| Retained Earnings | $-506M | $-370M | $-314M | $-142M | $-38M | $-66M | $-9M | $-225.0K | $6M | $18M | |
| Treasury Stock | $9M | $0 | $97M | $97M | $61M | $61M | $36M | $32M | $523.0K | $0 | |
| Stockholders' Equity | $1.17B | $1.35B | $1.40B | $1.57B | $1.36B | $1.04B | $1.12B | $1.13B | $1.06B | $498M | |
| Liabilities + Equity | $6.46B | $6.35B | $7.55B | $7.80B | $6.70B | $4.97B | $5.06B | $5.23B | $7.39B | $6.27B | |
| Shares Outstanding | 64,367,737 | 68,713,596 | 69,313,860 | 69,095,011 | 61,370,732 | 55,619,428 | 57,486,583 | 57,596,217 | 53,685,440 | 24,158,392 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $3M | $983.0K | $0 | $0 | · | · | · | · | · | · | |
| Stock-based Comp | $8M | $8M | $8M | $8M | $7M | $6M | $4M | $2M | $65.0K | $0 | |
| Amort. of Intangibles | $67.0K | $67.0K | $67.0K | $67.0K | · | · | · | · | · | · | |
| Other Non-cash | $109M | $88M | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $72M | $133M | $156M | $141M | $125M | $115M | $92M | $77M | $54M | $25M | |
| Investing Cash Flow | $264M | $1.12B | $13M | $-1.18B | $-1.54B | $89M | $-926M | $-2.00B | $-1.08B | $-456M | |
| Stock Issued | · | $0 | $0 | $194M | $121M | $0 | $0 | $110M | $581M | $210M | |
| Stock Repurchased | $43M | $10M | $0 | $36M | $0 | $25M | $4M | $31M | $523.0K | $0 | |
| Net Stock Activity | $-43M | $-10M | $0 | $158M | $121M | $-25M | $-4M | · | $581M | · | |
| Dividends Paid | $67M | $82M | $119M | $115M | $96M | $96M | $99M | $89M | $51M | $22M | |
| Financing Cash Flow | $-356M | $-1.29B | $-272M | $1.01B | $1.58B | $-161M | $816M | $1.90B | $1.04B | $501M | |
| Net Change in Cash | $-19M | $-42M | $-102M | $-23M | $163M | $43M | $-19M | $-17M | $7M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -41.8% | 23.5% | -17.0% | 20.5% | 82.9% | 38.3% | 77.9% | · | 95.4% | · | |
| Pretax Margin | -45.0% | 22.8% | -17.0% | 20.3% | 83.3% | 38.6% | 78.4% | · | 98.8% | · | |
| EBITDA Margin | 2.3% | 0.65% | · | · | · | · | · | · | · | · | |
| ROA | -0.73% | 0.51% | -0.40% | 0.53% | 2.4% | 1.1% | 1.8% | · | · | · | |
| ROE | -3.7% | 2.6% | -2.1% | 2.6% | 11.4% | 5.0% | 8.0% | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $18.22 | $19.57 | $20.27 | $22.74 | $22.18 | $18.76 | $19.52 | · | · | · | |
| Revenue / Share | $1.69 | $2.19 | $2.63 | $2.75 | $2.91 | $2.53 | $2.01 | · | $1.37 | · | |
| Cash Flow / Share | $1.08 | $1.91 | $2.25 | $2.09 | $2.20 | $2.05 | $1.59 | · | $1.19 | · | |
| Cash / Share | $1.31 | $1.53 | $1.96 | $3.47 | $4.42 | $1.99 | $1.18 | · | · | · | |
| Dividend / Share | $1.00 | $1.00 | $1.72 | $1.72 | $1.72 | $1.72 | $1.72 | $1.69 | $1.62 | $1.22 | |
| EPS (TTM) | $-1.05 | $0.19 | $-0.78 | $0.23 | $2.21 | $0.96 | $1.57 | $1.58 | $1.30 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -25.8% | -16.5% | -2.3% | 12.3% | 16.7% | · | · | · | · | · | |
| Revenue CAGR 3Y | -15.4% | -2.9% | 8.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -4.5% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | · | -89.6% | 130.2% | · | · | · | · | · | |
| EPS CAGR 3Y | · | -55.9% | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | · | -72.2% | 152.2% | · | · | · | · | · | |
| Net Income CAGR 3Y | · | -36.2% | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | -7.1% | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $113M | $152M | $182M | $186M | $166M | $142M | $115M | $99M | $62M | · | |
| Net Income TTM | $-47M | $36M | $-31M | $38M | $137M | $54M | $90M | $90M | $59M | · | |
| Market Cap | $529M | $694M | $917M | $965M | $1.28B | $997M | $1.17B | · | · | · | |
| P/E | -7.8 | 53.2 | -17.0 | 60.7 | 9.4 | 18.7 | 13.0 | 12.1 | 15.4 | · | |
| P/S | 4.7 | 4.6 | 5.0 | 5.2 | 7.7 | 7.0 | 10.2 | · | · | · | |
| P/B | 0.5 | 0.5 | 0.7 | 0.6 | 0.9 | 1.0 | 1.0 | · | · | · | |
| P / Tangible Book | 0.5 | 0.5 | 0.7 | 0.6 | 0.9 | 1.0 | · | · | · | · | |
| P / Cash Flow | 7.3 | 5.2 | 5.9 | 6.8 | 10.2 | 8.7 | 12.8 | · | · | · | |
| Dividend Yield | 12.6% | 11.8% | 13.0% | 12.0% | 7.5% | 9.7% | 8.4% | · | · | · | |
| Earnings Yield | -12.8% | 1.9% | -5.9% | 1.7% | 10.6% | 5.4% | 7.7% | 8.2% | 6.5% | · | |
| Payout Ratio | -142.1% | 229.8% | -385.2% | 302.8% | 69.8% | 177.3% | 110.0% | · | 85.6% | · | |
| Annual Payout | $67M | $82M | $119M | $115M | $96M | $96M | $99M | $89M | $51M | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SG&A Expense | $5M | $5M | $4M | $5M | $5M | $5M | $4M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | |
| Operating Expenses | $7M | $7M | $6M | $7M | $6M | $5M | $5M | $5M | $6M | $6M | · | · | · | · | · | · | |
| Interest Expense | · | · | · | · | · | · | · | · | $109M | $112M | $119M | $119M | $116M | $106M | $92M | $67M | |
| Interest Income | $85M | $96M | $101M | $108M | $112M | $114M | $124M | $140M | $149M | $152M | $165M | $163M | $160M | $153M | $144M | $115M | |
| Other Non-op | $3M | $8M | $7M | $6M | $6M | $4M | $5M | $10M | $7M | $8M | $4M | $5M | $7M | $5M | $5M | $4M | |
| Pretax Income | $-117M | $-57M | $-27M | $13M | $-31M | $-6M | $20M | $-7M | $26M | $-3M | $-13M | $27M | $-20M | $-25M | $20M | $-43M | |
| Income Tax | $0 | $0 | $-156.0K | $0 | $0 | $0 | $45.0K | $91.0K | $71.0K | $41.0K | $199.0K | $165.0K | $177.0K | $169.0K | $58.0K | $0 | |
| Net Income | $-116M | $-56M | $-26M | $14M | $-30M | $-5M | $20M | $-7M | $26M | $-3M | $-13M | $27M | $-20M | $-25M | $20M | $-43M | |
| EPS (Basic) | $-1.95 | $-0.96 | $-0.49 | $0.12 | $-0.53 | $-0.15 | $0.21 | $-0.19 | $0.29 | $-0.13 | $-0.27 | $0.31 | $-0.37 | $-0.45 | $0.18 | $-0.70 | |
| EPS (Diluted) | $-1.95 | $-0.96 | $-0.49 | $0.12 | $-0.53 | $-0.15 | $0.21 | $-0.19 | $0.29 | $-0.13 | $-0.27 | $0.31 | $-0.37 | $-0.45 | $0.19 | $-0.70 | |
| Shares (Basic) | 62,463,168 | 64,673,125 | 65,442,561 | 65,876,727 | 67,191,309 | 68,765,877 | 69,342,983 | 69,434,938 | 69,423,244 | 69,386,568 | 69,384,309 | 69,122,636 | 69,115,654 | 69,095,011 | 69,109,790 | 69,382,730 | |
| Shares (Diluted) | 62,463,168 | 64,673,125 | 65,442,561 | 65,876,727 | 67,191,309 | 68,765,877 | 69,342,983 | 69,434,938 | 69,423,244 | 69,386,568 | 69,384,309 | 69,122,636 | 69,115,654 | 69,095,011 | 69,109,790 | 69,382,730 | |
| EBITDA | · | $979.0K | · | · | · | $490.0K | · | · | · | · | · | · | · | · | · | · |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $83M | $135M | $85M | $204M | $108M | $106M | $105M | $109M | $107M | $107M | $136M | $108M | $208M | $254M | $240M | $183M | |
| Total Assets | $6.56B | $6.95B | $6.46B | $6.48B | $6.76B | $6.55B | $6.35B | $6.77B | $7.06B | $7.26B | · | $7.63B | $7.61B | $7.88B | · | $7.54B | |
| Total Liabilities | $5.57B | $5.80B | $5.24B | $5.20B | $5.46B | $5.19B | $4.95B | $5.36B | $5.62B | $5.88B | · | $6.17B | $6.15B | $6.36B | · | $5.95B | |
| Common Stock | $609.0K | $643.0K | $644.0K | $652.0K | $657.0K | $678.0K | $686.0K | $693.0K | $693.0K | $693.0K | · | $691.0K | $691.0K | $691.0K | · | $694.0K | |
| Paid-in Capital | $1.66B | $1.68B | $1.69B | $1.69B | $1.69B | $1.71B | $1.71B | $1.73B | $1.72B | $1.82B | · | $1.82B | $1.81B | $1.81B | · | $1.81B | |
| Retained Earnings | $-712M | $-584M | $-506M | $-458M | $-450M | $-398M | $-370M | $-368M | $-338M | $-340M | · | $-266M | $-258M | $-202M | · | $-126M | |
| Treasury Stock | $17M | $0 | $9M | · | · | · | $0 | $0 | $0 | $97M | · | $97M | $97M | $97M | · | $89M | |
| Stockholders' Equity | $932M | $1.10B | $1.17B | $1.23B | $1.24B | $1.31B | $1.35B | $1.36B | $1.39B | $1.38B | · | $1.45B | $1.46B | $1.51B | · | $1.60B | |
| Liabilities + Equity | $6.56B | $6.95B | $6.46B | $6.48B | $6.76B | $6.55B | $6.35B | $6.77B | $7.06B | $7.26B | · | $7.63B | $7.61B | $7.88B | · | $7.54B | |
| Shares Outstanding | 58,577,948 | 64,275,643 | 64,367,737 | 65,227,255 | 65,676,132 | 67,824,496 | 68,713,596 | 69,333,208 | 69,333,208 | 69,313,860 | 69,313,860 | 69,106,061 | 69,106,061 | 69,095,011 | 69,095,011 | 69,338,283 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $992.0K | $979.0K | $893.0K | $730.0K | $491.0K | $490.0K | $495.0K | $488.0K | $0 | $0 | $0 | · | · | · | · | · | |
| Stock-based Comp | $2M | $2M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | |
| Amort. of Intangibles | $17.0K | $17.0K | $16.0K | $17.0K | $17.0K | $17.0K | $16.0K | $17.0K | $17.0K | $17.0K | · | $17.0K | $17.0K | $17.0K | · | $17.0K | |
| Other Non-cash | · | $66M | · | · | · | $18M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $15M | $13M | $17M | $19M | $21M | $16M | $18M | $49M | $31M | $34M | $37M | $42M | $35M | $42M | $37M | $36M | |
| Investing Cash Flow | $170M | $249M | $-135M | $384M | $237M | $-220M | $408M | $244M | $228M | $237M | $76M | $-122M | $172M | $-113M | $-207M | $173M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $5M | |
| Stock Repurchased | $38M | $762.0K | $9M | $4M | $20M | $10M | $10M | $0 | $0 | $0 | $0 | $0 | · | · | $7M | $10M | |
| Net Stock Activity | · | $-762.0K | · | · | · | $-10M | · | · | · | · | · | · | · | $0 | · | · | |
| Dividends Paid | $16M | $16M | $16M | $16M | $17M | $17M | $17M | $17M | $17M | $30M | $30M | $30M | $30M | $30M | $30M | $30M | |
| Financing Cash Flow | $-238M | $-213M | $-1M | $-305M | $-255M | $205M | $-431M | $-295M | $-265M | $-301M | $-87M | $-21M | $-251M | $87M | $229M | $-144M | |
| Net Change in Cash | $-53M | $50M | $-120M | $97M | $3M | $797.0K | $-5M | $-2M | $-6M | $-30M | $27M | $-101M | $-43M | $16M | $60M | $65M |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -639.9% | -214.4% | · | 54.4% | -98.5% | -15.5% | · | -20.0% | 63.9% | -7.9% | · | 60.8% | -45.6% | -53.9% | · | -90.4% | |
| Pretax Margin | -645.3% | -218.3% | · | 50.4% | -101.3% | -18.3% | · | -19.6% | 63.3% | -8.7% | · | 60.5% | -45.4% | -53.9% | · | -90.7% | |
| EBITDA Margin | · | 3.7% | · | · | · | 1.6% | · | · | · | · | · | · | · | · | · | · | |
| ROA | -1.8% | -0.83% | · | 0.21% | -0.43% | -0.07% | · | -0.10% | 0.35% | -0.04% | · | 0.36% | -0.26% | -0.33% | · | -0.64% | |
| ROE | -10.7% | -4.7% | · | 1.1% | -2.3% | -0.36% | · | -0.53% | 1.8% | -0.21% | · | 1.8% | -1.3% | -1.6% | · | -3.0% |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $15.91 | $17.05 | · | $18.85 | $18.88 | $19.31 | · | $19.59 | $19.99 | $19.92 | · | $21.04 | $21.12 | $21.90 | · | $23.01 | |
| Revenue / Share | $0.29 | $0.40 | · | $0.38 | $0.45 | $0.46 | · | $0.53 | $0.58 | $0.56 | · | $0.65 | $0.64 | $0.67 | · | $0.68 | |
| Cash Flow / Share | · | $0.20 | · | · | · | $0.23 | · | · | · | $0.50 | · | · | · | $0.60 | · | · | |
| Cash / Share | $1.42 | $2.11 | · | $3.13 | $1.64 | $1.57 | · | $1.57 | $1.55 | $1.54 | · | $1.56 | $3.01 | $3.68 | · | $2.64 | |
| Dividend / Share | $0.10 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.43 | $0.43 | $0.43 | $0.43 | $0.43 | $0.43 | |
| EPS (TTM) | $-3.28 | $-1.86 | · | $-0.35 | $-0.66 | $0.16 | · | $-0.30 | $0.20 | $-0.46 | · | $-0.32 | $-1.33 | $-0.68 | · | $0.64 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $95M | $107M | · | $122M | $134M | $144M | · | $163M | $171M | $174M | · | $187M | $190M | $192M | · | $176M | |
| Net Income TTM | $-185M | $-98M | · | $-554.0K | $-22M | $34M | · | $2M | $37M | $-9M | · | $2M | $-68M | $-22M | · | $58M | |
| Market Cap | $401M | $393M | · | $587M | $576M | $733M | · | $856M | $627M | $697M | · | $820M | $841M | $787M | · | $1.13B | |
| P/E | -2.1 | -3.3 | · | -25.7 | -13.3 | 67.5 | · | -41.2 | 45.2 | -21.9 | · | -37.1 | -9.2 | -16.8 | · | 25.4 | |
| P/S | 4.2 | 3.7 | · | 4.8 | 4.3 | 5.1 | · | 5.3 | 3.7 | 4.0 | · | 4.4 | 4.4 | 4.1 | · | 6.4 | |
| P/B | 0.4 | 0.4 | · | 0.5 | 0.5 | 0.6 | · | 0.6 | 0.5 | 0.5 | · | 0.6 | 0.6 | 0.5 | · | 0.7 | |
| P / Tangible Book | 0.4 | 0.4 | · | 0.5 | 0.5 | 0.6 | · | 0.6 | 0.5 | 0.5 | · | 0.6 | 0.6 | 0.5 | · | 0.7 | |
| P / Cash Flow | · | 29.9 | · | · | · | 46.0 | · | · | · | 20.2 | · | · | · | 18.9 | · | · | |
| Dividend Yield | 16.2% | 16.7% | · | 11.6% | 11.9% | 9.4% | · | 11.0% | 17.0% | 17.1% | · | 14.5% | 14.2% | 15.1% | · | 9.7% | |
| Earnings Yield | -47.9% | -30.4% | · | -3.9% | -7.5% | 1.5% | · | -2.4% | 2.2% | -4.6% | · | -2.7% | -10.9% | -6.0% | · | 3.9% | |
| Payout Ratio | · | -28.7% | · | · | · | -353.4% | · | · | · | -959.0% | · | · | · | -118.5% | · | · | |
| Annual Payout | $65M | $66M | · | $68M | $69M | $69M | · | $94M | $107M | $119M | · | $119M | $119M | $119M | · | $109M |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Net Income | $-47M | $36M | $-31M | $38M | $137M |
| Diluted EPS | $-1.05 | $0.19 | $-0.78 | $0.23 | $2.21 |
No data for this statement
Not enough fundamentals data to build this statement yet.
No data for this statement
Not enough fundamentals data to build this statement yet.
Institutional owners (13F) 163 filers · $386.2M total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
163
Value held
$386.2M
New positions
32
Exited positions
43
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 32 (-18 vs prior Q) | 43 (+8 vs prior Q) | 52 (+3 vs prior Q) | 49 (-3 vs prior Q) | +1.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Kohlberg Kravis Roberts & Co. L.P. | $68,400,007 | 10,000,001 | 17.71% | Shares |
| BlackRock, Inc. | $40,348,792 | 5,898,946 | 10.45% | Shares |
| Long Pond Capital, LP | $39,762,295 | 5,813,201 | 10.30% | Shares |
| VANGUARD GROUP INC | $30,441,365 | 3,703,329 | 7.88% | Shares |
| UBS Group AG | $24,904,823 | 3,641,056 | 6.45% | Shares |
| NOMURA HOLDINGS INC | $18,497,528 | 2,704,317 | 4.79% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $15,623,750 | 2,284,174 | 4.05% | Shares |
| DIMENSION CAPITAL MANAGEMENT LLC | $10,863,261 | 1,588,196 | 2.81% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $9,646,406 | 1,409,981 | 2.50% | Shares |
| MORGAN STANLEY | $8,825,049 | 1,290,211 | 2.29% | Shares |
| STATE STREET CORP | $8,187,866 | 1,180,293 | 2.12% | Shares |
| MILLENNIUM MANAGEMENT LLC | $6,634,485 | 969,954 | 1.72% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $6,559,095 | 958,932 | 1.70% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $5,880,903 | 859,781 | 1.52% | Shares |
| TWO SIGMA ADVISERS, LP | $5,615,904 | 683,200 | 1.45% | Shares |
| GOLDMAN SACHS GROUP INC | $4,986,609 | 729,036 | 1.29% | Shares |
| TWO SIGMA INVESTMENTS, LP | $4,399,529 | 643,206 | 1.14% | Shares |
| NORGES BANK | $4,343,400 | 635,000 | 1.12% | Shares |
| Qube Research & Technologies Ltd | $4,116,599 | 601,842 | 1.07% | Shares |
| NORTHERN TRUST CORP | $4,092,036 | 598,251 | 1.06% | Shares |
| JANE STREET GROUP, LLC | $4,002,850 | 585,212 | 1.04% | Shares |
| WELLS FARGO & COMPANY/MN | $3,815,638 | 557,842 | 0.99% | Shares |
| VAN ECK ASSOCIATES CORP | $3,537,422 | 517,167 | 0.92% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,078,896 | 450,131 | 0.80% | Shares |
| Nokomis Capital, L.L.C. | $2,979,504 | 435,600 | 0.77% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,743,627 | 401,115 | 0.71% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,432,407 | 355,615 | 0.63% | Shares |
| Jain Global LLC | $2,247,179 | 328,535 | 0.58% | Shares |
| Quantinno Capital Management LP | $2,232,564 | 326,398 | 0.58% | Shares |
| XTX Topco Ltd | $2,231,126 | 326,188 | 0.58% | Shares |
| CITADEL ADVISORS LLC | $2,196,495 | 321,125 | 0.57% | Shares |
| Skopos Labs, Inc. | $2,142,270 | 350,044 | 0.55% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,814,406 | 265,264 | 0.47% | Shares |
| JPMORGAN CHASE & CO | $1,676,066 | 237,403 | 0.43% | Shares |
| D. E. Shaw & Co., Inc. | $1,669,733 | 244,113 | 0.43% | Shares |
| Nuveen, LLC | $1,436,721 | 210,047 | 0.37% | Shares |
| Corient Private Wealth LP | $1,382,399 | 201,963 | 0.36% | Shares |
| One William Street Capital Management, L.P. | $1,381,680 | 202,000 | 0.36% | Shares |
| Invesco Ltd. | $1,315,018 | 192,254 | 0.34% | Shares |
| Bank of New York Mellon Corp | $1,219,988 | 178,361 | 0.32% | Shares |
| FMR LLC | $1,055,091 | 154,253 | 0.27% | Shares |
| ExodusPoint Capital Management, LP | $1,021,561 | 149,351 | 0.26% | Shares |
| STIFEL FINANCIAL CORP | $808,488 | 118,200 | 0.21% | Shares |
| Beach Point Capital Management LP | $786,709 | 115,016 | 0.20% | Shares |
| CURA WEALTH ADVISORS, LLC | $689,178 | 100,757 | 0.18% | Shares |
| LPL Financial LLC | $621,988 | 90,934 | 0.16% | Shares |
| EntryPoint Capital, LLC | $598,473 | 87,496 | 0.15% | Shares |
| HSBC HOLDINGS PLC | $568,901 | 82,629 | 0.15% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $538,055 | 78,663 | 0.14% | Shares |
| Squarepoint Ops LLC | $514,060 | 75,155 | 0.13% | Shares |
Company insiders 14 insiders · 7 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Matthew A Salem | Chief Executive Officer | April 24, 2026 P | 703,075 | 2 | 0 | $613,280 |
| Kendra Decious | CFO and Treasurer | Dec. 18, 2025 A | 80,241 | 0 | 0 | $0 |
| Mostafa Nagaty | CFO and Treasurer | Oct. 1, 2021 F | 26,948 | 0 | 0 | $0 |
| William B Miller | CFO and Treasurer | Dec. 22, 2017 A | 2,500 | 0 | 0 | $0 |
| Patrick W Mattson | President, COO and Secretary | April 24, 2026 P | 500,287 | 2 | 0 | $344,030 |
| Kelly Galligan | General Counsel and Secretary | Dec. 18, 2025 A | 9,580 | 0 | 0 | $0 |
| Vincent J. Napolitano | General Counsel and Secretary | Oct. 1, 2024 F | 24,359 | 0 | 0 | $0 |
| Paula Madoff | Director | April 14, 2026 A | 70,182 | 0 | 0 | $0 |
| Jonathan A Langer | Director | April 14, 2026 A | 73,513 | 0 | 0 | $0 |
| Deborah H Mcaneny | Director | April 14, 2026 A | 80,099 | 0 | 0 | $0 |
| Terrance R Ahern | Director | April 14, 2026 A | 79,247 | 1 | 0 | $185,097 |
| Irene M Esteves | Director | April 14, 2026 A | 69,968 | 0 | 0 | $0 |
| Ralph F Rosenberg | Director | Dec. 3, 2025 S | 0 | 0 | 2 | $-2,067,268 |
| Christen E.J. Lee | Director | Nov. 7, 2025 P | 229,133 | 1 | 0 | $78,000 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 15 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PFF · iShares Trust | 0.11% | 801,285 SH | Sept. 11, 2026 | Daily |
| IWC · iShares Trust | 0.09% | 183,525 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 124,797 | Oct. 1, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 47,255 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 1,350,020 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 25,868 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 311,868 SH | Aug. 19, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 83,419 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 16,424 SH | Sept. 3, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 607,000 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,621,138 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 4,036 SH | Aug. 19, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.00% | 86,972 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 507,539 SH | Sept. 11, 2026 | Daily |
| REM · iShares Trust | · | 672,770 SH | Sept. 11, 2026 | Daily |
KREF Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 12 analysts
BUY
Median target
$7.25
+17.7%
3 25.0%
Strong Buy
4 33.3%
Buy
4 33.3%
Hold
1 8.3%
Sell
0 0.0%
Strong Sell
12-Month Price Target
4 analysts · 2026-09-29Mean target $7.75 +25.8%
← Below all targets
Current price $6.16
Low$7.00
Mean$7.75
High$9.50
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KREF | $529M | -7.8 | -25.8% | -41.8% | -3.7% | · |
| IVR | $604M | 6.4 | 104.8% | 134.3% | 13.4% | · |
| FBRT | $818M | 15.7 | 20.9% | 30.5% | 5.6% | · |
| BRSP | · | -21.5 | -7.9% | -9.4% | -3.1% | · |
| TRTX | $674M | 15.1 | -4.6% | 41.3% | 5.6% | · |
| RWT | · | · | · | · | · | · |
| NREF | $262M | 4.9 | 67.7% | 261.0% | 33.5% | · |
| REFI | $258M | 7.3 | · | 65.0% | 11.7% | · |
| ACRE | $263M | 4.4 | -21.3% | -1.6% | -0.17% | · |
| MITT | · | · | · | · | · | · |
| RC | $355M | -1.5 | 3.0% | -217.3% | -13.1% | · |
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Source: SEC 10-Q filed Jul 21, 2026