KKR Real Estate Finance Trust Inc. reported results
SEC 8-KRead source ↗
KKR Real Estate Finance Trust Inc. is a US-listed company in the mortgage REITs industry. Its financial year ends in December.
Stock price today
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Third-party market data · may be delayed
Model estimate per share
~$11
Valuation models combined (2)
Base case. Range ~$5.9–$16. Weighted average of 2 models (price-to-book vs peers, dividend discount (growing dividend)).
Price vs value
No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.
KKR Real Estate Finance Trust Inc. valuation: adjust assumptions and compare models →
Who’s trading
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
- Insiders4 buying, 1 selling6 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
- Funds84 adding, 89 cuttingOf 24 active managers that changed their stake, 9 added; quarter to June 30, 2026Fund buyers and sellers
The Fundamentalytics view
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 39.8% while net income fell 35939.0%: a 35899pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
- Shrinking share count. Diluted shares fell 7.7% in a year, so each share owns more of the business.
Things to watch
- Heavily shorted. 16.3% of the shares available to trade are sold short (5.7 days of average volume to cover).
- Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.
- Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 255.0% over 90 days.
Latest results
- Earnings per share
- -$2.64 against an average estimate of $0.05: missed by 5657.9%
- Share reaction
- -1.9% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
- Next report
- October 28, 2026; average EPS estimate -$0.10
Price chart
- 1 day-0.8%
- 1 week-9.8%
- 1 month-14.8%
- This year-31.4%
- 1 year-28.7%
- 5 years-58.5%
- S&P 500 this year+11.2%
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Third-party market data · may be delayed
At a glance
Profitability
- EPS (TTM, diluted)
- $-3.19
Growth
- Share count change
- −7.7%
Earnings
- Last results
- October 28, 2026
- Next results (est.)
- February 2, 2027
News & updates
Company announcements, filed results and changes that matter to shareholders.
- Results
- Results
KKR Real Estate Finance Trust Inc. reported results
SEC 8-KRead source ↗
Valuation models
We value KKR Real Estate Finance Trust Inc. as a mortgage reit, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.81 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$5.9 ~$5.0–$10 | Included |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$16 ~$14–$19 | Included |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$11 ~$5.9–$16 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare KKR Real Estate Finance Trust Inc. with mortgage REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Forecasts and guidance
Analysts' consensus
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.70 | −280% | $71m | −37% |
| Next | −$0.55 | +22% | $55m | −22% |
Next year's EPS estimate has moved −255.0% in 90 days, across 4 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is +82.9% on 90 days ago. In the last 30 days, 0 analysts raised KKR Real Estate Finance Trust Inc.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
View chart data
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.38 | $0.35 |
| 60 days ago | −$0.53 | $0.29 |
| 30 days ago | −$0.62 | $0.11 |
| 7 days ago | −$0.70 | −$0.07 |
| Now | −$0.70 | −$0.55 |
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.05 | −$2.64 | −5657.9% |
| Jun 2026 | −$0.47 | −$0.58 | −22.8% |
| Mar 2026 | $0.18 | −$0.06 | −133.0% |
| Dec 2025 | $0.13 | $0.22 | +65.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- 16.3% of tradable shares
- Days to cover
- 5.69 at average volume
- Short interest, 1 month
- +5% to October 15, 2026
- Held by institutions
- — of shares
- Held by insiders
- 2.7% of shares
Share-price performance
Market data may be delayedReturn and risk by year
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| KREF | +28% | −26% | +9% | −16% | −9% | −31% |
| Industry peers (median) | +26% | −21% | +17% | +4% | +6% | −21% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| KREF | 75% | 42% | 58% | 50% | 42% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| KREF | −11% | −32% | −37% | −31% | −26% | −33% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since May 5, 2017: 61% from October 27, 2021 to November 2, 2026. Getting back needed a 154% gain, and the shares have not yet recovered.
Price behaviour
- 52-week range
- $5.25 – $8.08
- From 52-week high
- −35.1%
- vs 50-day average
- −18.5%
- vs 200-day average
- −21.0%
- Volatility (1 year)
- 36%
- Beta vs S&P 500
- 0.89
Share price after results
- Next day
- 5 up, 7 down typical move ±5.6%
- After a week
- 4 up, 7 down typical move ±7.2%
- After a month
- 4 up, 7 down typical move ±7.1%
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 28, 2026 | −1.9% | 0.0% | — | — |
| July 21, 2026 | +2.1% | +0.7% | +1.0% | +3.4% |
| April 22, 2026 | −9.0% | +0.6% | −7.9% | −4.2% |
| February 3, 2026 | −5.2% | −1.3% | −14.1% | −12.5% |
| October 21, 2025 | +0.9% | −0.5% | −0.4% | −5.8% |
| July 22, 2025 | +2.1% | +0.9% | +4.2% | +5.1% |
| April 23, 2025 | −3.7% | +3.7% | −0.3% | −4.3% |
| February 3, 2025 | +10.4% | 0.0% | +9.7% | +8.2% |
| October 21, 2024 | −3.1% | −0.2% | −3.1% | −5.1% |
| July 22, 2024 | +14.3% | +0.9% | +12.2% | +12.3% |
| April 23, 2024 | −0.7% | +1.1% | −4.5% | −1.6% |
| February 6, 2024 | −14.0% | +1.1% | −21.8% | −16.0% |
Fundamentals
Dividends, buybacks and capital spending
- Buybacks (TTM)
- $59.5M
- Dividends (TTM)
- $54.3M
- Returned to shareholders
- 264%
- of free cash flow
- Buybacks, last 3 fiscal years
- $53.4M
- Diluted share count
- −7.7%
- year over year
Who owns it
Funds buying and selling- Reported value
- $350M
- Institutions reporting
- 152
- Shares held vs prior quarter
- ▲ 1.8%
- Positions opened / closed
- 32 / 43
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Kohlberg Kravis Roberts & Co. L.P. | $68.4M | 10.0M | 19.6% | 0.0% |
| Blackrock, Inc. | $40.3M | 5.9M | 11.5% | ▲ 6.6% |
| Long Pond Capital, LP | $39.8M | 5.8M | 11.4% | ▲ 1.4% |
| UBS Group AG | $24.9M | 3.6M | 7.1% | ▲ 1392.8% |
| Nomura Holdings Inc | $18.5M | 2.7M | 5.3% | ▼ 5.9% |
| Vanguard Capital Management LLC | $15.6M | 2.3M | 4.5% | ▼ 1.8% |
| Dimension Capital Management LLC | $10.9M | 1.6M | 3.1% | New |
| Geode Capital Management, LLC | $9.6M | 1.4M | 2.8% | ▲ 6.4% |
| Morgan Stanley | $8.8M | 1.3M | 2.5% | ▲ 71.6% |
| State Street Corp | $8.2M | 1.2M | 2.3% | ▼ 7.7% |
| Millennium Management LLC | $6.6M | 970K | 1.9% | ▼ 34.4% |
| Charles Schwab Investment Management Inc | $6.6M | 959K | 1.9% | ▼ 7.2% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not KKR Real Estate Finance Trust Inc.'s complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.
Insider trading activity
Full insider history and chart Insider purchases History → $1.2M 6 trades by 4 insiders, last 12 months Insider sales History → $1M 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $186,853 net buying
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Mattson W Patrick President, COO and Secretary | April 24, 2026 | Buy | 40,000 | $6.03 | $241,072 |
| Salem Matthew A Chief Executive Officer | April 24, 2026 | Buy | 60,000 | $6.04 | $362,472 |
| Rosenberg Ralph F Director | December 3, 2025 | Sell | 125,289 | $8.25 | $1M |
| Lee Christen E.J. Director | November 7, 2025 | Buy | 10,000 | $7.80 | $77,978 |
| Salem Matthew A Chief Executive Officer | November 6, 2025 | Buy | 32,000 | $7.84 | $250,963 |
| Mattson W Patrick President and COO | November 6, 2025 | Buy | 13,000 | $7.91 | $102,805 |
| Ahern Terrance R Director | November 6, 2025 | Buy | 23,700 | $7.81 | $185,197 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Earnings dates and SEC filings
Results announcements
Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced
- October 28, 2026
- July 21, 2026
- April 22, 2026
- February 3, 2026
- October 21, 2025
- July 22, 2025
Recent SEC filings
- 10-Q Quarterly report
- 8-K Current report
- 10-Q Quarterly report
- 8-K Current report
- 10-Q Quarterly report
- 8-K Current report
- 8-K Current report
- DEF 14A Proxy statement
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
KKR Real Estate Finance Trust Inc. in brief
- What does KKR Real Estate Finance Trust Inc. do?
- KKR Real Estate Finance Trust Inc. is a US-listed company in the mortgage REITs industry. Its financial year ends in December.
- What is KKR Real Estate Finance Trust Inc.'s stock ticker?
- KKR Real Estate Finance Trust Inc. trades under the ticker KREF on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
- Who are KKR Real Estate Finance Trust Inc.'s largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are Kohlberg Kravis Roberts & Co. L.P., Blackrock, Inc. and Long Pond Capital, LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
- Is KKR Real Estate Finance Trust Inc. buying back stock, and does it pay a dividend?
- KKR Real Estate Finance Trust Inc. spent $59.5M on share repurchases over the trailing twelve months, and its diluted share count fell 7.7% over the year.
- Does KKR Real Estate Finance Trust Inc. pay a dividend?
- Yes: KKR Real Estate Finance Trust Inc. paid $54.3M in dividends over the trailing twelve months.
- Are insiders buying or selling KKR Real Estate Finance Trust Inc. stock?
- Over the last 12 months, KKR Real Estate Finance Trust Inc.'s directors and officers reported 6 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
- When is KKR Real Estate Finance Trust Inc.'s next earnings date?
- Around February 2, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — KKR Real Estate Finance Trust Inc. announces its own schedule.
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