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    KKR Real Estate Finance Trust (KREF)

    Market Price (9/27/2026): $6.365 | Market Cap: $397.6 MilSector: Financials | Industry: Mortgage REITs

    KKR Real Estate Finance Trust (KREF)

    Market Price (9/27/2026): $6.365
    Market Cap: $397.6 Mil
    Sector: Financials
    Industry: Mortgage REITs

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 119%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 65%

    Attractive yield
    Dividend Yield is 16%, FCF Yield is 8.7%

    Low stock price volatility
    Vol 12M is 33%

    Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, and E-commerce Logistics & Data Centers. Themes include Private Credit, E-commerce Logistics REITs, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -74%, 3Y Excs Rtn is -106%

    Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.2

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1143%

    Expensive valuation multiples
    P/SPrice/Sales ratio is 7.5x

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -61%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -29%, Rev Chg QQuarterly Revenue Change % is -192%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%

    Valuation getting more expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 112%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34%

    Key risks
    KREF key risks include [1] deteriorating credit quality and defaults, Show more.

    0 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 119%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 65%
    1 Attractive yield
    Dividend Yield is 16%, FCF Yield is 8.7%
    2 Low stock price volatility
    Vol 12M is 33%
    3 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, and E-commerce Logistics & Data Centers. Themes include Private Credit, E-commerce Logistics REITs, Show more.
    4 Weak multi-year price returns
    2Y Excs Rtn is -74%, 3Y Excs Rtn is -106%
    5 Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.2
    6 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1143%
    7 Expensive valuation multiples
    P/SPrice/Sales ratio is 7.5x
    8 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -61%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -29%, Rev Chg QQuarterly Revenue Change % is -192%
    9 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%
    10 Valuation getting more expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 112%
    11 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34%
    12 Key risks
    KREF key risks include [1] deteriorating credit quality and defaults, Show more.

    KREF in ETFs

    Weight = KREF's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.01%
    FNDA0.03%
    VTWO0.01%
    SCHA0.01%
    IWN0.00%
    SCHB0.00%
    +1 more covered ETF

    Valuation & Metrics

    FYE: 12/31KREF [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$52.8 Mil—
    FY 2026 Sales$87.5 Mil—
    FY 2027 Sales$69.1 Mil—
    FY 2026 Sales Growth65.6%—
    FY 2027 Sales Growth-21.0%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$-185.0 Mil—
    FY 2026 Net Income (Non-GAAP)$-90.0 Mil—
    FY 2027 Net Income (Non-GAAP)$-14.5 Mil—
    FY 2027 Net Income Growth—18.0%
    FY 2026 EPS (Non-GAAP)$-1.26—
    FY 2027 EPS (Non-GAAP)$-0.20—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S4.51.6
    FY 2027 P/S5.8—
    FY 2026 P/E—7.7
    FY 2027 P/E——

    [1] KREF forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    KREFS&P 500
    REVENUE GROWTHVERY POOR
    Rev LTM ($ Bil)0.1
    Rev Chg Q-191.7%9.3%
    Rev Chg LTM-61.0%8.3%
    Rev Chg 3Y Avg-29.4%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)-0.2
    CFO/Rev LTM119.2%21.8%
    Net Inc Mgn-350.1%13.1%
    VALUATIONHIGH
    P/S7.53.1
    P/CFO6.314.5
    P/FCF11.619.2
    P/E-2.122.1

    AI Analysis | Feedback

    MetricValueDateSource
    Loan Portfolio$5.3 B9302025Link
    Senior Loans Percentage100%9302025Link
    Multifamily & Industrial Percentage of Portfolio58%9302025Link
    Average Loan Size$110 M9302025Link
    Quarter-to-Date Interest Collected100%9302025Link
    Financing Capacity$7.7 B9302025Link
    Fully Non-Mark-to-Market Financing77%9302025Link
    Current Liquidity$933 M9302025Link
    KKR Ownership in KREF15%9302025Link

    Price Chart

    Upcoming
    9/30/2026DividendAmount: $0.10
    Payment On: 10/15/2026
    10/20/2026Earnings ReleaseRev: $18 Mil (E)
    EPS: $-0.28 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/23/2026

    KKR Real Estate Finance Trust (KREF) stock has lost about 5% since 5/31/2026 because of the following key factors:

    1. KKR Real Estate Finance Trust (KREF) reported a significant GAAP net loss and a distributable loss for fiscal Q2 2026 (ended June 30, 2026), missing analyst expectations. The company reported a GAAP net loss attributable to common stockholders of ($121.8) million, or ($1.95) per diluted share, for fiscal Q2 2026, a worsening from a net loss of ($61.9) million, or ($0.96) per diluted share, in fiscal Q1 2026. KREF also posted a distributable loss of ($36.4) million, or ($0.58) per diluted share, for the three months ended June 30, 2026, missing analysts' consensus estimates of ($0.56) per share by $0.02. This financial underperformance likely contributed to negative investor sentiment.

    2. The company experienced a notable decline in book value per share and continued to address asset quality concerns through portfolio repositioning. KREF's book value declined by 13.7% to $10.24 per share as of June 30, 2026. This decline was primarily driven by reserves and carrying value adjustments related to its watchlist and legacy office assets. The company is actively working to reduce its legacy office exposure, which was 18% of the portfolio at June 30, 2026, down from 21% at year-end 2025, with a target to bring it below 10% by year-end 2026. Additionally, assets on the watchlist comprised 16% of the portfolio as of June 30, 2026, with management aiming for a complete reduction by year-end.

    Show more
    Updated on 9/23/2026

    KKR Real Estate Finance Trust (KREF) stock has lost about 5% since 5/31/2026 because of the following key factors:

    1. KKR Real Estate Finance Trust (KREF) reported a significant GAAP net loss and a distributable loss for fiscal Q2 2026 (ended June 30, 2026), missing analyst expectations. The company reported a GAAP net loss attributable to common stockholders of ($121.8) million, or ($1.95) per diluted share, for fiscal Q2 2026, a worsening from a net loss of ($61.9) million, or ($0.96) per diluted share, in fiscal Q1 2026. KREF also posted a distributable loss of ($36.4) million, or ($0.58) per diluted share, for the three months ended June 30, 2026, missing analysts' consensus estimates of ($0.56) per share by $0.02. This financial underperformance likely contributed to negative investor sentiment.

    2. The company experienced a notable decline in book value per share and continued to address asset quality concerns through portfolio repositioning. KREF's book value declined by 13.7% to $10.24 per share as of June 30, 2026. This decline was primarily driven by reserves and carrying value adjustments related to its watchlist and legacy office assets. The company is actively working to reduce its legacy office exposure, which was 18% of the portfolio at June 30, 2026, down from 21% at year-end 2025, with a target to bring it below 10% by year-end 2026. Additionally, assets on the watchlist comprised 16% of the portfolio as of June 30, 2026, with management aiming for a complete reduction by year-end.

    3. The announcement of a strategic alternatives review introduced uncertainty, impacting the stock price. On July 21, 2026, KREF announced that its Board of Directors initiated a review of strategic alternatives to enhance shareholder value. This process is being led by a strategic review committee composed solely of the Board's independent directors. While such a review could potentially lead to long-term benefits, the immediate effect of this announcement often creates short-term uncertainty for investors, contributing to stock volatility and potential declines. The CEO stated that KKR had not submitted any transaction proposal as of the announcement.

    4. Persistent elevated mortgage rates and a challenging broader real estate market environment negatively affected the commercial real estate finance sector. Mortgage rates remained elevated through the period since May 2026. Forecasts for the real estate market indicated continued headwinds, with existing home sales expected to decline year-over-year for the remainder of 2026 due to high mortgage rates, including a projected 3.5% decline in fiscal Q4 2026. These broader macroeconomic conditions, characterized by increased borrowing costs and a slowdown in transactional activity, likely put pressure on commercial real estate lending and, consequently, on KREF's business outlook and stock performance.

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    Stock Movement Drivers

    Fundamental Drivers

    The -3.4% change in KREF stock from 5/31/2026 to 9/26/2026 was primarily driven by a -52.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)53120269262026Change
    Stock Price ($)6.586.35-3.4%
    Change Contribution By: 
    Total Revenues ($ Mil)11253-52.7%
    P/S Multiple3.87.597.3%
    Shares Outstanding (Mil)65623.5%
    Cumulative Contribution-3.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/26/2026
    ReturnCorrelation
    KREF-3.4% 
    Market (SPY)2.2%27.9%
    Sector (XLF)6.7%30.8%

    Fundamental Drivers

    The -3.5% change in KREF stock from 2/28/2026 to 9/26/2026 was primarily driven by a -53.2% change in the company's Total Revenues ($ Mil).
    (LTM values as of)22820269262026Change
    Stock Price ($)6.586.35-3.5%
    Change Contribution By: 
    Total Revenues ($ Mil)11353-53.2%
    P/S Multiple3.87.597.0%
    Shares Outstanding (Mil)65624.7%
    Cumulative Contribution-3.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/26/2026
    ReturnCorrelation
    KREF-3.5% 
    Market (SPY)13.0%33.7%
    Sector (XLF)7.6%38.8%

    Fundamental Drivers

    The -26.2% change in KREF stock from 8/31/2025 to 9/26/2026 was primarily driven by a -61.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120259262026Change
    Stock Price ($)8.606.35-26.2%
    Change Contribution By: 
    Total Revenues ($ Mil)13553-61.0%
    P/S Multiple4.37.575.7%
    Shares Outstanding (Mil)67627.6%
    Cumulative Contribution-26.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/26/2026
    ReturnCorrelation
    KREF-26.2% 
    Market (SPY)20.9%32.3%
    Sector (XLF)3.2%36.9%

    Fundamental Drivers

    The -29.4% change in KREF stock from 8/31/2023 to 9/26/2026 was primarily driven by a -70.9% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120239262026Change
    Stock Price ($)9.006.35-29.4%
    Change Contribution By: 
    Total Revenues ($ Mil)18253-70.9%
    P/S Multiple3.47.5119.4%
    Shares Outstanding (Mil)696210.7%
    Cumulative Contribution-29.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/26/2026
    ReturnCorrelation
    KREF-29.4% 
    Market (SPY)77.8%40.3%
    Sector (XLF)67.3%44.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    KREF Return26%-26%9%-16%-9%-20%-37%
    Peers Return21%-12%21%-3%9%-17%14%
    S&P 500 Return27%-19%24%23%16%13%105%

    Monthly Win Rates [3]
    KREF Win Rate75%42%58%50%42%67% 
    Peers Win Rate47%48%53%53%55%29% 
    S&P 500 Win Rate75%42%67%75%67%56% 

    Max Drawdowns [4]
    KREF Max Drawdown-11%-32%-37%-30%-26%-28% 
    Peers Max Drawdown-15%-30%-26%-16%-17%-23% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: STWD, BXMT, ARI, LADR, FBRT.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/25/2026 (YTD)

    How Low Can It Go

    EventKREFS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-15.1%-9.5%
      % Gain to Breakeven17.7%10.5%
      Time to Breakeven22 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-32.3%-6.7%
      % Gain to Breakeven47.8%7.1%
      Time to Breakeven266 days31 days
    2020 COVID-19 Crash
      % Loss-54.6%-33.7%
      % Gain to Breakeven120.2%50.9%
      Time to Breakeven379 days140 days

    Compare to STWD, BXMT, ARI, LADR, FBRT

    In The Past

    KKR Real Estate Finance Trust's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventKREFS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-32.3%-6.7%
      % Gain to Breakeven47.8%7.1%
      Time to Breakeven266 days31 days
    2020 COVID-19 Crash
      % Loss-54.6%-33.7%
      % Gain to Breakeven120.2%50.9%
      Time to Breakeven379 days140 days

    Compare to STWD, BXMT, ARI, LADR, FBRT

    In The Past

    KKR Real Estate Finance Trust's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About KKR Real Estate Finance Trust (KREF)

    KKR Real Estate Finance Trust (KREF) operates as a mortgage real estate investment trust (mREIT). Its core business involves providing capital to the commercial real estate (CRE) market, primarily by originating and acquiring debt investments. As an mREIT, KREF is structured to pass through most of its taxable income to shareholders, typically in the form of dividends, making it an income-oriented investment vehicle.

    The company's main activities focus on originating and purchasing senior loans, which are loans secured by commercial real estate assets. These investments include both leveraged and unleveraged commercial mortgage loans. Additionally, KREF invests in commercial mortgage-backed securities (CMBS), which are financial instruments representing an interest in a pool of commercial mortgages. Its primary market is the commercial real estate sector, where it serves as a lender and investor, providing essential financing solutions for various commercial properties.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for KKR Real Estate Finance Trust (KREF):

    • Fannie Mae, but for commercial real estate mortgages.
    • Blackstone for commercial real estate loans.

    AI Analysis | Feedback

    • Senior Commercial Mortgage Loans: KKR Real Estate Finance Trust originates and acquires senior debt secured by commercial real estate assets, which can be leveraged or unleveraged.
    • Commercial Mortgage-Backed Securities (CMBS): The company also engages in the purchase of these credit investments, which are securities backed by commercial mortgages.

    AI Analysis | Feedback

    KKR Real Estate Finance Trust (KREF) operates as a mortgage real estate investment trust that primarily originates and acquires senior loans secured by commercial real estate (CRE) assets. Therefore, its "customers" are the entities that borrow these loans to finance their CRE projects or acquisitions.

    KREF sells primarily to other companies involved in the commercial real estate sector. These are generally private companies, special purpose vehicles, or institutional investors rather than identifiable public companies with specific symbols. The major categories of customers KREF serves include:

    • Commercial Real Estate Developers: Companies or entities involved in the development, construction, or redevelopment of commercial properties, such as office buildings, multifamily residential complexes, industrial facilities, and retail centers.
    • Commercial Real Estate Investors/Owners: Institutional investors, private equity firms, or property companies that acquire, own, and manage income-producing commercial real estate assets, seeking financing for acquisitions, refinancing, or bridge loans.
    • Real Estate Private Equity Funds: Investment funds that focus on real estate, often requiring significant debt financing for their portfolio acquisitions and value-add strategies.

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    • KKR & Co. Inc. (symbol: KKR)

    AI Analysis | Feedback

    Matt Salem, Chief Executive Officer of KREF, Director of KREF Board, Partner and Head of KKR Real Estate Credit

    Mr. Salem joined KKR in 2015 and has served as Chief Executive Officer of KKR Real Estate Finance Trust (KREF) since March 2020. He also holds the position of Vice Chairman of KKR Real Estate Select Trust Inc. Before joining KKR, Mr. Salem was a managing director at Rialto Capital Management from 2012 to 2015. Prior to Rialto, he served as a managing director and head of CMBS trading at Goldman Sachs from 2006 to 2012. His earlier career included senior investment roles at Morgan Stanley and Citigroup Alternative Investments, where he focused on mezzanine debt and high-yield commercial real estate credit for Travelers Insurance. He began his career at Midland Loan Services in 1996. Under his leadership, KKR's real estate credit business has significantly grown to over $43 billion in assets under management.

    Kendra Decious, Chief Financial Officer and Treasurer

    Ms. Decious joined KKR in 2006 and is a Managing Director in the Finance group. She has served as Chief Financial Officer and Treasurer of KREF and its Manager since March 2022. From 2006 to 2010, she was the Chief Financial Officer of KKR Private Equity Investors, L.P., indicating experience within private equity-backed structures.

    W. Patrick Mattson, President and Chief Operating Officer

    Mr. Mattson joined KKR in 2015 and is a Managing Director and the Chief Operating Officer of KKR's Real Estate Credit group. He has served as President and Chief Operating Officer of KREF since March 2020. Before joining KKR, Mr. Mattson was a managing director at Rialto Capital Management, where he led the mezzanine debt platform. Prior to Rialto, he spent nine years at Morgan Stanley in various commercial real estate groups, including on the securitized products trading desk. His career also includes time at Deloitte & Touche, where he focused on the firm's CMBS practice.

    AI Analysis | Feedback

    Here are the key risks to KKR Real Estate Finance Trust (KREF):

    1. Deterioration in the Commercial Real Estate (CRE) Market and Associated Credit Risk: KKR Real Estate Finance Trust faces significant risk from continued weakness and falling asset values within the commercial real estate market, particularly in office and life science properties. This directly threatens the quality of its loan portfolio, increases credit risks, and negatively impacts earnings and margins. The company has had to increase loan loss reserves due to pressure on property valuations. Economic downturns and shifts like remote work trends exacerbate the vulnerability of certain CRE sectors, potentially leading to loan defaults and further asset quality deterioration.
    2. Interest Rate Fluctuations and Market Risk: As a mortgage real estate investment trust with a portfolio predominantly composed of floating-rate loans, KREF is highly exposed to interest rate volatility. Fluctuations in interest rates can increase the company's financing costs and reduce income from its loans, impacting its ability to generate profits and pay distributions to stockholders. Any mismatch in the duration of its assets and liabilities due to changing benchmark rates could lead to significant financial challenges.
    3. Dividend Sustainability and Profitability Challenges: KREF has experienced periods where its dividend payouts were not adequately covered by its earnings, leading to questions about the long-term sustainability of its dividend. The company has reported net losses and distributable losses, indicating that the dividend has, at times, been paid from sources other than current GAAP earnings. This situation is a significant concern for investors, as consistent negative earnings and potential threats to dividend coverage could impact KREF's appeal as an income-generating REIT and potentially its REIT status.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    The addressable market for KKR Real Estate Finance Trust (KREF), which primarily focuses on originating and acquiring senior loans secured by commercial real estate (CRE) assets and investing in commercial mortgage-backed securities (CMBS), is the U.S. commercial real estate debt market.

    The total commercial and multifamily mortgage debt outstanding in the U.S. was approximately $4.79 trillion at the end of 2024. Another estimate indicates the U.S. commercial real estate (CRE) mortgage market was $4.8 trillion as of August 2025. The broader commercial real estate (CRE) debt outstanding in the U.S. was estimated at $5.9 trillion as of the fourth quarter of 2023.

    Additionally, the U.S. CMBS market, a component of KREF's investment portfolio, was approximately $1.8 trillion in market capitalization as of December 31, 2025.

    AI Analysis | Feedback

    Here are 3-5 expected drivers of future revenue growth for KKR Real Estate Finance Trust (KREF) over the next 2-3 years:

    1. Continued Loan Origination and Portfolio Expansion: KREF intends to continue originating new commercial real estate loans, with expectations of full-year repayments exceeding $1.5 billion in 2026. The company plans to offset these repayments with new originations, maintaining its target leverage range and growing its loan portfolio. Analysts also point to a robust demand for transitional capital in commercial real estate, which could facilitate significant loan growth.
    2. Geographic Diversification, including European Expansion: KREF achieved a strategic milestone in 2025 by closing its first loan in Europe, establishing a foundation for continued geographic diversification of its real estate credit platform. This expansion into new markets provides additional opportunities for loan origination and revenue generation.
    3. Strategic Focus on Resilient Property Sectors: KREF has demonstrated a concentrated investment strategy, with over 75% of new originations in 2025 focused on multifamily and industrial loans. These sectors are identified as having resilient fundamentals and attractive risk-adjusted returns, which are expected to drive consistent and quality loan growth.
    4. Improved Portfolio Stability and Credit Quality: Anticipated improvements in watchlist metrics and overall portfolio stability are expected to enhance investor sentiment and can support earnings growth through 2026. KREF has already reduced its watchlist percentage from 13% in the fourth quarter of 2023 to 8% in the fourth quarter of 2024, indicating better asset management outcomes and potentially fewer credit losses.

    AI Analysis | Feedback

    Share Repurchases

    • KKR Real Estate Finance Trust repurchased $43 million of common stock in full year 2025 at a weighted average price of $9.35 per share, resulting in approximately $0.32 of accretion to book value per share.
    • During the second quarter of 2025, KREF repurchased 2 million shares for a total of $20 million at an average price of $9.21 per share.
    • As of the end of the fourth quarter of 2025, approximately $47 million remained under the current share buyback authorization plan, which initially authorized up to $100 million of common stock repurchases effective February 3, 2023.

    Share Issuance

    • In April 2021, KREF priced a public offering of 6,000,000 shares of 6.50% Series A Cumulative Redeemable Preferred Stock at $25.00 per share, generating gross proceeds of $150,000,000.
    • KKR Real Estate Finance Trust priced an underwritten public offering of 5,000,000 shares of common stock in October 2021, with estimated gross proceeds of approximately $110.0 million.
    • In March 2022, the company announced the pricing of an underwritten public offering of 6,000,000 shares of its common stock, with total estimated gross proceeds of approximately $125 million.

    Inbound Investments

    • In March 2025, KREF closed on a new $550 million Senior Secured Term Loan B due in 2032.
    • The company repriced and upsized its outstanding Term Loan B to an aggregate principal amount of $650 million due in 2032 in September 2025, reducing the coupon.
    • During 2025, KREF increased the borrowing capacity on its corporate revolving credit facility by $90 million to $700 million and extended its maturity date until 2030.

    Outbound Investments

    • For the full year 2025, KREF originated and funded $1.1 billion and $1.0 billion, respectively, in floating-rate senior loans, which included two European loans.
    • In the fourth quarter of 2025, originations and fundings totaled $424 million and $397 million, respectively, primarily for four floating-rate senior loans, including two European loans.
    • KREF closed its first loans in Europe in 2025, representing a strategic effort to diversify its geographic investment portfolio.

    Capital Expenditures

    • KREF anticipates capital expenditures and tenant improvement work will be needed for a Mountain View, California, office property, with monetization likely occurring after 2026.
    • In 2025, KREF took title to multifamily properties in West Hollywood, CA, and Raleigh, NC, through deed-in-lieu of foreclosures and is progressing on execution plans for these Real Estate Owned (REO) assets, which may involve capital for reinvestment.

    Peer Outperformance in Mortgage REITs

    KREF has trailed 75% of its 32 Mortgage REITs peers over 5Y. Mortgage REITs ranks 16th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Mortgage REITs constituents that KREF has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    28%
    of 36 industry peers · -23.5% return
    3Y
    26%
    of 35 industry peers · -27.0% return
    5Y
    25%
    of 32 industry peers · -49.8% return
    No Mortgage REITs peer with a comparable growth profile has beaten KREF by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Mortgage REITs is KREF's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 7 23.0%66.3%109.3% SPNT 171% · RGA 145% · RNR 142%
    Diversified Banks 13 32.6%133.8%107.8% CM 147% · RY 139% · JPM 133%
    Investment Banking & Brokerage 13 -4.2%106.7%106.1% IBKR 458% · SNEX 235% · HOOD 167%
    Life & Health Insurance 20 4.5%51.6%91.2% JXN 515% · UNM 323% · FG 194%
    Multi-Sector Holdings 4 3.7%50.7%76.9% JONE 362% · BRK-B 81% · VOYA 73%
    Property & Casualty Insurance 42 5.9%66.6%61.2% ASIC 2714900% · HRTG 389% · UVE 296%
    Regional Banks 265 24.2%93.3%57.3% ESQ 358% · BLX 340% · GCBC 298%
    Multi-line Insurance 9 4.1%67.9%53.9% GNW 142% · L 98% · SLF 92%
    Financial Exchanges & Data 15 -1.1%19.8%33.2% VIRT 161% · CBOE 123% · CME 64%
    Diversified Financial Services 4 -4.8%23.3%23.0% FRHC 168% · EQH 100% · TMS -54%
    Consumer Finance 30 -0.5%86.5%16.0% ENVA 392% · EZPW 291% · FCFS 159%
    Insurance Brokers 16 -21.2%-9.6%12.7% LIFE 246% · ARX 88% · AJG 60%
    Commercial & Residential Mortgage Finance 13 -51.8%22.0%7.6% FNMA 428% · FMCC 394% · ACT 170%
    Asset Management & Custody Banks 86 -8.6%17.8%5.5% WT 330% · SII 276% · VCTR 273%
    Specialized Finance 3 21.2%44.7%-7.6% EFC 23% · CACC -8% · HASI -20%
    Mortgage REITs ← 33 -14.2%10.0%-26.0% NREF 54% · RITM 35% · DX 25%
    Transaction & Payment Processing Services 17 1.1%-5.6%-44.4% V 66% · MA 64% · CPAY 47%
    Diversified Capital Markets 24 -30.6%6.5%-58.8% OPY 190% · CD 121% · LPLA 100%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    GRALGRAIL5.557.1%48.3%
    SECZSecuritize2.447.0%29.8%
    BALYBallys0.834.5%-15.3%
    MRNAModerna79.229.1%574.4%
    VICRVicor13.026.6%157.3%
    QMCOQuantum0.726.3%391.2%
    OUSTOuster2.924.7%102.0%
    ARHSArhaus1.424.6%-9.1%
    BANDBandwidth2.023.1%300.1%
    VKTXViking Therapeutics4.122.7%1.1%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    XNDUXanadu Quantum Technologies1.5-32.9%-56.7%
    CGEMCullinan Therapeutics0.9-29.7%43.1%
    ALKTAlkami Technology1.5-27.9%-40.2%
    BYNDBeyond Meat4.2-27.5%-66.1%
    KDKKodiak AI0.5-25.9%-77.7%
    GENGen Digital13.0-25.5%-19.3%
    PBLSParabilis Medicines0.9-25.2%-1.3%
    CTEVClaritev0.4-24.7%-45.7%
    ACADACADIA Pharmaceuticals3.5-24.2%-22.6%
    ONTOnterris0.5-22.7%-43.6%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    SECZSecuritize2.4134.7%29.8%
    GRALGRAIL5.559.4%48.3%
    BALYBallys0.854.0%-15.3%
    MXLMaxLinear8.449.0%438.4%
    SDGRSchrodinger2.248.2%61.4%
    FEIMFrequency Electronics0.945.9%64.2%
    OKTAOkta34.445.2%125.7%
    VICRVicor13.043.0%157.3%
    ACVAACV Auctions1.842.9%30.4%
    FWDIForward Industries0.742.0%27.4%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    ADBTAdvasa0.1-97.9%-98.2%
    ALMSAlumis0.9-69.9%-27.3%
    XNDUXanadu Quantum Technologies1.5-51.5%-56.7%
    RAREUltragenyx Pharmaceutical1.5-45.2%-37.0%
    SWMRSwarmer0.3-44.0%-33.1%
    IMUXImmunic0.4-43.3%75.1%
    XENEXenon Pharmaceuticals3.7-42.1%-17.6%
    BYNDBeyond Meat4.2-41.4%-66.1%
    ALHCAlignment Healthcare1.7-40.9%-58.4%
    PRLDPrelude Therapeutics0.4-40.9%33.6%

    More From Trefis

    Research & Analysis

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    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    KREFSTWDBXMTARILADRFBRTMedian
    NameKKR Real.Starwood.Blacksto.Apollo C.Ladder C.Franklin. 
    Mkt Price6.3514.3612.506.249.086.978.03
    Mkt Cap0.45.32.10.81.10.51.0
    Rev LTM53812609-85213494353
    Op Inc LTM-----1515
    FCF LTM3448135321103158130
    FCF 3Y Avg9153136756130154142
    CFO LTM631,09135386103158131
    CFO 3Y Avg104752367168130154161

    Growth & Margins

    KREFSTWDBXMTARILADRFBRTMedian
    NameKKR Real.Starwood.Blacksto.Apollo C.Ladder C.Franklin. 
    Rev Chg LTM-61.0%1.8%25.7%-154.5%-12.0%-4.4%-8.2%
    Rev Chg 3Y Avg-29.4%-10.0%-2.6%-67.0%-12.7%-0.9%-11.3%
    Rev Chg Q-191.7%-5.7%18.1%-551.4%0.0%-2.7%-4.2%
    QoQ Delta Rev Chg LTM-52.7%-1.2%4.1%-132.4%0.0%-0.6%-0.9%
    Op Inc Chg LTM------89.3%-89.3%
    Op Inc Chg 3Y Avg------30.5%-30.5%
    Op Mgn LTM-----3.0%3.0%
    Op Mgn 3Y Avg-----16.6%16.6%
    QoQ Delta Op Mgn LTM------6.4%-6.4%
    CFO/Rev LTM119.2%134.4%57.9%-48.2%32.0%57.9%
    CFO/Rev 3Y Avg94.2%89.9%65.6%-52.7%29.8%65.6%
    FCF/Rev LTM64.9%59.3%57.9%-48.2%32.0%57.9%
    FCF/Rev 3Y Avg73.9%62.8%65.6%-52.7%29.8%62.8%

    Valuation

    KREFSTWDBXMTARILADRFBRTMedian
    NameKKR Real.Starwood.Blacksto.Apollo C.Ladder C.Franklin. 
    Mkt Cap0.45.32.10.81.10.51.0
    P/S7.56.53.5-5.31.15.3
    P/Op Inc-----36.036.0
    P/EBIT-----36.036.0
    P/E-2.123.1136.86.221.78.515.1
    P/CFO6.34.86.09.511.03.46.1
    Total Yield-30.3%17.6%15.8%33.4%14.9%36.3%16.7%
    Dividend Yield16.4%13.3%15.1%17.2%10.3%24.5%15.7%
    FCF Yield 3Y Avg15.6%8.5%12.0%4.1%9.6%19.3%10.8%
    D/E11.62.67.50.52.78.85.1
    Net D/E11.42.67.3-1.12.58.54.9

    Returns

    KREFSTWDBXMTARILADRFBRTMedian
    NameKKR Real.Starwood.Blacksto.Apollo C.Ladder C.Franklin. 
    1M Rtn-16.6%-9.9%-9.5%-9.6%-7.6%-16.8%-9.7%
    3M Rtn-10.2%-12.1%-26.3%-11.2%-10.5%-13.4%-11.7%
    6M Rtn10.0%-10.8%-30.1%-6.0%-1.6%-12.4%-8.4%
    12M Rtn-23.5%-20.3%-26.1%0.7%-13.1%-30.6%-21.9%
    3Y Rtn-27.0%-0.7%-21.4%26.9%14.1%-28.4%-11.1%
    1M Excs Rtn-16.8%-10.6%-11.1%-9.3%-8.8%-18.4%-10.9%
    3M Excs Rtn-15.5%-17.4%-31.6%-16.5%-15.8%-18.7%-17.0%
    6M Excs Rtn-14.9%-32.5%-50.9%-27.4%-23.7%-34.3%-29.9%
    12M Excs Rtn-41.8%-36.6%-42.9%-18.0%-28.8%-46.8%-39.2%
    3Y Excs Rtn-106.2%-82.4%-101.1%-53.7%-67.4%-105.8%-91.8%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date7/21/20264/22/20262/3/202610/21/20257/22/20254/23/20252/3/202510/21/20247/22/20244/23/20242/6/202410/23/2023
    Key Financials Quarterly            
    Total Revenue-282827263130344141404443
    Net Income-116-56-2614-30-520-726-3-1327
    EPS-1.95-0.96-0.490.12-0.53-0.150.21-0.190.29-0.13-0.270.31
    Key Financials TTM            
    Total Revenue TTM53112113120135145155165167170175181
    Net Income TTM-185-98-47-1-223436237-9-312
    Growth Rates Quarterly            
    Total Revenue Growth-191.7%-4.0%-21.4%-36.8%-24.4%-25.2%-22.4%-4.0%-7.2%-12.0%-11.3%-2.3%
    Net Income Growth-291.4%-1054.9%-229.6%286.5%-215.1%-56.4%257.2%-127.2%229.0%87.6%-163.4%163.5%
    Margins Quarterly            
    Net Income Margin--197.5%-98.3%53.2%-96.7%-16.4%59.6%-18.0%63.5%-7.9%-29.4%63.6%
    Cash & Debt            
    Total Cash8313585204108106105109107107136108
    Total Debt4,6164,7314,1313,5704,3154,0053,8645,2945,5615,7994,5866,104
    Net Debt / (Cash)4,5334,5964,0463,3664,2073,8993,7595,1855,4545,6934,4515,996
    Cash Flows Quarterly            
    FCF from Operations151317192116184931343742
    Cash Flows TTM            
    FCF from Operations TTM63707274104114133151144149156156
    Returns to Shareholders Quarterly            
    Dividends161616161717171717303030
    Share Repurchases38194201010-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-7.6%-3.6%-1.9%1.0%-2.1%-0.4%1.4%-0.4%1.4%-0.2%-0.9%1.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-3.1%-1.6%-0.9%-0.1%-0.4%0.6%0.6%0.0%0.5%-0.1%-0.5%0.0%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single Segment113155175175152
    Total113155175175152


    Price Behavior

    Price Behavior
    Market Price$6.35 
    Market Cap ($ Bil)0.4 
    First Trading Date05/05/2017 
    Distance from 52W High-23.6% 
       50 Days200 Days
    DMA Price$7.28$6.98
    DMA Trendindeterminateup
    Distance from DMA-12.8%-9.1%
     3M1YR
    Volatility36.4%33.3%
    Downside Capture199.98122.27
    Upside Capture94.3868.27
    Correlation (SPY)25.5%32.5%
    KREF Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta1.421.070.660.840.800.85
    Up Beta-0.13-0.71-1.02-0.190.370.67
    Down Beta2.071.581.121.211.121.05
    Up Capture258%183%147%121%57%43%
    Bmk +ve Days10213268138427
    Stock +ve Days11213368120371
    Down Capture175%151%77%110%102%100%
    Bmk -ve Days11213259113324
    Stock -ve Days10213159126363

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with KREF
    KREF-25.3%33.2%-0.84-
    Sector ETF (XLF)3.6%14.7%0.0238.0%
    Equity (SPY)17.7%13.0%0.9832.9%
    Gold (GLD)14.7%29.3%0.4614.3%
    Commodities (DBC)44.3%20.7%1.66-13.6%
    Real Estate (VNQ)4.5%13.6%0.0738.5%
    Bitcoin (BTCUSD)-25.9%44.8%-0.5423.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with KREF
    KREF-12.3%30.8%-0.40-
    Sector ETF (XLF)9.7%18.4%0.3948.9%
    Equity (SPY)13.3%17.2%0.5945.9%
    Gold (GLD)19.2%18.8%0.8311.9%
    Commodities (DBC)10.8%19.6%0.4310.4%
    Real Estate (VNQ)0.9%18.9%-0.0654.1%
    Bitcoin (BTCUSD)12.2%52.6%0.4118.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with KREF
    KREF-3.4%30.8%-0.06-
    Sector ETF (XLF)13.0%22.1%0.5353.3%
    Equity (SPY)15.5%17.9%0.7349.4%
    Gold (GLD)12.1%16.4%0.617.9%
    Commodities (DBC)8.5%18.1%0.3818.3%
    Real Estate (VNQ)4.8%20.7%0.1959.1%
    Bitcoin (BTCUSD)63.8%66.2%1.0316.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity5.7 Mil
    Short Interest: % Change Since 8312026-5.6%
    Average Daily Volume0.5 Mil
    Days-to-Cover Short Interest11.2 days
    Basic Shares Quantity62.5 Mil
    Short % of Basic Shares9.1%

    Returns Analyses

    Earnings Returns History

    Updated 8/21/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/21/2026-2.4%-3.4%-1.1%
    4/22/2026-9.1%-8.1%-4.3%
    2/3/2026-3.7%-12.7%-11.1%
    10/21/2025-0.6%-1.8%-7.3%
    7/22/20250.2%2.2%3.1%
    4/23/2025-3.7%-0.3%-4.3%
    2/3/20259.7%9.0%7.5%
    10/21/2024-0.1%-0.1%-2.1%
    ...
    SUMMARY STATS   
    # Positive9911
    # Negative161614
    Median Positive1.4%3.9%6.0%
    Median Negative-2.5%-3.1%-5.0%
    Max Positive14.6%12.4%19.2%
    Max Negative-13.8%-21.7%-18.5%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/21/2026-2.4%-3.4%-1.1%
    4/22/2026-9.1%-8.1%-4.3%
    2/3/2026-3.7%-12.7%-11.1%
    10/21/2025-0.6%-1.8%-7.3%
    7/22/20250.2%2.2%3.1%
    4/23/2025-3.7%-0.3%-4.3%
    2/3/20259.7%9.0%7.5%
    10/21/2024-0.1%-0.1%-2.1%
    7/22/202414.6%12.4%12.5%
    4/23/2024-2.4%-6.1%-3.3%
    2/6/2024-13.8%-21.7%-15.9%
    10/23/20232.2%2.7%19.2%
    7/24/2023-2.7%-2.1%-11.5%
    4/24/2023-6.7%-6.5%1.6%
    2/7/2023-5.2%-4.5%-18.5%
    10/24/2022-1.9%3.0%-2.5%
    7/25/20220.5%3.9%3.4%
    4/25/2022-1.6%-4.4%1.6%
    2/8/2022-0.5%-1.7%-6.7%
    10/25/20210.8%-2.7%-5.8%
    7/26/2021-1.2%-0.8%-2.0%
    4/26/20212.6%8.5%6.0%
    2/16/2021-2.5%-2.4%1.5%
    10/26/20201.4%3.5%11.5%
    8/3/20200.8%8.2%9.6%
    SUMMARY STATS   
    # Positive9911
    # Negative161614
    Median Positive1.4%3.9%6.0%
    Median Negative-2.5%-3.1%-5.0%
    Max Positive14.6%12.4%19.2%
    Max Negative-13.8%-21.7%-18.5%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/21/202610-Q
    03/31/202604/22/202610-Q
    12/31/202502/03/202610-K
    09/30/202510/21/202510-Q
    06/30/202507/22/202510-Q
    03/31/202504/23/202510-Q
    12/31/202402/03/202510-K
    09/30/202410/21/202410-Q
    06/30/202407/22/202410-Q
    03/31/202404/23/202410-Q
    12/31/202302/06/202410-K
    09/30/202310/23/202310-Q
    06/30/202307/24/202310-Q
    03/31/202304/24/202310-Q
    12/31/202202/07/202310-K
    09/30/202210/24/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/21/202610-Q
    03/31/202604/22/202610-Q
    12/31/202502/03/202610-K
    09/30/202510/21/202510-Q
    06/30/202507/22/202510-Q
    03/31/202504/23/202510-Q
    12/31/202402/03/202510-K
    09/30/202410/21/202410-Q
    06/30/202407/22/202410-Q
    03/31/202404/23/202410-Q
    12/31/202302/06/202410-K
    09/30/202310/23/202310-Q
    06/30/202307/24/202310-Q
    03/31/202304/24/202310-Q
    12/31/202202/07/202310-K
    09/30/202210/24/202210-Q
    06/30/202207/25/202210-Q
    03/31/202204/25/202210-Q
    12/31/202102/08/202210-K
    09/30/202110/25/202110-Q
    06/30/202107/26/202110-Q
    03/31/202104/26/202110-Q
    12/31/202002/16/202110-K
    09/30/202010/26/202010-Q
    06/30/202008/03/202010-Q
    03/31/202004/28/202010-Q
    12/31/201902/19/202010-K
    09/30/201910/30/201910-Q

    Recent Forward Guidance

    Updated 7/27/2026

    Latest: Q2 2026 Earnings Reported 7/21/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Loan RepaymentsReported 2.00 Bil    

    null

    Insider Activity

    Updated 4/26/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Rosenberg, Ralph F DirectSell120320258.25125,289  Form
    2Rosenberg, Ralph F See footnote.Sell120320258.25125,289  Form
    3Lee, Christen EJ DirectBuy111020257.8010,00077,9781,786,733Form
    4Ahern, Terrance R DirectBuy111020257.8123,700185,197488,825Form
    5Mattson, W PatrickPresident and COODirectBuy111020257.9113,000102,8053,058,750Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Rosenberg, Ralph F DirectSell120320258.25125,289  Form
    2Rosenberg, Ralph F See footnote.Sell120320258.25125,289  Form
    3Lee, Christen EJ DirectBuy111020257.8010,00077,9781,786,733Form
    4Ahern, Terrance R DirectBuy111020257.8123,700185,197488,825Form
    5Mattson, W PatrickPresident and COODirectBuy111020257.9113,000102,8053,058,750Form
    6Salem, Matthew AChief Executive OfficerDirectBuy111020257.8432,000250,9634,406,169Form

    Investor Activity (13F)

    Updated Sep 27, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Long Pond Capital, LP$35.1 Mil3.6%32ADD +266.8%13F
    Nokomis Capital, L.L.C.$6.9 Mil2.1%47Hold13F
    Conversant Capital LLC$9.0 Mil1.2%16New13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Conversant Capital LLC$9.0 Mil1.2%16New13F
    Long Pond Capital, LP$35.1 Mil3.6%32ADD +266.8%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Long Pond Capital, LP$35.1 Mil3.6%32ADD +266.8%13F
    Conversant Capital LLC$9.0 Mil1.2%16New13F
    Nokomis Capital, L.L.C.$6.9 Mil2.1%47Hold13F

    KKR Real Estate Finance Trust — Investor Video Playlist

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 9/26/2026