KKR Real Estate Finance Trust Inc. (KREF) Stock Price & Analysis
KKR Real Estate Finance Trust Inc. (KREF) closed at USD 5.72 on Thursday, October 22, 2026, up 4.38% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 5.48; the Oct 22, 2026 session ranged USD 5.57–5.79 on volume of 711,082 shares. Market capitalization is $335.07M, with a 52-week range of USD 5.25–9.11 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 13:09 UTC.
Also available as compact Markdown for AI agents: nexqual.com/KREF.md
Key facts (KREF)
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $604K; 2 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (6 analysts), mean target USD 7.25 (range 6–9.5).
- Total return with dividends: 1Y -26.9% vs S&P 500 +14.9%; 5Y -56.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.05, revenue estimate $14.3M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (KREF)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $137M | $38.1M | -$30.9M | $35.6M | -$47.1M | -$185M |
| EPS (diluted) | $2.21 | $0.23 | -$0.78 | $0.19 | -$1.05 | — |
| Cash + short-term investments | $271M | $240M | $136M | $105M | $84.6M | — |
| Total debt | $142M | $143M | $0K | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (KREF)
P/B 0.4x · Earnings yield -55.20% · Dividend yield (paid, TTM) 19.37% · Buyback yield (TTM) 15.64%
P/E at fiscal year-ends: Dec 2024 19.7x.
Insider purchases (SEC Form 4, open-market, last ~7 months) (KREF)
2 purchases, $604K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-04-24 | Salem Matthew A | Chief Executive Officer | 60,000 | $362K | 6.04 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-24 | Mattson W Patrick | President, COO and Secretary | 40,000 | $241K | 6.03 | Opportunistic (traded every year 2023–2025, no repeating month) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (KREF)
Consensus Hold (mean 3.00 on a 1–5 scale), 6 analysts; mean target USD 7.25 (low 6, high 9.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $7 → $6.5 |
| 2026-07-24 | JP Morgan | Target lowered | Underweight | $8 → $7.5 |
| 2026-07-23 | Keefe, Bruyette & Woods | Target raised | Market Perform | $6.5 → $7 |
| 2026-07-17 | JP Morgan | Downgrade | Neutral → Underweight | $8 |
Total return (dividends reinvested) (KREF)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -26.9% | -56.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -27.0% | -15.1% |
| Volatility (annualized) | 34.8% | 31.7% |
| Max drawdown | -32.2% (Dec 2025→Oct 2026) | -56.9% (Jan 2022→Mar 2026) |
KREF suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | KKR Real Estate Finance Manager | “We depend on our Manager and its personnel for our success.” |
Quoted from the company's 10-K filed Feb 3, 2026.
KREF company outlook (results filed Jul 21, 2026)
- “With over $700 million of liquidity, more than $2 billion of expected repayments this year, and predominantly non-mark-to-market financing, we believe we are well positioned to navigate the action plan." (1) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated.”
- “(C) Max remaining term (years) assumes all extension options are exercised, if applicable.”
Quoted word-for-word from the SEC 8-K results press release.
KREF analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.05 | $0.13 | -63.5% | $14.3M | 4 |
| Next quarter (ends Dec 2026) | $-0.10 | $0.03 | -392.3% | $13.4M | 4 |
| Current fiscal year (ends Dec 2026) | $-0.70 | $-0.38 | +82.9% | $72.2M | 4 |
| Next fiscal year (ends Dec 2027) | $-0.55 | $0.35 | -255.0% | $56.7M | 4 |
KREF options: expected move
Options price a move of about ±37.7% (±$2.15) by Jan 15, 2027, which includes earnings on Oct 28, 2026. Over the last 8 reports the stock moved ±4.6% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Jan 15, 2027 | 84 | 60.3% | ±37.7% |
| Apr 16, 2027 | 175 | 45.0% | ±26.7% |
30-day implied volatility 45.8% vs 44.4% realized over the last 30 trading days. Put/call ratio (volume) —. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 13:09 UTC)
| Price | USD 5.72 |
|---|---|
| Change | ▲ 4.38% (up) |
| Previous Close | USD 5.48 |
| Open | USD 5.5 |
| Day Range | USD 5.57 – 5.79 |
| 52-Week Range | USD 5.25 – 9.11 |
| Volume | 711,082 shares |
| Market Cap | $335.07M |
| Exchange | NYQ |
Technical Analysis (KREF)
Nexqual's technical model rates KREF "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 13:09 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 34.02 (neutral) |
| vs SMA50 | Below (USD 6.77) |
| MACD | -0.31 (negative) |
Analyst Ratings (KREF)
Wall Street analysts rate KREF "Hold" based on 6 analysts, with a mean price target of USD 7.25 (range USD 6–9.5), per Nexqual as of October 23, 2026 at 13:09 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 6 |
| Mean Target | USD 7.25 |
| High Target | USD 9.5 |
| Low Target | USD 6 |
| Buy / Hold / Sell | 2 / 3 / 1 |
Earnings (KREF)
| Next Earnings Date | 2026-10-28 |
|---|---|
| EPS Estimate | USD 0.05 |
| Revenue Estimate | $14.35M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.58 vs est -0.47 ▼ miss |
| 2026-03-31 | USD -0.06 vs est 0.18 ▼ miss |
| 2025-12-31 | USD 0.22 vs est 0.13 ▲ beat |
| 2025-09-30 | USD -0.03 vs est 0.02 ▼ miss |
Source: Nexqual, October 23, 2026 at 13:09 UTC.
Financials & Fundamentals (KREF)
| Total Revenue | $-72.42M |
|---|---|
| Gross Margin | +0.00% |
| Operating Margin | +135.83% |
| Profit Margin | +0.00% |
| ROE | -16.52% |
| Debt / Equity | 4.36 |
| Current Ratio | 4.39 |
| Total Cash | $84.06M |
| Total Debt | $4.32B |
Source: Nexqual, October 23, 2026 at 13:09 UTC.
Financial Health Score (KREF)
Nexqual rates KKR Real Estate Finance Trust Inc.'s overall financial health "Weak" across five dimensions, as of October 23, 2026 at 13:09 UTC.
| Growth | Critical — Revenue -26% YoY (annual), sharp decline |
|---|---|
| Profitability | Critical — Gross margin 0% (last 12 months) |
| Balance Sheet | Weak — $84M cash vs $4.32B debt |
| Cash Flow | Solid — Operating cash flow $72M (FY ended Dec 2025, 10-K) |
| Efficiency | Critical — ROE -17%, ROA -2.8% |
Ownership (KREF)
| Insider Ownership | +2.62% |
|---|---|
| Institutional Ownership | +98.79% |
| Shares Outstanding | 58.58M |
| Float | 41.36M |
| Short % of Float | +15.87% |
Source: Nexqual, October 23, 2026 at 13:09 UTC.
Leadership (KREF)
KKR Real Estate Finance Trust Inc. is led by Matthew A. Salem, CEO & Director, per Nexqual as of October 23, 2026 at 13:09 UTC.
| CEO & Director | Matthew A. Salem |
|---|---|
| COO, President & Secretary | W. Patrick Mattson |
| CFO & Treasurer | Kendra L. Decious |
| Director of Investor Relations | Jack Switala |
| Managing Director of Real Estate | Adam Simon |
Major Backers & Investors (KREF)
Notable institutional backers of KKR Real Estate Finance Trust Inc. include Kohlberg Kravis Roberts & Co. L.P., Long Pond Capital, LP, UBS Group AG, according to Nexqual as of October 23, 2026 at 13:09 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Kohlberg Kravis Roberts & Co. L.P. | 17.07% |
| Long Pond Capital, LP | 9.92% |
| UBS Group AG | 6.22% |
| Nomura Holdings Inc. | 4.62% |
| Dimension Capital Management, LLC | 2.71% |
| Morgan Stanley | 2.2% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 10.07% |
| Vanguard Group | 3.9% |
| Geode Capital | 2.41% |
| State Street | 2.01% |
Source: Nexqual, October 23, 2026 at 13:09 UTC.
From KKR Real Estate Finance Trust Inc.'s Latest SEC 10-K Filing (filed 2026-02-03)
Key Strengths & Strategy (as disclosed to the SEC)
- We conduct our operations as a REIT for federal income tax purposes while operating our business in a manner that allows us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended, (the "Investment Company Act").
Partnerships
- We are externally managed by our Manager, an indirect wholly owned subsidiary of KKR, a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions, with an over 45-year history of leadership, innovation and investment excellence.
- We believe our Manager's relationship with KKR and its differentiated global investment management platform provides us with significant advantages in sourcing, evaluating, underwriting and managing our investments.
Legal & Regulatory Risks (Item 1A, quoted)
- The laws and regulations governing our operations, as well as their interpretation, may change from time to time, and new laws and regulations may be enacted.
- Changes in laws or regulations governing the operations of borrowers could affect our returns with respect to those borrowers.
- Government counterparties or agencies may have the discretion to change or increase regulation of a borrower's operations, or implement laws or regulations affecting a borrower's operations, separate from any contractual rights it may have.
- Climate change, climate change-related initiatives and regulations and the increased focus on sustainability issues, may adversely affect our business and financial results and damage our reputation.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| RWT | Redwood Trust, Inc. | USD 3.12 | ▲ 3.65% |
| BRSP | BrightSpire Capital, Inc. | USD 3.65 | ▲ 0.83% |
| TRTX | TPG RE Finance Trust, Inc. | USD 6.22 | ▲ 6.32% |
| FBRT | Franklin BSP Realty Trust, Inc. | USD 6.25 | ▲ 3.82% |
| ABR | Arbor Realty Trust | USD 2.96 | ▲ 2.07% |
| IVR | INVESCO MORTGAGE CAPITAL INC | USD 5.52 | ▲ 1.85% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 13:09 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt