# KKR Real Estate Finance Trust Inc. (KREF)

> Source: Nexqual · https://nexqual.com/KREF · data as of 2026-10-23 13:50 UTC · cite as "Nexqual, KKR Real Estate Finance Trust Inc. (KREF), nexqual.com/KREF" · informational, not investment advice.

**Price:** USD 5.66 (-1.39% today) · US market open, as of October 23, 2026 at 13:50 UTC; quotes may be delayed. Prev close 5.74 · day 5.63–5.74 · 52w 5.25–9.11 · market cap $332M · NYQ

## Key facts
- 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 -27.7% vs S&P 500 +14.5%; 5Y -55.3% vs S&P 500 +77.1%.
- 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)
| 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)
P/B 0.4x · Earnings yield -55.79% · Dividend yield (paid, TTM) 19.57% · Buyback yield (TTM) 15.80%
P/E at fiscal year-ends: Dec 2024 19.7x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
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
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)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -27.7% | -55.3% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | -27.7% | -14.9% |
| Volatility (annualized) | 34.7% | 31.7% |
| Max drawdown | -32.2% (Dec 2025→Oct 2026) | -57.1% (Jan 2022→Oct 2026) |

## Peers (REIT - Mortgage)
RWT (Redwood Trust, Inc.) USD 3.13 +0.16% · BRSP (BrightSpire Capital, Inc.) USD 3.61 -1.23% · TRTX (TPG RE Finance Trust, Inc.) USD 6.17 -0.88% · FBRT (Franklin BSP Realty Trust, Inc.) USD 6.21 -0.72% · ABR (Arbor Realty Trust) USD 2.82 -4.90% · IVR (INVESCO MORTGAGE CAPITAL INC) USD 5.46 -1.14%

## More
Full page: https://nexqual.com/KREF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KREF's own 10-K filed 2026-02-03 (https://www.sec.gov/Archives/edgar/data/1631596/000162828026005092/kref-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | KKR Real Estate Finance Manager | "We depend on our Manager and its personnel for our success." |

## Company outlook (8-K filed 2026-07-21)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.05 | $0.13 | -63.5% | $14.3M | 4 |
| Next quarter (ends 2026-12-31) | $-0.10 | $0.03 | -392.3% | $13.4M | 4 |
| Current fiscal year (ends 2026-12-31) | $-0.70 | $-0.38 | +82.9% | $72.2M | 4 |
| Next fiscal year (ends 2027-12-31) | $-0.55 | $0.35 | -255.0% | $56.7M | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-10-28): ±37.7%; last 8 reports averaged ±4.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 60.3% | ±37.7% |
| 2027-04-16 | 175 | 45.0% | ±26.7% |