KKR Real Estate Finance Trust Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), KKR Real Estate Finance Trust Inc reported revenue of $16.5M (-27.7% year on year) and net income of ($69.9M) (-634.7% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Interest income | $435.6M | $564.6M | $640.4M | $422.0M |
| Interest expense | $323.0M | $412.9M | $458.8M | $236.1M |
| Total net interest income | $112.6M | $151.7M | $181.6M | $185.9M |
| Revenue from real estate owned operations | $16.5M | $22.9M | $8.5M | $9.0M |
| Income (loss) from equity method investments | ($512.0K) | $1.5M | $1.4M | $4.7M |
| Change in net assets of consolidated variable interest entity, CMBS trust | $730.0K | — | — | — |
| Gain (loss) on sale of investments | $1.2M | ($615.0K) | $0 | $0 |
| Gain (loss) on foreign currency translation | $1.2M | — | — | — |
| Gain (loss) on foreign currency forward contracts | ($1.3M) | — | — | — |
| Other miscellaneous income | $4.6M | $5.7M | $11.2M | $5.6M |
| Total other income | $22.5M | $29.5M | $21.2M | $19.2M |
| Provision for credit losses, net | $119.4M | $80.6M | $175.1M | $112.4M |
| Expenses from real estate owned operations | $25.7M | $23.1M | $11.2M | $11.1M |
| Management fee to related parties | $22.7M | $24.5M | $26.2M | — |
| Incentive compensation to affiliate | $0 | $0 | $2.5M | $634.0K |
| General and administrative | $18.1M | $18.4M | $18.8M | $17.6M |
| Total operating expenses | $185.8M | $146.6M | $233.8M | $167.4M |
| Income (Loss) Before Income Taxes | ($50.6M) | $34.6M | ($30.9M) | $37.7M |
| Income tax expense | ($156.0K) | $248.0K | $710.0K | $58.0K |
| Net Income (Loss) | ($50.5M) | $34.3M | ($31.7M) | $37.6M |
| Net income (loss) attributable to noncontrolling interests | ($3.4M) | ($1.3M) | ($806.0K) | ($510.0K) |
| Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries | ($47.1M) | $35.6M | ($30.9M) | $38.1M |
| Preferred stock dividends | $21.3M | $21.3M | $21.3M | — |
| Participating securities' share in earnings | $1.5M | $1.2M | $1.8M | $1.4M |
| Net Income (Loss) Attributable to Common Stockholders | ($69.9M) | $13.1M | ($53.9M) | $15.4M |
| Basic (usd per share) | -$1.05 | $0.19 | -$0.78 | $0.23 |
| Diluted (usd per share) | -$1.05 | $0.19 | -$0.78 | $0.23 |
| Basic (in shares) | 66.8M | 69.4M | 69.2M | 67.6M |
| Diluted (in shares) | 66.8M | 69.4M | 69.2M | 67.6M |
| Dividends declared per share of common stock (usd per share) | $1.00 | $1.00 | $1.72 | $1.72 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Interest income | $85.5M | $95.9M | $108.0M | $112.3M |
| Interest expense | $67.3M | $69.7M | $82.7M | $82.1M |
| Total net interest income | $18.2M | $26.2M | $25.3M | $30.2M |
| Revenue from real estate owned operations | $4.4M | $4.9M | $4.7M | $4.0M |
| Income (loss) from equity method investments | ($988.0K) | $657.0K | ($105.0K) | ($619.0K) |
| Change in net assets of consolidated variable interest entities, CMBS trusts | $836.0K | $439.0K | $347.0K | — |
| Gain (loss) on foreign currency translation (includes unrealized gains (losses) of $2,547 and ($2,829) in 2026 and $0 and $0 in 2025, respectively) | $1.5M | ($5.4M) | — | — |
| Gain (loss) on foreign currency forward contracts (includes unrealized gains (losses) of ($5,333) and $1,488 in 2026 and $0 and $0 in 2025, respectively) | ($4.2M) | $6.9M | — | — |
| Gain (loss) on sale of real estate owned | $0 | — | $0 | $1.2M |
| Other miscellaneous income | $1.2M | $894.0K | $1.1M | $1.1M |
| Total other income | $2.8M | $8.4M | $6.1M | $5.7M |
| Provision for credit losses, net | $75.1M | $73.5M | $975.0K | $49.8M |
| Change in fair value of loan held-for-sale | $44.8M | — | — | — |
| Expenses from real estate owned operations | $8.4M | $8.1M | $7.3M | $6.2M |
| Management fee to related parties | $5.4M | $5.5M | $5.6M | $5.7M |
| General and administrative | $4.7M | $4.6M | $4.7M | $4.7M |
| Total operating expenses | $138.3M | $91.8M | $18.6M | $66.4M |
| Income (Loss) Before Income Taxes | ($117.3M) | ($57.2M) | $12.8M | ($30.6M) |
| Income tax expense | $0 | $0 | $0 | $0 |
| Net Income (Loss) | ($117.3M) | ($57.2M) | $12.8M | ($30.6M) |
| Net income (loss) attributable to noncontrolling interests | ($978.0K) | ($1.0M) | ($1.0M) | ($847.0K) |
| Net Income (Loss) Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries | ($116.4M) | ($56.1M) | $13.8M | ($29.7M) |
| Preferred stock dividends | $5.3M | $5.3M | $5.3M | $5.3M |
| Participating securities' share in earnings | $113.0K | $415.0K | $373.0K | $373.0K |
| Net Income (Loss) Attributable to Common Stockholders | ($121.8M) | ($61.9M) | $8.1M | ($35.4M) |
| Basic (usd per share) | -$1.95 | -$0.96 | $0.12 | -$0.53 |
| Diluted (usd per share) | -$1.95 | -$0.96 | $0.12 | -$0.53 |
| Basic (in shares) | 62.5M | 64.7M | 65.9M | 67.2M |
| Diluted (in shares) | 62.5M | 64.7M | 65.9M | 67.2M |
| Dividends declared per share of common stock (usd per share) | $0.10 | $0.25 | $0.25 | $0.25 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $84.6M | $104.9M | $135.9M | $239.8M |
| Commercial real estate loans, held-for-investment | $5.3B | $5.9B | $7.3B | $7.5B |
| Less: Allowance for credit losses | ($201.9M) | ($117.1M) | ($210.5M) | ($107.0M) |
| Commercial real estate loans, held-for-investment, net | $5.6B | $5.8B | $7.1B | $7.4B |
| Real estate owned, held for investment, net | $338.6M | $262.5M | $82.1M | — |
| Real estate owned assets, held for sale | $130.2M | $56.6M | $101.0M | — |
| Commercial real estate loan, held-for-sale | $147.3M | $117.3M | — | — |
| Accrued interest receivable | $27.7M | $28.8M | $41.0M | $39.0M |
| Other assets | $87.7M | $8.9M | $19.5M | $19.3M |
| Total Assets | $6.5B | $6.4B | $7.5B | $7.8B |
| Secured financing agreements, net | $2.9B | $2.8B | $3.8B | $3.7B |
| Collateralized loan obligations, net | $1.2B | $1.8B | $1.9B | $1.9B |
| Secured term loan, net | $632.5M | $333.9M | $335.3M | $336.8M |
| Dividends payable | $16.1M | $17.2M | $29.8M | $29.7M |
| Accrued interest payable | $15.3M | $19.9M | $20.2M | $17.9M |
| Real estate owned liabilities, held for sale | $3.9M | $1.3M | $15.9M | — |
| Other liabilities | $17.0M | $4.5M | $17.6M | — |
| Total Liabilities | $5.2B | $5.0B | $6.1B | $6.2B |
| Commitments and Contingencies (Note 13) | $0 | $0 | $0 | $0 |
| Preferred Stock, $0.01 par value, 50,000,000 shares authorized Series A cumulative redeemable preferred stock, (13,110,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024); liquidation preference of $327,750, or $25.00 per share | $131000.00 | $131000.00 | $131000.00 | $131000.00 |
| Common stock, $0.01 par value, 300,000,000 authorized (65,488,680 and 68,713,596 shares issued; 64,367,737 and 68,713,596 shares outstanding as of December 31, 2025 and December 31, 2024, respectively) | 644.0K | 686.0K | 693.0K | 691.0K |
| Additional paid-in capital | $1.7B | $1.7B | $1.8B | $1.8B |
| Accumulated deficit | ($506.1M) | ($370.5M) | ($314.4M) | ($141.5M) |
| Repurchased stock (1,120,943 shares repurchased as of December 31, 2025) | -9.3M | 0 | -96.8M | — |
| Total KKR Real Estate Finance Trust Inc. Stockholders’ Equity | $1.2B | $1.3B | $1.4B | $1.6B |
| Noncontrolling interests in equity of consolidated joint ventures | $52.7M | $53.8M | ($585.0K) | ($102.0K) |
| Total Equity | $1.2B | $1.4B | $1.4B | $1.6B |
| Total Liabilities and Equity | $6.5B | $6.4B | $7.5B | $7.8B |
| Common stock outstanding (in shares) | 64.4M | — | — | — |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $83.1M | $135.4M | $204.1M | $107.7M |
| Commercial real estate loans, held-for-investment | $4.4B | $10.2B | $5.3B | $5.8B |
| Less: Allowance for credit losses | ($291.9M) | ($258.7M) | ($157.3M) | ($171.6M) |
| Commercial real estate loans, held-for-investment, net | $4.1B | $5.9B | $5.6B | $6.1B |
| Commercial real estate loan, held-for-sale | $70.4M | $220.0M | — | — |
| Real estate owned, held-for-investment, net | $360.4M | $340.0M | $338.9M | $258.8M |
| Real estate owned assets, held-for-sale | $132.6M | $131.6M | $127.9M | $127.0M |
| Equity method investments | $273.1M | $147.3M | $128.3M | $120.7M |
| Investments in CMBS securities | $26.8M | $26.8M | — | — |
| Consolidated variable interest entities assets, CMBS trusts, at fair value | $1.2B | $1.3B | — | — |
| Other assets | $290.5M | $49.6M | $15.0M | $17.3M |
| Total Assets | $6.6B | $7.0B | $6.5B | $6.8B |
| Secured financing agreements, net | $3.0B | $2.8B | $2.7B | $2.9B |
| Collateralized loan obligations, net | $660.3M | $1.1B | $1.3B | $1.4B |
| Secured term loan, net | $630.4M | $631.5M | $633.5M | $535.1M |
| Real estate owned liabilities, held-for-sale | $3.0M | $3.0M | $1.1M | $1.8M |
| Consolidated variable interest entities liabilities, CMBS trusts, at fair value | $1.2B | $1.2B | — | — |
| Other liabilities | $34.2M | $47.6M | $19.0M | $16.8M |
| Total Liabilities | $5.6B | $5.8B | $5.2B | $5.5B |
| Commitments and Contingencies (Note 15) | $0 | $0 | $0 | $0 |
| Preferred Stock, $0.01 par value, 50,000,000 shares authorized Series A cumulative redeemable preferred stock, (13,110,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025); liquidation preference of $327,750, or $25.00 per share | $131000.00 | $131000.00 | $131000.00 | $131000.00 |
| Common stock, $0.01 par value, 300,000,000 authorized (60,929,760 shares issued and 58,577,948 outstanding as of June 30, 2026; 65,488,680 shares issued and 64,367,737 shares outstanding as of December 31, 2025) | 609.0K | 643.0K | 652.0K | 657.0K |
| Additional paid-in capital | $1.7B | $1.7B | $1.7B | $1.7B |
| Accumulated deficit | ($711.7M) | ($584.1M) | ($458.0M) | ($449.8M) |
| Repurchased stock (2,351,812 and 1,120,943 shares repurchased as of June 30, 2026 and December 31, 2025, respectively) | -16.6M | 0 | — | — |
| Total KKR Real Estate Finance Trust Inc. Stockholders’ Equity | $931.8M | $1.1B | $1.2B | $1.2B |
| Noncontrolling interests in equity of consolidated joint ventures | $58.5M | $57.2M | $52.4M | $53.1M |
| Total Equity | $990.3M | $1.2B | $1.3B | $1.3B |
| Total Liabilities and Equity | $6.6B | $7.0B | $6.5B | $6.8B |
| Common stock outstanding (in shares) | 58.6M | — | — | — |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | ($50.5M) | $34.3M | ($31.7M) | $37.6M |
| Accretion of deferred loan fees and discounts | ($16.9M) | ($17.2M) | ($23.6M) | ($25.1M) |
| Payment-in-kind interest | ($1.5M) | ($991.0K) | $0 | ($1.9M) |
| Amortization of deferred debt issuance costs and discounts | $14.1M | $14.4M | $26.2M | $23.9M |
| Loss (income) from equity method investments | $3.5M | $1.5M | $1.8M | ($1.3M) |
| Change in net assets of consolidated variable interest entity, CMBS trust | ($149.0K) | — | — | — |
| Provision for credit losses, net | $119.4M | $80.6M | $175.1M | $112.4M |
| Depreciation and amortization | $2.6M | $983.0K | — | — |
| Stock-based compensation expense | $7.9M | $8.3M | $8.1M | $7.8M |
| Loss (gain) on sale of investment | ($1.2M) | $615.0K | $0 | $0 |
| Gain (loss) on foreign currency translation | ($1.2M) | — | — | — |
| Loss (gain) on foreign currency forward contract | $1.3M | — | — | — |
| Assets related to real estate owned, held for sale, net of liabilities | $1.0M | $1.6M | — | — |
| Accrued interest receivable, net | $3.6M | $12.2M | ($2.0M) | ($23.8M) |
| Other assets | $176.0K | ($796.0K) | $244.0K | $421.0K |
| Accrued interest payable | ($7.0M) | ($268.0K) | $2.4M | $11.2M |
| Due to related parties | $588.0K | ($604.0K) | ($154.0K) | $721.0K |
| Accounts payable, accrued expenses and other liabilities | ($3.3M) | ($2.0M) | ($619.0K) | ($898.0K) |
| Net cash provided by (used in) operating activities | $72.3M | $132.6M | $155.7M | $141.1M |
| Proceeds from principal repayments and sale of commercial real estate loans | $1.4B | $1.4B | $691.3M | $1.2B |
| Origination of commercial real estate loans | ($1.1B) | ($298.2M) | ($677.3M) | ($2.4B) |
| Capital expenditures on real estate owned | ($5.6M) | ($8.1M) | $1.9M | — |
| Payment to acquire real estate owned | ($10.7M) | ($363.0K) | — | — |
| Net proceeds on sale of real estate owned, held for investment | $5.9M | — | — | — |
| Net proceeds (payment) on sale of real estate owned, held for sale | $24.4M | — | — | — |
| Contributions to equity method investment | ($33.3M) | — | — | — |
| Purchases of commercial mortgage-backed securities | ($9.0M) | — | — | — |
| Payment to acquire equity method investment, real estate asset | $0 | ($627.0K) | — | — |
| Net cash assumed from investment in real estate owned and related joint venture | $0 | $0 | $1.3M | $0 |
| Net cash provided by (used in) investing activities | $264.3M | $1.1B | $13.5M | ($1.2B) |
| Proceeds from borrowings under secured financing agreements | $1.7B | $601.9M | $811.1M | $2.5B |
| Proceeds from issuance of secured term loan | $310.8M | — | $0 | $0 |
| Proceeds from noncontrolling interest contributions | $2.2M | $1.4M | $323.0K | $261.0K |
| Principal repayments on borrowings under secured financing agreements | ($1.7B) | ($1.6B) | ($791.3M) | ($2.5B) |
| Principal repayments on borrowings under collateralized loan obligations | ($567.9M) | ($176.5M) | $0 | — |
| Principal repayments on borrowings under secured term loan | ($4.6M) | — | — | — |
| Principal repayments on borrowings under convertible notes | $0 | $0 | ($143.8M) | — |
| Payments of debt and collateralized debt obligation issuance costs | ($25.5M) | ($7.7M) | ($5.8M) | ($32.9M) |
| Payments of common stock dividends | ($66.9M) | ($81.8M) | ($118.9M) | ($115.4M) |
| Payments of preferred stock dividends | ($21.3M) | ($21.3M) | ($21.3M) | ($21.5M) |
| Payments to reacquire common stock | ($43.4M) | ($10.0M) | $0 | ($35.8M) |
| Tax withholding on stock-based compensation | ($1.3M) | ($1.9M) | ($2.0M) | ($2.7M) |
| Net cash provided by (used in) financing activities | ($355.8M) | ($1.3B) | ($271.5M) | $1.0B |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ($19.2M) | ($41.8M) | ($102.3M) | ($23.1M) |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | $106.5M | $148.3M | $250.6M | $273.8M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | ($174.5M) | ($57.2M) | ($23.6M) | ($36.3M) |
| Accretion of deferred loan fees and discounts | ($6.7M) | ($4.1M) | ($12.1M) | ($7.8M) |
| Payment-in-kind interest | $0 | $0 | ($1.2M) | ($771.0K) |
| Amortization of deferred debt issuance costs and discounts | $6.3M | $3.5M | $10.8M | $6.1M |
| Loss (income) from equity method investments | $2.5M | $495.0K | $3.1M | $2.2M |
| Change in net assets of consolidated variable interest entities, CMBS trusts | ($202.0K) | ($153.0K) | ($96.0K) | — |
| Provision for credit losses, net | $148.6M | $73.5M | $75.7M | $74.7M |
| Change in fair value of loan held-for-sale | $44.8M | — | — | — |
| Depreciation and amortization | $2.0M | $979.0K | $1.7M | $981.0K |
| Stock-based compensation expense | $3.7M | $1.8M | $6.4M | $4.3M |
| (Gain) loss on sale of real estate owned | $0 | — | ($1.2M) | ($1.2M) |
| Unrealized loss (gain) on foreign currency translation | $2.8M | — | — | — |
| Unrealized loss (gain) on foreign currency forward contract | ($1.5M) | — | — | — |
| Assets related to real estate owned, held-for-sale, net of liabilities | ($2.0M) | ($1.7M) | ($1.5M) | ($751.0K) |
| Accrued interest receivable, net | $3.6M | ($1.8M) | $3.0M | $2.7M |
| Other assets | ($2.0M) | ($4.8M) | $1.2M | $201.0K |
| Accrued interest payable | ($1.6M) | $1.8M | ($7.3M) | ($6.9M) |
| Due to related parties | $435.0K | ($997.0K) | $174.0K | $221.0K |
| Other liabilities | $1.6M | $3.2M | $299.0K | ($555.0K) |
| Net cash provided by (used in) operating activities | $27.8M | $13.1M | $55.5M | $37.0M |
| Proceeds from principal repayments of commercial real estate loans | $1.0B | $489.7M | $1.1B | $629.8M |
| Originations and fundings of commercial real estate loans | ($552.1M) | ($194.7M) | ($706.4M) | ($626.5M) |
| Capital expenditures on real estate owned | ($25.0M) | ($2.9M) | ($2.9M) | ($1.9M) |
| Payment to acquire real estate owned | $0 | — | ($10.7M) | ($852.0K) |
| Payment to acquire equity method investment, real estate asset | ($895.0K) | — | $0 | $0 |
| Net proceeds (payment) on sale of real estate owned, held-for-investment | $0 | — | $5.9M | $5.9M |
| Net proceeds (payment) on sale of real estate owned, held-for-sale | $0 | — | $24.4M | $24.4M |
| Contributions to equity method investment, real estate asset | ($2.2M) | ($691.0K) | ($14.1M) | ($5.6M) |
| Payments for investments in CMBS securities | ($26.8M) | ($26.8M) | ($9.0M) | ($9.0M) |
| Payment to acquire interest in consolidated CMBS trust | ($15.0M) | ($15.0M) | — | — |
| Net cash provided by (used in) investing activities | $419.4M | $249.5M | $399.8M | $16.2M |
| Proceeds from borrowings under secured financing agreements | $851.1M | $239.7M | $1.3B | $1.0B |
| Proceeds from issuance of secured term loan | $0 | $0 | $310.8M | $209.8M |
| Proceeds from noncontrolling interest contributions | $7.9M | $5.6M | $1.2M | $975.0K |
| Principal repayments on borrowings under secured financing agreements | ($682.8M) | ($300.1M) | ($1.4B) | ($853.2M) |
| Principal repayments on borrowings under collateralized loan obligations | ($538.0M) | ($132.2M) | ($441.8M) | ($318.4M) |
| Principal repayments on borrowings under secured term loan | ($3.3M) | ($1.6M) | ($3.0M) | ($1.4M) |
| Payments of debt and collateralized debt obligation issuance costs | ($3.4M) | ($1.7M) | ($23.2M) | ($16.3M) |
| Payments of common stock dividends | ($32.2M) | ($16.1M) | ($50.6M) | ($34.1M) |
| Payments of preferred stock dividends | ($10.7M) | ($5.3M) | ($16.0M) | ($10.7M) |
| Payments to reacquire common stock | ($38.9M) | ($762.0K) | ($34.1M) | ($29.9M) |
| Net cash provided by (used in) financing activities | ($450.2M) | ($212.6M) | ($354.7M) | ($49.8M) |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ($3.0M) | $50.0M | $100.6M | $3.4M |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | $87.3M | $87.3M | $106.5M | $106.5M |
| Cash, Cash Equivalents and Restricted Cash at End of Period | $84.4M | $137.3M | $207.1M | $110.0M |
KKR Real Estate Finance Trust Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.