KKR Real Estate Finance Trust I (KREF) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

KKR Real Estate Finance Trust I

NYSE•Real Estate•REIT - Mortgage

$7.46-0.19(-0.02%)Pre-market

Market Cap

$465.98M

P/S

4.9x

P/B

0.5x

KKR Real Estate Finance Trust Inc., a mortgage real estate investment trust, focuses primarily on originating and acquiring transitional senior loans secured by commercial real estate (CRE) assets in the United States. It engages in the origination and purchase of credit investments related to CRE, including leveraged and unleveraged commercial real estate loans. The company has also elected to be taxed as a real estate investment trust and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. KKR Real Estate Finance Trust Inc. was incorporated in 2014 and is headquartered in New York, New York.

How this company scores

PoorMetricSide Score: 16/100

Grade capped at D — Interest coverage below 1× (-0.8x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (7/25); weakest: Balance Sheet & Red Flags (2/25).

Profitability2/25

Growth5/25

Balance Sheet & Red Flags2/25

Cash & Earnings Quality7/25

Strengths

No share dilution

Grade capped at D

Interest coverage below 1× (-0.8x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 21.9x5y range 8.8x – 350.2x

Currently near its 11-quarter median.

P/S · 4.9x5y range 3.7x – 7.7x

Currently near its 20-quarter median.

P/B · 0.5x5y range 0.4x – 1.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -1.1x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $465.98M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $95.50M
Q. Revenue: $18.18M
TTM EBITDA: $-208.10M
TTM Op. Income: $-212.92M
Q. Op. Income: $-120.10M
TTM Net Income: $-184.96M
Q. Net Income: $-116.36M
EPS: $-1.95
Shares Out.: $62.46M

$95.50M in TTM revenue declined 28.5% YoY, reaching $18.18M last quarter. TTM EBITDA of $-208.10M and TTM operating income of $-212.92M show growth is flowing through to the bottom line. However, net income is negative at $184.96M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 7 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -655.1%
Op. Margin: -660.5%
Net Margin: -639.9%

Op. margin of -660.5% is down 540.3% YoY — costs are rising relative to revenue. Net margin at -639.9% Across the last 8 quarters, operating margin has fallen for 3 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 4.9x
P/B Ratio: 0.5x

P/S of 4.9x and P/B of 0.5x. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $6.56B
Cash: $83.06M
Long-Term Debt: $4.31B
Book Value: $931.77M
D/E Ratio: 4.6
Debt/EBITDA: N/A

With $6.56B in assets and $4.31B in long-term debt, D/E is 4.6and book value is $931.77M — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has risen for 3 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $14.62M
TTM Free Cash Flow: $34.31M
FCF Margin: 35.9%
FCF / Net Income: -0.2

TTM FCF of $34.31M on $14.62M in operating cash flow. The FCF / Net Income ratio of -0.2x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.