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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
$5.29-0.54(-0.09%)Market closed
Market Cap
$302.66M
P/S
3.6x
P/B
0.3x

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.

D

How this company scores

WeakMetricSide Score: 24/100

Grade capped at D — Interest coverage below 1× (-1.0x) — earnings cannot cover interest. Strongest: Profitability (7/25); weakest: Growth (5/25).

Profitability7/25
Growth5/25
Balance Sheet & Red Flags6/25
Cash & Earnings Quality6/25
Strengths
Improving leverageImproving marginsNo share dilution
Grade capped at D
  • Interest coverage below 1× (-1.0x) — 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
P/E 21.9x · near its 10-quarter median

Currently near its 10-quarter median.

P/S · 3.6x5y range 3.6x – 7.7x
P/S 3.6x · below its 20-quarter median

Currently below its 20-quarter median.

P/B · 0.3x5y range 0.3x – 0.9x

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 0.7x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume
Market Cap $302.66M

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue
$84.74M
7Q
Q. Revenue
$14.58M
2Q
TTM EBITDA
$-225.27M
4Q
TTM Op. Income
$-230.36M
4Q
Q. Op. Income
$-10.75M
261%
TTM Net Income
$-199.66M
4Q
Q. Net Income
$-919,000
107%
EPS
$-0.11
192%
Shares Out.
$57.65M
7Q
$84.74M in TTM revenue declined 30.5% YoY, reaching $14.58M last quarter. TTM EBITDA of $-225.27M and TTM operating income of $-230.36M show growth is flowing through to the bottom line. However, net income is negative at $199.66M — 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
-66.8%
328%
Op. Margin
-73.7%
379%
Net Margin
-6.3%
112%
Op. margin of -73.7% is down 100.1% YoY — costs are rising relative to revenue. Net margin at -6.3% Over the past year, operating margin is down 379% — an improving trend.

Price Ratios

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

P/E Ratio
N/A
P/S Ratio
3.6x
28%
P/B Ratio
0.3x
32%
P/S of 3.6x and P/B of 0.3x. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

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

Total Assets
$5.19B
2Q
Cash
$165.88M
19%
Long-Term Debt
$3.03B
3Q
Book Value
$910.23M
7Q
D/E Ratio
3.3
12%
Debt/EBITDA
N/A
With $5.19B in assets and $3.03B in long-term debt, D/E is 3.3and book value is $910.23M — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is down 12% — an improving trend.

Cash Flow

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

Op. Cash Flow
$2.53M
86%
TTM Free Cash Flow
$9.49M
7Q
FCF Margin
11.2%
3Q
FCF / Net Income
-0.0
4Q
TTM FCF of $9.49M on $2.53M in operating cash flow. The FCF / Net Income ratio of -0.0x 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.

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· below its 20-quarter median

Currently below its 20-quarter median.

Leverage Risk

Red Flag

D/E ratio is 3.3 — heavily leveraged and vulnerable to rising rates or cash flow dips.

Revenue Decline

Red Flag

TTM revenue has contracted 27.4% — significant decline indicating deteriorating demand.

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.