KKR Real Estate Finance Trust
KREF on NYSE. KKR Real Estate Finance Trust lends money to owners of commercial real estate properties. Market value $356m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$6.26 a share, 19% above its 1-year low
Over the past year the price has ranged from $5.25 to $9.10.
Dividend: 17.7% a year
Paid every year for at least 5 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.07bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 15% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $116 million, compared with a loss of $30 million a year ago.
- 7% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$7m |
| December 2024 | $20m |
| March 2025 | -$5m |
| June 2025 | -$30m |
| September 2025 | $14m |
| December 2025 | -$26m |
| March 2026 | -$56m |
| June 2026 | -$116m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 February 2026
- Next quarterly (estimated, 10-Q)
- 20 October 2026
Who owns it
None of the long-term investors we follow own it. 154 funds in all.
Largest holders overall
- Kohlberg Kravis Roberts & Co. L.P.$68m
- BlackRock$40mAdded
- Long Pond Capital, LP$40m
- UBS Group AG$25mAdded
- Nomura Holdings$18mCut
- Vanguard Capital Management$16m
- Dimension Capital Management$11mNew
- Geode Capital Management$10mAdded
- Morgan Stanley$9mAdded
- State Street$8mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Long Pond Capital, LPPassive investorat least 8.9%(filed with 2 related holders)Since 31 March 2026
- BlackRock, Inc.Passive investor7.8%−6.0 ptsSince 31 March 2026
- Terra Capital Partners, LLCPassive investorat least 5.4%(filed with 7 related holders)Since 10 August 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Long Pond Capital, LP Passive investor | at least 8.9% (filed with 2 related holders) | 31 March 2026 | |
BlackRock, Inc. Passive investor | 7.8%−6.0 pts | 31 March 2026 | |
Terra Capital Partners, LLC Passive investor | at least 5.4% (filed with 7 related holders) | 10 August 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $1m of shares on the open market. 1 sold $2m.
- Salem Matthew AChief Executive Officer, DirectorBought
- Date
- 24 April 2026
- Shares
- 60,000
- Price
- $6.04
- Value
- $362,400
- Mattson W PatrickPresident, COO and SecretaryBought
- Date
- 24 April 2026
- Shares
- 40,000
- Price
- $6.03
- Value
- $241,200
- ROSENBERG RALPH FDirectorSold
- Date
- 3 December 2025
- Shares
- 250,578
- Price
- $8.25
- Value
- $2m
- Lee Christen E.J.DirectorBought
- Date
- 7 November 2025
- Shares
- 10,000
- Price
- $7.80
- Value
- $78,000
- AHERN TERRANCE RDirectorBought
- Date
- 6 November 2025
- Shares
- 23,700
- Price
- $7.81
- Value
- $185,097
- Mattson W PatrickPresident and COOBought
- Date
- 6 November 2025
- Shares
- 13,000
- Price
- $7.91
- Value
- $102,830
- Salem Matthew AChief Executive Officer, DirectorBought
- Date
- 6 November 2025
- Shares
- 32,000
- Price
- $7.84
- Value
- $250,880
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 24 April 2026 | Salem Matthew A Chief Executive Officer, Director | Bought | 60,000 | $6.04 | $362,400 |
| 24 April 2026 | Mattson W Patrick President, COO and Secretary | Bought | 40,000 | $6.03 | $241,200 |
| 3 December 2025 | ROSENBERG RALPH F Director | Sold | 250,578 | $8.25 | $2m |
| 7 November 2025 | Lee Christen E.J. Director | Bought | 10,000 | $7.80 | $78,000 |
| 6 November 2025 | AHERN TERRANCE R Director | Bought | 23,700 | $7.81 | $185,097 |
| 6 November 2025 | Mattson W Patrick President and COO | Bought | 13,000 | $7.91 | $102,830 |
| 6 November 2025 | Salem Matthew A Chief Executive Officer, Director | Bought | 32,000 | $7.84 | $250,880 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Feb 2026, plus the 10-Q filed 21 Jul 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.