KKR Real Estate Finance Trust Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data KKR Real Estate Finance Trust Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
General and administrative	2.27	4.94	7.81	10.5	14.2	14.2	17.6	18.8	18.4	18.1
Operating expenses	8.57	18.4	28.9	30.9				11.2	22.1	23.1
Interest expense	7.43	21.2	85	159	127	114	236	459
Other non-operating income	16	17.7	20.1	6	1.28	12.2	19.2	21.2	29.5	22.5
Pre-tax income	32.6	61.2	89.7	90.5	54.8	138	37.7	-30.9	34.6	-50.6
Income tax	0.35	1.1	-0.07	0.58	0.41	0.68	0.06	0.71	0.25	-0.16
Net income to minority interests					0	0	-0.51	-0.81	-1.26	-3.44
Net income	31.2	59.1	89.7	90	54.4	137	38.1	-30.9	35.6	-47.1
EPS, basic	1.61	1.30	1.58	1.58	0.96	2.22	0.23	-0.78	0.19	-1.05
EPS, diluted	1.61	1.30	1.58	1.57	0.96	2.21	0.23	-0.78	0.19	-1.05
Shares, basic (weighted)	19.3	45.3	55.1	57.4	56	56.6	67.6	69.2	69.4	66.8
Shares, diluted (weighted)	19.3	45.3	55.2	57.5	56.1	56.8	67.6	69.2	69.4	66.8
Dividend per share	1.22	1.62	1.69	1.72	1.72	1.72	1.72	1.72	1.00	1.00

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	96.2	103	86.5	67.6	111	271	240	136	105	84.6
Total assets	6,265	7,395	5,232	5,057	4,966	6,703	7,802	7,548	6,350	6,465
Total liabilities	5,757	6,332	4,097	3,933	3,920	5,342	6,231	6,143	4,952	5,239
Total debt	5,753	6,222
Paid-in capital	479	1,053	1,164	1,166	1,170	1,460	1,809	1,815	1,715	1,687
Retained earnings	17.9	6.28	-0.23	-8.59	-65.7	-38.2	-142	-314	-370	-506
Treasury stock	0	-0.52	-31.9	-36	-61	-61	-96.8	-96.8	0	-9.26
Shareholders' equity	498	1,059	1,132	1,122	1,044	1,361	1,572	1,405	1,345	1,173
Minority interests	7.34	0			0	0.15	-0.1	-0.59	53.8	52.7
Total equity	505	1,059	1,132	1,122	1,044	1,362	1,571	1,404	1,399	1,225
Total liabilities and equity	6,265	7,395	5,232	5,057	4,966	6,703	7,802	7,548	6,350	6,465
Shares outstanding	24.2	53.7	57.6	57.5	55.6	61.4	69.1	69.3	68.7	64.4

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	32.3	60.1	89.8	90	54.4	137	37.6	-31.7	34.3	-50.5
Depreciation and amortization							0	0	0.98	2.6
Stock-based compensation	0	0.07	1.97	4.09	5.68	7.43	7.84	8.08	8.26	7.93
Change in payables	-5.68	-1.86	2.79	0.12	2.03	0.62	-0.9	-0.62	-2.01	-3.33
Cash from operations	25.4	53.8	76.8	91.7	115	125	141	156	133	72.3
Purchases of investments			0	-94	0	0
Sales and maturities of investments		0	0	94.1	0	0
Cash from investing	-456	-1,084	-1,997	-926	88.7	-1,541	-1,177	13.5	1,116	264
Stock issued	210	581	110	0	0	121	194	0	0
Share buybacks	0	-0.52	-31.3	-4.11	-25.1	0	-35.8	0	-10	-43.4
Dividends paid	-21.9	-50.6	-88.8	-99	-96.5	-95.7	-115	-119	-81.8	-66.9
Cash from financing	501	1,037	1,903	816	-161	1,579	1,013	-272	-1,291	-356
Net change in cash	69.6	7.17	-17	-18.9	43.2	163	-23.1	-102	-41.8	-19.2
Interest paid	5.55	17.3	66.8	146	103	95.3	201	430	399	316
Income taxes paid	0.52	0.81	0.76	0.4	0.12	0.41	0.71	0.3	0.37	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $6.35 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-19.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.8%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-232.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-652.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-45.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-20.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-8.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-16.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-10.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-12.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	84.9%	Total liabilities / total assets.
Tangible book value	$931.8M	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$1.01	Cash from operations / diluted weighted shares.
Book value per share	$15.91	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.91	Tangible book value / shares outstanding.
Cash per share	$1.42	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$372.0M	Share price x shares outstanding.
Enterprise value	$288.9M	Market cap + total debt - cash - short-term investments.
P/B	0.40x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.40x	Market cap / tangible book value, when positive.
P/OCF	5.90x	Market cap / cash from operations, when positive.
Earnings yield	-49.7%	Net income / market cap (the inverse of P/E).
Dividend yield	17.4%	Dividends paid over the period / market cap.
Shareholder yield	31.5%	(Dividends paid + share buybacks) / market cap.

Was KKR Real Estate Finance Trust Inc. profitable in fiscal 2025?

No. It reported a net loss of $47.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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