What is Kkr Real Estate's earnings per share (EPS)?

Kkr Real Estate (KREF) reported diluted earnings per share of $-1.05 for fiscal year 2025. This represents a -652.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Kkr Real Estate Financials

KREF

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Kkr Real Estate (KREF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

3/9

Kkr Real Estate passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Mixed

-1.54x

For every $1 of reported earnings, Kkr Real Estate generates $-1.54 in operating cash flow ($72.3M OCF vs -$47.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$47.1M

YoY-232.2%

Kkr Real Estate reported -$47.1M in net income in fiscal year 2025. This represents a decrease of 232.2% from the prior year.

EPS (Diluted)

$-1.05

YoY-652.6%

Kkr Real Estate earned $-1.05 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 652.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$84.6M

YoY-19.4%

5Y CAGR-5.3%

Kkr Real Estate held $84.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.00

YoY+0.0%

5Y CAGR-10.3%

Kkr Real Estate paid $1.00 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

64M

YoY-6.5%

5Y CAGR+2.9%

Kkr Real Estate had 64M shares outstanding in fiscal year 2025. This represents a decrease of 6.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-4.0%

YoY-6.7pp

5Y CAGR-9.2pp

Kkr Real Estate's ROE was -4.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$43.4M

YoY+332.9%

5Y CAGR+11.6%

Kkr Real Estate spent $43.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 332.9% from the prior year.

Capital Expenditures

N/A

KREF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$18.1M-1.9%	$18.4M-2.0%	$18.8M+6.7%	$17.6M+23.8%	$14.2M0.0%	$14.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$323.0M-21.8%	$412.9M-10.0%	$458.8M+94.3%	$236.1M+106.3%	$114.4M-10.1%	$127.3M
Income Tax	-$156K-162.9%	$248K-65.1%	$710K+1124.1%	$58K-91.5%	$684K+66.0%	$412K
Net Income	-$47.1M-232.2%	$35.6M+215.4%	-$30.9M-181.0%	$38.1M-72.2%	$137.2M+152.2%	$54.4M
EPS (Diluted)	$-1.05-652.6%	$0.19+124.4%	$-0.78-439.1%	$0.23-89.6%	$2.21+130.2%	$0.96

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$4.7M+1.4%	$4.7M-3.1%	$4.8M	N/A	$4.7M-2.6%	$4.8M-3.9%	$5.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$75.5M-8.6%	$82.7M+0.7%	$82.1M-0.6%	$82.6M-6.6%	$88.5M-14.2%	$103.1M-5.2%	$108.8M-3.3%	$112.5M
Income Tax	-$156K	$0	$0	$0-100.0%	$45K-50.5%	$91K+28.2%	$71K+73.2%	$41K
Net Income	-$26.2M-290.5%	$13.8M+146.3%	-$29.7M-511.5%	-$4.9M-124.0%	$20.3M+374.2%	-$7.4M-128.6%	$25.8M+931.1%	-$3.1M
EPS (Diluted)	$-0.49-508.3%	$0.12+122.6%	$-0.53-253.3%	$-0.15-171.4%	$0.21+210.5%	$-0.19-165.5%	$0.29+323.1%	$-0.13

KREF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.5B+1.8%	$6.4B-15.9%	$7.5B-3.3%	$7.8B+16.4%	$6.7B+35.0%	$5.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$84.6M-19.4%	$104.9M-22.8%	$135.9M-43.3%	$239.8M-11.7%	$271.5M+145.0%	$110.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.2B+5.8%	$5.0B-19.4%	$6.1B-1.4%	$6.2B+16.6%	$5.3B+36.3%	$3.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B-12.8%	$1.3B-4.3%	$1.4B-10.6%	$1.6B+15.4%	$1.4B+30.5%	$1.0B
Retained Earnings	-$506.1M-36.6%	-$370.5M-17.8%	-$314.4M-122.2%	-$141.5M-270.3%	-$38.2M+41.8%	-$65.7M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$6.5B-0.3%	$6.5B-4.0%	$6.8B+3.1%	$6.6B+3.2%	$6.4B-6.3%	$6.8B-4.1%	$7.1B-2.7%	$7.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$84.6M-58.5%	$204.1M+89.5%	$107.7M+1.2%	$106.4M+1.4%	$104.9M-3.5%	$108.8M+1.5%	$107.2M+0.6%	$106.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.2B+0.7%	$5.2B-4.7%	$5.5B+5.2%	$5.2B+4.8%	$5.0B-7.7%	$5.4B-4.7%	$5.6B-4.3%	$5.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B-4.7%	$1.2B-0.8%	$1.2B-5.3%	$1.3B-2.6%	$1.3B-1.0%	$1.4B-2.0%	$1.4B+0.4%	$1.4B
Retained Earnings	-$506.1M-10.5%	-$458.0M-1.8%	-$449.8M-13.0%	-$398.0M-7.4%	-$370.5M-0.7%	-$367.9M-9.0%	-$337.5M+0.8%	-$340.4M

KREF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$72.3M-45.5%	$132.6M-14.9%	$155.7M+10.3%	$141.1M+13.1%	$124.8M+8.5%	$115.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$264.3M-76.3%	$1.1B+8176.4%	$13.5M+101.1%	-$1.2B+23.6%	-$1.5B-1837.0%	$88.7M
Financing Cash Flow	-$355.8M+72.4%	-$1.3B-375.3%	-$271.5M-126.8%	$1.0B-35.9%	$1.6B+1083.4%	-$160.6M
Dividends Paid	$66.9M-18.3%	$81.8M-31.2%	$118.9M+3.0%	$115.4M+20.6%	$95.7M-0.8%	$96.5M
Share Buybacks	$43.4M+332.9%	$10.0M	$0-100.0%	$35.8M	$0-100.0%	$25.1M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$16.7M-9.6%	$18.5M-12.4%	$21.1M+32.7%	$15.9M-13.1%	$18.3M-62.7%	$49.1M+60.3%	$30.6M-11.1%	$34.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$135.5M-135.3%	$383.6M+62.1%	$236.7M+207.4%	-$220.5M-154.1%	$407.6M+67.1%	$243.9M+7.0%	$228.0M-3.7%	$236.8M
Financing Cash Flow	-$1.1M+99.7%	-$304.9M-19.5%	-$255.2M-224.3%	$205.3M+147.7%	-$430.5M-46.2%	-$294.5M-11.2%	-$264.8M+12.0%	-$300.8M
Dividends Paid	$16.3M-0.7%	$16.4M-3.2%	$17.0M-1.3%	$17.2M-0.9%	$17.3M0.0%	$17.3M0.0%	$17.3M-41.9%	$29.8M
Share Buybacks	$9.3M+118.9%	$4.2M-78.9%	$20.1M+104.1%	$9.8M-1.9%	$10.0M	$0	$0	$0

KREF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-4.0%-6.7pp	2.6%+4.9pp	-2.2%-4.6pp	2.4%-7.7pp	10.1%+4.9pp	5.2%
Return on Assets	-0.7%-1.3pp	0.6%+1.0pp	-0.4%-0.9pp	0.5%-1.6pp	2.1%+1.0pp	1.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.47+0.8	3.68-0.7	4.37+0.4	3.96+0.0	3.92+0.2	3.76
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-2.2%-3.4pp	1.1%+3.5pp	-2.4%-2.0pp	-0.4%-1.9pp	1.5%+2.1pp	-0.5%-2.4pp	1.9%+2.1pp	-0.2%
Return on Assets	-0.4%-0.6pp	0.2%+0.7pp	-0.4%-0.4pp	-0.1%-0.4pp	0.3%+0.4pp	-0.1%-0.5pp	0.4%+0.4pp	-0.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.47+0.2	4.23-0.2	4.40+0.4	3.96+0.3	3.68-0.3	3.95-0.1	4.06-0.2	4.26
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Kkr Real Estate profitable?

No, Kkr Real Estate (KREF) reported a net income of -$47.1M in fiscal year 2025.

Does Kkr Real Estate pay dividends?

Yes, Kkr Real Estate (KREF) paid $1.00 per share in dividends during fiscal year 2025.

What is Kkr Real Estate's return on equity (ROE)?

Kkr Real Estate (KREF) has a return on equity of -4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Kkr Real Estate's operating cash flow?

Kkr Real Estate (KREF) generated $72.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Kkr Real Estate's total assets?

Kkr Real Estate (KREF) had $6.5B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Kkr Real Estate buy back shares?

Yes, Kkr Real Estate (KREF) spent $43.4M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Kkr Real Estate have outstanding?

Kkr Real Estate (KREF) had 64M shares outstanding as of fiscal year 2025.

What is Kkr Real Estate's debt-to-equity ratio?

Kkr Real Estate (KREF) had a debt-to-equity ratio of 4.47 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Kkr Real Estate's return on assets (ROA)?

Kkr Real Estate (KREF) had a return on assets of -0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Kkr Real Estate's Piotroski F-Score?

Kkr Real Estate (KREF) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Kkr Real Estate's earnings high quality?

Kkr Real Estate (KREF) has an earnings quality ratio of -1.54x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.