Kkr Real Estate Financials
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).
Positive operating cash flow still carries this balance sheet, but a shrinking equity cushion is making the model less forgiving.
Across FY2023-FY2025, operating cash flow stayed positive even when net income turned negative, so reported losses did not fully shut off cash coming from the asset book. But that cash engine weakened from$156M to$72.3M , which matters because liquidity and shareholder payouts now sit on a much thinner internal cash stream.
Leverage is doing more of the work: FY2025 ended with just
Cash distributions nearly matched internal cash generation in FY2025, with dividends of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Kkr Real Estate's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Kkr Real Estate has elevated debt relative to equity (D/E of 4.47), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 11/100, reflecting increased financial risk.
Kkr Real Estate generates a -4.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 7/100. This is down from 2.6% the prior year.
Kkr Real Estate passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
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
Earnings & Revenue
Kkr Real Estate reported -$47.1M in net income in fiscal year 2025. This represents a decrease of 232.2% from the prior year.
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
Kkr Real Estate held $84.6M in cash against $0 in long-term debt as of fiscal year 2025.
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.
Kkr Real Estate had 64M shares outstanding in fiscal year 2025. This represents a decrease of 6.5% from the prior year.
Margins & Returns
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
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.
KREF Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | $4.6M | N/A | $4.7M+1.4% | $4.7M-3.1% | $4.8M | N/A | $4.7M-2.6% | $4.8M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $69.7M-7.7% | $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 |
| Income Tax | $0+100.0% | -$156K | $0 | $0 | $0-100.0% | $45K-50.5% | $91K+28.2% | $71K |
| Net Income | -$56.1M-113.9% | -$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 |
| EPS (Diluted) | $-0.96-95.9% | $-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 |
KREF Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.0B+7.5% | $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 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $135.4M+60.1% | $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 |
| 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 | $5.8B+10.6% | $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 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $400.9M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.1B-6.6% | $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 |
| Retained Earnings | -$584.1M-15.4% | -$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 |
KREF Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $13.1M-21.5% | $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 |
| 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 | $249.5M+284.1% | -$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 |
| Financing Cash Flow | -$212.6M-19957.5% | -$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 |
| Dividends Paid | $16.1M-1.3% | $16.3M-0.7% | $16.4M-3.2% | $17.0M-1.3% | $17.2M-0.9% | $17.3M0.0% | $17.3M0.0% | $17.3M |
| Share Buybacks | $762K-91.8% | $9.3M+118.9% | $4.2M-78.9% | $20.1M+104.1% | $9.8M-1.9% | $10.0M | $0 | $0 |
KREF Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -5.1%-2.9pp | -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% |
| Return on Assets | -0.8%-0.4pp | -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% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 5.29+0.8 | 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 |
| 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.
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 to 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.
How financially healthy is Kkr Real Estate?
Kkr Real Estate (KREF) scores 3 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.