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 11 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
Kkr Real Estate does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Kkr Real Estate passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.
Kkr Real Estate reported a net loss of $47.1M while generating $72.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Kkr Real Estate held $84.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Kkr Real Estate paid $1.00 per share in dividends in fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
KREF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SG&A Expenses | N/A | $18.1M-1.9% | $18.4M-2.0% | $18.8M+6.7% | $17.6M+23.8% | $14.2M0.0% | $14.2M+35.3% | $10.5M+34.7% | $7.8M+58.3% | $4.9M+117.4% | $2.3M+13.8% | $2.0M |
| Interest Expense | $295.3M | $323.0M-21.8% | $412.9M-10.0% | $458.8M+94.3% | $236.1M+106.3% | $114.4M-10.1% | $127.3M-19.9% | $158.9M+86.9% | $85.0M+300.6% | $21.2M+185.6% | $7.4M+1241.5% | $554K |
| Income Tax | -$156K | -$156K-162.9% | $248K-65.1% | $710K+1124.1% | $58K-91.5% | $684K+66.0% | $412K-28.8% | $579K+927.1% | -$70K-106.4% | $1.1M+211.3% | $354K-9.9% | $393K |
| Net Income | -$185.0M | -$47.1M-232.2% | $35.6M+215.4% | -$30.9M-181.0% | $38.1M-72.2% | $137.2M+152.2% | $54.4M-39.5% | $90.0M+0.2% | $89.7M+51.9% | $59.1M+89.6% | $31.2M+85.9% | $16.8M |
| EPS (Diluted) | -$3.28 | -$1.05 | $0.19 | -$0.78 | $0.23 | $2.21+130.2% | $0.96-38.9% | $1.57-0.6% | $1.58+21.5% | $1.30 | $1.61 | $1.95 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
KREF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.5B+1.8% | $6.4B-15.9% | $7.5B-3.3% | $7.8B+16.4% | $6.7B+35.0% | $5.0B-1.8% | $5.1B-3.3% | $5.2B-29.3% | $7.4B+18.0% | $6.3B | 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+63.9% | $67.6M-21.9% | $86.5M-16.1% | $103.1M+7.2% | $96.2M+259.1% | $26.8M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $542K | 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-0.3% | $3.9B-4.0% | $4.1B-35.3% | $6.3B+10.0% | $5.8B | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $6.2B+8.2% | $5.8B | 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-7.0% | $1.1B-0.9% | $1.1B+6.9% | $1.1B+112.8% | $497.7M+73.8% | $286.4M |
| Retained Earnings | -$506.1M-36.6% | -$370.5M-17.8% | -$314.4M-122.2% | -$141.5M-270.3% | -$38.2M+41.8% | -$65.7M-664.5% | -$8.6M-3719.6% | -$225K-103.6% | $6.3M-64.9% | $17.9M | N/A |
Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities.
KREF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $63.0M | $72.3M-45.5% | $132.6M-14.9% | $155.7M+10.3% | $141.1M+13.1% | $124.8M+8.5% | $115.1M+25.5% | $91.7M+19.4% | $76.8M+42.8% | $53.8M+111.8% | $25.4M+120.1% | $11.5M |
| Investing Cash Flow | $667.5M | $264.3M-76.3% | $1.1B+8176.4% | $13.5M+101.1% | -$1.2B+23.6% | -$1.5B-1837.0% | $88.7M+109.6% | -$926.3M+53.6% | -$2.0B-84.3% | -$1.1B-137.4% | -$456.4M-25.3% | -$364.3M |
| Financing Cash Flow | -$756.1M | -$355.8M+72.4% | -$1.3B-375.3% | -$271.5M-126.8% | $1.0B-35.9% | $1.6B+1083.4% | -$160.6M-119.7% | $815.7M-57.1% | $1.9B+83.5% | $1.0B+107.2% | $500.6M+31.9% | $379.5M |
| Dividends Paid | $64.9M | $66.9M-18.3% | $81.8M-31.2% | $118.9M+3.0% | $115.4M+20.6% | $95.7M-0.8% | $96.5M-2.5% | $99.0M+11.4% | $88.8M+75.7% | $50.6M+130.9% | $21.9M+190.4% | $7.5M |
| Share Buybacks | $52.4M | $43.4M+332.9% | $10.0M | $0-100.0% | $35.8M | $0-100.0% | $25.1M+510.4% | $4.1M-86.9% | $31.3M+5893.7% | $523K | $0 | $0 |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
KREF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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%-2.8pp | 8.0%+0.1pp | 7.9%+2.3pp | 5.6%-0.7pp | 6.3%+0.4pp | 5.9% |
| 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%-0.7pp | 1.8%+0.1pp | 1.7%+0.9pp | 0.8%+0.3pp | 0.5% | N/A |
| Debt-to-Equity | 4.47+0.8x | 3.68-0.7x | 4.37+0.4x | 3.960.0x | 3.92+0.2x | 3.76+0.3x | 3.51-0.1x | 3.62-2.3x | 5.87-5.7x | 11.56 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.
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Where Kkr Real Estate Ranks
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 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $47.1M while generating $72.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.