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KKR Real Estate Finance Trust logo

KKR Real Estate Finance Trust Income Statement

Revenue, expenses, and profitability over time

KKR Real Estate Finance Trust generated $13.7M in trailing twelve-month revenue, up 0.0% year-over-year. Net income was -$98.3M with a -717.06% net margin. Diluted EPS is $-1.86, which declined 12.6% year-over-year. Based on the Q1 2026 filing.

Total Revenue$4.2MNet Income (TTM)-$98.3MEps Diluted (TTM)$-1.86
Latest FilingQ1 2026
Report Date2026-04-22
Market Cap$428.9M
ROE-8.18%

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Change in Other Liabilities—$1.5M-$2M$854K—$3.2M
Common Stock Dividends Per Share$0.3$0.3$0.3$0.3$0.3$0.3
Dividends per share declared$0.3$0.3$0.3$0.3$0.3$0.3
Reclassifications Net of Tax$14.6M-$10.6M-$35.4M$8.1M-$32M-$61.9M
Contributions from Noncontrolling Interests—$774K$201K$267K—$5.6M
Net Change in Cash and Restricted Cash—$797K$2.6M$97.2M—$50M
Dividends per share declared$0.3$0.3$0.3$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Interest Paid, Net$90M$84.7M$80.8M$78.3M$72.1M$64.4M
Accretion Of Deferred Loan Costs And Discounts—$3.4M$4.5M$4.3M—$4.1M
Share-based compensation expense related to employee stock plans—$2.1M$2.1M$2.2M—$1.8M
Allowance For Credit Loss, Writeoff———$14.4M—$17.3M
Amortization Of Below Market Lease—$91K$91K$91K—$91K
Amortization Of Financing Costs And Discounts$1.3M$3.1M$3M$4.7M$3.3M$3.5M
Amortization of capitalized software and acquired intangible assets—$17K$17K$17K—$17K
Stock options excluded as their inclusion would be anti-dilutive (in shares)—$81K—$85K—$47.5K
Dividends declared (in dollars per share)$0.3$0.3$0.3$0.3$0.3$0.3
Contributions To Equity Method Investment—$1.1M———$691K
Provision for credit losses, net$4.6M$24.9M$49.8M$975K$43.7M$73.5M
Credit Loss, Foreign Currency Translation Gain (Loss)—————$40K
Cash liquidity covenant amount (greater of)——$75M——$75M
Cash liquidity covenant, percent of recourse indebtedness (greater of)—————5.0%
Amount of aggregate cash proceeds and any capital contributions—————$1B
Percent of aggregate cash proceeds and any capital contributions—75.0%———75.0%
Total indebtedness covenant, percent of total assets, net of VIE liabilities (as a percent)—————83.3%
Deferred financing costs, not yet paid—$1.2M———$0
Depreciation—$490K$491K$730K—$979K
Forward points on derivative instruments—$0———$35K
Derivative, Gain (Loss) on Derivative, Net$0$0———$6.9M
Dividends, Common Stock—$17M$16.4M$16.3M—$16.1M
Dividends, Participating Securities—$363K$373K$373K—$414K
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation—————$42K
Account Balances—$0———$62.9M
Gain (Loss), Foreign Currency Transaction, before Tax$0$0———-$5.4M
Income (Loss) From Real Estate Owned Operations—-$2.6M-$2.2M-$2.6M—-$3.2M
Increase Decrease In Accrued Interest Receivable Net-$3.5M-$787K-$1.9M-$334K-$547K$1.8M
Due to affiliates—-$122K$343K$0$414K-$997K
Increase (Decrease) In Equity Method Investments—-$882K-$1.4M-$865K—-$495K
Increase Decrease In Interest Payable Net-$2.8M-$5.2M-$1.7M-$358K$0$1.8M
Assets related to real estate owned, held for sale, net of liabilities—-$497K-$254K-$778K—-$1.7M
Increase (Decrease) in Other Operating Assets$2.2M$2.5M-$2.7M-$1M—$4.8M
Other liabilities—$1.5M-$2M$854K—$3.2M
Add: Weighted average deferred stock units (in shares)—206.1K232.5K239.9K—395.9K
Interest and Fee Income, Loans and Leases$123.6M$114M$112.3M$108M$101.3M$95.9M
Interest Income (Expense), Operating$35.1M$31.3M$30.2M$25.3M$25.8M$26.2M
Interest Paid, Excluding Capitalized Interest, Operating Activity$90M$84.7M$80.8M$78.3M$72.1M$64.4M
Management Fee To Affiliate$5.9M$5.8M$5.7M$5.6M$5.5M$5.5M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$430.5M$205.3M-$255.2M-$304.9M-$1.1M-$212.6M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation$407.6M-$220.5M$236.7M$383.6M—$249.5M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$18.3M$15.9M$21.1M$18.5M$16.7M$13.1M
Net Income Loss Attributable To Noncontrolling Interest—-$888K-$847K-$1M—-$1M
Net loss—-$5.7M-$30.6M$12.8M—-$57.2M
Number of equity method investments (in investments)——2.002.00—2.00
Off-Balance Sheet, Credit Loss, Foreign Currency Translation Gain (Loss)—————-$2K
Off-Balance Sheet, Credit Loss, Liability, Writeoff———$0—$0
Lease income — operating leases—$1.7M$3.4M$4.3M—$4.2M
Other operating income—$1.2M$591K$399K—$698K
Participating security dividends declared per share (usd per share)—$0.25$0.25$0.25—$0.25
Payments For Capital Expenditures, Real Estate Owned—$1.3M$613K$980K—$2.9M
Payments For Interest Paid In Kind—$402K$369K$410K—$0
Payments for Repurchase of Common Stock$10M$9.8M$20.1M$4.2M$9.3M$762K
Payments of Debt Issuance Costs$1.5M$14.2M$2.2M$6.9M$2.3M$1.7M
Payments of Ordinary Dividends, Common Stock$17.3M$17.2M$17M$16.4M$16.3M$16.1M
Payments of Ordinary Dividends, Preferred Stock and Preference Stock$5.3M$5.3M$5.3M$5.3M$5.3M$5.3M
Payments To Acquire Interest In Collateralized Mortgage Backed Securities Trust—$0———$15M
Payments to Acquire Investments—$0$9M——$26.8M
Payment for Acquisition, Loan, Held-for-Investment$58.4M$400.2M$226.3M$79.9M$421.1M$194.7M
Principal Repayments On Borrowings Under Secured Term Loan—$0$1.4M$1.6M—$1.6M
Proceeds From Issuance Of Secured Debt—$209.8M—$101M—$0
Proceeds from long-term lines of credit—$603.4M$399.9M$285.5M—$239.7M
Proceeds from Noncontrolling Interests$1.1M$774K$201K$267K$1M$5.6M
Repayments and sales of loans—$182.1M$447.7M$482.7M—$489.7M
Real estate income$3.6M$2.9M$4M$4.7M$4.9M$4.9M
Expenses from real estate owned operations$5.7M$5.5M$6.2M$7.3M$6.7M$8.1M
Property Operating Revenue—$2.9M$4M$4.7M—$4.9M
Total provisions for credit losses—$25.2M$49.7M$147K—$74.1M
Repayments Of Borrowings Under Collateralized Loan Obligations—$185.1M$133.2M$123.4M—$132.2M
Repayments of Secured Debt—$377M$476.2M$533.7M—$300.1M
Stock-based compensation$1.6M$2.1M$2.1M$2.2M$1.5M$1.8M
Shares repurchased (in shares)—————1.2M
Value of shares repurchased—$9.8M$20.1M$4.2M—$0
Purchase price—————$762K
Average price paid (in dollars per share)—$11.03———$8.25
Number of shares purchased (in shares)—889.1K———92.1K
Treasury stock, value, acquired—$9.8M$20M$4.2M—$800K
Change in net assets of consolidated variable interest entities, CMBS trusts$0$0$0-$347K$1.1M$439K
Weighted Average Loan Risk Rating310.0%310.0%310.0%310.0%320.0%330.0%
Weighted average common shares outstanding (in shares)—68.6M67M65.6M—64.3M
Cash Dividends, Common Stock$17.3M$17.2M$17M$16.4M$16.3M$16.1M
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Stock Repurchased During Period, Value—$9.8M$20.1M$4.2M—$762K

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Foreign Currency Transaction Gain (Loss)$0$0———-$5.4M
Unrealized Foreign Currency Transaction Gain (Loss)$0$0———-$5.4M
Foreign Currency Transaction Gain (Loss)$0$0———-$5.4M
Cash Paid for Interest$90M$84.7M$80.8M$78.3M$72.1M$64.4M
Foreign exchange gains (losses)$0$0———-$5.4M
Non-operating Income$1.2M$1.2M$1.1M$1.1M$1.3M$894K
Foreign Currency Transaction Gain (Loss), Pre-tax$0$0———-$5.4M
Net Gain (Loss) on Derivative Instruments—$0———$6.8M
Foreign Currency Transaction Gain (Loss)$0$0———-$5.4M
Interest expense$88.5M$82.6M$82.1M$82.7M$75.5M$69.7M
Foreign currency transaction gain (loss)$0$0———-$5.4M
Foreign Currency Transaction Gain (Loss), Before Tax$0$0———-$5.4M
Other income (expense), net$4.7M$3.9M$5.7M$6.1M$6.8M$8.4M
Gain (Loss) Recognized in Income$0$0———$6.9M
Sale of Subsidiary Stock—$774K$201K$267K—$5.6M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Common Stock Dividends Per Share (Declared)$0.3$0.3$0.3$0.3$0.3$0.3
Undistributed Earnings Allocated to Participating Securities (Basic)$351K$363K$373K$373K$421K$415K
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Basic earnings per share$0.21$-0.15$-0.53$0.12$-0.49$-0.96
Diluted earnings per share$0.21$-0.15$-0.53$0.12$-0.49$-0.96
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Common stock dividends per share declared$0.3$0.3$0.3$0.3$0.3$0.3
Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Dividends per share declared$0.3$0.3$0.3$0.3$0.3$0.3
Antidilutive Securities Excluded from EPS—81K———47.5K
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Dividends per share declared$0.3$0.3$0.3$0.3$0.3$0.3
Dividends per share declared$0.3$0.3$0.3$0.3$0.3$0.3
Dividends per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Dividends per share declared$0.25$0.25$0.25$0.25$0.25$0.25
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Common stock dividends per share declared$0.3$0.3$0.3$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.3$0.3$0.3$0.3$0.3$0.3
Common stock dividends per share declared$0.3$0.3$0.3$0.3$0.3$0.3
Weighted-average shares, basic69.3M68.8M67.2M65.9M65.4M64.7M
Weighted-average shares, diluted69.3M68.8M67.2M65.9M65.4M64.7M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense$1.6M$2.1M$2.1M$2.2M$1.5M$1.8M
Amortization of Finite-Lived Intangible Assets—$17K$17K$17K—$17K
Share-Based Compensation Expense$1.6M$2.1M$2.1M$2.2M$1.5M$1.8M
Amortization expense—$17K$17K$17K—$17K
Compensation and benefits—$2.1M$2.1M$2.2M—$1.8M
Shipping and Handling Costs$20.2M$41M$66.4M$18.6M$59.7M$91.8M
Depreciation and amortization$495K$490K$491K$730K$893K$979K
General and administrative$4M$4.8M$4.7M$4.7M$3.8M$4.6M
Stock-based compensation expense$1.6M$2.1M$2.1M$2.2M$1.5M$1.8M
Other operating expenses—$5M$5.7M$6.6M—$7.1M
Share-Based Compensation$1.6M$2.1M$2.1M$2.2M$1.5M$1.8M
Total operating expenses$20.2M$5M$5.7M$6.6M$59.7M$7.1M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest and fee income, loans and leases$123.6M$114M$112.3M$108M$101.3M$95.9M
Interest and Fee Income on Loans and Leases$123.6M$114M$112.3M$108M$101.3M$95.9M
Interest and Fee Income on Loans and Leases$123.6M$114M$112.3M$108M$101.3M$95.9M
Interest and fee income, loans and leases$123.6M$114M$112.3M$108M$101.3M$95.9M
Interest and Fee Income, Loans and Leases$123.6M$114M$112.3M$108M$101.3M$95.9M
Net interest income$35.1M$31.3M$30.2M$25.3M$25.8M$26.2M
Rental income$3.6M$2.9M$4M$4.7M$4.9M$4.9M
Total revenue—$1.7M$3.4M$4.3M—$4.2M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income applicable to common shareholders$14.6M-$10.6M-$35.4M$8.1M-$32M-$61.9M
Common Dividends Declared (Per Share)$0.3$0.3$0.3$0.3$0.3$0.3
Net Income Allocated to Common (Diluted)$14.6M-$10.6M-$35.4M$8.1M-$32M-$61.9M
Common Stock Dividends$17.3M$17.2M$17M$16.4M$16.3M$16.1M
Cash Dividends, Common Stock—$17.2M$17M$16.4M—$16.1M
Net earnings to common$14.6M-$10.6M-$35.4M$8.1M-$32M-$61.9M
Net Income Available to Common Stockholders (Diluted)$14.6M-$10.6M-$35.4M$8.1M-$32M-$61.9M
Net income attributable to noncontrolling interests—-$888K-$847K-$1M—-$1M
Common Stock Dividends—$17M$16.4M$16.3M—$16.1M
Net Income Available to Common Shareholders$14.6M-$10.6M-$35.4M$8.1M-$32M-$61.9M
Net income$20.3M-$4.9M-$29.7M$13.8M-$26.2M-$56.1M
Preferred stock dividends$5.3M$5.3M$5.3M$5.3M$5.3M$5.3M
Net income attributable to common stock$14.6M-$10.6M-$35.4M$8.1M-$32M-$61.9M
Common Stock Dividends$17.3M$17.2M$17M$16.4M$16.3M$16.1M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$19.6M-$5.7M-$30.6M$12.8M-$27.1M-$57.2M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$45K$0$0$0-$156K$0