KKR Real Estate Finance Trust KREF Net debt / EBITDA

Net debt / EBITDA at other companies

Blackstone Mortgage TrustBXMT

14.2×—

Starwood Property TrustSTWD

-0.3×+0.1×

TPG RE Finance Trust, Inc.TRTX

14.1×—

Seven Hills Realty TrustSEVN

0.2×—

ACR

ACRES Commercial RealtyACR

14.6×+5.5×

MFA FinancialMFA

-0.3×0.0×

Questions, answered.

What does net debt / EBITDA mean?

How many years of operating earnings it would take to pay off the company's net debt.

How do you interpret net debt / EBITDA?

Lower is safer; lenders often covenant around 3–4×. A negative value means net cash (more cash than debt), a position of strength. Spikes can reflect a temporary EBITDA dip rather than new borrowing.

How does net debt / EBITDA compare across companies?

A standard leverage yardstick across non-financial sectors; covenant thresholds vary by industry cash-flow stability.