KKR Real Estate Finance Trust (KREF)
Originates floating-rate senior loans against institutional commercial real estate.
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Originates transitional senior loans against institutional commercial real estate, earning interest from a mostly floating-rate portfolio financed through repurchase agreements and other facilities. The book spans the United States and Europe, while KKR's external manager provides sourcing, underwriting, and asset management.
Originates and acquires transitional senior loans secured by institutional-quality commercial real estate, with mezzanine loans, preferred equity, and CMBS extending the credit mandate. Interest on a mostly floating-rate loan book is the core income stream, while repurchase agreements and other financing facilities fund investments.
Targets large properties owned by experienced, well-capitalized sponsors. The portfolio spans the United States and Europe, with multifamily and industrial collateral forming most of the loan book. Uses KKR's real estate network to source, underwrite, structure, and manage investments.
Operates as a mortgage REIT under an external-management agreement with KKR Real Estate Finance Manager. Results depend on property and sponsor performance, market interest rates, access to financing, and continued REIT qualification.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 6, 2026 | Raymond James | Upgrade | Target: $23.50 | Target: $9.50 |
| Jul 17, 2026 | JP Morgan | Downgrade | ||
| Apr 28, 2026 | Wells Fargo | Reiterate | Rating: —Target: $10 | Target: $7 |
| Apr 27, 2026 | Citizens | Downgrade | ||
| Feb 5, 2026 | BTIG | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $83.1M · Total debt $4.31B · Total assets $6.56B · Shareholders' equity $931.8M
- Revenue
- $91.1M
- Operating income
- −$50.6M
- Net income
- −$116.4M
HistoryDividendAnnual yieldUpcoming
| Institutions | 81.22% | 52.23M shares | |
|---|---|---|---|
| 158 holders · as of Jun 30, 2026 | |||
| Insiders | 2.99% | 1.92M shares | |
| 11 holders · as of Apr 27, 2026 | |||
| Strategic holders | 7.91% | 5.09M shares | |
| 2 holders · as of Aug 17, 2026 | |||
| Other | 7.88% | 5.07M shares | |
| remainder | |||
64.30M company shares as of Sep 8, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (58.58M in the company's Sep 22, 2026 report, 64.30M elsewhere); stakes use the report.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Kohlberg Kravis Roberts & Co. L.P.Institution | 15.55% | 10.00M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 9.17% | 5.90M | as of Jun 30, 2026 |
Long Pond Capital, LPInstitution | 9.04% | 5.81M | as of Jun 30, 2026 |
UBS Group AGInstitution | 5.66% | 3.64M | as of Jun 30, 2026 |
Nan Shan Life Insurance Co., Ltd.Institution | 5.44% | 3.50M | filed Feb 12, 2018 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 24, 2026 | W. Patrick Mattson | officer: President, COO and Secretary | +40,000 | $6.03 |
| Apr 24, 2026 | Matthew A. Salem | director, officer: Chief Executive Officer | +60,000 | $6.04 |
| Dec 3, 2025 | Ralph F. Rosenberg | director | −125,289 | $8.25 |
| Nov 6, 2025 | Matthew A. Salem | director, officer: Chief Executive Officer | +32,000 | $7.84 |
| Nov 6, 2025 | W. Patrick Mattson | officer: President and COO | +13,000 | $7.91 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| KKR Real Estate Finance Trust | $6.62 | −2.14% | $434.7M | — | — | 1.0 | −41.6% |
| Blackstone Mortgage Trust | $13.19 | −0.64% | $2.24B | 165.9 | 10.9 | 1.5 | +18.1% |
| Starwood Property Trust | $15.13 | +0.87% | $5.56B | 22.0 | 9.0 | 2.7 | +7.9% |
| TPG RE Finance Trust | $7.22 | +0.07% | $553.5M | 13.3 | 6.8 | 2.1 | −58.7% |
| Ladder Capital | $9.44 | −0.16% | $1.20B | 22.5 | 8.7 | 3.2 | −40.9% |
| BrightSpire Capital | $4.23 | +1.08% | $528.9M | — | 7.0 | 1.6 | −2.8% |
| Franklin BSP Realty Trust | $7.81 | +1.23% | $640.3M | 17.5 | 7.4 | 1.1 | −45.4% |
| Ares Commercial Real Estate | $4.42 | +0.91% | $243.0M | — | 20.3 | 2.5 | — |
| Claros Mortgage Trust | $1.40 | −5.74% | $208.8M | — | — | 0.9 | −77.6% |
| Median | 22.0 | 8.7 | 1.8 | −40.9% |