KKR Real Estate Finance Trust (KREF) Financial Statements & Analysis

KKR Real Estate Finance Trust (KREF) Income Statement

KKR Real Estate Finance Trust reported revenue of $18.30M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 88.2% from $155.17M a year earlier. KKR Real Estate Finance Trust posted a net loss of $69.89M, compared with net income of $35.59M a year earlier. Gross margin was 2210.0% and operating margin -276.4%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $91.07M.

KKR Real Estate Finance Trust Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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KKR Real Estate Finance Trust Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	18.30	155.17	27.69	92.69	285.76	269.93	275.77	198.02	84.11
Cost of Revenue	53.56	49.60	39.85	37.43	29.65	23.77	20.41	21.10	13.49
Gross Profit	404.40	543.02	620.34	399.08	256.11	246.17	255.36	176.91	70.62
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	18.06	18.41	18.79	17.62	0.00	0.00	0.00	0.00	0.00
Operating Expenses	132.76	97.05	193.90	129.99	10.18	64.58	10.52	5.22	10.32
Operating Income	-50.57	445.97	-30.95	36.35	245.94	181.58	244.84	171.69	60.31
Other Income/Expense
Interest Income	435.60	564.63	640.41	421.97	279.95	269.19	276.00	183.58	83.15
Interest Expense	322.96	412.91	458.80	236.10	114.44	127.31	158.86	85.02	21.22
Other Income/Expense	-322.28	-411.40	-457.39	-231.44	-108.07	-126.78	-154.29	-81.95	0.88
Income
Income Before Tax	-50.65	34.58	-30.95	37.65	137.87	54.81	90.54	89.74	61.18
Income Tax Expense	-0.16	0.25	0.71	0.06	0.68	0.41	0.58	-0.07	1.10
Net Income	-69.89	35.59	-53.92	15.37	137.18	54.40	89.97	89.74	59.06
Net Income - Continuous Operations	-50.49	34.33	-30.85	38.10	137.18	54.40	89.97	89.74	59.06
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	2.60	448.47	0.00	0.00	252.31	182.12	249.40	183.34	85.55
EBIT	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	2.60	0.98	0.00	0.00	0.00	0.00	0.00	8.59	3.14
Earnings Per Share
Basic EPS	-1.00	-	-1.00	-	2.00	1.00	2.00	2.00	1.00
Diluted EPS	-1.00	-	-1.00	-	2.00	1.00	2.00	2.00	1.00
Basic Shares Outstanding	66.81	69.40	69.18	67.55	56.57	55.99	57.43	55.14	45.32
Diluted Shares Outstanding	66.81	69.40	69.18	67.55	56.78	56.06	57.53	55.17	45.32

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About KKR Real Estate Finance Trust Financial Statements

What was KKR Real Estate Finance Trust's revenue in fiscal 2025?

KKR Real Estate Finance Trust reported revenue of $18.30M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 88.2% from $155.17M a year earlier.

Is KKR Real Estate Finance Trust profitable?

No. KKR Real Estate Finance Trust reported a net loss of $69.89M in fiscal 2025. In fiscal 2024 it earned $35.59M.

What is KKR Real Estate Finance Trust's operating margin?

KKR Real Estate Finance Trust's operating income was −$50.57M on revenue of $18.30M in fiscal 2025, an operating margin of -276.4%, compared with 287.4% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition