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KKR Real Estate Finance Trust

KREF Small Cap

Real Estate · REIT - Mortgage

Updated: May 22, 2026, 22:06 UTC

$6.47
+0.94% today
52W: $5.25 – $9.98
52W Low: $5.25 Position: 25.8% 52W High: $9.98

Key Metrics

P/E Ratio
—
Price-to-Earnings
Forward P/E
14.62x
Forward Price/Earnings
P/S Ratio
—
Price-to-Sales
EV/EBITDA
—
Enterprise Value/EBITDA
Div. Yield
6.18%
Annual dividend yield
Market Cap
$416M
Market Capitalization
Revenue Growth
—
YoY Revenue Growth
Profit Margin
—
Net profit margin
ROE
-8.1%
Return on Equity
Beta
0.86
Market sensitivity
Short Interest
9.3%
% of float sold short
Avg. Volume
1,546,836
Average daily volume

Valuation Analysis

Signal
N/A
vs. S&P 500 avg P/E (24.7x)
Analyst Consensus
Hold
3 analysts
Avg. Price Target
$6.33
-2.11% upside
Target Range
$6.00 – $7.00

About the Company

KKR Real Estate Finance Trust Inc., a mortgage real estate investment trust, focuses primarily on originating and acquiring transitional senior loans secured by commercial real estate (CRE) assets in the United States. It engages in the origination and purchase of credit investments related to CRE, including leveraged and unleveraged commercial real estate loans. The company has also elected to be taxed as a real estate investment trust and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. KKR Real Estate Finance Trust Inc. was incorporated in 2014 and is headquartered in New York, New York.

Sector: Real Estate Industry: REIT - Mortgage Country: United States Exchange: NYQ

KKR Real Estate Finance Trust Stock at a Glance

KKR Real Estate Finance Trust (KREF) is currently trading at $6.47 with a market capitalization of $416M. The 52-week range spans from $5.25 to $9.98; the current price is 35.2% below the yearly high.

💰 Dividend

KKR Real Estate Finance Trust pays an annual dividend of $0.40 per share, representing a yield of 6.18%. The payout ratio stands at 588.24%. The elevated payout ratio reflects a mature dividend policy.

📊 Analyst Rating

3 analysts rate KKR Real Estate Finance Trust (KREF) on consensus: Hold. The average price target is $6.33, implying -2.11% from the current price. Analyst price targets range from $6.00 to $7.00.

Investment Thesis: Strengths & Weaknesses

Strengths
  • Solid dividend yield of 6.18%
Weaknesses
  • –High leverage (D/E 390.21)

Technical Snapshot

50-Day MA
$6.40
+1.09% vs. price
200-Day MA
$7.93
-18.41% vs. price
Below 52W High
−35.2%
$9.98
Above 52W Low
+23.2%
$5.25

The price is in a transition zone relative to the moving averages — no clear signal.

Risk Profile

Market Risk (Beta)
0.86 · Market-like
Moves less than the overall market
Short Interest
9.3% · Elevated
% of float sold short
Debt-to-Equity
390.21 · High
Total debt / equity

The data points to relatively defensive market behavior, elevated short interest (9.3%), higher leverage relative to equity.

Trading Data

50-Day MA: $6.40
200-Day MA: $7.93
Volume: 643,008
Avg. Volume: 1,546,836
Short Ratio: 2.82
P/B Ratio: 0.49x
Debt/Equity: 390.21x
Free Cash Flow: —

💵 Dividend Info

Dividend Yield
6.18%
Annual Rate
$0.40
Payout Ratio
588.24%

KKR Real Estate Finance Trust (KREF) 2026: 6,33 USD US CRE-Mortgage REIT at 0,48x P/B with 6,32 Percent Dividend Yield and KKR Sponsor Discipline

The Real Story

KKR Real Estate Finance Trust Inc. (NYSE: KREF) is a US commercial-real-estate mortgage REIT focused on originating-and-acquiring transitional senior loans secured by CRE-assets. Sponsored by KKR & Co. via subsidiary. Portfolio approximately 7 billion USD CRE-loan-portfolio.

What Smart Money Thinks

KREF has KKR-sponsored institutional base. KKR & Co. Inc. via affiliated entities holds approximately 8 percent. BlackRock at approximately 8,4 percent, Vanguard at approximately 10,2 percent. Short-interest sits at approximately 5 percent of float as of May 2026.

Explore the BMI Smart-Money Tracker →

📈 The 3 Real Bull Points

#1 0,48x P/B reflects extreme deep-cyclical-trough — re-rating supports 80+ percent upside

Re-rating to 0,75-0,9x P/B supports 10-12 USD.

#2 6,32 percent dividend yield supported by senior-secured CRE-loan-portfolio cash flow

Dividend supported by approximately 7 billion USD CRE-loan-portfolio.

#3 KKR sponsorship provides institutional CRE-credit-expertise and deal-flow access

KKR-affiliation provides structural deal-flow-and-expertise advantage.

📉 The 3 Real Bear Points

#1 CRE-credit-cycle-trough may extend through 2026-2027

Loan-loss-provisioning could compress book-value 5-10 percent.

#2 Office-loan exposure creates structural overhang

Office-loan exposure compresses valuation.

#3 Higher-for-longer rates compress mortgage-REIT profitability

Higher-rates compress KREF FFO and refinancing.

Valuation in Context

KREF at 6,33 USD per share with approximately 64,3 million shares outstanding has a market capitalization of approximately 407 million USD. 0,48x P/B deep-discount.

Re-rating to 0,75-0,9x P/B supports 10-12 USD — 58-89 percent upside plus 6,32 percent dividend. Bear-case 4-5 USD. Bull-case 14-17 USD.

🗓️ Next 3 Catalyst Dates

  1. 2026 Q3:

    Q2 2026 earnings.

  2. 2026 Q4:

    Q3 2026 earnings.

  3. 2027 Q1:

    Fiscal-2026 full-year results.

💬 Daniel's Take

KKR Real Estate Finance Trust is a deep-value US CRE-mortgage REIT with KKR-sponsorship, 6,32 percent dividend, 0,48x P/B and CRE-cycle-recovery optionality. Position-sizing: 0,5–1,2 percent.

Sources (3)

Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.

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