KKR Real Estate Finance Trust
KREF Small CapReal Estate · REIT - Mortgage
Updated: Jul 6, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
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.
KKR Real Estate Finance Trust Stock at a Glance
KKR Real Estate Finance Trust (KREF) is currently trading at $7.04 with a market capitalization of $452.7M. The 52-week range spans from $5.25 to $9.98; the current price is 29.5% below the yearly high.
💰 Dividend
KKR Real Estate Finance Trust pays an annual dividend of $0.40 per share, representing a yield of 5.68%. 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: None. The average price target is $6.50, implying -7.67% from the current price. Analyst price targets range from $6.00 to $7.00.
KKR Real Estate Finance Trust: The Investment Case in Detail
KKR Real Estate Finance Trust (KREF) operates in the Real Estate — specifically REIT - Mortgage — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bear Case
The debt-to-equity ratio of 390.21% is elevated, meaning the company relies heavily on creditors — refinancing terms will become more important than operational performance in the next economic downturn. Short interest sits at 12.69% of float — a meaningful contingent of professionals is positioned for the share to fall, which deserves attention even if their thesis may turn out to be wrong.
Investment Thesis: Strengths & Weaknesses
- Solid dividend yield of 5.68%
- –High leverage (D/E 390.21)
- –High short interest (12.69%)
Technical Snapshot
The price is in a transition zone relative to the moving averages — no clear signal.
Risk Profile
The data points to relatively defensive market behavior, elevated short interest (12.69%), higher leverage relative to equity.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
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
Re-rating to 0,75-0,9x P/B supports 10-12 USD.
Dividend supported by approximately 7 billion USD CRE-loan-portfolio.
KKR-affiliation provides structural deal-flow-and-expertise advantage.
📉 The 3 Real Bear Points
Loan-loss-provisioning could compress book-value 5-10 percent.
Office-loan exposure compresses valuation.
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
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2026 Q3:
Q2 2026 earnings.
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2026 Q4:
Q3 2026 earnings.
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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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