KKR Real Estate Finance Trust Inc.
NYSE:KREF · New York Stock Exchange
+$0.22 today
Vol 0.61M · Avg 1.47M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Stock Ticker Earnings Waterfall
NYSE:KREF · Revenue to Net Income
Key Ratios
Analysis
$441.7M of revenue converted into -$98.3M of net income for the selected period. Gross margin is 87.0% and net margin is -23.1%, showing how much revenue survives after costs and taxes. EPS is $-1.86, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $458.0M -22.7% | $592.6M -10.2% | $660.2M +51.2% | $436.5M +52.8% | $285.8M | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $53.6M +8.0% | $49.6M +24.5% | $39.9M +6.5% | $37.4M +26.2% | $29.7M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $404.4M -25.5% | $543.0M -12.5% | $620.3M +55.4% | $399.1M +55.8% | $256.1M | $8.9B | $7.6B | $6.2B |
| Gross Margin | 88.3% -3.3pp | 91.6% -2.3pp | 94.0% +2.5pp | 91.4% +1.8pp | 89.6% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $40.7M | $0 | $0 | $0 | $0 | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $132.8M +36.8% | $97.0M -49.9% | $193.9M +49.2% | $130.0M +1177.4% | $10.2M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $2.6M +164.9% | $983.0K | $0 | $0 | $0 | $374.2M | $1.2B | $631.8M |
| EBITDA | $274.9M -38.7% | $448.5M +4.8% | $427.9M +56.3% | $273.7M +8.5% | $252.3M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 60.0% -15.6pp | 75.7% +10.9pp | 64.8% +2.1pp | 62.7% -25.6pp | 88.3% | 5.6% | 46.3% | 42.0% |
| Operating Income | $271.6M -39.1% | $446.0M +4.6% | $426.4M +58.5% | $269.1M +9.4% | $245.9M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 59.3% -15.9pp | 75.3% +10.7pp | 64.6% +2.9pp | 61.6% -24.4pp | 86.1% | 16.6% | 24.1% | 22.0% |
| Interest Income | $435.6M -22.9% | $564.6M -11.8% | $640.4M +51.8% | $422.0M +50.7% | $279.9M | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $323.0M -21.8% | $412.9M -10.0% | $458.8M +94.3% | $236.1M +106.3% | $114.4M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$322.3M +21.7% | -$411.4M +10.1% | -$457.4M -97.6% | -$231.4M -114.2% | -$108.1M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | -$50.6M -246.5% | $34.6M +211.7% | -$30.9M -182.2% | $37.7M -72.7% | $137.9M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | -11.1% -16.9pp | 5.8% +10.5pp | -4.7% -13.3pp | 8.6% -39.6pp | 48.2% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | -$156.0K -162.9% | $248.0K -65.1% | $710.0K +1124.1% | $58.0K -91.5% | $684.0K | $1.3B | -$1.6B | $745.2M |
| Net Income | -$47.1M -232.2% | $35.6M +215.4% | -$30.9M -181.0% | $38.1M -72.2% | $137.2M | $4.9B | $4.8B | $4.7B |
| Net Margin | -10.3% -16.3pp | 6.0% +10.7pp | -4.7% -13.4pp | 8.7% -39.3pp | 48.0% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | -$1 -652.6% | $0 +124.4% | -$1 -439.1% | $0 -89.6% | $2 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | -$1 -652.6% | $0 +124.4% | -$1 -439.1% | $0 -89.6% | $2 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $66.8M -3.7% | $69.4M +0.3% | $69.2M +2.4% | $67.6M +19.4% | $56.6M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $66.8M -3.7% | $69.4M +0.3% | $69.2M +2.4% | $67.6M +19.0% | $56.8M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
Saul Centers, Inc.
NYSE:BFS
$885.12M
Adamas Trust, Inc.
NASDAQ:ADAM
$822.68M
CTO Realty Growth, Inc.
NYSE:CTO
$700.67M
TPG RE Finance Trust, Inc.
NYSE:TRTX
$663.30M
Invesco Mortgage Capital Inc.
NYSE:IVR
$578.52M
Claros Mortgage Trust, Inc.
NYSE:CMTG
$375.79M
Ready Capital Corporation
NYSE:RC
$290.79M
NexPoint Real Estate Finance, Inc.
NYSE:NREF
$279.04M
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does KREF generate?
KKR Real Estate Finance Trust Inc. (KREF) reported $457.96M of revenue in fiscal 2025.
Is KREF profitable?
KKR Real Estate Finance Trust Inc. (KREF) reported -$47,051,000.00 of net income, with a net margin of -10.3%.
Explore More
Continue the stock analysis
Jump to another research area for this company.