KKR Real Estate Finance Trust Inc.
KKR Real Estate Finance Trust Inc. (NYSE: KREF) is a real estate finance company that originates and acquires transitional senior loans secured by institutional-quality commercial real estate properties. The company operates as a real estate investment trust focused on lending to experienced and well-capitalized… From the company’s description.
Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.
What KKR Real Estate Finance Trust Inc. does
In the company’s own words
KKR Real Estate Finance Trust Inc. (NYSE: KREF) is a real estate finance company that originates and acquires transitional senior loans secured by institutional-quality commercial real estate properties. The company operates as a real estate investment trust focused on lending to experienced and well-capitalized sponsors operating properties in top markets with strong underlying fundamentals. KREF's target assets include senior loans, mezzanine loans, preferred equity, and other debt-oriented instruments, with particular emphasis on floating-rate senior loans benchmarked to Term SOFR, SONIA, or EURIBOR.
The company maintains a diversified investment portfolio totaling $5.9 billion as of December 31, 2025, consisting primarily of performing senior and mezzanine commercial real estate loans. The portfolio spans multiple property types including office, multifamily, industrial, hospitality, and life science properties, with geographic diversification across major U.S. markets. KREF's senior loans carry a weighted average loan-to-value ratio of 66 percent at origination, reflecting the company's focus on downside protection through meaningful sponsor equity subordinated to its lending position.
KREF is externally managed by KKR Real Estate Finance Manager LLC, an indirect subsidiary of KKR & Co. Inc., a leading global investment firm with $723.2 billion in assets under management as of September 30, 2025. The company benefits from access to KKR's integrated real estate platform, which includes approximately 130 dedicated real estate professionals across 14 cities in 10 countries, providing sourcing, underwriting, and portfolio management capabilities. The company's financing strategy employs both direct leverage through repurchase facilities, term lending agreements, and collateralized loan obligations, as well as structural leverage through loan syndication. As of December 31, 2025, non-mark-to-market financing represented 74 percent of secured borrowings, reducing exposure to market volatility.
KREF commenced operations in October 2014 with an initial $400 million commitment from KKR and completed its initial public offering in May 2017. The company maintains common book value of $844.8 million and operates with a total leverage ratio of 3.9-to-1. More information is available at www.kkrreit.com.
Company details
- Sector
- Real Estate
- Industry
- REITs
- Headquarters
- NEW YORK, NY
- Fiscal year end
- December
- CIK
- 1631596
- SIC
- 6798
Financial performance, year by year
Fiscal 2017–2025 · USDThe full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.
Who owns KKR Real Estate Finance Trust Inc. — and what changed
Funds as of 2026Q2 · superinvestors as of 2026-06-30
Largest fund holders · KKR Real Estate Finance Trust Inc.’s weight in each
Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.
Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.
Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.
Recent filings
All filings →Each filing opens into its own statements and disclosures here.
Put this business in context.
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