KKR Real Estate Finance Trust

KREF

REIT - Mortgage · Real Estate

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

KKR Real Estate Finance Trust is a real estate investment trust (REIT) that lends money to commercial property owners. Instead of owning buildings directly, it makes loans — mostly large senior mortgage loans — to borrowers who own office buildings, apartments, hotels, and other commercial real estate. It is managed by KKR, one of the world's largest private equity and investment firms.

The company earns money from the interest borrowers pay on those loans, which is a straightforward lending model. It operates primarily in the United States, with a loan portfolio in the low billions of dollars. Its connection to KKR gives it access to deal flow and credit expertise that smaller mortgage REITs may lack. The main risk the company faces is credit risk — if commercial property values fall or borrowers struggle to repay loans, KREF can suffer losses, which has been a real concern given ongoing stress in the office real estate market in recent years.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-23.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-267.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

35.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$1.6B cash & investments at current burn rate

Revenue declining

KKR Real Estate Finance Trust's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

82.7%

Premium pricing power — 82.7% gross margin

Profit after running costs

Operating Margin

-55.5%

Losing money on operations — -55.5%

Return on the money invested

ROCE

2.1%

Weak — 2.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-19.6%

Shrinking sales (-19.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

8.3%

Modest free cash flow (8.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

4.63

Heavy debt load (4.63)

Covers its interest

Interest Cover

0.37x

Dangerous — barely covers interest (0.4x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

11.15%

no trend

Healthy income — 11.15% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-15.0%

no trend

Dividend cut (-15.0% YoY) — warning sign

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