KKR Real Estate Finance Trust Inc.

KREFNYSEReal Estate● Active

$7.02

+$0.10(+1.37%)

Market Cap$451067299

P/E Ratio—

52W High$9.983

52W Low$5.25

Avg Volume1.5M

Open$6.94

Beta0.88

Free Cash Flow Financials Revenue

KKR Real Estate Finance Trust Inc. (KREF) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

KREF · free cash flow · updated Jun 8, 2026

Core FCF metrics

KREF · FCF · TTM · margin & CAGR

Free cash flow was $66.7M for FY2025 (fiscal year ending 2025-12-31), down 46.4% year-over-year The FCF margin was 14.6%. Five-year CAGR stands at -10.3%.

FY2025 Free Cash Flow$66.7M▼ -46.4% YoY

Trailing 12M (TTM)$62.3Mtrailing 4 quarters sum

FCF Margin14.6%$66.7M ÷ revenue

3-Year CAGR-21.8%FY2022 → FY2025

5-Year CAGR-10.3%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

KREF · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$72.3M(6M)$66.7M▼ 46.4%14.6%

FY2024$132.6M(8M)$124.5M▼ 19.1%21.0%

FY2023$155.7M(2M)$153.9M▲ +10.3%23.3%

FY2022$141.1M(2M)$139.5M▲ +11.8%31.9%

FY2021$124.8M(0M)$124.8M▲ +8.5%43.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

KREF · P/FCF · FCF yield · FCF per share

KKR Real Estate Finance Trust Inc. (KREF) trades at a FCF yield of 13.81% and a price-to-free-cash-flow ratio of 7.5x. FCF per share stands at $0.93, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

13.81%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.93

TTM FCF ÷ Shares Outstanding

Price / FCF

x7.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x77.3

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

KREF · cash flow statement · operating / investing / financing

For FY2025, KKR Real Estate Finance Trust Inc. generated $72.3M in operating cash flow and spent 6M in capital expenditures, yielding $66.7M in free cash flow.

Operating Activities

+$72.3M

Cash from core business operations

2025-12-31

Investing Activities

+$264.3M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$355.8M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($72.3M) − |CapEx| (6M) = FCF ($66.7M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

KREF vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

KKR Real Estate Finance Trust Inc.YOU

KREF

$66.7M-46.4%14.6%

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

KKR Real Estate Finance Trust Inc. (KREF) reported free cash flow of $66.7M for FY2025 (fiscal year ending 2025-12-31), down 46.4% year-over-year. The FCF margin was 14.6%.

Based on available data, KKR Real Estate Finance Trust Inc. has maintained positive free cash flow for at least 12 fiscal year(s). FCF peaked at $153.9M in FY2023. The 5-year CAGR stands at -10.3%.

KKR Real Estate Finance Trust Inc.'s FCF yield is 13.81% and price-to-FCF ratio is 7.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

KREF free cash flow · 8 questions

KKR Real Estate Finance Trust Inc. free cash flow was $66.7M for FY2025, down 46.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $62.3M.

KREF free cash flowKREF FCFKREF FCF 2025KREF free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · KKR Real Estate Finance Trust Inc. · KKR Real Estate Finance Trust Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026