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KKR Real Estate Finance Trust Inc (KREF) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of KKR Real Estate Finance Trust Inc stock $14.28, price $5.66, upside +152.3%, quality 48 out of 100. Rating: strongly undervalued. Calculated from audited financials with 7 of our 26 valuation models and 37 quality factors, updated daily.

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Real Estate US

KR KKR Real Estate Finance Trust Inc logo Some data Nov 7, 2026

KKR Real Estate Finance Trust Inc

KREF · US
Cheap, value-trap risk

The stock costs 60% less than our calculation considers fair.

Fair value $14.28 · Strongly undervalued
Positive coverage
Quality 48/100
Mixed Growth (revenue 5y +29.5 %/yr in USD)
15.0% dividend yield · Safety not assessed
Mixed vs. peers (6/13)
Some data
Profit last quarter 64% below a year ago.
Loss-making · -10.3% net margin (FY2025)
Narrow moat 31/100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$13.32 $5.21 Fair Value $14.28 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range $5.21 – $13.32 · fair‑value band $4.31 – $43.36 · the $5.66 price screens below the $14.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

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.

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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.

Stock analysis

KKR Real Estate Finance Trust Inc (KREF) currently trades at $5.66, while our model-based Fair Value estimate is $14.28, implying the stock looks roughly 60% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of $33.14 per share, and 4 of the 5 models we run sit above the $5.66 price.

Bear case: the Asset-Based group reads lowest at $13.41, and 1 of the 5 models stay below the price. Data coverage for this calculation is medium.

Scenario range: $4.31 (bear) to $43.36 (bull), the price of $5.66 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

KKR Real Estate Finance Trust Inc reported revenue of $458M in FY2025 versus $152M in FY2021, a compound +31.8%/yr. Reported net income was −$47.1M in FY2025.

Key figures

Market cap $354M Small · EPS (TTM) $−3.26 · Net margin −10.3% · Return on equity −16.5% · Return on assets (EBIT) 3.2% (5-year average) · Operating margin 136% · Revenue (TTM) −$72.4M · Revenue growth (YoY) +245%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 31 out of 100 (medium confidence).

What moves the price

The share trades about 30% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 56% fair-value upside, at 152%, KREF screens cheaper than that median.

Fair Value models

Bear $4.31 Fair Value $14.28 Bull $43.36
Price $5.66 · Upside +152.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF n/a $23.13 >$92.52 74
Growth DCF n/a $33.14 $100.67 73
5Y EBITDA Exit n/a $3.74 >$14.96 69
All 7 models by family
DCF Models
FCF DCF n/a $23.13 >$92.52 74
5Y EBITDA Exit n/a $3.74 >$14.96 69
10Y Revenue Exit n/a n/a $8.98 62
10Y EBITDA Exit n/a $29.55 $107.80 63
Asset-Based
NCAV (Graham) $10.01 $13.41 $20.02 54
Growth DCF
Growth DCF n/a $33.14 $100.67 73
Rev-Margin DCF n/a n/a $4.26 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 48/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 7
How much profit the company makes from its sales and capital
Quality Growth 19
Are margins and returns getting better?
Cashflow 73
Do the profits arrive as real cash?
Financial strength 4
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 58
How calm the share price moves, does not count
Price momentum 21
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 12
Distance to the 52-week high, does not count
New shares 100
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, no officer or director bought or sold shares on the open market.

  • BuyW Patrick MattsonPresident, COO and Secretary40,000 shares at $6.03$241,200Apr 24, 2026
  • BuyMatthew A SalemChief Executive Officer, Director60,000 shares at $6.04$362,400Apr 24, 2026
  • SaleRalph F RosenbergDirector250,578 shares at $8.25$2.1MDec 3, 2025

Plus 2 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−22.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+29.5%
Start year 2020 (pandemic). Over 10 years: +37.0% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+80.3%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
43.6% (2020) → 59.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Earlier news

News mood ⓘNews mood, the average tone of recent news (88 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.

Compare KKR Real Estate Finance Trust Inc with another stock

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Mortgage · 31 stocks

Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 48 · Above median
Fair Value upside +152.3% · Top 25%
Profitability
Return on assets −0.7% · Bottom 25%
Net margin (12 months) −10.3% · Bottom 25%
Operating margin (12 months) 135.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 245.1% · Top 25%
Dividend yield (12 months) 15.0% · Below median
Balance sheet
Debt / equity 3.52× · Above median

Valuation Multiplesvs REIT - Mortgage median · lower = cheaper

P/B 0.30× · Cheapest 25%
Price / free cash flow (fiscal year) 5.3× · Cheapest 25%
EV/EBITDA 16.0× · Pricier than median
PEG 5.13× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 100
FUTURE (revenue growth)100 · sector 97
PAST (return on equity)0 · sector 17
HEALTH (low debt)–
DIVIDEND (yield)100 · sector 100

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Mortgage stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
MFA Financial, Inc MFA $6.21 $14.69 +137% vs KREF
AGNC Investment Corp AGNC $8.78 $18.66 +113% vs KREF
Starwood Property Trust, Inc STWD $12.05 $25.00 +107% vs KREF
Orchid Island Capital, Inc ORC $4.94 $8.77 +78% vs KREF
ARMOUR Residential REIT, Inc ARR $12.60 $19.59 +56% vs KREF
Rithm Capital Corp RITM $9.23 $13.14 +42% vs KREF
Annaly Capital Management, Inc NLY $18.75 $19.24 +3% vs KREF
Ellington Financial Inc EFC $11.26 $11.12 −1% vs KREF
Dynex Capital, Inc DX $10.68 $9.12 −15% vs KREF
Ladder Capital Corp LADR $8.91 $7.56 −15% vs KREF

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KKR Real Estate Finance Trust Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "KKR Real Estate Finance Trust Inc Fair Value". https://www.fairvalue-calculator.com/stock/KREF

Frequently asked questions

Is KKR Real Estate Finance Trust Inc (KREF) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $14.28 versus a price of $5.66, about +152% upside (undervalued).
What is the fair value of KREF?
Our model-based fair value for KKR Real Estate Finance Trust Inc is $14.28 (as of Nov 7, 2026), built from audited fundamentals. The current price: $5.66.
What is the quality score of KREF?
KKR Real Estate Finance Trust Inc has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for KKR Real Estate Finance Trust Inc (KREF)?
Our model-based price target is the fair value of $14.28 (as of Nov 7, 2026) from 7 valuation models. Cautious scenario $4.31, optimistic scenario $43.36. It is a calculation from audited fundamentals, not an analyst target.
What is the KKR Real Estate Finance Trust Inc stock forecast for 2026?
Our models put fair value at $14.28, about +152% upside versus a price of $5.66 (undervalued). Cautious scenario $4.31, optimistic scenario $43.36. The calculation is refreshed regularly with new filings.
What is the intrinsic value of KKR Real Estate Finance Trust Inc (KREF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KKR Real Estate Finance Trust Inc it is $14.28 per share (as of Nov 7, 2026), against a price of $5.66. It is the blended result of 7 valuation models in 3 families (DCF Models, Asset-Based, Growth DCF).
Is KKR Real Estate Finance Trust Inc stock overvalued or undervalued in 2026?
As of Nov 7, 2026, KREF trades below its calculated fair value: price $5.66, fair value $14.28, a gap of about +152% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KREF?
No. The price is what the market pays today ($5.66); the fair value is what the company's own numbers justify ($14.28). For KKR Real Estate Finance Trust Inc the two are $8.62 per share apart. That gap is exactly why we show both numbers side by side.
How much is KKR Real Estate Finance Trust Inc worth?
The market values KKR Real Estate Finance Trust Inc at about $354M (market capitalisation, as of Nov 7, 2026). Per share that is $5.66; our models calculate a fair value of $14.28 per share.
What do the bullish and bearish scenarios say about KREF?
Our models span a range for KKR Real Estate Finance Trust Inc: cautious scenario $4.31, base $14.28, optimistic $43.36 per share (as of Nov 7, 2026, price $5.66). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of KREF?
The PEG ratio of KKR Real Estate Finance Trust Inc is 5.13 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of KKR Real Estate Finance Trust Inc (KREF)?
Balance-sheet figures for KKR Real Estate Finance Trust Inc (as of Nov 7, 2026): return on equity −16.5%, debt of 3.52 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is KREF from its 52-week high?
KKR Real Estate Finance Trust Inc trades at $5.66, about 30% below its 52-week high of $8.08 and 9% above the low of $5.21 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $14.28 is for.
Which stocks are comparable to KKR Real Estate Finance Trust Inc?
From the same area (Real Estate) we also value Annaly Capital Management, Inc, AGNC Investment Corp, Rithm Capital Corp, Starwood Property Trust, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is KKR Real Estate Finance Trust Inc stock attractive at the current price?
The data as of Nov 7, 2026: price $5.66, calculated fair value $14.28 (+152%), Quality Score 48/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KREF calculated?
We run KKR Real Estate Finance Trust Inc through 7 models from 3 families: DCF Models, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of $14.28 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. KKR Real Estate Finance Trust Inc currently trades 60% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of KKR Real Estate Finance Trust Inc (KREF)?
The closing price on Nov 6, 2026 was $5.66. Our model-based fair value is $14.28, about +152% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KKR Real Estate Finance Trust Inc right now?
The large discount to fair value meets weak quality (48/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide ($4.31 to $43.36). The outcome hinges heavily on assumptions, so read the point estimate with caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of KKR Real Estate Finance Trust Inc

How large is the market capitalisation of KKR Real Estate Finance Trust Inc (KREF)?
The market capitalisation of KKR Real Estate Finance Trust Inc is $354M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of KKR Real Estate Finance Trust Inc (KREF)?
Earnings per share at KKR Real Estate Finance Trust Inc are $−3.26. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of KKR Real Estate Finance Trust Inc (KREF)?
The net margin of KKR Real Estate Finance Trust Inc is −10.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of KKR Real Estate Finance Trust Inc (KREF)?
The return on equity (ROE) of KKR Real Estate Finance Trust Inc is −16.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of KKR Real Estate Finance Trust Inc (KREF)?
On an EBIT basis the return on assets of KKR Real Estate Finance Trust Inc is 3.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of KKR Real Estate Finance Trust Inc (KREF)?
The operating margin of KKR Real Estate Finance Trust Inc is 136% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much revenue does KKR Real Estate Finance Trust Inc (KREF) generate?
KKR Real Estate Finance Trust Inc generates revenue of −$72.4M (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How fast is revenue growing at KKR Real Estate Finance Trust Inc (KREF)?
Revenue at KKR Real Estate Finance Trust Inc is growing +245% versus a year earlier (3y avg +1.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at KKR Real Estate Finance Trust Inc (KREF)?
Earnings per share at KKR Real Estate Finance Trust Inc are growing −64.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does KKR Real Estate Finance Trust Inc (KREF) generate?
The free cash flow of KKR Real Estate Finance Trust Inc is $66.7M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does KKR Real Estate Finance Trust Inc (KREF) carry?
The net debt of KKR Real Estate Finance Trust Inc is $4.6B (fiscal year 2025, ≈ 69.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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