KKR Real Estate Finance Trust Inc. Financial Ratios — KREF

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	230.9	471.05	2,435.63	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	0.57	0.86	1.42	1.75	1.09	2.35	0.53	-0.4	0.51	-0.73
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.63	2.3
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	89.21	92.53	93.78	90.42	90.75	43.63	90.73	21.55	-17.66	22.28	-44.83
Profit Margin (%)	85.13	88.36	90.53	90.43	90.17	43.3	90.28	21.81	-17.61	22.94	-41.65
Net Income to Common Margin (%)	85.06	88.32	90.15	87.96	90.7	42.63	82.8	9.61	-29.77	9.21	-60.5
Effective Tax Rate (%)	2.24	1.09	1.8	- -	0.64	0.75	0.5	0.15	- -	0.72	- -
Dvd Payout Ratio (%)	42.95	65.65	82.94	99.27	110.59	179.71	73.58	732.63	-221.05	695.63	-88.87
Sustainable Growth Rate (%)	- -	79.32	80.35	17.75	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	122	439	1,046	2,975	3,892	3,879	5,295	6,164	4,586	3,864	4,131
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	160	80	- -
LT Debt	122	439	1,046	2,975	3,892	3,879	5,295	6,164	4,426	3,784	4,131
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,930.71	1,586.35
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,823.22	1,553.72
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.19	0.29	0.09	0.01	-0.16	-1.31	-0.56	-1.8	-4.16	-5.82	-7.82
Long-Term Debt/Equity (%)	42.65	86.95	98.7	262.03	346.38	371.1	388.88	392.27	315.23	270.49	337.16
Long-Term Debt/Capital (%)	89.81	94.49	99.26	99.89	100.16	101.66	100.71	102.34	103.61	106.65	112.31
Long-Term Debt/Total Assets (%)	2.59	7.01	14.15	56.85	76.97	78.13	78.99	79.01	58.65	59.59	63.9
Total Debt/Equity (%)	42.65	86.95	98.7	262.03	346.38	371.1	388.88	392.27	326.62	276.21	337.16
Total Debt/Capital (%)	89.81	94.49	99.26	99.89	100.16	101.66	100.71	102.34	107.35	108.9	112.31
Total Debt/Total Assets (%)	2.59	7.01	14.15	56.85	76.97	78.13	78.99	79.01	60.77	60.84	63.9
Net Debt to Equity	33.33	67.91	88.97	254.41	340.36	360.5	368.94	386.62	316.87	268.66	330.22
Net Debt/Capital (%)	87.32	93.05	99.18	99.89	100.17	101.71	100.75	102.37	107.57	109.15	112.59
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	3
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	3
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.19	0.29	0.09	0.01	-0.16	-1.31	-0.56	-1.8	-4.16	-5.82	-7.82
Long-Term Debt/Equity (%)	42.65	86.95	98.7	262.03	346.38	371.1	388.88	392.27	315.23	270.49	337.16
Long-Term Debt/Capital (%)	89.81	94.49	99.26	99.89	100.16	101.66	100.71	102.34	103.61	106.65	112.31
Long-Term Debt/Total Assets (%)	2.59	7.01	14.15	56.85	76.97	78.13	78.99	79.01	58.65	59.59	63.9
Total Debt/Equity (%)	42.65	86.95	98.7	262.03	346.38	371.1	388.88	392.27	326.62	276.21	337.16
Total Debt/Capital (%)	89.81	94.49	99.26	99.89	100.16	101.66	100.71	102.34	107.35	108.9	112.31
Total Debt/Total Assets (%)	2.59	7.01	14.15	56.85	76.97	78.13	78.99	79.01	60.77	60.84	63.9
CFO/Total Liabilities	0.26	0.44	0.85	1.88	2.33	2.94	2.34	2.26	2.53	2.68	1.38
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.01	0.01	0.1	0.17	0.2	0.16	0.15	0.09	0.05	0.03	-0.03

Working Capital (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	16.21	11.45	8.07	6.14	7.92	9.91	6.44	4.38	4.45	4
Days Sales Outstanding	- -	22.51	31.88	45.24	59.42	46.08	36.82	56.66	83.33	82.04	91.16
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	907	1,056	1,173	1,003	1,178	943	915	701	549
- Cash & Cash Equivalents	27	96	103	87	68	111	271	89	136	105	85
+ Preferred Equity and Hybrid Capital	- -	- -	1	3	2	2	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	5	7	- -	- -	- -	- -	- -	- -	-1	54	53
+ Total Debt	122	439	1,046	2,975	3,892	3,879	5,295	6,164	4,586	3,864	4,131
Enterprise Value	100	350	1,851	3,947	4,999	4,774	6,202	7,019	5,365	4,514	4,648
Total Capital	136	465	1,054	2,978	3,886	3,816	5,258	6,024	4,272	3,548	3,678
Total Debt/Capital (%)	89.81	94.49	99.26	99.89	100.16	101.66	100.71	102.34	107.35	108.9	112.31
Total Debt / EV	1.22	1.25	0.57	0.75	0.78	0.81	0.85	0.88	0.85	0.86	0.89
EV/Sales	5.1	9.94	28.37	39.77	50.11	38	40.82	40.17	30.62	29.09	41.14
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	4,591.91	1,785.02
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	8.71	13.79	34.4	51.37	54.51	41.49	49.7	49.73	34.46	34.05	64.31
EV/Free Cash Flow to Firm	8.71	13.79	34.4	51.37	54.51	41.49	49.7	49.73	34.46	34.05	64.31
Diluted Market Cap	- -	- -	907	1,057	1,175	1,005	1,183	943	915	701	549
Diluted Enterprise Value	100	350	1,851	3,947	5,001	4,775	6,206	7,019	5,365	4,514	4,648
EV per Share	1.93	6.72	40.84	71.58	87.05	85.27	109.63	103.9	77.56	65.04	69.58
TTM Sales	20	35	65	99	100	126	152	175	175	155	113
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	3
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	12	25	54	77	92	115	125	141	156	133	72
TTM Free Cash Flow to Firm	12	25	54	77	92	115	125	141	156	133	72

Multiples (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	16.86	13.75	12.81	8.73	9.48	6.68	5.88	5.29	7.6
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	100	350	1,851	3,947	4,999	4,774	6,202	7,019	5,365	4,514	4,648
Low Price	- -	- -	19.57	18.09	18.76	6.84	17.1	13.55	9.94	8.71	7.78
EV/Sales	5.1	9.94	28.37	39.77	50.11	38	40.82	40.17	30.62	29.09	41.14
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	4,591.91	1,785.02
Price/Earnings	- -	- -	15.42	12.1	12.96	18.73	9.37	56.14	- -	49.06	- -
Price/Earnings Average	- -	- -	16.21	12.65	12.7	18.18	9.23	75.82	-16.44	52.44	-9.2
Price/Earnings High	- -	- -	18.48	13.52	13.33	23.03	10.53	90.24	-21.81	64.75	-11.27
Price/Earnings Low	- -	- -	15.08	11.43	11.91	7.15	7.69	54.49	-13.18	42.31	-7.6
Price/Book Value	- -	- -	133.03	3,008.16	-146.23	-15.4	-31.34	-6.7	-2.92	-1.9	-1.09
Price/Book Value Average	- -	- -	139.89	3,145.13	-143.35	-14.95	-30.89	-9.05	-2.73	-2.03	-1.24
Price/Book Value High	- -	- -	159.49	3,363.17	-150.46	-18.93	-35.24	-10.77	-3.63	-2.5	-1.52
Price/Book Value Low	- -	- -	130.1	2,841.65	-134.35	-5.88	-25.73	-6.5	-2.19	-1.63	-1.03
Price/Tangible Book Value	- -	- -	0.86	0.93	1.05	0.96	0.87	0.6	0.65	0.5	0.45
Price/Tangible Book Value Average	- -	- -	0.9	0.97	1.02	0.93	0.85	0.81	0.61	0.54	0.51
Price/Tangible Book Value High	- -	- -	1.03	1.04	1.08	1.18	0.97	0.96	0.81	0.66	0.63
Price/Tangible Book Value Low	- -	- -	0.84	0.88	0.96	0.37	0.71	0.58	0.49	0.43	0.42
Price/Sales	- -	- -	13.9	10.64	11.75	7.99	7.76	5.4	5.22	4.52	4.86
Price/Sales Average	- -	- -	14.62	11.12	11.52	7.75	7.64	7.29	4.89	4.83	5.57
Price/Sales High	- -	- -	16.66	11.9	12.09	9.82	8.72	8.68	6.49	5.96	6.82
Price/Sales Low	- -	- -	13.59	10.05	10.8	3.05	6.37	5.24	3.92	3.9	4.6
Price/Cash Flow	- -	- -	16.86	13.74	12.79	8.72	9.44	6.68	5.88	5.29	7.6
Price/Cash Flow Average	- -	- -	17.72	14.37	12.53	8.46	9.31	9.03	5.51	5.65	8.7
Price/Cash Flow High	- -	- -	20.21	15.36	13.16	10.72	10.62	10.74	7.3	6.98	10.66
Price/Cash Flow Low	- -	- -	16.49	12.98	11.75	3.33	7.75	6.49	4.42	4.56	7.19
Price/Free Cash Flow Average	- -	- -	17.72	14.38	12.56	8.47	9.34	9.03	5.51	5.65	8.7
Price/Free Cash Flow High	- -	- -	20.21	15.37	13.18	10.73	10.66	10.74	7.3	6.98	10.66
Price/Free Cash Flow Low	- -	- -	16.49	12.99	11.77	3.33	7.78	6.49	4.42	4.56	7.19
EV/Sales Average	5.1	9.94	29.09	40.25	49.87	37.76	40.71	42.06	30.29	29.4	41.85
EV/Sales High	5.1	9.94	31.14	41.03	50.45	39.83	41.78	43.45	31.89	30.53	43.1
EV/Sales Low	5.1	9.94	28.07	39.18	49.15	33.06	39.43	40.01	29.32	28.47	40.88
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	4,641.08	1,815.67
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	4,819.94	1,869.94
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	4,493.78	1,773.73
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	20.01	19.15	20.42	17.92	20.83	13.96	13.23	10.1	8.22
High Price	- -	- -	23.99	21.41	21.01	22.03	23.42	22.44	16.44	13.33	11.53
Enterprise Value Average	100	350	1,898	3,995	4,976	4,744	6,185	7,349	5,307	4,562	4,728
Enterprise Value High	100	350	2,031	4,071	5,033	5,004	6,349	7,591	5,587	4,738	4,869
Enterprise Value Low	100	350	1,831	3,888	4,904	4,153	5,991	6,991	5,138	4,417	4,619

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	52	52	54	58	57	56	61	69	69	69	64
Diluted Weighted Avg Shares	52	52	45	55	58	56	57	68	69	69	67
Basic Weighted Avg Shares	52	52	45	55	57	56	57	68	69	69	67
Revenue per Share	0.38	0.68	1.44	1.8	1.74	2.24	2.69	2.59	2.53	2.24	1.69
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01	0.04
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.32	0.6	1.3	1.58	1.58	0.96	2.22	0.25	-0.75	0.21	-1.02
Basic EPS from Cont Ops	0.33	0.62	1.33	1.63	1.57	0.97	2.42	0.56	-0.46	0.49	-0.76
Diluted EPS, GAAP	0.32	0.6	1.3	1.58	1.57	0.96	2.22	0.25	-0.75	0.21	-1.02
Diluted EPS from Cont Ops	0.33	0.62	1.33	1.63	1.56	0.97	2.42	0.56	-0.46	0.49	-0.76
Dividend per Share	0.14	0.42	1.12	1.62	1.73	1.73	1.84	2.03	2.03	1.49	1.32
Cash Flow per Share	0.22	0.49	1.19	1.39	1.6	2.06	2.21	2.09	2.25	1.91	1.08
Free Cash Flow per Basic Share	0.22	0.49	1.19	1.39	1.6	2.06	2.21	2.09	2.25	1.91	1.08
Cash & Equivalents per Share	0.51	1.84	2.28	1.57	1.18	1.98	4.8	1.31	1.96	1.51	1.27
Book Value per Share	0.17	0.35	0.15	0.01	-0.14	-1.16	-0.66	-2.08	-4.53	-5.33	-7.57
Tangible Book Value per Share	5.49	9.68	23.37	20.54	19.54	18.64	24.07	23.26	20.3	20.16	18.34

KKR Real Estate Finance Trust Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)