KKR Real Estate Finance Trust (KREF) Operating Expenses (2016 - 2026)
KKR Real Estate Finance Trust (KREF) posted Operating Expenses of $138.28 million for Q2 2026, up 108.1% from $66.44 million a year earlier and up 50.7% from the prior quarter.
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Analysis
KKR Real Estate Finance Trust (KREF) Operating Expenses (2016 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Expenses at KKR Real Estate Finance Trust was $308.42 million, up 69.6% year-over-year; for FY2025, it came in at $185.79 million, up 26.7% from FY2024.
- Annual Operating Expenses shows a five-year compound annual growth rate of 16.0% (FY2020 to FY2025).
- In prior years, KKR Real Estate Finance Trust's Operating Expenses was $146.65 million in FY2024 (-37.3%), $233.76 million in FY2023 (+39.6%), $167.42 million in FY2022 (+320.4%) and $39.83 million in FY2021 (-54.9%).
- The Q2 2026 figure stands as the highest quarterly Operating Expenses in data going back to Q1 2016.
- On a year-over-year basis, Operating Expenses has increased in each of the last three quarters, with growth averaging 76.5% over the last eight quarters.
- The strongest year-over-year quarter for Operating Expenses in the past five years was Q3 2022, with growth of 683.8%; the weakest was Q3 2023, with a decline of 75.5%.
- According to Business Quant data, Operating Expenses for the three prior quarters was $91.76 million (Q1 2026), $59.74 million (Q4 2025) and $18.64 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.90 Bn | 29.58 Bn | - | 2.50 Bn |
| 2 | Orix | 42.96 Bn | 43.46 Bn | - | 4.66 Bn |
| 3 | Royalty Pharma | 33.48 Bn | 33.39 Bn | - | 541.02 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 23.94 Bn | 23.94 Bn | - | 2.07 Bn |
| 5 | Affirm Holdings | 23.37 Bn | 17.06 Bn | - | 1.02 Bn |
| 6 | Synchrony Financial | 23.31 Bn | -44.66 Bn | - | 1.33 Bn |
| 7 | Royal Gold | 20.23 Bn | 19.45 Bn | 390.45 Mn | 173.18 Mn |
| 8 | Annaly Capital Management | 15.24 Bn | 6.34 Bn | - | 58.19 Mn |
| 9 | Ares Capital | 13.90 Bn | 11.34 Bn | - | - |
| 10 | KKR Real Estate Finance Trust | 374.31 Mn | -74.36 Mn | - | 138.28 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 138.28 Mn |
| Mar 31, 2026 | 91.76 Mn |
| Dec 31, 2025 | 59.74 Mn |
| Sep 30, 2025 | 18.64 Mn |
| Jun 30, 2025 | 66.44 Mn |
| Mar 31, 2025 | 40.97 Mn |
| Dec 31, 2024 | 20.19 Mn |
| Sep 30, 2024 | 54.26 Mn |
| Jun 30, 2024 | 22.05 Mn |
| Mar 31, 2024 | 50.15 Mn |
| Dec 31, 2023 | 63.58 Mn |
| Sep 30, 2023 | 23.06 Mn |
| Jun 30, 2023 | 70.87 Mn |
| Mar 31, 2023 | 76.25 Mn |
| Dec 31, 2022 | 36.57 Mn |
| Sep 30, 2022 | 94.08 Mn |
| Jun 30, 2022 | 24.98 Mn |
| Mar 31, 2022 | 11.79 Mn |
| Dec 31, 2021 | 9.06 Mn |
| Sep 30, 2021 | 12.00 Mn |
API Access
KKR Real Estate Finance Trust Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=KREF&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "KREF", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=KREF&period=max&api_key=YOUR_API_KEY");
const data = await res.json();