KKR Real Estate Finance Trust (KREF) Operating Expenses (2016 - 2026)
KKR Real Estate Finance Trust's (KREF) quarterly Operating Expenses came in at $138.3 million in Q2 2026, up 2331.51% YoY from $5.7 million in Q2 2025, and up 1835.88% on a QoQ basis from $7.1 million in Q1 2026.
KKR Real Estate Finance Trust (KREF) Operating Expenses (2016 - 2026) Analysis & Trends
KKR Real Estate Finance Trust (KREF) has 11 years of Operating Expenses data on file, last reported at $138.3 million in Q2 2026.
- Quarterly Operating Expenses rose 2331.51% year-over-year to $138.3 million in Q2 2026, while the trailing twelve-month figure through Jun 2026 was $223.8 million (up 84.81% YoY) and the FY2025 annual result came in at $185.8 million, up 740.01% from the prior year.
- Operating Expenses rose to $138.3 million in Q2 2026, from $7.1 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $138.3 million in Q2 2026 to a low of $5.7 million in Q2 2025.
- A 5-year average of $45.5 million and a median of $38.8 million in 2022 frame the typical range for Operating Expenses.
- The widest YoY moves for Operating Expenses: up 2331.51% in 2026, down 82.56% in 2026.
- Tracing KREF's Operating Expenses over 5 years: stood at $36.6 million in 2022, then soared by 73.86% to $63.6 million in 2023, then sank by 68.24% to $20.2 million in 2024, then jumped by 195.86% to $59.7 million in 2025, then surged by 131.49% to $138.3 million in 2026.
- The last three Operating Expenses figures came in at $138.3 million (Q2 2026), $7.1 million (Q1 2026), and $59.7 million (Q4 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Annaly Capital Management | 17.29 Bn | 14.38 Bn | - | 71.74 Mn |
| 2 | AGNC Investment | 12.65 Bn | 11.32 Bn | - | 30.00 Mn |
| 3 | Starwood Property Trust | 5.95 Bn | 3.79 Bn | - | 524.77 Mn |
| 4 | Rithm Capital | 5.71 Bn | 5.71 Bn | - | 1.28 Bn |
| 5 | Dynex Capital | 2.93 Bn | 2.32 Bn | - | 16.21 Mn |
| 6 | Blackstone Mortgage Trust | 2.40 Bn | 1.97 Bn | - | 111.00 Mn |
| 7 | Armour Residential REIT | 2.12 Bn | 2.03 Bn | - | 17.16 Mn |
| 8 | Ellington Financial | 1.73 Bn | 1.49 Bn | - | 76.02 Mn |
| 9 | Orchid Island Capital | 1.34 Bn | 654.61 Mn | 61.82 Mn | 6.76 Mn |
| 10 | KKR Real Estate Finance Trust | 456.61 Mn | 373.55 Mn | - | 138.28 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 138.28 Mn |
| Mar 31, 2026 | 7.14 Mn |
| Dec 31, 2025 | 59.74 Mn |
| Sep 30, 2025 | 18.64 Mn |
| Jun 30, 2025 | 5.69 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 |