KREF Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-47.05	35.59	-30.85	38.1	137.18
Depreciation & Amortization	2.6	0.98	-	-	-
Other Amortization	14.09	14.38	26.18	23.86	15.73
Loss (Gain) From Sale of Investments	-1.19	0.62	-	-	-5.13
Provision for Credit Losses	119.37	80.61	175.12	112.37	-4.06
Loss (Gain) on Equity Investments	3.47	1.53	1.77	-1.31	-3.15
Stock-Based Compensation	7.93	8.26	8.08	7.84	7.43
Change in Accounts Payable	-10.37	-2.28	1.73	10.33	1.87
Change in Other Net Operating Assets	1.81	0.16	0.09	1.14	-0.31
Other Operating Activities	-21.94	-19.45	-24.4	-27.44	-24.95
Operating Cash Flow	72.28	132.56	155.72	141.13	124.79
Operating Cash Flow Growth	-45.47%	-14.87%	10.34%	13.09%	8.46%
Investment in Securities	-42.36	-2.38	-	-	-
Net Decrease (Increase) in Loans Originated / Sold - Investing	292.62	1,128	14.06	-1,175	-1,542
Investing Cash Flow	264.29	1,116	13.49	-1,177	-1,541
Long-Term Debt Issued	2,028	601.86	811.12	3,331	4,789
Long-Term Debt Repaid	-2,228	-1,771	-935	-2,455	-3,364
Net Debt Issued (Repaid)	-199.57	-1,169	-123.89	876.81	1,426
Issuance of Preferred Stock	-	-	-	151.17	167.07
Issuance of Common Stock	-	-	-	194.23	120.71
Repurchase of Common Stock	-44.75	-11.9	-1.98	-38.44	-5.58
Common Dividends Paid	-66.86	-81.8	-118.85	-115.37	-95.68
Preferred Dividends Paid	-21.3	-21.3	-21.3	-21.54	-8.27
Total Dividends Paid	-88.16	-103.1	-140.16	-136.91	-103.95
Other Financing Activities	-23.3	-6.38	-5.49	-33.99	-24.84
Financing Cash Flow	-355.78	-1,291	-271.51	1,013	1,579
Net Cash Flow	-19.21	-41.77	-102.31	-23.15	162.94
Free Cash Flow	72.28	132.56	155.72	141.13	124.79
Free Cash Flow Growth	-45.47%	-14.87%	10.34%	13.09%	8.46%
Free Cash Flow Margin	456.22%	131.75%	562.29%	154.41%	70.64%
Free Cash Flow Per Share	1.08	1.91	2.25	2.09	2.20
Cash Interest Paid	315.92	398.81	430.28	201.01	95.26
Cash Income Tax Paid	-	0.37	0.3	0.71	0.41

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Financial Services template. Financial Sources.

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