KREF Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	349.71M EUR	439.81M EUR	393.37M EUR	529.1M EUR
Enterprise Value	4.98B EUR	4.97B EUR	4.99B EUR	4.58B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	-81.41x	--	--	--
Price to Sales	-4.83x	8.32x	3.52x	6.35x
Price to Book	0.57x	0.47x	0.36x	0.45x
EV/Revenue	-68.78x	94.12x	44.63x	54.89x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	12.82x	6.32x	10.16x
EV/FCF	--	144.92x	80.12x	87.87x
FCF Yield	--	7.8%	15.83%	9.84%