COMP <GO>

KREF vs LAND // EV/EBITDA & P/E VALUATION

KKR Real Estate Finance Trust Inc. (NYSE) VS. Gladstone Land Corporation (NASDAQ) • 15-METRIC TALLY: KREF 2 — LAND 4

■ METRIC PARITY

LAST: $5.83 (+3.55%) • MKT CAP: $334.1M

valuation

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LAST: $7.81 (-6.80%) • MKT CAP: $336.9M

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (KREF VS. LAND) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	KREF	LAND	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-4.00%	2.00%	-6.00	LAND	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	21.64%	2.08%	+19.56	KREF	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	68.00%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	6.07%	-6.07	LAND	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	3/9	4/9	-1.00	LAND	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	34.2	19.0	+15.22	KREF	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	23.2x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$334.1M	$336.9M	-$2.8M	LAND	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	KREF REV	LAND REV	KREF GROSS %	LAND GROSS %	KREF FCF	LAND FCF
FY 2025	$0	$12.2M	—	—	$72.3M	$7.0M
FY 2024	$0	$0	—	—	$132.6M	$29.5M
FY 2023	$0	$0	—	—	$155.7M	$40.1M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

KREF // BETA —

LAND // BETA —