COMP <GO>
KREF vs PINE // EV/EBITDA & P/E VALUATION
KKR Real Estate Finance Trust Inc. (NYSE) VS. Alpine Income Property Trust Inc. (NYSE) • 15-METRIC TALLY: KREF 2
— PINE 4
■ METRIC PARITY
LAST: $5.83 (+3.55%) • MKT CAP: $334.1M
valuation
—
LAST: $16.55 (+2.16%) • MKT CAP: $296.9M
valuation
22.3x
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (KREF VS. PINE)
EMERALD CELL = QUANTITATIVE EDGE
| INSTITUTIONAL METRIC | KREF | PINE | SPREAD (A - B) | ADVANTAGE | DEDICATED URL |
|---|---|---|---|---|---|
| Gross Profit Margin | — | — | — | TIE | /gross-margins <GO> |
| Return on Invested Capital (ROIC) | -4.00% | 3.80% | -7.80 | PINE | /roic <GO> |
| EV/EBITDA & P/E Valuation ACTIVE | — | 22.3x | — | TIE | /valuation <GO> |
| Free Cash Flow Yield | 21.64% | 8.67% | +12.97 | KREF | /fcf-yield <GO> |
| Operating Margin | — | 21.70% | — | TIE | /operating-margins <GO> |
| Net Profit Margin | — | -4.40% | — | TIE | /net-margins <GO> |
| Revenue Growth (YoY) | — | 15.90% | — | TIE | /revenue-growth <GO> |
| Dividend Yield & FCF Payout Safety | 0.00% | 5.97% | -5.97 | PINE | /dividend-safety <GO> |
| Altman Z-Score & Debt/Equity | — | — | — | TIE | /balance-sheet <GO> |
| Piotroski F-Score Quality | 3/9 | 4/9 | -1.00 | PINE | /piotroski-score <GO> |
| Options Implied Move & Put/Call Skew | — | — | — | TIE | /options-implied-move <GO> |
| RSI-14 & 200D SMA Momentum | 34.2 | 36.3 | -2.09 | PINE | /rsi-technicals <GO> |
| 10Y Yield & FRED Macro Beta | — | — | — | TIE | /macro-sensitivity <GO> |
| Forward P/E Multiple | — | — | — | TIE | /forward-pe <GO> |
| Enterprise Scale & Market Cap | $334.1M | $296.9M | $37.2M | KREF | /market-cap <GO> |
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
| FISCAL YEAR | KREF REV | PINE REV | KREF GROSS % | PINE GROSS % | KREF FCF | PINE FCF |
|---|---|---|---|---|---|---|
| FY 2025 | $0 | $60.5M | — | — | $72.3M | $25.8M |
| FY 2024 | $0 | $52.2M | — | — | $132.6M | $23.4M |
| FY 2023 | $0 | $45.6M | — | — | $155.7M | $23.2M |
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
KREF // BETA —
PINE // BETA —