KKR Real Estate Finance Trust and AFC Gamma: A Financial Contrast

Two small-cap finance companies, but which one is the better investment?

Published on Feb. 8, 2026

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AFC Gamma (NASDAQ:AFCG) and KKR Real Estate Finance Trust (NYSE:KREF) are both small-cap finance companies operating in the commercial real estate industry. This article compares the two companies across key metrics like institutional ownership, dividends, volatility, analyst recommendations, valuation, and more to determine which is the better business.

Why it matters

Investors looking to gain exposure to the commercial real estate finance sector have two options in AFC Gamma and KKR Real Estate Finance Trust. Understanding the relative strengths and weaknesses of these two companies can help investors make a more informed decision about which stock to add to their portfolio.

The details

The analysis shows that KKR Real Estate Finance Trust has higher institutional ownership, lower insider ownership, a lower dividend yield, lower stock price volatility, and a lower valuation compared to AFC Gamma. However, analysts believe AFC Gamma has more potential upside based on its consensus price target.

  • The article was published on February 8, 2026.

The players

AFC Gamma

A small-cap finance company that originates, structures, underwrites, and invests in senior secured loans and other commercial real estate debt for companies in the cannabis industry. It has elected to be taxed as a real estate investment trust.

KKR Real Estate Finance Trust

A small-cap finance company that focuses primarily on originating and acquiring transitional senior loans secured by commercial real estate assets. It has also elected to be taxed as a real estate investment trust.

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The takeaway

This analysis highlights the key differences between these two small-cap commercial real estate finance companies. Investors will need to weigh factors like risk, profitability, valuation, and growth potential to determine which stock better fits their investment objectives and risk tolerance.