Is KREF or KRG more undervalued in 2026?

CirclFi compares KKR Real Estate Finance Trust I (KREF) and Kite Realty Group Trust (KRG) using 13 institutional-grade valuation models. KREF has a Quality of Company score of 5.1/10 while KRG scores 8.2/10.

Which is a better buy — KREF or KRG?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do KREF and KRG valuations compare?

KREF at $6.67 and KRG at $27.42 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

KREF vs KRG Valuation Comparison 2026 — Intrinsic Value Analysis

KREF

Real Estate Investment Trusts

KKR Real Estate Finance Trust I

Quality

5.1

out of 10

Value Trap

SAFE

Price

$6.67

Last close

Models

10/13

Active

KRG

Real Estate Investment Trusts

Kite Realty Group Trust

Quality

8.2

out of 10

Value Trap

LOW

Price

$27.42

Last close

Models

13/13

Active

Model-by-Model Comparison

Model	Type	KREF Fair Value	KREF Upside	KRG Fair Value	KRG Upside
Bayesian DCF	Intrinsic	$16.05	+140.6%	$0.73	-97.3%
Earnings Power Value	Intrinsic	$3.59	-43.5%	$11.61	-57.6%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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KREF vs KRG — Which Stock Is More Undervalued?

KRG scores higher with a 8.2/10 quality rating vs KREF's 5.1/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing KKR Real Estate Finance Trust I (KREF) and Kite Realty Group Trust (KRG) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

KREF currently trades at $6.67 with a QOC of 5.1/10, while KRG trades at $27.42 with a QOC of 8.2/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).