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Side-by-side financial comparison of Bluerock Homes Trust, Inc. (BHM) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
KKR Real Estate Finance Trust Inc. is the larger business by last-quarter revenue ($25.8M vs $18.9M, roughly 1.4× Bluerock Homes Trust, Inc.). Bluerock Homes Trust, Inc. runs the higher net margin — -50.1% vs -101.7%, a 51.6% gap on every dollar of revenue. On growth, Bluerock Homes Trust, Inc. posted the faster year-over-year revenue change (35.9% vs -26.6%). Over the past eight quarters, Bluerock Homes Trust, Inc.'s revenue compounded faster (30.1% CAGR vs -18.8%).
Bluerock Homes Trust, Inc. is a U.S.-headquartered real estate investment trust that acquires, owns and operates a portfolio of high-quality single-family rental residential properties. It caters to middle-market renters across high-growth suburban markets, prioritizing regions with strong demographic fundamentals and sustained rental housing demand.
KKR Real Estate Finance Trust Inc. is a specialized real estate finance firm sponsored by global investment firm KKR. It primarily originates, acquires, and manages a portfolio of senior secured commercial real estate loans, mostly backed by high-quality institutional commercial properties across the United States, delivering stable risk-adjusted returns to investors via interest income from its diversified assets.
BHM vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $18.9M | $25.8M |
| Net Profit | $-9.5M | $-26.2M |
| Gross Margin | — | — |
| Operating Margin | -48.8% | -105.1% |
| Net Margin | -50.1% | -101.7% |
| Revenue YoY | 35.9% | -26.6% |
| Net Profit YoY | -29.9% | -229.6% |
| EPS (diluted) | $-0.75 | $-0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $18.9M | $25.8M | ||
| Q3 25 | $16.6M | $25.3M | ||
| Q2 25 | $16.8M | $30.2M | ||
| Q1 25 | $16.4M | $31.3M | ||
| Q4 24 | $13.9M | $35.1M | ||
| Q3 24 | $12.7M | $37.0M | ||
| Q2 24 | $12.5M | $40.4M | ||
| Q1 24 | $11.2M | $39.1M |
| Q4 25 | $-9.5M | $-26.2M | ||
| Q3 25 | $-10.0M | $13.8M | ||
| Q2 25 | $-5.8M | $-29.7M | ||
| Q1 25 | $-7.3M | $-4.9M | ||
| Q4 24 | $-7.3M | $20.3M | ||
| Q3 24 | $3.5M | $-7.4M | ||
| Q2 24 | $-5.2M | $25.8M | ||
| Q1 24 | $-3.2M | $-3.1M |
| Q4 25 | -48.8% | -105.1% | ||
| Q3 25 | -57.6% | 50.4% | ||
| Q2 25 | -30.9% | -101.3% | ||
| Q1 25 | -42.6% | -18.3% | ||
| Q4 24 | -52.8% | 55.8% | ||
| Q3 24 | 27.9% | -19.6% | ||
| Q2 24 | -41.3% | 63.3% | ||
| Q1 24 | -28.4% | -8.7% |
| Q4 25 | -50.1% | -101.7% | ||
| Q3 25 | -60.0% | 54.4% | ||
| Q2 25 | -34.7% | -98.5% | ||
| Q1 25 | -44.7% | -15.5% | ||
| Q4 24 | -52.8% | 57.7% | ||
| Q3 24 | 27.9% | -20.0% | ||
| Q2 24 | -41.3% | 63.9% | ||
| Q1 24 | -28.4% | -7.9% |
| Q4 25 | $-0.75 | $-0.49 | ||
| Q3 25 | $-0.94 | $0.12 | ||
| Q2 25 | $-0.66 | $-0.53 | ||
| Q1 25 | $-0.67 | $-0.15 | ||
| Q4 24 | $-0.65 | $0.22 | ||
| Q3 24 | $0.24 | $-0.19 | ||
| Q2 24 | $-0.42 | $0.29 | ||
| Q1 24 | $-0.27 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $169.6M | $84.6M |
| Total DebtLower is stronger | $428.4M | — |
| Stockholders' EquityBook value | $128.7M | $1.2B |
| Total Assets | $1.2B | $6.5B |
| Debt / EquityLower = less leverage | 3.33× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $169.6M | $84.6M | ||
| Q3 25 | $2.1M | $204.1M | ||
| Q2 25 | $4.2M | $107.7M | ||
| Q1 25 | $3.0M | $106.4M | ||
| Q4 24 | $115.2M | $104.9M | ||
| Q3 24 | $155.1M | $108.8M | ||
| Q2 24 | $116.0M | $107.2M | ||
| Q1 24 | $92.3M | $106.5M |
| Q4 25 | $428.4M | — | ||
| Q3 25 | $415.9M | — | ||
| Q2 25 | $338.6M | — | ||
| Q1 25 | $336.5M | — | ||
| Q4 24 | $373.8M | — | ||
| Q3 24 | $122.5M | — | ||
| Q2 24 | $119.7M | — | ||
| Q1 24 | $120.2M | — |
| Q4 25 | $128.7M | $1.2B | ||
| Q3 25 | $131.7M | $1.2B | ||
| Q2 25 | $135.3M | $1.2B | ||
| Q1 25 | $137.1M | $1.3B | ||
| Q4 24 | $139.1M | $1.3B | ||
| Q3 24 | $142.9M | $1.4B | ||
| Q2 24 | $142.5M | $1.4B | ||
| Q1 24 | $144.5M | $1.4B |
| Q4 25 | $1.2B | $6.5B | ||
| Q3 25 | $222.1M | $6.5B | ||
| Q2 25 | $220.3M | $6.8B | ||
| Q1 25 | $186.2M | $6.6B | ||
| Q4 24 | $967.0M | $6.4B | ||
| Q3 24 | $800.8M | $6.8B | ||
| Q2 24 | $756.2M | $7.1B | ||
| Q1 24 | $727.4M | $7.3B |
| Q4 25 | 3.33× | — | ||
| Q3 25 | 3.16× | — | ||
| Q2 25 | 2.50× | — | ||
| Q1 25 | 2.45× | — | ||
| Q4 24 | 2.69× | — | ||
| Q3 24 | 0.86× | — | ||
| Q2 24 | 0.84× | — | ||
| Q1 24 | 0.83× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $27.8M | $72.3M |
| Free Cash FlowOCF − Capex | $10.4M | — |
| FCF MarginFCF / Revenue | 55.0% | — |
| Capex IntensityCapex / Revenue | 91.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $25.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.8M | $72.3M | ||
| Q3 25 | $13.4M | $18.5M | ||
| Q2 25 | $13.9M | $21.1M | ||
| Q1 25 | $951.0K | $15.9M | ||
| Q4 24 | $9.1M | $132.6M | ||
| Q3 24 | $1.7M | $49.1M | ||
| Q2 24 | $1.3M | $30.6M | ||
| Q1 24 | $1.1M | $34.5M |
| Q4 25 | $10.4M | — | ||
| Q3 25 | $8.7M | — | ||
| Q2 25 | $8.8M | — | ||
| Q1 25 | $-2.9M | — | ||
| Q4 24 | $-253.0K | — | ||
| Q3 24 | $-601.0K | — | ||
| Q2 24 | $-654.0K | — | ||
| Q1 24 | $-630.0K | — |
| Q4 25 | 55.0% | — | ||
| Q3 25 | 52.4% | — | ||
| Q2 25 | 52.2% | — | ||
| Q1 25 | -17.6% | — | ||
| Q4 24 | -1.8% | — | ||
| Q3 24 | -4.7% | — | ||
| Q2 24 | -5.2% | — | ||
| Q1 24 | -5.6% | — |
| Q4 25 | 91.8% | — | ||
| Q3 25 | 28.5% | — | ||
| Q2 25 | 30.3% | — | ||
| Q1 25 | 23.4% | — | ||
| Q4 24 | 66.9% | — | ||
| Q3 24 | 18.0% | — | ||
| Q2 24 | 15.3% | — | ||
| Q1 24 | 15.5% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.54× | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BHM
| Residential Communities Segment | $11.4M | 61% |
| Scattered Single Family Homes Segment | $7.5M | 39% |
KREF
Segment breakdown not available.
