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Side-by-side financial comparison of FRANKLIN STREET PROPERTIES CORP (FSP) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
FRANKLIN STREET PROPERTIES CORP is the larger business by last-quarter revenue ($26.0M vs $25.8M, roughly 1.0× KKR Real Estate Finance Trust Inc.). FRANKLIN STREET PROPERTIES CORP runs the higher net margin — -28.1% vs -101.7%, a 73.6% gap on every dollar of revenue. On growth, FRANKLIN STREET PROPERTIES CORP posted the faster year-over-year revenue change (-8.2% vs -26.6%). Over the past eight quarters, FRANKLIN STREET PROPERTIES CORP's revenue compounded faster (-8.7% CAGR vs -18.8%).
Franklin Street Properties Corp is a Massachusetts-based real estate investment trust (REIT) in the United States. It primarily invests in, owns, and operates high-quality office properties across major U.S. metropolitan markets, serving corporate tenants across various industry segments, and delivers stable long-term returns via rental income and strategic asset management.
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.
FSP vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $26.0M | $25.8M |
| Net Profit | $-7.3M | $-26.2M |
| Gross Margin | 59.4% | — |
| Operating Margin | -27.9% | -105.1% |
| Net Margin | -28.1% | -101.7% |
| Revenue YoY | -8.2% | -26.6% |
| Net Profit YoY | 14.1% | -229.6% |
| EPS (diluted) | $-0.06 | $-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 | $26.0M | $25.8M | ||
| Q3 25 | $27.3M | $25.3M | ||
| Q2 25 | $26.7M | $30.2M | ||
| Q1 25 | $27.1M | $31.3M | ||
| Q4 24 | $28.4M | $35.1M | ||
| Q3 24 | $29.7M | $37.0M | ||
| Q2 24 | $30.8M | $40.4M | ||
| Q1 24 | $31.2M | $39.1M |
| Q4 25 | $-7.3M | $-26.2M | ||
| Q3 25 | $-8.3M | $13.8M | ||
| Q2 25 | $-7.9M | $-29.7M | ||
| Q1 25 | $-21.4M | $-4.9M | ||
| Q4 24 | $-8.5M | $20.3M | ||
| Q3 24 | $-15.6M | $-7.4M | ||
| Q2 24 | $-21.0M | $25.8M | ||
| Q1 24 | $-7.6M | $-3.1M |
| Q4 25 | 59.4% | — | ||
| Q3 25 | 60.9% | — | ||
| Q2 25 | 59.9% | — | ||
| Q1 25 | 62.8% | — | ||
| Q4 24 | 59.7% | — | ||
| Q3 24 | 61.0% | — | ||
| Q2 24 | 64.2% | — | ||
| Q1 24 | 64.7% | — |
| Q4 25 | -27.9% | -105.1% | ||
| Q3 25 | -30.5% | 50.4% | ||
| Q2 25 | -29.2% | -101.3% | ||
| Q1 25 | -78.9% | -18.3% | ||
| Q4 24 | -29.9% | 55.8% | ||
| Q3 24 | -52.4% | -19.6% | ||
| Q2 24 | -68.0% | 63.3% | ||
| Q1 24 | -24.0% | -8.7% |
| Q4 25 | -28.1% | -101.7% | ||
| Q3 25 | -30.5% | 54.4% | ||
| Q2 25 | -29.5% | -98.5% | ||
| Q1 25 | -79.1% | -15.5% | ||
| Q4 24 | -30.0% | 57.7% | ||
| Q3 24 | -52.6% | -20.0% | ||
| Q2 24 | -68.2% | 63.9% | ||
| Q1 24 | -24.2% | -7.9% |
| Q4 25 | $-0.06 | $-0.49 | ||
| Q3 25 | $-0.08 | $0.12 | ||
| Q2 25 | $-0.08 | $-0.53 | ||
| Q1 25 | $-0.21 | $-0.15 | ||
| Q4 24 | $-0.09 | $0.22 | ||
| Q3 24 | $-0.15 | $-0.19 | ||
| Q2 24 | $-0.20 | $0.29 | ||
| Q1 24 | $-0.07 | $-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 | $30.6M | $84.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $607.0M | $1.2B |
| Total Assets | $892.9M | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.6M | $84.6M | ||
| Q3 25 | $31.4M | $204.1M | ||
| Q2 25 | $29.4M | $107.7M | ||
| Q1 25 | $30.2M | $106.4M | ||
| Q4 24 | $41.1M | $104.9M | ||
| Q3 24 | $40.9M | $108.8M | ||
| Q2 24 | $30.2M | $107.2M | ||
| Q1 24 | $34.2M | $106.5M |
| Q4 25 | $607.0M | $1.2B | ||
| Q3 25 | $615.3M | $1.2B | ||
| Q2 25 | $624.7M | $1.2B | ||
| Q1 25 | $633.4M | $1.3B | ||
| Q4 24 | $655.9M | $1.3B | ||
| Q3 24 | $665.4M | $1.4B | ||
| Q2 24 | $682.1M | $1.4B | ||
| Q1 24 | $703.9M | $1.4B |
| Q4 25 | $892.9M | $6.5B | ||
| Q3 25 | $901.0M | $6.5B | ||
| Q2 25 | $903.2M | $6.8B | ||
| Q1 25 | $916.4M | $6.6B | ||
| Q4 24 | $946.9M | $6.4B | ||
| Q3 24 | $981.5M | $6.8B | ||
| Q2 24 | $1.0B | $7.1B | ||
| Q1 24 | $1.0B | $7.3B |
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 | $3.8M | $72.3M |
| Free Cash FlowOCF − Capex | $-12.7M | — |
| FCF MarginFCF / Revenue | -48.6% | — |
| Capex IntensityCapex / Revenue | 63.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-25.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8M | $72.3M | ||
| Q3 25 | $8.3M | $18.5M | ||
| Q2 25 | $-2.9M | $21.1M | ||
| Q1 25 | $-5.5M | $15.9M | ||
| Q4 24 | $9.0M | $132.6M | ||
| Q3 24 | $14.5M | $49.1M | ||
| Q2 24 | $-648.0K | $30.6M | ||
| Q1 24 | $-7.1M | $34.5M |
| Q4 25 | $-12.7M | — | ||
| Q3 25 | $3.0M | — | ||
| Q2 25 | $-5.7M | — | ||
| Q1 25 | $-9.9M | — | ||
| Q4 24 | $-16.2M | — | ||
| Q3 24 | $8.6M | — | ||
| Q2 24 | $-5.1M | — | ||
| Q1 24 | $-15.8M | — |
| Q4 25 | -48.6% | — | ||
| Q3 25 | 11.0% | — | ||
| Q2 25 | -21.5% | — | ||
| Q1 25 | -36.7% | — | ||
| Q4 24 | -57.2% | — | ||
| Q3 24 | 29.1% | — | ||
| Q2 24 | -16.7% | — | ||
| Q1 24 | -50.8% | — |
| Q4 25 | 63.0% | — | ||
| Q3 25 | 19.4% | — | ||
| Q2 25 | 10.7% | — | ||
| Q1 25 | 16.4% | — | ||
| Q4 24 | 88.9% | — | ||
| Q3 24 | 19.6% | — | ||
| Q2 24 | 14.6% | — | ||
| Q1 24 | 28.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
