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Side-by-side financial comparison of GLADSTONE COMMERCIAL CORP (GOOD) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
GLADSTONE COMMERCIAL CORP is the larger business by last-quarter revenue ($43.5M vs $25.8M, roughly 1.7× KKR Real Estate Finance Trust Inc.). GLADSTONE COMMERCIAL CORP runs the higher net margin — 12.4% vs -101.7%, a 114.1% gap on every dollar of revenue. On growth, GLADSTONE COMMERCIAL CORP posted the faster year-over-year revenue change (16.3% vs -26.6%). Over the past eight quarters, GLADSTONE COMMERCIAL CORP's revenue compounded faster (10.3% CAGR vs -18.8%).
Gladstone Commercial Corp is a publicly traded US real estate investment trust focused on acquiring, owning, and operating diversified industrial and commercial properties. It offers long-term net lease agreements to tenants across manufacturing, logistics, healthcare and professional services sectors, mainly serving small to mid-sized business clients.
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.
GOOD vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.5M | $25.8M |
| Net Profit | $5.4M | $-26.2M |
| Gross Margin | — | — |
| Operating Margin | — | -105.1% |
| Net Margin | 12.4% | -101.7% |
| Revenue YoY | 16.3% | -26.6% |
| Net Profit YoY | -25.1% | -229.6% |
| EPS (diluted) | $0.05 | $-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 | $43.5M | $25.8M | ||
| Q3 25 | $40.8M | $25.3M | ||
| Q2 25 | $39.5M | $30.2M | ||
| Q1 25 | $37.5M | $31.3M | ||
| Q4 24 | $37.4M | $35.1M | ||
| Q3 24 | $39.2M | $37.0M | ||
| Q2 24 | $37.1M | $40.4M | ||
| Q1 24 | $35.7M | $39.1M |
| Q4 25 | $5.4M | $-26.2M | ||
| Q3 25 | $4.1M | $13.8M | ||
| Q2 25 | $4.6M | $-29.7M | ||
| Q1 25 | $5.1M | $-4.9M | ||
| Q4 24 | $7.2M | $20.3M | ||
| Q3 24 | $11.7M | $-7.4M | ||
| Q2 24 | $1.6M | $25.8M | ||
| Q1 24 | $3.5M | $-3.1M |
| Q4 25 | — | -105.1% | ||
| Q3 25 | — | 50.4% | ||
| Q2 25 | — | -101.3% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | -19.6% | ||
| Q2 24 | — | 63.3% | ||
| Q1 24 | — | -8.7% |
| Q4 25 | 12.4% | -101.7% | ||
| Q3 25 | 10.1% | 54.4% | ||
| Q2 25 | 11.7% | -98.5% | ||
| Q1 25 | 13.7% | -15.5% | ||
| Q4 24 | 19.2% | 57.7% | ||
| Q3 24 | 29.8% | -20.0% | ||
| Q2 24 | 4.3% | 63.9% | ||
| Q1 24 | 9.9% | -7.9% |
| Q4 25 | $0.05 | $-0.49 | ||
| Q3 25 | $0.02 | $0.12 | ||
| Q2 25 | $0.03 | $-0.53 | ||
| Q1 25 | $0.04 | $-0.15 | ||
| Q4 24 | $0.10 | $0.22 | ||
| Q3 24 | $0.20 | $-0.19 | ||
| Q2 24 | $-0.04 | $0.29 | ||
| Q1 24 | $0.01 | $-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 | $10.8M | $84.6M |
| Total DebtLower is stronger | $843.5M | — |
| Stockholders' EquityBook value | $171.8M | $1.2B |
| Total Assets | $1.2B | $6.5B |
| Debt / EquityLower = less leverage | 4.91× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.8M | $84.6M | ||
| Q3 25 | $18.4M | $204.1M | ||
| Q2 25 | $11.7M | $107.7M | ||
| Q1 25 | $10.4M | $106.4M | ||
| Q4 24 | $11.0M | $104.9M | ||
| Q3 24 | $10.5M | $108.8M | ||
| Q2 24 | $10.4M | $107.2M | ||
| Q1 24 | $10.5M | $106.5M |
| Q4 25 | $843.5M | — | ||
| Q3 25 | $843.3M | — | ||
| Q2 25 | $794.4M | — | ||
| Q1 25 | $740.7M | — | ||
| Q4 24 | $693.4M | — | ||
| Q3 24 | $692.6M | — | ||
| Q2 24 | $722.5M | — | ||
| Q1 24 | $719.4M | — |
| Q4 25 | $171.8M | $1.2B | ||
| Q3 25 | $184.8M | $1.2B | ||
| Q2 25 | $177.2M | $1.2B | ||
| Q1 25 | $183.2M | $1.3B | ||
| Q4 24 | $171.2M | $1.3B | ||
| Q3 24 | $168.9M | $1.4B | ||
| Q2 24 | $145.7M | $1.4B | ||
| Q1 24 | $147.3M | $1.4B |
| Q4 25 | $1.2B | $6.5B | ||
| Q3 25 | $1.3B | $6.5B | ||
| Q2 25 | $1.2B | $6.8B | ||
| Q1 25 | $1.2B | $6.6B | ||
| Q4 24 | $1.1B | $6.4B | ||
| Q3 24 | $1.1B | $6.8B | ||
| Q2 24 | $1.1B | $7.1B | ||
| Q1 24 | $1.1B | $7.3B |
| Q4 25 | 4.91× | — | ||
| Q3 25 | 4.56× | — | ||
| Q2 25 | 4.48× | — | ||
| Q1 25 | 4.04× | — | ||
| Q4 24 | 4.05× | — | ||
| Q3 24 | 4.10× | — | ||
| Q2 24 | 4.96× | — | ||
| Q1 24 | 4.88× | — |
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 | $88.2M | $72.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 16.38× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $88.2M | $72.3M | ||
| Q3 25 | $18.9M | $18.5M | ||
| Q2 25 | $35.8M | $21.1M | ||
| Q1 25 | $17.7M | $15.9M | ||
| Q4 24 | $57.0M | $132.6M | ||
| Q3 24 | $5.5M | $49.1M | ||
| Q2 24 | $13.6M | $30.6M | ||
| Q1 24 | $15.0M | $34.5M |
| Q4 25 | 16.38× | — | ||
| Q3 25 | 4.57× | 1.34× | ||
| Q2 25 | 7.74× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 7.93× | 6.54× | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 8.44× | 1.19× | ||
| Q1 24 | 4.26× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
