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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and Legacy Housing Corp (LEGH). 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 $25.5M, roughly 1.0× Legacy Housing Corp). Legacy Housing Corp runs the higher net margin — 32.2% vs -101.7%, a 133.9% gap on every dollar of revenue. On growth, KKR Real Estate Finance Trust Inc. posted the faster year-over-year revenue change (-26.6% vs -30.6%). Over the past eight quarters, Legacy Housing Corp's revenue compounded faster (-9.1% CAGR vs -18.8%).
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.
Legacy Housing Corp is a prominent U.S.-based manufacturer of affordable manufactured homes, tiny homes, and accessory dwelling units. It mainly caters to low- and middle-income consumers across North America, providing customizable residential solutions, supporting construction materials, and after-sales services for individual and community development clients.
KREF vs LEGH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $25.5M |
| Net Profit | $-26.2M | $8.2M |
| Gross Margin | — | 26.4% |
| Operating Margin | -105.1% | 40.4% |
| Net Margin | -101.7% | 32.2% |
| Revenue YoY | -26.6% | -30.6% |
| Net Profit YoY | -229.6% | -43.5% |
| EPS (diluted) | $-0.49 | $0.38 |
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 | $25.8M | $25.5M | ||
| Q3 25 | $25.3M | $28.8M | ||
| Q2 25 | $30.2M | $38.4M | ||
| Q1 25 | $31.3M | $24.3M | ||
| Q4 24 | $35.1M | $36.7M | ||
| Q3 24 | $37.0M | $30.2M | ||
| Q2 24 | $40.4M | $31.7M | ||
| Q1 24 | $39.1M | $30.8M |
| Q4 25 | $-26.2M | $8.2M | ||
| Q3 25 | $13.8M | $8.6M | ||
| Q2 25 | $-29.7M | $14.7M | ||
| Q1 25 | $-4.9M | $10.3M | ||
| Q4 24 | $20.3M | $14.5M | ||
| Q3 24 | $-7.4M | $15.8M | ||
| Q2 24 | $25.8M | $16.2M | ||
| Q1 24 | $-3.1M | $15.1M |
| Q4 25 | — | 26.4% | ||
| Q3 25 | — | 20.2% | ||
| Q2 25 | — | 32.4% | ||
| Q1 25 | — | 29.2% | ||
| Q4 24 | — | 27.3% | ||
| Q3 24 | — | 29.2% | ||
| Q2 24 | — | 31.9% | ||
| Q1 24 | — | 33.6% |
| Q4 25 | -105.1% | 40.4% | ||
| Q3 25 | 50.4% | 33.7% | ||
| Q2 25 | -101.3% | 43.8% | ||
| Q1 25 | -18.3% | 47.7% | ||
| Q4 24 | 55.8% | 42.3% | ||
| Q3 24 | -19.6% | 50.8% | ||
| Q2 24 | 63.3% | 50.6% | ||
| Q1 24 | -8.7% | 54.3% |
| Q4 25 | -101.7% | 32.2% | ||
| Q3 25 | 54.4% | 30.0% | ||
| Q2 25 | -98.5% | 38.3% | ||
| Q1 25 | -15.5% | 42.3% | ||
| Q4 24 | 57.7% | 39.5% | ||
| Q3 24 | -20.0% | 52.4% | ||
| Q2 24 | 63.9% | 51.1% | ||
| Q1 24 | -7.9% | 49.1% |
| Q4 25 | $-0.49 | $0.38 | ||
| Q3 25 | $0.12 | $0.35 | ||
| Q2 25 | $-0.53 | $0.60 | ||
| Q1 25 | $-0.15 | $0.41 | ||
| Q4 24 | $0.22 | $0.59 | ||
| Q3 24 | $-0.19 | $0.64 | ||
| Q2 24 | $0.29 | $0.65 | ||
| Q1 24 | $-0.13 | $0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $84.6M | $8.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $528.6M |
| Total Assets | $6.5B | $580.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $8.5M | ||
| Q3 25 | $204.1M | $13.6M | ||
| Q2 25 | $107.7M | $2.6M | ||
| Q1 25 | $106.4M | $3.4M | ||
| Q4 24 | $104.9M | $1.1M | ||
| Q3 24 | $108.8M | $570.0K | ||
| Q2 24 | $107.2M | $60.0K | ||
| Q1 24 | $106.5M | $621.0K |
| Q4 25 | $1.2B | $528.6M | ||
| Q3 25 | $1.2B | $521.6M | ||
| Q2 25 | $1.2B | $512.8M | ||
| Q1 25 | $1.3B | $503.7M | ||
| Q4 24 | $1.3B | $494.0M | ||
| Q3 24 | $1.4B | $479.3M | ||
| Q2 24 | $1.4B | $463.2M | ||
| Q1 24 | $1.4B | $450.4M |
| Q4 25 | $6.5B | $580.3M | ||
| Q3 25 | $6.5B | $557.9M | ||
| Q2 25 | $6.8B | $552.0M | ||
| Q1 25 | $6.6B | $544.6M | ||
| Q4 24 | $6.4B | $534.2M | ||
| Q3 24 | $6.8B | $521.4M | ||
| Q2 24 | $7.1B | $514.9M | ||
| Q1 24 | $7.3B | $510.0M |
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 | $72.3M | $19.0M |
| Free Cash FlowOCF − Capex | — | $15.7M |
| FCF MarginFCF / Revenue | — | 61.6% |
| Capex IntensityCapex / Revenue | — | 13.1% |
| Cash ConversionOCF / Net Profit | — | 2.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | $28.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $19.0M | ||
| Q3 25 | $18.5M | $7.2M | ||
| Q2 25 | $21.1M | $6.1M | ||
| Q1 25 | $15.9M | $4.9M | ||
| Q4 24 | $132.6M | $7.9M | ||
| Q3 24 | $49.1M | $13.8M | ||
| Q2 24 | $30.6M | $3.5M | ||
| Q1 24 | $34.5M | $10.8M |
| Q4 25 | — | $15.7M | ||
| Q3 25 | — | $5.1M | ||
| Q2 25 | — | $3.7M | ||
| Q1 25 | — | $3.6M | ||
| Q4 24 | — | $6.0M | ||
| Q3 24 | — | $9.1M | ||
| Q2 24 | — | $1.7M | ||
| Q1 24 | — | $9.9M |
| Q4 25 | — | 61.6% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | — | 9.6% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | — | 16.4% | ||
| Q3 24 | — | 30.2% | ||
| Q2 24 | — | 5.4% | ||
| Q1 24 | — | 32.2% |
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | 7.1% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | 2.8% |
| Q4 25 | — | 2.32× | ||
| Q3 25 | 1.34× | 0.83× | ||
| Q2 25 | — | 0.41× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | 6.54× | 0.54× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | 1.19× | 0.21× | ||
| Q1 24 | — | 0.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KREF
Segment breakdown not available.
LEGH
| Commercial Sales | $8.6M | 34% |
| Retail Store Sales | $6.0M | 24% |
| Inventory Finance Sales | $5.0M | 20% |
| Direct Sales | $4.4M | 17% |
| Other | $1.5M | 6% |
