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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP (NEN). 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 $23.6M, roughly 1.1× NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP). KKR Real Estate Finance Trust Inc. runs the higher net margin — -101.7% vs -677.3%, a 575.6% gap on every dollar of revenue. On growth, NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP posted the faster year-over-year revenue change (15.7% vs -26.6%). Over the past eight quarters, NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP's revenue compounded faster (8.9% 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.
New England Realty Associates Limited Partnership is a real estate investment entity that owns, operates and manages residential and commercial properties primarily across the U.S. New England region. Its core assets include multifamily apartments, mixed-use properties and small commercial spaces, serving tenants across Massachusetts, New Hampshire and adjacent states, delivering steady returns to unitholders via rental income and property value growth.
KREF vs NEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $23.6M |
| Net Profit | $-26.2M | $-1.4M |
| Gross Margin | — | — |
| Operating Margin | -105.1% | 14.0% |
| Net Margin | -101.7% | -677.3% |
| Revenue YoY | -26.6% | 15.7% |
| Net Profit YoY | -229.6% | -133.0% |
| EPS (diluted) | $-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 | $25.8M | $23.6M | ||
| Q3 25 | $25.3M | $23.7M | ||
| Q2 25 | $30.2M | $21.2M | ||
| Q1 25 | $31.3M | $20.7M | ||
| Q4 24 | $35.1M | $20.4M | ||
| Q3 24 | $37.0M | $20.2M | ||
| Q2 24 | $40.4M | $20.1M | ||
| Q1 24 | $39.1M | $19.9M |
| Q4 25 | $-26.2M | $-1.4M | ||
| Q3 25 | $13.8M | $-521.8K | ||
| Q2 25 | $-29.7M | $4.1M | ||
| Q1 25 | $-4.9M | $3.8M | ||
| Q4 24 | $20.3M | $4.2M | ||
| Q3 24 | $-7.4M | $3.9M | ||
| Q2 24 | $25.8M | $4.1M | ||
| Q1 24 | $-3.1M | $3.5M |
| Q4 25 | -105.1% | 14.0% | ||
| Q3 25 | 50.4% | 20.0% | ||
| Q2 25 | -101.3% | 33.3% | ||
| Q1 25 | -18.3% | 30.1% | ||
| Q4 24 | 55.8% | 32.4% | ||
| Q3 24 | -19.6% | 32.0% | ||
| Q2 24 | 63.3% | 32.6% | ||
| Q1 24 | -8.7% | 28.9% |
| Q4 25 | -101.7% | -677.3% | ||
| Q3 25 | 54.4% | -2.2% | ||
| Q2 25 | -98.5% | 19.5% | ||
| Q1 25 | -15.5% | 18.3% | ||
| Q4 24 | 57.7% | 20.7% | ||
| Q3 24 | -20.0% | 19.3% | ||
| Q2 24 | 63.9% | 20.3% | ||
| Q1 24 | -7.9% | 17.4% |
| Q4 25 | $-0.49 | — | ||
| Q3 25 | $0.12 | — | ||
| Q2 25 | $-0.53 | — | ||
| Q1 25 | $-0.15 | — | ||
| Q4 24 | $0.22 | — | ||
| Q3 24 | $-0.19 | — | ||
| Q2 24 | $0.29 | — | ||
| Q1 24 | $-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 | $84.6M | $26.7M |
| Total DebtLower is stronger | — | $531.0M |
| Stockholders' EquityBook value | $1.2B | — |
| Total Assets | $6.5B | $505.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $26.7M | ||
| Q3 25 | $204.1M | $13.4M | ||
| Q2 25 | $107.7M | $16.7M | ||
| Q1 25 | $106.4M | $30.9M | ||
| Q4 24 | $104.9M | $17.6M | ||
| Q3 24 | $108.8M | $15.1M | ||
| Q2 24 | $107.2M | $13.5M | ||
| Q1 24 | $106.5M | $28.8M |
| Q4 25 | — | $531.0M | ||
| Q3 25 | — | $514.2M | ||
| Q2 25 | — | $514.3M | ||
| Q1 25 | — | $407.8M | ||
| Q4 24 | — | $408.6M | ||
| Q3 24 | — | $409.3M | ||
| Q2 24 | — | $410.0M | ||
| Q1 24 | — | $410.7M |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $6.5B | $505.3M | ||
| Q3 25 | $6.5B | $492.9M | ||
| Q2 25 | $6.8B | $494.8M | ||
| Q1 25 | $6.6B | $385.2M | ||
| Q4 24 | $6.4B | $393.5M | ||
| Q3 24 | $6.8B | $387.4M | ||
| Q2 24 | $7.1B | $383.7M | ||
| Q1 24 | $7.3B | $381.2M |
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 | $27.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $27.7M | ||
| Q3 25 | $18.5M | $2.3M | ||
| Q2 25 | $21.1M | $12.5M | ||
| Q1 25 | $15.9M | $5.5M | ||
| Q4 24 | $132.6M | $31.9M | ||
| Q3 24 | $49.1M | $8.5M | ||
| Q2 24 | $30.6M | $5.4M | ||
| Q1 24 | $34.5M | $6.1M |
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | 3.02× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | 6.54× | 7.57× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | 1.19× | 1.32× | ||
| Q1 24 | — | 1.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
