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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and Nerdy Inc. (NRDY). Click either name above to swap in a different company.
Nerdy Inc. is the larger business by last-quarter revenue ($49.1M vs $25.8M, roughly 1.9× KKR Real Estate Finance Trust Inc.). Nerdy Inc. runs the higher net margin — -18.8% vs -101.7%, a 82.9% gap on every dollar of revenue. On growth, Nerdy Inc. posted the faster year-over-year revenue change (2.3% vs -26.6%). Over the past eight quarters, Nerdy Inc.'s revenue compounded faster (-4.4% 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.
Nerdy Inc. is a leading U.S.-based edtech firm best known for operating the Varsity Tutors platform, offering live one-on-one tutoring, on-demand courses, test prep resources, and skill-building content. It serves K-12 students, higher ed learners, and working professionals across hundreds of academic and professional subject areas.
KREF vs NRDY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $49.1M |
| Net Profit | $-26.2M | $-9.2M |
| Gross Margin | — | 51.0% |
| Operating Margin | -105.1% | -28.3% |
| Net Margin | -101.7% | -18.8% |
| Revenue YoY | -26.6% | 2.3% |
| Net Profit YoY | -229.6% | 8.9% |
| EPS (diluted) | $-0.49 | $-0.07 |
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 | $49.1M | ||
| Q3 25 | $25.3M | $37.0M | ||
| Q2 25 | $30.2M | $45.3M | ||
| Q1 25 | $31.3M | $47.6M | ||
| Q4 24 | $35.1M | $48.0M | ||
| Q3 24 | $37.0M | $37.5M | ||
| Q2 24 | $40.4M | $51.0M | ||
| Q1 24 | $39.1M | $53.7M |
| Q4 25 | $-26.2M | $-9.2M | ||
| Q3 25 | $13.8M | $-12.3M | ||
| Q2 25 | $-29.7M | $-7.9M | ||
| Q1 25 | $-4.9M | $-10.5M | ||
| Q4 24 | $20.3M | $-10.1M | ||
| Q3 24 | $-7.4M | $-15.9M | ||
| Q2 24 | $25.8M | $-9.1M | ||
| Q1 24 | $-3.1M | $-7.4M |
| Q4 25 | — | 51.0% | ||
| Q3 25 | — | 62.9% | ||
| Q2 25 | — | 61.5% | ||
| Q1 25 | — | 58.0% | ||
| Q4 24 | — | 66.6% | ||
| Q3 24 | — | 70.5% | ||
| Q2 24 | — | 65.7% | ||
| Q1 24 | — | 68.0% |
| Q4 25 | -105.1% | -28.3% | ||
| Q3 25 | 50.4% | -51.5% | ||
| Q2 25 | -101.3% | -27.1% | ||
| Q1 25 | -18.3% | -34.8% | ||
| Q4 24 | 55.8% | -34.0% | ||
| Q3 24 | -19.6% | -68.5% | ||
| Q2 24 | 63.3% | -29.9% | ||
| Q1 24 | -8.7% | -23.9% |
| Q4 25 | -101.7% | -18.8% | ||
| Q3 25 | 54.4% | -33.2% | ||
| Q2 25 | -98.5% | -17.4% | ||
| Q1 25 | -15.5% | -22.1% | ||
| Q4 24 | 57.7% | -21.1% | ||
| Q3 24 | -20.0% | -42.4% | ||
| Q2 24 | 63.9% | -17.8% | ||
| Q1 24 | -7.9% | -13.9% |
| Q4 25 | $-0.49 | $-0.07 | ||
| Q3 25 | $0.12 | $-0.10 | ||
| Q2 25 | $-0.53 | $-0.07 | ||
| Q1 25 | $-0.15 | $-0.09 | ||
| Q4 24 | $0.22 | $-0.09 | ||
| Q3 24 | $-0.19 | $-0.14 | ||
| Q2 24 | $0.29 | $-0.08 | ||
| Q1 24 | $-0.13 | $-0.07 |
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 | $47.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $19.0M |
| Total Assets | $6.5B | $76.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $47.9M | ||
| Q3 25 | $204.1M | $32.7M | ||
| Q2 25 | $107.7M | $36.7M | ||
| Q1 25 | $106.4M | $44.9M | ||
| Q4 24 | $104.9M | $52.5M | ||
| Q3 24 | $108.8M | $65.0M | ||
| Q2 24 | $107.2M | $69.8M | ||
| Q1 24 | $106.5M | $77.0M |
| Q4 25 | $1.2B | $19.0M | ||
| Q3 25 | $1.2B | $24.3M | ||
| Q2 25 | $1.2B | $31.8M | ||
| Q1 25 | $1.3B | $34.4M | ||
| Q4 24 | $1.3B | $39.5M | ||
| Q3 24 | $1.4B | $43.3M | ||
| Q2 24 | $1.4B | $52.2M | ||
| Q1 24 | $1.4B | $52.8M |
| Q4 25 | $6.5B | $76.2M | ||
| Q3 25 | $6.5B | $70.4M | ||
| Q2 25 | $6.8B | $73.7M | ||
| Q1 25 | $6.6B | $83.0M | ||
| Q4 24 | $6.4B | $92.5M | ||
| Q3 24 | $6.8B | $106.8M | ||
| Q2 24 | $7.1B | $111.3M | ||
| Q1 24 | $7.3B | $121.3M |
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 | $-2.9M |
| Free Cash FlowOCF − Capex | — | $-4.3M |
| FCF MarginFCF / Revenue | — | -8.7% |
| Capex IntensityCapex / Revenue | — | 2.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-24.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $-2.9M | ||
| Q3 25 | $18.5M | $-2.4M | ||
| Q2 25 | $21.1M | $-7.0M | ||
| Q1 25 | $15.9M | $-6.4M | ||
| Q4 24 | $132.6M | $-11.3M | ||
| Q3 24 | $49.1M | $-3.1M | ||
| Q2 24 | $30.6M | $-5.6M | ||
| Q1 24 | $34.5M | $4.4M |
| Q4 25 | — | $-4.3M | ||
| Q3 25 | — | $-4.1M | ||
| Q2 25 | — | $-8.2M | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $-12.5M | ||
| Q3 24 | — | $-5.0M | ||
| Q2 24 | — | $-7.1M | ||
| Q1 24 | — | $2.1M |
| Q4 25 | — | -8.7% | ||
| Q3 25 | — | -11.2% | ||
| Q2 25 | — | -18.1% | ||
| Q1 25 | — | -16.0% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | — | -13.3% | ||
| Q2 24 | — | -14.0% | ||
| Q1 24 | — | 4.0% |
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 5.2% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 4.1% |
| 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.
