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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and NATURAL RESOURCE PARTNERS LP (NRP). Click either name above to swap in a different company.
NATURAL RESOURCE PARTNERS LP is the larger business by last-quarter revenue ($51.3M vs $25.8M, roughly 2.0× KKR Real Estate Finance Trust Inc.). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs -101.7%, a 180.3% gap on every dollar of revenue. On growth, NATURAL RESOURCE PARTNERS LP posted the faster year-over-year revenue change (-21.8% vs -26.6%). Over the past eight quarters, NATURAL RESOURCE PARTNERS LP's revenue compounded faster (-8.3% 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.
Natural Resource Partners LP is a U.S.-headquartered master limited partnership that owns, manages and leases mineral reserve interests. Its asset portfolio covers coal, aggregates, industrial minerals and oil & gas, with operations primarily across North America, deriving most revenue from royalties paid by third-party resource extraction operators.
KREF vs NRP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $51.3M |
| Net Profit | $-26.2M | $40.3M |
| Gross Margin | — | — |
| Operating Margin | -105.1% | 83.7% |
| Net Margin | -101.7% | 78.5% |
| Revenue YoY | -26.6% | -21.8% |
| Net Profit YoY | -229.6% | -28.4% |
| 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 | — | ||
| Q3 25 | $25.3M | — | ||
| Q2 25 | $30.2M | — | ||
| Q1 25 | $31.3M | $51.3M | ||
| Q4 24 | $35.1M | $61.8M | ||
| Q3 24 | $37.0M | $50.4M | ||
| Q2 24 | $40.4M | $54.6M | ||
| Q1 24 | $39.1M | $65.6M |
| Q4 25 | $-26.2M | — | ||
| Q3 25 | $13.8M | — | ||
| Q2 25 | $-29.7M | — | ||
| Q1 25 | $-4.9M | $40.3M | ||
| Q4 24 | $20.3M | $42.8M | ||
| Q3 24 | $-7.4M | $38.6M | ||
| Q2 24 | $25.8M | $46.1M | ||
| Q1 24 | $-3.1M | $56.2M |
| Q4 25 | -105.1% | — | ||
| Q3 25 | 50.4% | — | ||
| Q2 25 | -101.3% | — | ||
| Q1 25 | -18.3% | 83.7% | ||
| Q4 24 | 55.8% | 74.9% | ||
| Q3 24 | -19.6% | 84.9% | ||
| Q2 24 | 63.3% | 92.3% | ||
| Q1 24 | -8.7% | 91.0% |
| Q4 25 | -101.7% | — | ||
| Q3 25 | 54.4% | — | ||
| Q2 25 | -98.5% | — | ||
| Q1 25 | -15.5% | 78.5% | ||
| Q4 24 | 57.7% | 69.2% | ||
| Q3 24 | -20.0% | 76.6% | ||
| Q2 24 | 63.9% | 84.4% | ||
| Q1 24 | -7.9% | 85.7% |
| 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 | $30.9M |
| Total DebtLower is stronger | — | $138.8M |
| Stockholders' EquityBook value | $1.2B | — |
| Total Assets | $6.5B | $772.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | — | ||
| Q3 25 | $204.1M | — | ||
| Q2 25 | $107.7M | — | ||
| Q1 25 | $106.4M | $30.9M | ||
| Q4 24 | $104.9M | $30.4M | ||
| Q3 24 | $108.8M | $30.9M | ||
| Q2 24 | $107.2M | $32.3M | ||
| Q1 24 | $106.5M | $11.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $138.8M | ||
| Q4 24 | — | $142.1M | ||
| Q3 24 | — | $197.4M | ||
| Q2 24 | — | $210.3M | ||
| Q1 24 | — | $188.8M |
| 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 | — | ||
| Q3 25 | $6.5B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $6.6B | $772.5M | ||
| Q4 24 | $6.4B | $772.9M | ||
| Q3 24 | $6.8B | $772.9M | ||
| Q2 24 | $7.1B | $789.6M | ||
| Q1 24 | $7.3B | $772.9M |
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 | $34.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 0.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | — | ||
| Q3 25 | $18.5M | — | ||
| Q2 25 | $21.1M | — | ||
| Q1 25 | $15.9M | $34.4M | ||
| Q4 24 | $132.6M | $66.2M | ||
| Q3 24 | $49.1M | $54.1M | ||
| Q2 24 | $30.6M | $56.6M | ||
| Q1 24 | $34.5M | $71.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | 6.54× | 1.55× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | 1.19× | 1.23× | ||
| Q1 24 | — | 1.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KREF
Segment breakdown not available.
NRP
| Coal Royalty Revenues | $35.5M | 69% |
| Soda Ash Segment | $4.6M | 9% |
| Transportation And Processing Services | $4.4M | 9% |
| Production Lease Minimum Revenues | $2.7M | 5% |
| Oil And Gas Royalty Revenues | $2.4M | 5% |
| Other | $1.6M | 3% |
