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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and ON24 INC. (ONTF). Click either name above to swap in a different company.
ON24 INC. is the larger business by last-quarter revenue ($34.6M vs $25.8M, roughly 1.3× KKR Real Estate Finance Trust Inc.). ON24 INC. runs the higher net margin — -18.8% vs -101.7%, a 83.0% gap on every dollar of revenue. On growth, ON24 INC. posted the faster year-over-year revenue change (-5.6% vs -26.6%). Over the past eight quarters, ON24 INC.'s revenue compounded faster (-4.2% 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.
ON24 Inc., a San Francisco-based company, is a cloud-based platform that develops and sells web-based webinar, virtual conferencing, content hub, and landing page applications as a service for marketing and sales teams in B2B organizations. In 2023 it expanded its offerings to include generative AI services.
KREF vs ONTF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $34.6M |
| Net Profit | $-26.2M | $-6.5M |
| Gross Margin | — | 74.9% |
| Operating Margin | -105.1% | -23.5% |
| Net Margin | -101.7% | -18.8% |
| Revenue YoY | -26.6% | -5.6% |
| Net Profit YoY | -229.6% | 26.8% |
| EPS (diluted) | $-0.49 | $-0.15 |
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 | $34.6M | ||
| Q3 25 | $25.3M | $34.6M | ||
| Q2 25 | $30.2M | $35.3M | ||
| Q1 25 | $31.3M | $34.7M | ||
| Q4 24 | $35.1M | $36.7M | ||
| Q3 24 | $37.0M | $36.3M | ||
| Q2 24 | $40.4M | $37.3M | ||
| Q1 24 | $39.1M | $37.7M |
| Q4 25 | $-26.2M | $-6.5M | ||
| Q3 25 | $13.8M | $-6.4M | ||
| Q2 25 | $-29.7M | $-7.3M | ||
| Q1 25 | $-4.9M | $-8.7M | ||
| Q4 24 | $20.3M | $-8.9M | ||
| Q3 24 | $-7.4M | $-11.4M | ||
| Q2 24 | $25.8M | $-11.2M | ||
| Q1 24 | $-3.1M | $-10.7M |
| Q4 25 | — | 74.9% | ||
| Q3 25 | — | 74.7% | ||
| Q2 25 | — | 75.1% | ||
| Q1 25 | — | 73.8% | ||
| Q4 24 | — | 74.5% | ||
| Q3 24 | — | 74.3% | ||
| Q2 24 | — | 74.5% | ||
| Q1 24 | — | 74.1% |
| Q4 25 | -105.1% | -23.5% | ||
| Q3 25 | 50.4% | -23.1% | ||
| Q2 25 | -101.3% | -26.0% | ||
| Q1 25 | -18.3% | -30.1% | ||
| Q4 24 | 55.8% | -32.1% | ||
| Q3 24 | -19.6% | -36.7% | ||
| Q2 24 | 63.3% | -35.0% | ||
| Q1 24 | -8.7% | -33.1% |
| Q4 25 | -101.7% | -18.8% | ||
| Q3 25 | 54.4% | -18.4% | ||
| Q2 25 | -98.5% | -20.6% | ||
| Q1 25 | -15.5% | -25.1% | ||
| Q4 24 | 57.7% | -24.2% | ||
| Q3 24 | -20.0% | -31.4% | ||
| Q2 24 | 63.9% | -29.9% | ||
| Q1 24 | -7.9% | -28.4% |
| Q4 25 | $-0.49 | $-0.15 | ||
| Q3 25 | $0.12 | $-0.15 | ||
| Q2 25 | $-0.53 | $-0.17 | ||
| Q1 25 | $-0.15 | $-0.21 | ||
| Q4 24 | $0.22 | $-0.21 | ||
| Q3 24 | $-0.19 | $-0.27 | ||
| Q2 24 | $0.29 | $-0.27 | ||
| Q1 24 | $-0.13 | $-0.26 |
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 | $37.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $139.4M |
| Total Assets | $6.5B | $228.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $37.0M | ||
| Q3 25 | $204.1M | $47.2M | ||
| Q2 25 | $107.7M | $37.7M | ||
| Q1 25 | $106.4M | $26.8M | ||
| Q4 24 | $104.9M | $14.9M | ||
| Q3 24 | $108.8M | $11.0M | ||
| Q2 24 | $107.2M | $15.5M | ||
| Q1 24 | $106.5M | $18.3M |
| Q4 25 | $1.2B | $139.4M | ||
| Q3 25 | $1.2B | $144.3M | ||
| Q2 25 | $1.2B | $150.0M | ||
| Q1 25 | $1.3B | $153.7M | ||
| Q4 24 | $1.3B | $159.4M | ||
| Q3 24 | $1.4B | $164.9M | ||
| Q2 24 | $1.4B | $170.8M | ||
| Q1 24 | $1.4B | $174.4M |
| Q4 25 | $6.5B | $228.4M | ||
| Q3 25 | $6.5B | $224.8M | ||
| Q2 25 | $6.8B | $235.1M | ||
| Q1 25 | $6.6B | $245.8M | ||
| Q4 24 | $6.4B | $251.0M | ||
| Q3 24 | $6.8B | $250.9M | ||
| Q2 24 | $7.1B | $259.0M | ||
| Q1 24 | $7.3B | $269.2M |
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 | $-1.1M |
| Free Cash FlowOCF − Capex | — | $-2.2M |
| FCF MarginFCF / Revenue | — | -6.4% |
| Capex IntensityCapex / Revenue | — | 3.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $-1.1M | ||
| Q3 25 | $18.5M | $2.5M | ||
| Q2 25 | $21.1M | $2.6M | ||
| Q1 25 | $15.9M | $3.4M | ||
| Q4 24 | $132.6M | $985.0K | ||
| Q3 24 | $49.1M | $295.0K | ||
| Q2 24 | $30.6M | $1.4M | ||
| Q1 24 | $34.5M | $2.1M |
| Q4 25 | — | $-2.2M | ||
| Q3 25 | — | $2.2M | ||
| Q2 25 | — | $2.1M | ||
| Q1 25 | — | $1.9M | ||
| Q4 24 | — | $424.0K | ||
| Q3 24 | — | $143.0K | ||
| Q2 24 | — | $898.0K | ||
| Q1 24 | — | $1.1M |
| Q4 25 | — | -6.4% | ||
| Q3 25 | — | 6.2% | ||
| Q2 25 | — | 5.9% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 2.9% |
| Q4 25 | — | 3.3% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 2.8% |
| 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.
