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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and Plymouth Industrial REIT, Inc. (PLYM). Click either name above to swap in a different company.
Plymouth Industrial REIT, Inc. is the larger business by last-quarter revenue ($51.2M vs $25.8M, roughly 2.0× KKR Real Estate Finance Trust Inc.). KKR Real Estate Finance Trust Inc. runs the higher net margin — -101.7% vs -106.3%, a 4.5% gap on every dollar of revenue. On growth, Plymouth Industrial REIT, Inc. posted the faster year-over-year revenue change (-1.4% vs -26.6%). Over the past eight quarters, Plymouth Industrial REIT, Inc.'s revenue compounded faster (0.4% 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.
Plymouth Industrial REIT, Inc. is a real estate investment trust focused on owning, operating, and acquiring high-quality industrial properties including distribution centers, warehouses, and light industrial facilities across key U.S. logistics hubs. It serves tenants in e-commerce, retail, manufacturing, and third-party logistics sectors, supporting diverse business supply chain needs.
KREF vs PLYM — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $51.2M |
| Net Profit | $-26.2M | $-54.4M |
| Gross Margin | — | — |
| Operating Margin | -105.1% | -102.5% |
| Net Margin | -101.7% | -106.3% |
| Revenue YoY | -26.6% | -1.4% |
| Net Profit YoY | -229.6% | -248.5% |
| EPS (diluted) | $-0.49 | $-1.23 |
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 | $51.2M | ||
| Q2 25 | $30.2M | $47.2M | ||
| Q1 25 | $31.3M | $45.6M | ||
| Q4 24 | $35.1M | $47.6M | ||
| Q3 24 | $37.0M | $51.9M | ||
| Q2 24 | $40.4M | $48.7M | ||
| Q1 24 | $39.1M | $50.2M |
| Q4 25 | $-26.2M | — | ||
| Q3 25 | $13.8M | $-54.4M | ||
| Q2 25 | $-29.7M | $-6.1M | ||
| Q1 25 | $-4.9M | $5.8M | ||
| Q4 24 | $20.3M | $147.4M | ||
| Q3 24 | $-7.4M | $-15.6M | ||
| Q2 24 | $25.8M | $1.3M | ||
| Q1 24 | $-3.1M | $6.2M |
| Q4 25 | -105.1% | — | ||
| Q3 25 | 50.4% | -102.5% | ||
| Q2 25 | -101.3% | -10.3% | ||
| Q1 25 | -18.3% | — | ||
| Q4 24 | 55.8% | — | ||
| Q3 24 | -19.6% | -29.6% | ||
| Q2 24 | 63.3% | 2.7% | ||
| Q1 24 | -8.7% | — |
| Q4 25 | -101.7% | — | ||
| Q3 25 | 54.4% | -106.3% | ||
| Q2 25 | -98.5% | -12.9% | ||
| Q1 25 | -15.5% | 12.8% | ||
| Q4 24 | 57.7% | 309.9% | ||
| Q3 24 | -20.0% | -30.1% | ||
| Q2 24 | 63.9% | 2.7% | ||
| Q1 24 | -7.9% | 12.4% |
| Q4 25 | $-0.49 | — | ||
| Q3 25 | $0.12 | $-1.23 | ||
| Q2 25 | $-0.53 | $-0.14 | ||
| Q1 25 | $-0.15 | $0.13 | ||
| Q4 24 | $0.22 | $3.24 | ||
| Q3 24 | $-0.19 | $-0.35 | ||
| Q2 24 | $0.29 | $0.03 | ||
| Q1 24 | $-0.13 | $0.14 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $470.1M |
| Total Assets | $6.5B | $1.6B |
| 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 | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $108.8M | — | ||
| Q2 24 | $107.2M | — | ||
| Q1 24 | $106.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $646.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $470.1M | ||
| Q2 25 | $1.2B | $539.6M | ||
| Q1 25 | $1.3B | $571.0M | ||
| Q4 24 | $1.3B | $579.5M | ||
| Q3 24 | $1.4B | $436.5M | ||
| Q2 24 | $1.4B | $475.2M | ||
| Q1 24 | $1.4B | $484.6M |
| Q4 25 | $6.5B | — | ||
| Q3 25 | $6.5B | $1.6B | ||
| Q2 25 | $6.8B | $1.6B | ||
| Q1 25 | $6.6B | $1.4B | ||
| Q4 24 | $6.4B | $1.4B | ||
| Q3 24 | $6.8B | $1.5B | ||
| Q2 24 | $7.1B | $1.4B | ||
| Q1 24 | $7.3B | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $20.0M |
| 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 | — | ||
| Q3 25 | $18.5M | $20.0M | ||
| Q2 25 | $21.1M | $23.4M | ||
| Q1 25 | $15.9M | $15.6M | ||
| Q4 24 | $132.6M | $96.1M | ||
| Q3 24 | $49.1M | $17.6M | ||
| Q2 24 | $30.6M | $19.9M | ||
| Q1 24 | $34.5M | $16.6M |
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.67× | ||
| Q4 24 | 6.54× | 0.65× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.19× | 15.12× | ||
| Q1 24 | — | 2.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
