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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and Seaport Entertainment Group Inc. (SEG). Click either name above to swap in a different company.
Seaport Entertainment Group Inc. is the larger business by last-quarter revenue ($29.5M vs $25.8M, roughly 1.1× KKR Real Estate Finance Trust Inc.). KKR Real Estate Finance Trust Inc. runs the higher net margin — -101.7% vs -125.0%, a 23.3% gap on every dollar of revenue.
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.
KREF vs SEG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $29.5M |
| Net Profit | $-26.2M | $-36.9M |
| Gross Margin | — | — |
| Operating Margin | -105.1% | -120.5% |
| Net Margin | -101.7% | -125.0% |
| Revenue YoY | -26.6% | — |
| Net Profit YoY | -229.6% | — |
| EPS (diluted) | $-0.49 | $-2.90 |
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 | $29.5M | ||
| Q3 25 | $25.3M | $45.0M | ||
| Q2 25 | $30.2M | $39.8M | ||
| Q1 25 | $31.3M | $16.1M | ||
| Q4 24 | $35.1M | — | ||
| Q3 24 | $37.0M | $39.4M | ||
| Q2 24 | $40.4M | $33.7M | ||
| Q1 24 | $39.1M | — |
| Q4 25 | $-26.2M | $-36.9M | ||
| Q3 25 | $13.8M | $-33.2M | ||
| Q2 25 | $-29.7M | $-14.8M | ||
| Q1 25 | $-4.9M | $-31.9M | ||
| Q4 24 | $20.3M | — | ||
| Q3 24 | $-7.4M | $-32.5M | ||
| Q2 24 | $25.8M | $-35.0M | ||
| Q1 24 | $-3.1M | — |
| Q4 25 | -105.1% | -120.5% | ||
| Q3 25 | 50.4% | -75.2% | ||
| Q2 25 | -101.3% | -40.2% | ||
| Q1 25 | -18.3% | -203.5% | ||
| Q4 24 | 55.8% | — | ||
| Q3 24 | -19.6% | -51.0% | ||
| Q2 24 | 63.3% | -75.3% | ||
| Q1 24 | -8.7% | — |
| Q4 25 | -101.7% | -125.0% | ||
| Q3 25 | 54.4% | -73.7% | ||
| Q2 25 | -98.5% | -37.1% | ||
| Q1 25 | -15.5% | -198.4% | ||
| Q4 24 | 57.7% | — | ||
| Q3 24 | -20.0% | -82.5% | ||
| Q2 24 | 63.9% | -103.9% | ||
| Q1 24 | -7.9% | — |
| Q4 25 | $-0.49 | $-2.90 | ||
| Q3 25 | $0.12 | $-2.61 | ||
| Q2 25 | $-0.53 | $-1.16 | ||
| Q1 25 | $-0.15 | $-2.51 | ||
| Q4 24 | $0.22 | — | ||
| Q3 24 | $-0.19 | $-5.89 | ||
| Q2 24 | $0.29 | $-6.34 | ||
| 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 | $77.8M |
| Total DebtLower is stronger | — | $38.3M |
| Stockholders' EquityBook value | $1.2B | $456.5M |
| Total Assets | $6.5B | $650.1M |
| Debt / EquityLower = less leverage | — | 0.08× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $77.8M | ||
| Q3 25 | $204.1M | $106.2M | ||
| Q2 25 | $107.7M | $123.3M | ||
| Q1 25 | $106.4M | $129.9M | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $108.8M | $23.7M | ||
| Q2 24 | $107.2M | $3.3M | ||
| Q1 24 | $106.5M | — |
| Q4 25 | — | $38.3M | ||
| Q3 25 | — | $39.3M | ||
| Q2 25 | — | $100.6M | ||
| Q1 25 | — | $101.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $103.3M | ||
| Q2 24 | — | $157.1M | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | $456.5M | ||
| Q3 25 | $1.2B | $485.8M | ||
| Q2 25 | $1.2B | $517.9M | ||
| Q1 25 | $1.3B | $531.2M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | $433.8M | ||
| Q2 24 | $1.4B | $380.7M | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $6.5B | $650.1M | ||
| Q3 25 | $6.5B | $699.1M | ||
| Q2 25 | $6.8B | $717.2M | ||
| Q1 25 | $6.6B | $718.4M | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.8B | $622.8M | ||
| Q2 24 | $7.1B | $610.1M | ||
| Q1 24 | $7.3B | — |
| Q4 25 | — | 0.08× | ||
| Q3 25 | — | 0.08× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.24× | ||
| Q2 24 | — | 0.41× | ||
| 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 | $-23.1M |
| 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 | $-23.1M | ||
| Q3 25 | $18.5M | $-5.3M | ||
| Q2 25 | $21.1M | $-754.0K | ||
| Q1 25 | $15.9M | $-20.5M | ||
| Q4 24 | $132.6M | — | ||
| Q3 24 | $49.1M | $-8.8M | ||
| Q2 24 | $30.6M | — | ||
| Q1 24 | $34.5M | — |
| 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.
Revenue Breakdown by Segment
KREF
Segment breakdown not available.
SEG
| Sponsorships Events And Entertainment | $12.5M | 43% |
| Hospitality | $12.2M | 41% |
| Rental | $4.1M | 14% |
| Other | $631.0K | 2% |
