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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and SmartRent, Inc. (SMRT). Click either name above to swap in a different company.
SmartRent, Inc. is the larger business by last-quarter revenue ($36.5M vs $25.8M, roughly 1.4× KKR Real Estate Finance Trust Inc.). SmartRent, Inc. runs the higher net margin — -8.9% vs -101.7%, a 92.9% gap on every dollar of revenue. On growth, SmartRent, Inc. posted the faster year-over-year revenue change (3.1% vs -26.6%). Over the past eight quarters, SmartRent, Inc.'s revenue compounded faster (-15.0% 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.
Budget Rent a Car System, Inc. is an American car rental company that was founded in 1958 in Los Angeles, California by Morris Mirkin. Budget is a subsidiary of the Avis Budget Group, with its operations headquartered in Parsippany, New Jersey.
KREF vs SMRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $36.5M |
| Net Profit | $-26.2M | $-3.2M |
| Gross Margin | — | 38.6% |
| Operating Margin | -105.1% | -10.9% |
| Net Margin | -101.7% | -8.9% |
| Revenue YoY | -26.6% | 3.1% |
| Net Profit YoY | -229.6% | 71.6% |
| EPS (diluted) | $-0.49 | $-0.02 |
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 | $36.5M | ||
| Q3 25 | $25.3M | $36.2M | ||
| Q2 25 | $30.2M | $38.3M | ||
| Q1 25 | $31.3M | $41.3M | ||
| Q4 24 | $35.1M | $35.4M | ||
| Q3 24 | $37.0M | $40.5M | ||
| Q2 24 | $40.4M | $48.5M | ||
| Q1 24 | $39.1M | $50.5M |
| Q4 25 | $-26.2M | $-3.2M | ||
| Q3 25 | $13.8M | $-6.3M | ||
| Q2 25 | $-29.7M | $-10.9M | ||
| Q1 25 | $-4.9M | $-40.2M | ||
| Q4 24 | $20.3M | $-11.4M | ||
| Q3 24 | $-7.4M | $-9.9M | ||
| Q2 24 | $25.8M | $-4.6M | ||
| Q1 24 | $-3.1M | $-7.7M |
| Q4 25 | — | 38.6% | ||
| Q3 25 | — | 26.4% | ||
| Q2 25 | — | 33.1% | ||
| Q1 25 | — | 32.8% | ||
| Q4 24 | — | 28.7% | ||
| Q3 24 | — | 33.2% | ||
| Q2 24 | — | 35.7% | ||
| Q1 24 | — | 38.5% |
| Q4 25 | -105.1% | -10.9% | ||
| Q3 25 | 50.4% | -19.4% | ||
| Q2 25 | -101.3% | -30.5% | ||
| Q1 25 | -18.3% | -99.9% | ||
| Q4 24 | 55.8% | -36.6% | ||
| Q3 24 | -19.6% | -29.0% | ||
| Q2 24 | 63.3% | -14.3% | ||
| Q1 24 | -8.7% | -20.1% |
| Q4 25 | -101.7% | -8.9% | ||
| Q3 25 | 54.4% | -17.3% | ||
| Q2 25 | -98.5% | -28.3% | ||
| Q1 25 | -15.5% | -97.2% | ||
| Q4 24 | 57.7% | -32.3% | ||
| Q3 24 | -20.0% | -24.5% | ||
| Q2 24 | 63.9% | -9.5% | ||
| Q1 24 | -7.9% | -15.2% |
| Q4 25 | $-0.49 | $-0.02 | ||
| Q3 25 | $0.12 | $-0.03 | ||
| Q2 25 | $-0.53 | $-0.06 | ||
| Q1 25 | $-0.15 | $-0.21 | ||
| Q4 24 | $0.22 | $-0.06 | ||
| Q3 24 | $-0.19 | $-0.05 | ||
| Q2 24 | $0.29 | $-0.02 | ||
| Q1 24 | $-0.13 | $-0.04 |
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 | $104.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $232.1M |
| Total Assets | $6.5B | $320.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $104.5M | ||
| Q3 25 | $204.1M | $100.0M | ||
| Q2 25 | $107.7M | $105.0M | ||
| Q1 25 | $106.4M | $125.6M | ||
| Q4 24 | $104.9M | $142.5M | ||
| Q3 24 | $108.8M | $163.4M | ||
| Q2 24 | $107.2M | $187.4M | ||
| Q1 24 | $106.5M | $204.7M |
| Q4 25 | $1.2B | $232.1M | ||
| Q3 25 | $1.2B | $234.4M | ||
| Q2 25 | $1.2B | $238.8M | ||
| Q1 25 | $1.3B | $250.7M | ||
| Q4 24 | $1.3B | $289.4M | ||
| Q3 24 | $1.4B | $305.1M | ||
| Q2 24 | $1.4B | $329.4M | ||
| Q1 24 | $1.4B | $333.1M |
| Q4 25 | $6.5B | $320.9M | ||
| Q3 25 | $6.5B | $335.8M | ||
| Q2 25 | $6.8B | $354.0M | ||
| Q1 25 | $6.6B | $366.1M | ||
| Q4 24 | $6.4B | $420.2M | ||
| Q3 24 | $6.8B | $448.6M | ||
| Q2 24 | $7.1B | $475.3M | ||
| Q1 24 | $7.3B | $485.5M |
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 | $7.7M |
| Free Cash FlowOCF − Capex | — | $7.7M |
| FCF MarginFCF / Revenue | — | 21.0% |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-25.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $7.7M | ||
| Q3 25 | $18.5M | $-2.1M | ||
| Q2 25 | $21.1M | $-14.9M | ||
| Q1 25 | $15.9M | $-12.2M | ||
| Q4 24 | $132.6M | $-12.0M | ||
| Q3 24 | $49.1M | $-3.7M | ||
| Q2 24 | $30.6M | $-13.9M | ||
| Q1 24 | $34.5M | $-3.3M |
| Q4 25 | — | $7.7M | ||
| Q3 25 | — | $-2.2M | ||
| Q2 25 | — | $-16.2M | ||
| Q1 25 | — | $-14.3M | ||
| Q4 24 | — | $-13.3M | ||
| Q3 24 | — | $-3.9M | ||
| Q2 24 | — | $-14.1M | ||
| Q1 24 | — | $-3.4M |
| Q4 25 | — | 21.0% | ||
| Q3 25 | — | -6.1% | ||
| Q2 25 | — | -42.3% | ||
| Q1 25 | — | -34.7% | ||
| Q4 24 | — | -37.5% | ||
| Q3 24 | — | -9.7% | ||
| Q2 24 | — | -29.1% | ||
| Q1 24 | — | -6.7% |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | — | 0.1% |
| 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.
Revenue Breakdown by Segment
KREF
Segment breakdown not available.
SMRT
| Hosted Services | $18.1M | 50% |
| Hardware Service | $12.5M | 34% |
| Smart Operations Solutions | $2.6M | 7% |
| Access Control | $2.0M | 5% |
| Other Smart Communities Solutions | $1.3M | 3% |
