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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and DNA X, Inc. (SONM). Click either name above to swap in a different company.
KKR Real Estate Finance Trust Inc. is the larger business by last-quarter revenue ($25.8M vs $16.2M, roughly 1.6× DNA X, Inc.). DNA X, Inc. runs the higher net margin — -29.3% vs -101.7%, a 72.4% gap on every dollar of revenue. On growth, DNA X, Inc. posted the faster year-over-year revenue change (7.9% vs -26.6%). Over the past eight quarters, DNA X, Inc.'s revenue compounded faster (9.9% 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.
KREF vs SONM — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $16.2M |
| Net Profit | $-26.2M | $-4.8M |
| Gross Margin | — | 11.2% |
| Operating Margin | -105.1% | -24.5% |
| Net Margin | -101.7% | -29.3% |
| Revenue YoY | -26.6% | 7.9% |
| Net Profit YoY | -229.6% | -89.2% |
| EPS (diluted) | $-0.49 | $-4.83 |
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 | $16.2M | ||
| Q2 25 | $30.2M | $11.2M | ||
| Q1 25 | $31.3M | $16.7M | ||
| Q4 24 | $35.1M | $15.3M | ||
| Q3 24 | $37.0M | $15.0M | ||
| Q2 24 | $40.4M | $11.5M | ||
| Q1 24 | $39.1M | $9.1M |
| Q4 25 | $-26.2M | — | ||
| Q3 25 | $13.8M | $-4.8M | ||
| Q2 25 | $-29.7M | $-7.5M | ||
| Q1 25 | $-4.9M | $458.0K | ||
| Q4 24 | $20.3M | $-21.6M | ||
| Q3 24 | $-7.4M | $-2.5M | ||
| Q2 24 | $25.8M | $-6.6M | ||
| Q1 24 | $-3.1M | $-2.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | 11.2% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | — | 50.0% | ||
| Q4 24 | — | -1.2% | ||
| Q3 24 | — | 28.2% | ||
| Q2 24 | — | 25.8% | ||
| Q1 24 | — | 31.8% |
| Q4 25 | -105.1% | — | ||
| Q3 25 | 50.4% | -24.5% | ||
| Q2 25 | -101.3% | -60.2% | ||
| Q1 25 | -18.3% | 3.9% | ||
| Q4 24 | 55.8% | 55.3% | ||
| Q3 24 | -19.6% | -15.8% | ||
| Q2 24 | 63.3% | -56.2% | ||
| Q1 24 | -8.7% | -29.5% |
| Q4 25 | -101.7% | — | ||
| Q3 25 | 54.4% | -29.3% | ||
| Q2 25 | -98.5% | -66.8% | ||
| Q1 25 | -15.5% | 2.7% | ||
| Q4 24 | 57.7% | -141.6% | ||
| Q3 24 | -20.0% | -16.7% | ||
| Q2 24 | 63.9% | -57.5% | ||
| Q1 24 | -7.9% | -31.9% |
| Q4 25 | $-0.49 | — | ||
| Q3 25 | $0.12 | $-4.83 | ||
| Q2 25 | $-0.53 | $-0.79 | ||
| Q1 25 | $-0.15 | $0.08 | ||
| Q4 24 | $0.22 | $-116.99 | ||
| Q3 24 | $-0.19 | $-9.32 | ||
| Q2 24 | $0.29 | $-1.41 | ||
| Q1 24 | $-0.13 | $-0.65 |
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 | $2.1M |
| Total DebtLower is stronger | — | $5.1M |
| Stockholders' EquityBook value | $1.2B | $-701.0K |
| Total Assets | $6.5B | $40.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | — | ||
| Q3 25 | $204.1M | $2.1M | ||
| Q2 25 | $107.7M | $2.0M | ||
| Q1 25 | $106.4M | $2.1M | ||
| Q4 24 | $104.9M | $5.3M | ||
| Q3 24 | $108.8M | $9.1M | ||
| Q2 24 | $107.2M | $9.6M | ||
| Q1 24 | $106.5M | $9.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | $5.1M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $2.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $-701.0K | ||
| Q2 25 | $1.2B | $-1.3M | ||
| Q1 25 | $1.3B | $-1.1M | ||
| Q4 24 | $1.3B | $-5.7M | ||
| Q3 24 | $1.4B | $15.3M | ||
| Q2 24 | $1.4B | $17.5M | ||
| Q1 24 | $1.4B | $19.8M |
| Q4 25 | $6.5B | — | ||
| Q3 25 | $6.5B | $40.2M | ||
| Q2 25 | $6.8B | $36.1M | ||
| Q1 25 | $6.6B | $36.0M | ||
| Q4 24 | $6.4B | $39.7M | ||
| Q3 24 | $6.8B | $49.1M | ||
| Q2 24 | $7.1B | $45.9M | ||
| Q1 24 | $7.3B | $42.4M |
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 | $-7.0M |
| 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 | $-7.0M | ||
| Q2 25 | $21.1M | $-4.9M | ||
| Q1 25 | $15.9M | $-9.6M | ||
| Q4 24 | $132.6M | $-4.5M | ||
| Q3 24 | $49.1M | $-417.0K | ||
| Q2 24 | $30.6M | $-3.4M | ||
| Q1 24 | $34.5M | $-168.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-4.5M | ||
| Q3 24 | — | $-554.0K | ||
| Q2 24 | — | $-3.4M | ||
| Q1 24 | — | $-198.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -29.6% | ||
| Q3 24 | — | -3.7% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -2.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -20.97× | ||
| 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.
