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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and Spire Global, Inc. (SPIR). 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 $15.8M, roughly 1.6× Spire Global, Inc.). KKR Real Estate Finance Trust Inc. runs the higher net margin — -101.7% vs -176.6%, a 74.9% gap on every dollar of revenue. On growth, KKR Real Estate Finance Trust Inc. posted the faster year-over-year revenue change (-26.6% vs -26.9%). Over the past eight quarters, KKR Real Estate Finance Trust Inc.'s revenue compounded faster (-18.8% CAGR vs -32.6%).
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.
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
KREF vs SPIR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $15.8M |
| Net Profit | $-26.2M | $-28.0M |
| Gross Margin | — | 40.2% |
| Operating Margin | -105.1% | -164.1% |
| Net Margin | -101.7% | -176.6% |
| Revenue YoY | -26.6% | -26.9% |
| Net Profit YoY | -229.6% | 42.7% |
| EPS (diluted) | $-0.49 | $-0.85 |
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 | $15.8M | ||
| Q3 25 | $25.3M | $12.7M | ||
| Q2 25 | $30.2M | $19.2M | ||
| Q1 25 | $31.3M | $23.9M | ||
| Q4 24 | $35.1M | $21.7M | ||
| Q3 24 | $37.0M | $28.6M | ||
| Q2 24 | $40.4M | $25.4M | ||
| Q1 24 | $39.1M | $34.8M |
| Q4 25 | $-26.2M | $-28.0M | ||
| Q3 25 | $13.8M | $-19.7M | ||
| Q2 25 | $-29.7M | $119.6M | ||
| Q1 25 | $-4.9M | $-20.7M | ||
| Q4 24 | $20.3M | $-48.8M | ||
| Q3 24 | $-7.4M | $-12.5M | ||
| Q2 24 | $25.8M | $-16.6M | ||
| Q1 24 | $-3.1M | $-25.5M |
| Q4 25 | — | 40.2% | ||
| Q3 25 | — | 36.6% | ||
| Q2 25 | — | 48.9% | ||
| Q1 25 | — | 36.8% | ||
| Q4 24 | — | 32.4% | ||
| Q3 24 | — | 44.5% | ||
| Q2 24 | — | 43.0% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | -105.1% | -164.1% | ||
| Q3 25 | 50.4% | -166.1% | ||
| Q2 25 | -101.3% | -122.7% | ||
| Q1 25 | -18.3% | -106.5% | ||
| Q4 24 | 55.8% | -144.1% | ||
| Q3 24 | -19.6% | -48.0% | ||
| Q2 24 | 63.3% | -48.6% | ||
| Q1 24 | -8.7% | -34.4% |
| Q4 25 | -101.7% | -176.6% | ||
| Q3 25 | 54.4% | -155.3% | ||
| Q2 25 | -98.5% | 623.4% | ||
| Q1 25 | -15.5% | -86.5% | ||
| Q4 24 | 57.7% | -225.2% | ||
| Q3 24 | -20.0% | -43.7% | ||
| Q2 24 | 63.9% | -65.2% | ||
| Q1 24 | -7.9% | -73.3% |
| Q4 25 | $-0.49 | $-0.85 | ||
| Q3 25 | $0.12 | $-0.61 | ||
| Q2 25 | $-0.53 | $3.72 | ||
| Q1 25 | $-0.15 | $-0.77 | ||
| Q4 24 | $0.22 | $-1.93 | ||
| Q3 24 | $-0.19 | $-0.50 | ||
| Q2 24 | $0.29 | $-0.68 | ||
| Q1 24 | $-0.13 | $-1.17 |
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 | $81.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $112.9M |
| Total Assets | $6.5B | $211.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $81.8M | ||
| Q3 25 | $204.1M | $96.8M | ||
| Q2 25 | $107.7M | $117.6M | ||
| Q1 25 | $106.4M | $35.9M | ||
| Q4 24 | $104.9M | $19.2M | ||
| Q3 24 | $108.8M | $36.6M | ||
| Q2 24 | $107.2M | $45.8M | ||
| Q1 24 | $106.5M | $63.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $103.7M | ||
| Q4 24 | — | $103.1M | ||
| Q3 24 | — | $4.9M | ||
| Q2 24 | — | $4.9M | ||
| Q1 24 | — | $123.1M |
| Q4 25 | $1.2B | $112.9M | ||
| Q3 25 | $1.2B | $133.1M | ||
| Q2 25 | $1.2B | $149.2M | ||
| Q1 25 | $1.3B | $3.7M | ||
| Q4 24 | $1.3B | $-11.7M | ||
| Q3 24 | $1.4B | $30.8M | ||
| Q2 24 | $1.4B | $40.3M | ||
| Q1 24 | $1.4B | $52.5M |
| Q4 25 | $6.5B | $211.0M | ||
| Q3 25 | $6.5B | $224.3M | ||
| Q2 25 | $6.8B | $239.5M | ||
| Q1 25 | $6.6B | $208.8M | ||
| Q4 24 | $6.4B | $193.6M | ||
| Q3 24 | $6.8B | $224.2M | ||
| Q2 24 | $7.1B | $230.8M | ||
| Q1 24 | $7.3B | $252.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 27.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 2.35× |
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 | $-4.3M |
| Free Cash FlowOCF − Capex | — | $-16.2M |
| FCF MarginFCF / Revenue | — | -102.1% |
| Capex IntensityCapex / Revenue | — | 75.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $-4.3M | ||
| Q3 25 | $18.5M | $-12.0M | ||
| Q2 25 | $21.1M | $-35.1M | ||
| Q1 25 | $15.9M | $-8.4M | ||
| Q4 24 | $132.6M | $-19.2M | ||
| Q3 24 | $49.1M | $14.0M | ||
| Q2 24 | $30.6M | $-4.4M | ||
| Q1 24 | $34.5M | $-8.8M |
| Q4 25 | — | $-16.2M | ||
| Q3 25 | — | $-20.4M | ||
| Q2 25 | — | $-38.7M | ||
| Q1 25 | — | $-17.3M | ||
| Q4 24 | — | $-24.3M | ||
| Q3 24 | — | $5.1M | ||
| Q2 24 | — | $-9.9M | ||
| Q1 24 | — | $-15.9M |
| Q4 25 | — | -102.1% | ||
| Q3 25 | — | -161.3% | ||
| Q2 25 | — | -201.7% | ||
| Q1 25 | — | -72.6% | ||
| Q4 24 | — | -112.2% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | -39.0% | ||
| Q1 24 | — | -45.7% |
| Q4 25 | — | 75.1% | ||
| Q3 25 | — | 66.2% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 37.3% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 31.2% | ||
| Q2 24 | — | 21.8% | ||
| Q1 24 | — | 20.3% |
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | -0.29× | ||
| 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.
