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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
Spok Holdings, Inc is the larger business by last-quarter revenue ($33.9M vs $25.8M, roughly 1.3× KKR Real Estate Finance Trust Inc.). Spok Holdings, Inc runs the higher net margin — 8.7% vs -101.7%, a 110.4% gap on every dollar of revenue. On growth, Spok Holdings, Inc posted the faster year-over-year revenue change (-0.1% vs -26.6%). Over the past eight quarters, Spok Holdings, Inc's revenue compounded faster (-1.5% 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.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
KREF vs SPOK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $33.9M |
| Net Profit | $-26.2M | $2.9M |
| Gross Margin | — | 76.7% |
| Operating Margin | -105.1% | 11.6% |
| Net Margin | -101.7% | 8.7% |
| Revenue YoY | -26.6% | -0.1% |
| Net Profit YoY | -229.6% | -19.6% |
| EPS (diluted) | $-0.49 | $0.13 |
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 | $33.9M | ||
| Q3 25 | $25.3M | $33.9M | ||
| Q2 25 | $30.2M | $35.7M | ||
| Q1 25 | $31.3M | $36.3M | ||
| Q4 24 | $35.1M | $33.9M | ||
| Q3 24 | $37.0M | $34.9M | ||
| Q2 24 | $40.4M | $34.0M | ||
| Q1 24 | $39.1M | $34.9M |
| Q4 25 | $-26.2M | $2.9M | ||
| Q3 25 | $13.8M | $3.2M | ||
| Q2 25 | $-29.7M | $4.6M | ||
| Q1 25 | $-4.9M | $5.2M | ||
| Q4 24 | $20.3M | $3.6M | ||
| Q3 24 | $-7.4M | $3.7M | ||
| Q2 24 | $25.8M | $3.4M | ||
| Q1 24 | $-3.1M | $4.2M |
| Q4 25 | — | 76.7% | ||
| Q3 25 | — | 78.3% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 80.1% | ||
| Q4 24 | — | 78.5% | ||
| Q3 24 | — | 79.5% | ||
| Q2 24 | — | 78.9% | ||
| Q1 24 | — | 79.5% |
| Q4 25 | -105.1% | 11.6% | ||
| Q3 25 | 50.4% | 12.9% | ||
| Q2 25 | -101.3% | 15.1% | ||
| Q1 25 | -18.3% | 16.6% | ||
| Q4 24 | 55.8% | 13.7% | ||
| Q3 24 | -19.6% | 14.2% | ||
| Q2 24 | 63.3% | 13.2% | ||
| Q1 24 | -8.7% | 14.0% |
| Q4 25 | -101.7% | 8.7% | ||
| Q3 25 | 54.4% | 9.5% | ||
| Q2 25 | -98.5% | 12.8% | ||
| Q1 25 | -15.5% | 14.3% | ||
| Q4 24 | 57.7% | 10.8% | ||
| Q3 24 | -20.0% | 10.5% | ||
| Q2 24 | 63.9% | 10.1% | ||
| Q1 24 | -7.9% | 12.1% |
| Q4 25 | $-0.49 | $0.13 | ||
| Q3 25 | $0.12 | $0.15 | ||
| Q2 25 | $-0.53 | $0.22 | ||
| Q1 25 | $-0.15 | $0.25 | ||
| Q4 24 | $0.22 | $0.17 | ||
| Q3 24 | $-0.19 | $0.18 | ||
| Q2 24 | $0.29 | $0.17 | ||
| Q1 24 | $-0.13 | $0.21 |
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 | $25.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $146.4M |
| Total Assets | $6.5B | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $25.3M | ||
| Q3 25 | $204.1M | $21.4M | ||
| Q2 25 | $107.7M | $20.2M | ||
| Q1 25 | $106.4M | $19.9M | ||
| Q4 24 | $104.9M | $29.1M | ||
| Q3 24 | $108.8M | $27.8M | ||
| Q2 24 | $107.2M | $23.9M | ||
| Q1 24 | $106.5M | $23.3M |
| Q4 25 | $1.2B | $146.4M | ||
| Q3 25 | $1.2B | $148.7M | ||
| Q2 25 | $1.2B | $150.9M | ||
| Q1 25 | $1.3B | $151.7M | ||
| Q4 24 | $1.3B | $154.7M | ||
| Q3 24 | $1.4B | $156.3M | ||
| Q2 24 | $1.4B | $158.2M | ||
| Q1 24 | $1.4B | $160.2M |
| Q4 25 | $6.5B | $206.1M | ||
| Q3 25 | $6.5B | $209.7M | ||
| Q2 25 | $6.8B | $208.7M | ||
| Q1 25 | $6.6B | $204.5M | ||
| Q4 24 | $6.4B | $217.1M | ||
| Q3 24 | $6.8B | $216.8M | ||
| Q2 24 | $7.1B | $216.4M | ||
| Q1 24 | $7.3B | $215.0M |
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 | $11.5M |
| Free Cash FlowOCF − Capex | — | $10.1M |
| FCF MarginFCF / Revenue | — | 29.9% |
| Capex IntensityCapex / Revenue | — | 4.1% |
| Cash ConversionOCF / Net Profit | — | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $11.5M | ||
| Q3 25 | $18.5M | $8.1M | ||
| Q2 25 | $21.1M | $7.0M | ||
| Q1 25 | $15.9M | $2.3M | ||
| Q4 24 | $132.6M | $8.4M | ||
| Q3 24 | $49.1M | $11.1M | ||
| Q2 24 | $30.6M | $7.4M | ||
| Q1 24 | $34.5M | $2.0M |
| Q4 25 | — | $10.1M | ||
| Q3 25 | — | $7.6M | ||
| Q2 25 | — | $6.0M | ||
| Q1 25 | — | $1.5M | ||
| Q4 24 | — | $7.5M | ||
| Q3 24 | — | $10.3M | ||
| Q2 24 | — | $6.8M | ||
| Q1 24 | — | $1.1M |
| Q4 25 | — | 29.9% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 22.3% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 20.0% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | — | 3.93× | ||
| Q3 25 | 1.34× | 2.54× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | 6.54× | 2.31× | ||
| Q3 24 | — | 3.03× | ||
| Q2 24 | 1.19× | 2.17× | ||
| Q1 24 | — | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KREF
Segment breakdown not available.
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
