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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M 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 -147.1%, a 45.4% 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 -67.6%).
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.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
KREF vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $28.1M |
| Net Profit | $-26.2M | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | -105.1% | -147.6% |
| Net Margin | -101.7% | -147.1% |
| Revenue YoY | -26.6% | -67.6% |
| Net Profit YoY | -229.6% | -182.8% |
| EPS (diluted) | $-0.49 | $-0.41 |
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 | $28.1M | ||
| Q3 25 | $25.3M | $32.5M | ||
| Q2 25 | $30.2M | $15.7M | ||
| Q1 25 | $31.3M | $8.0M | ||
| Q4 24 | $35.1M | $86.6M | ||
| Q3 24 | $37.0M | $2.1M | ||
| Q2 24 | $40.4M | $500.0K | ||
| Q1 24 | $39.1M | $0 |
| Q4 25 | $-26.2M | $-41.3M | ||
| Q3 25 | $13.8M | $-51.2M | ||
| Q2 25 | $-29.7M | $-44.9M | ||
| Q1 25 | $-4.9M | $-33.9M | ||
| Q4 24 | $20.3M | $49.9M | ||
| Q3 24 | $-7.4M | $-19.1M | ||
| Q2 24 | $25.8M | $-12.5M | ||
| Q1 24 | $-3.1M | $-10.3M |
| Q4 25 | -105.1% | -147.6% | ||
| Q3 25 | 50.4% | -163.7% | ||
| Q2 25 | -101.3% | -302.9% | ||
| Q1 25 | -18.3% | -466.3% | ||
| Q4 24 | 55.8% | 54.5% | ||
| Q3 24 | -19.6% | -1051.6% | ||
| Q2 24 | 63.3% | -3068.0% | ||
| Q1 24 | -8.7% | — |
| Q4 25 | -101.7% | -147.1% | ||
| Q3 25 | 54.4% | -157.4% | ||
| Q2 25 | -98.5% | -285.6% | ||
| Q1 25 | -15.5% | -425.7% | ||
| Q4 24 | 57.7% | 57.7% | ||
| Q3 24 | -20.0% | -925.0% | ||
| Q2 24 | 63.9% | -2503.2% | ||
| Q1 24 | -7.9% | — |
| Q4 25 | $-0.49 | $-0.41 | ||
| Q3 25 | $0.12 | $-0.52 | ||
| Q2 25 | $-0.53 | $-0.46 | ||
| Q1 25 | $-0.15 | $-0.35 | ||
| Q4 24 | $0.22 | $0.52 | ||
| Q3 24 | $-0.19 | $-0.20 | ||
| Q2 24 | $0.29 | $-0.13 | ||
| Q1 24 | $-0.13 | $-0.11 |
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 | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $1.2B | $114.3M |
| Total Assets | $6.5B | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $245.0M | ||
| Q3 25 | $204.1M | $288.2M | ||
| Q2 25 | $107.7M | $240.1M | ||
| Q1 25 | $106.4M | $275.7M | ||
| Q4 24 | $104.9M | $314.0M | ||
| Q3 24 | $108.8M | $204.6M | ||
| Q2 24 | $107.2M | $218.7M | ||
| Q1 24 | $106.5M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | $114.3M | ||
| Q3 25 | $1.2B | $147.7M | ||
| Q2 25 | $1.2B | $192.3M | ||
| Q1 25 | $1.3B | $229.0M | ||
| Q4 24 | $1.3B | $256.8M | ||
| Q3 24 | $1.4B | $201.0M | ||
| Q2 24 | $1.4B | $215.2M | ||
| Q1 24 | $1.4B | $223.9M |
| Q4 25 | $6.5B | $327.7M | ||
| Q3 25 | $6.5B | $372.8M | ||
| Q2 25 | $6.8B | $313.5M | ||
| Q1 25 | $6.6B | $327.3M | ||
| Q4 24 | $6.4B | $351.2M | ||
| Q3 24 | $6.8B | $217.6M | ||
| Q2 24 | $7.1B | $222.0M | ||
| Q1 24 | $7.3B | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $-43.5M | ||
| Q3 25 | $18.5M | $-47.0M | ||
| Q2 25 | $21.1M | $-39.6M | ||
| Q1 25 | $15.9M | $-40.7M | ||
| Q4 24 | $132.6M | $42.0M | ||
| Q3 24 | $49.1M | $-14.5M | ||
| Q2 24 | $30.6M | $-7.3M | ||
| Q1 24 | $34.5M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.8M | ||
| Q4 24 | — | $41.7M | ||
| Q3 24 | — | $-14.6M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | — | -512.1% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | -706.3% | ||
| Q2 24 | — | -1463.4% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 7.6% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.54× | 0.84× | ||
| 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.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
