vs
Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and SurgePays, Inc. (SURG). 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× SurgePays, Inc.). SurgePays, Inc. runs the higher net margin — -85.6% vs -101.7%, a 16.1% gap on every dollar of revenue. On growth, SurgePays, Inc. posted the faster year-over-year revenue change (68.7% vs -26.6%). Over the past eight quarters, KKR Real Estate Finance Trust Inc.'s revenue compounded faster (-18.8% CAGR vs -28.2%).
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.
SurgePays, Inc. is a U.S.-headquartered fintech and telecommunications company focused on serving underbanked and low-income communities across the country. It offers prepaid wireless plans, reloadable debit cards, digital banking solutions, and daily consumer products through a nationwide network of independent local retail partners such as convenience stores.
KREF vs SURG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $16.2M |
| Net Profit | $-26.2M | $-13.9M |
| Gross Margin | — | -14.8% |
| Operating Margin | -105.1% | -79.1% |
| Net Margin | -101.7% | -85.6% |
| Revenue YoY | -26.6% | 68.7% |
| Net Profit YoY | -229.6% | 30.0% |
| EPS (diluted) | $-0.49 | $-0.68 |
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 | $16.2M | ||
| Q3 25 | $25.3M | $18.7M | ||
| Q2 25 | $30.2M | $11.5M | ||
| Q1 25 | $31.3M | $10.6M | ||
| Q4 24 | $35.1M | $9.6M | ||
| Q3 24 | $37.0M | $4.8M | ||
| Q2 24 | $40.4M | $15.1M | ||
| Q1 24 | $39.1M | $31.4M |
| Q4 25 | $-26.2M | $-13.9M | ||
| Q3 25 | $13.8M | $-7.5M | ||
| Q2 25 | $-29.7M | $-7.1M | ||
| Q1 25 | $-4.9M | $-7.6M | ||
| Q4 24 | $20.3M | $-19.8M | ||
| Q3 24 | $-7.4M | $-14.3M | ||
| Q2 24 | $25.8M | $-12.9M | ||
| Q1 24 | $-3.1M | $1.2M |
| Q4 25 | — | -14.8% | ||
| Q3 25 | — | -13.9% | ||
| Q2 25 | — | -23.0% | ||
| Q1 25 | — | -27.8% | ||
| Q4 24 | — | -117.0% | ||
| Q3 24 | — | -164.2% | ||
| Q2 24 | — | -22.8% | ||
| Q1 24 | — | 26.0% |
| Q4 25 | -105.1% | -79.1% | ||
| Q3 25 | 50.4% | -37.2% | ||
| Q2 25 | -101.3% | -59.1% | ||
| Q1 25 | -18.3% | -71.7% | ||
| Q4 24 | 55.8% | -209.0% | ||
| Q3 24 | -19.6% | -299.4% | ||
| Q2 24 | 63.3% | -72.1% | ||
| Q1 24 | -8.7% | 5.6% |
| Q4 25 | -101.7% | -85.6% | ||
| Q3 25 | 54.4% | -40.1% | ||
| Q2 25 | -98.5% | -61.5% | ||
| Q1 25 | -15.5% | -72.2% | ||
| Q4 24 | 57.7% | -206.5% | ||
| Q3 24 | -20.0% | -299.3% | ||
| Q2 24 | 63.9% | -85.3% | ||
| Q1 24 | -7.9% | 3.9% |
| Q4 25 | $-0.49 | $-0.68 | ||
| Q3 25 | $0.12 | $-0.38 | ||
| Q2 25 | $-0.53 | $-0.36 | ||
| Q1 25 | $-0.15 | $-0.38 | ||
| Q4 24 | $0.22 | $-1.07 | ||
| Q3 24 | $-0.19 | $-0.73 | ||
| Q2 24 | $0.29 | $-0.66 | ||
| Q1 24 | $-0.13 | $0.07 |
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 | $1.7M |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $1.2B | $-15.3M |
| Total Assets | $6.5B | $8.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $1.7M | ||
| Q3 25 | $204.1M | $2.5M | ||
| Q2 25 | $107.7M | $4.4M | ||
| Q1 25 | $106.4M | $5.4M | ||
| Q4 24 | $104.9M | $11.8M | ||
| Q3 24 | $108.8M | $23.7M | ||
| Q2 24 | $107.2M | — | ||
| Q1 24 | $106.5M | — |
| Q4 25 | — | $13.3M | ||
| Q3 25 | — | $12.0M | ||
| Q2 25 | — | $9.6M | ||
| Q1 25 | — | $3.6M | ||
| Q4 24 | — | $4.0M | ||
| Q3 24 | — | $4.4M | ||
| Q2 24 | — | $4.8M | ||
| Q1 24 | — | $5.2M |
| Q4 25 | $1.2B | $-15.3M | ||
| Q3 25 | $1.2B | $-6.4M | ||
| Q2 25 | $1.2B | $116.1K | ||
| Q1 25 | $1.3B | $7.8M | ||
| Q4 24 | $1.3B | $15.3M | ||
| Q3 24 | $1.4B | $33.2M | ||
| Q2 24 | $1.4B | $46.2M | ||
| Q1 24 | $1.4B | $56.0M |
| Q4 25 | $6.5B | $8.5M | ||
| Q3 25 | $6.5B | $14.5M | ||
| Q2 25 | $6.8B | $15.2M | ||
| Q1 25 | $6.6B | $15.7M | ||
| Q4 24 | $6.4B | $24.0M | ||
| Q3 24 | $6.8B | $41.5M | ||
| Q2 24 | $7.1B | $56.4M | ||
| Q1 24 | $7.3B | $69.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 82.67× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.10× | ||
| Q1 24 | — | 0.09× |
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 | $-3.6M |
| 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 | $-3.6M | ||
| Q3 25 | $18.5M | $-4.6M | ||
| Q2 25 | $21.1M | $-6.1M | ||
| Q1 25 | $15.9M | $-7.0M | ||
| Q4 24 | $132.6M | $-7.9M | ||
| Q3 24 | $49.1M | $-13.3M | ||
| Q2 24 | $30.6M | $-4.1M | ||
| Q1 24 | $34.5M | $4.0M |
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.54× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.19× | — | ||
| Q1 24 | — | 3.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
