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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and TANTECH HOLDINGS LTD (TANH). 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 $21.5M, roughly 1.2× TANTECH HOLDINGS LTD). TANTECH HOLDINGS LTD runs the higher net margin — 8.2% vs -101.7%, a 110.0% gap on every dollar of revenue. On growth, TANTECH HOLDINGS LTD posted the faster year-over-year revenue change (-0.2% vs -26.6%).
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.
Tantech Holdings Ltd is a China-based specialty manufacturing enterprise focused on R&D, production and distribution of bamboo-derived carbon products, high-performance clean energy materials and eco-friendly consumer goods, serving customers across Chinese and global markets in consumer goods, industrial materials and new energy segments.
KREF vs TANH — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $21.5M |
| Net Profit | $-26.2M | $1.8M |
| Gross Margin | — | 22.2% |
| Operating Margin | -105.1% | 10.8% |
| Net Margin | -101.7% | 8.2% |
| Revenue YoY | -26.6% | -0.2% |
| Net Profit YoY | -229.6% | 59.8% |
| EPS (diluted) | $-0.49 | — |
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 | — | ||
| Q2 25 | $30.2M | $21.5M | ||
| Q1 25 | $31.3M | — | ||
| Q4 24 | $35.1M | — | ||
| Q3 24 | $37.0M | — | ||
| Q2 24 | $40.4M | $21.5M | ||
| Q1 24 | $39.1M | — |
| Q4 25 | $-26.2M | — | ||
| Q3 25 | $13.8M | — | ||
| Q2 25 | $-29.7M | $1.8M | ||
| Q1 25 | $-4.9M | — | ||
| Q4 24 | $20.3M | — | ||
| Q3 24 | $-7.4M | — | ||
| Q2 24 | $25.8M | $1.1M | ||
| Q1 24 | $-3.1M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 22.3% | ||
| Q1 24 | — | — |
| Q4 25 | -105.1% | — | ||
| Q3 25 | 50.4% | — | ||
| Q2 25 | -101.3% | 10.8% | ||
| Q1 25 | -18.3% | — | ||
| Q4 24 | 55.8% | — | ||
| Q3 24 | -19.6% | — | ||
| Q2 24 | 63.3% | 8.0% | ||
| Q1 24 | -8.7% | — |
| Q4 25 | -101.7% | — | ||
| Q3 25 | 54.4% | — | ||
| Q2 25 | -98.5% | 8.2% | ||
| Q1 25 | -15.5% | — | ||
| Q4 24 | 57.7% | — | ||
| Q3 24 | -20.0% | — | ||
| Q2 24 | 63.9% | 5.1% | ||
| Q1 24 | -7.9% | — |
| Q4 25 | $-0.49 | — | ||
| Q3 25 | $0.12 | — | ||
| Q2 25 | $-0.53 | — | ||
| Q1 25 | $-0.15 | — | ||
| Q4 24 | $0.22 | — | ||
| Q3 24 | $-0.19 | — | ||
| Q2 24 | $0.29 | $0.21 | ||
| Q1 24 | $-0.13 | — |
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 | $35.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $128.3M |
| Total Assets | $6.5B | $143.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | — | ||
| Q3 25 | $204.1M | — | ||
| Q2 25 | $107.7M | $35.2M | ||
| Q1 25 | $106.4M | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $108.8M | — | ||
| Q2 24 | $107.2M | $34.2M | ||
| Q1 24 | $106.5M | — |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | $128.3M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | $126.0M | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $6.5B | — | ||
| Q3 25 | $6.5B | — | ||
| Q2 25 | $6.8B | $143.0M | ||
| Q1 25 | $6.6B | — | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.8B | — | ||
| Q2 24 | $7.1B | $142.2M | ||
| Q1 24 | $7.3B | — |
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 | — |
| 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 | — | ||
| Q2 25 | $21.1M | — | ||
| Q1 25 | $15.9M | — | ||
| Q4 24 | $132.6M | — | ||
| Q3 24 | $49.1M | — | ||
| Q2 24 | $30.6M | $4.4M | ||
| Q1 24 | $34.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $4.4M | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 20.6% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.54× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.19× | 4.01× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KREF
Segment breakdown not available.
TANH
| Revenue from China | $20.9M | 97% |
| Revenue directly from foreign countries | $602.2K | 3% |
