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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and TriSalus Life Sciences, Inc. (TLSI). 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 $13.2M, roughly 2.0× TriSalus Life Sciences, Inc.). TriSalus Life Sciences, Inc. runs the higher net margin — -73.9% vs -101.7%, a 27.9% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -26.6%). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% 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.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
KREF vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $13.2M |
| Net Profit | $-26.2M | $-9.8M |
| Gross Margin | — | 86.7% |
| Operating Margin | -105.1% | -24.8% |
| Net Margin | -101.7% | -73.9% |
| Revenue YoY | -26.6% | 59.8% |
| Net Profit YoY | -229.6% | 3.5% |
| EPS (diluted) | $-0.49 | $-0.22 |
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 | $13.2M | ||
| Q3 25 | $25.3M | $11.6M | ||
| Q2 25 | $30.2M | $11.2M | ||
| Q1 25 | $31.3M | $9.2M | ||
| Q4 24 | $35.1M | $8.3M | ||
| Q3 24 | $37.0M | $7.3M | ||
| Q2 24 | $40.4M | $7.4M | ||
| Q1 24 | $39.1M | $6.5M |
| Q4 25 | $-26.2M | $-9.8M | ||
| Q3 25 | $13.8M | $-10.8M | ||
| Q2 25 | $-29.7M | $-8.3M | ||
| Q1 25 | $-4.9M | $-10.4M | ||
| Q4 24 | $20.3M | $-10.1M | ||
| Q3 24 | $-7.4M | $-2.4M | ||
| Q2 24 | $25.8M | $-4.3M | ||
| Q1 24 | $-3.1M | $-13.2M |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 83.5% | ||
| Q2 25 | — | 83.9% | ||
| Q1 25 | — | 83.7% | ||
| Q4 24 | — | 85.3% | ||
| Q3 24 | — | 86.3% | ||
| Q2 24 | — | 87.6% | ||
| Q1 24 | — | 85.0% |
| Q4 25 | -105.1% | -24.8% | ||
| Q3 25 | 50.4% | -77.9% | ||
| Q2 25 | -101.3% | -65.4% | ||
| Q1 25 | -18.3% | -79.9% | ||
| Q4 24 | 55.8% | -91.8% | ||
| Q3 24 | -19.6% | -118.9% | ||
| Q2 24 | 63.3% | -111.0% | ||
| Q1 24 | -8.7% | -180.8% |
| Q4 25 | -101.7% | -73.9% | ||
| Q3 25 | 54.4% | -93.5% | ||
| Q2 25 | -98.5% | -73.9% | ||
| Q1 25 | -15.5% | -113.2% | ||
| Q4 24 | 57.7% | -122.4% | ||
| Q3 24 | -20.0% | -32.6% | ||
| Q2 24 | 63.9% | -58.8% | ||
| Q1 24 | -7.9% | -204.5% |
| Q4 25 | $-0.49 | $-0.22 | ||
| Q3 25 | $0.12 | $-0.96 | ||
| Q2 25 | $-0.53 | $-0.27 | ||
| Q1 25 | $-0.15 | $-0.39 | ||
| Q4 24 | $0.22 | $-0.38 | ||
| Q3 24 | $-0.19 | $-0.12 | ||
| Q2 24 | $0.29 | $-0.21 | ||
| Q1 24 | $-0.13 | $-0.60 |
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 | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $-33.9M |
| Total Assets | $6.5B | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $20.4M | ||
| Q3 25 | $204.1M | $22.7M | ||
| Q2 25 | $107.7M | $26.5M | ||
| Q1 25 | $106.4M | $13.0M | ||
| Q4 24 | $104.9M | $8.5M | ||
| Q3 24 | $108.8M | $11.3M | ||
| Q2 24 | $107.2M | $16.5M | ||
| Q1 24 | $106.5M | $4.0M |
| Q4 25 | $1.2B | $-33.9M | ||
| Q3 25 | $1.2B | $-26.7M | ||
| Q2 25 | $1.2B | $-19.4M | ||
| Q1 25 | $1.3B | $-34.4M | ||
| Q4 24 | $1.3B | $-25.9M | ||
| Q3 24 | $1.4B | $-20.4M | ||
| Q2 24 | $1.4B | $-25.3M | ||
| Q1 24 | $1.4B | $-36.0M |
| Q4 25 | $6.5B | $35.3M | ||
| Q3 25 | $6.5B | $36.5M | ||
| Q2 25 | $6.8B | $41.3M | ||
| Q1 25 | $6.6B | $28.6M | ||
| Q4 24 | $6.4B | $24.0M | ||
| Q3 24 | $6.8B | $27.5M | ||
| Q2 24 | $7.1B | $32.4M | ||
| Q1 24 | $7.3B | $17.9M |
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 | $-2.5M |
| Free Cash FlowOCF − Capex | — | $-2.5M |
| FCF MarginFCF / Revenue | — | -19.1% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $-2.5M | ||
| Q3 25 | $18.5M | $-3.7M | ||
| Q2 25 | $21.1M | $-7.3M | ||
| Q1 25 | $15.9M | $-4.5M | ||
| Q4 24 | $132.6M | $-5.7M | ||
| Q3 24 | $49.1M | $-10.8M | ||
| Q2 24 | $30.6M | $-13.4M | ||
| Q1 24 | $34.5M | $-10.9M |
| Q4 25 | — | $-2.5M | ||
| Q3 25 | — | $-3.9M | ||
| Q2 25 | — | $-7.4M | ||
| Q1 25 | — | $-5.3M | ||
| Q4 24 | — | $-5.8M | ||
| Q3 24 | — | $-11.0M | ||
| Q2 24 | — | $-13.5M | ||
| Q1 24 | — | $-10.9M |
| Q4 25 | — | -19.1% | ||
| Q3 25 | — | -33.9% | ||
| Q2 25 | — | -66.1% | ||
| Q1 25 | — | -57.3% | ||
| Q4 24 | — | -69.7% | ||
| Q3 24 | — | -149.9% | ||
| Q2 24 | — | -183.1% | ||
| Q1 24 | — | -169.3% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | — | ||
| 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.
