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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and Zeo Energy Corp. (ZEO). 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 $18.6M, roughly 1.4× Zeo Energy Corp.). Zeo Energy Corp. runs the higher net margin — -10.8% vs -101.7%, a 90.9% gap on every dollar of revenue. On growth, Zeo Energy Corp. posted the faster year-over-year revenue change (-0.4% vs -26.6%). Over the past eight quarters, Zeo Energy Corp.'s revenue compounded faster (-4.0% 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.
KREF vs ZEO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $18.6M |
| Net Profit | $-26.2M | $-2.0M |
| Gross Margin | — | — |
| Operating Margin | -105.1% | -11.8% |
| Net Margin | -101.7% | -10.8% |
| Revenue YoY | -26.6% | -0.4% |
| Net Profit YoY | -229.6% | -360.9% |
| 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 | $18.6M | ||
| Q3 25 | $25.3M | $23.9M | ||
| Q2 25 | $30.2M | $18.1M | ||
| Q1 25 | $31.3M | $8.8M | ||
| Q4 24 | $35.1M | $18.6M | ||
| Q3 24 | $37.0M | $19.7M | ||
| Q2 24 | $40.4M | $14.8M | ||
| Q1 24 | $39.1M | $20.1M |
| Q4 25 | $-26.2M | $-2.0M | ||
| Q3 25 | $13.8M | $-3.2M | ||
| Q2 25 | $-29.7M | $-2.4M | ||
| Q1 25 | $-4.9M | $-6.4M | ||
| Q4 24 | $20.3M | $-435.3K | ||
| Q3 24 | $-7.4M | $-424.3K | ||
| Q2 24 | $25.8M | $-277.8K | ||
| Q1 24 | $-3.1M | $-1.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 57.9% | ||
| Q2 25 | — | 59.8% | ||
| Q1 25 | — | 99.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 50.2% | ||
| Q2 24 | — | 52.3% | ||
| Q1 24 | — | — |
| Q4 25 | -105.1% | -11.8% | ||
| Q3 25 | 50.4% | -8.3% | ||
| Q2 25 | -101.3% | -15.8% | ||
| Q1 25 | -18.3% | -153.8% | ||
| Q4 24 | 55.8% | -6.0% | ||
| Q3 24 | -19.6% | -15.2% | ||
| Q2 24 | 63.3% | -18.0% | ||
| Q1 24 | -8.7% | -20.1% |
| Q4 25 | -101.7% | -10.8% | ||
| Q3 25 | 54.4% | -13.5% | ||
| Q2 25 | -98.5% | -13.3% | ||
| Q1 25 | -15.5% | -72.4% | ||
| Q4 24 | 57.7% | -2.3% | ||
| Q3 24 | -20.0% | -2.2% | ||
| Q2 24 | 63.9% | -1.9% | ||
| Q1 24 | -7.9% | -7.6% |
| Q4 25 | $-0.49 | — | ||
| Q3 25 | $0.12 | — | ||
| Q2 25 | $-0.53 | — | ||
| Q1 25 | $-0.15 | $-0.48 | ||
| Q4 24 | $0.22 | $1.11 | ||
| Q3 24 | $-0.19 | $-0.08 | ||
| Q2 24 | $0.29 | $0.03 | ||
| Q1 24 | $-0.13 | $-1.54 |
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 | $6.1M |
| Total DebtLower is stronger | — | $79.1K |
| Stockholders' EquityBook value | $1.2B | $5.3M |
| Total Assets | $6.5B | $56.9M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $6.1M | ||
| Q3 25 | $204.1M | $3.9M | ||
| Q2 25 | $107.7M | $68.7K | ||
| Q1 25 | $106.4M | $2.9M | ||
| Q4 24 | $104.9M | $5.6M | ||
| Q3 24 | $108.8M | $4.3M | ||
| Q2 24 | $107.2M | $5.3M | ||
| Q1 24 | $106.5M | — |
| Q4 25 | — | $79.1K | ||
| Q3 25 | — | $84.6K | ||
| Q2 25 | — | $642.8K | ||
| Q1 25 | — | $715.4K | ||
| Q4 24 | — | $787.7K | ||
| Q3 24 | — | $858.6K | ||
| Q2 24 | — | $1.6M | ||
| Q1 24 | — | $748.8K |
| Q4 25 | $1.2B | $5.3M | ||
| Q3 25 | $1.2B | $-1.7M | ||
| Q2 25 | $1.2B | $-59.4M | ||
| Q1 25 | $1.3B | $-23.1M | ||
| Q4 24 | $1.3B | $-88.9M | ||
| Q3 24 | $1.4B | $-39.3M | ||
| Q2 24 | $1.4B | $-53.0M | ||
| Q1 24 | $1.4B | $-173.0M |
| Q4 25 | $6.5B | $56.9M | ||
| Q3 25 | $6.5B | $58.5M | ||
| Q2 25 | $6.8B | $46.2M | ||
| Q1 25 | $6.6B | $47.4M | ||
| Q4 24 | $6.4B | $61.0M | ||
| Q3 24 | $6.8B | $47.1M | ||
| Q2 24 | $7.1B | $49.1M | ||
| Q1 24 | $7.3B | $50.1M |
| Q4 25 | — | 0.01× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $2.4M |
| Free Cash FlowOCF − Capex | — | $2.3M |
| FCF MarginFCF / Revenue | — | 12.2% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $2.4M | ||
| Q3 25 | $18.5M | $-6.6M | ||
| Q2 25 | $21.1M | $-2.3M | ||
| Q1 25 | $15.9M | $-2.3M | ||
| Q4 24 | $132.6M | $3.5M | ||
| Q3 24 | $49.1M | $162.2K | ||
| Q2 24 | $30.6M | $-2.2M | ||
| Q1 24 | $34.5M | $-10.2M |
| Q4 25 | — | $2.3M | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-2.7M | ||
| Q1 25 | — | $-2.6M | ||
| Q4 24 | — | $3.4M | ||
| Q3 24 | — | $116.5K | ||
| Q2 24 | — | $-2.3M | ||
| Q1 24 | — | $-10.4M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | -28.6% | ||
| Q2 25 | — | -15.0% | ||
| Q1 25 | — | -30.0% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | -15.6% | ||
| Q1 24 | — | -51.5% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
| 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.
Revenue Breakdown by Segment
KREF
Segment breakdown not available.
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
