BXMT
Blackstone Mortgage Trust, Inc.
REIT - Mortgage
Market Cap$3.23B
5Y Perf.-18.8%
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Stock Comparison
BXMT vs KREF vs TRTX
Revenue, margins, valuation, and 5-year total return — side by side.
KREF
KKR Real Estate Finance Trust Inc.
REIT - Mortgage
Market Cap$423M
5Y Perf.-59.4%
TRTX
TPG RE Finance Trust, Inc.
REIT - Mortgage
Market Cap$656M
5Y Perf.+14.6%
BXMT vs KREF vs TRTX — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | BXMT | KREF | TRTX |
|---|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $3.23B | $423M | $656M |
| Revenue (TTM) | $1.54B | $442M | $264M |
| Net Income (TTM) | $104M | $-104M | $61M |
| Gross Margin | 62.6% | 87.1% | 78.5% |
| Operating Margin | 58.3% | 48.0% | 51.0% |
| Forward P/E | 12.0x | — | 8.1x |
| Total Debt | $16.16B | $4.69B | $3.29B |
| Cash & Equiv. | $453M | $85M | $88M |
BXMT vs KREF vs TRTX — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
BXMT
KREF
TRTX
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Blackstone Mortgage… (BXMT) | 100 | 81.2 | -18.8% |
| KKR Real Estate Fin… (KREF) | 100 | 40.6 | -59.4% |
| TPG RE Finance Trus… (TRTX) | 100 | 114.6 | +14.6% |
Price return only. Dividends and distributions are not included.
Quick Verdict: BXMT vs KREF vs TRTX
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: TRTX leads in 5 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. Blackstone Mortgage Trust, Inc. is the stronger pick specifically for capital preservation and lower volatility. As sector peers, any of these can serve as alternatives in the same allocation.
BXMT
Blackstone Mortgage Trust, Inc.
The Real Estate Income Play
BXMT is the clearest fit if your priority is growth exposure and long-term compounding.
- Rev growth -14.0%, EPS growth 154.7%, 3Y rev CAGR 4.9%
- 50.5% 10Y total return vs TRTX's -1.9%
- Beta 0.74 vs KREF's 0.87
Best for: growth exposure and long-term compounding
KREF
KKR Real Estate Finance Trust Inc.
The Real Estate Income Play
KREF is the clearest fit if your priority is defensive.
- Beta 0.87, yield 15.2%, current ratio 0.32x
- 15.2% yield, vs TRTX's 13.5%
Best for: defensive
TRTX
TPG RE Finance Trust, Inc.
The Real Estate Income Play
TRTX carries the broadest edge in this set and is the clearest fit for income & stability and sleep-well-at-night.
- Dividend streak 2 yrs, beta 0.78, yield 13.5%
- Lower volatility, beta 0.78, current ratio 0.18x
- 123.3% FFO/revenue growth vs KREF's -22.7%
Best for: income & stability and sleep-well-at-night
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | TRTX | 123.3% FFO/revenue growth vs KREF's -22.7% |
| Value | TRTX | Lower P/E (8.1x vs 12.0x) |
| Quality / Margins | TRTX | 23.2% margin vs KREF's -23.6% |
| Stability / Safety | BXMT | Beta 0.74 vs KREF's 0.87 |
| Dividends | KREF | 15.2% yield, vs TRTX's 13.5% |
| Momentum (1Y) | TRTX | +25.7% vs KREF's -16.9% |
| Efficiency (ROA) | TRTX | 1.4% ROA vs KREF's -1.6%, ROIC 4.7% vs 3.4% |
BXMT vs KREF vs TRTX — Financial Metrics
Side-by-side numbers across 3 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLTRTXLAGGINGKREF
Who Leads Where
TRTX leads in 3 of 6 categories
KREF leads 1 • BXMT leads 1 • 1 tied
Explore the data ↓KREFKKR Real Estate Finan…
1leads
BXMTBlackstone Mortgage T…
1leads
TRTXTPG RE Finance Trust,…
3leads
6 Total Categories
CATEGORYLEADERvs BXMTvs KREFMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
TRTX3/6
Valuation MetricsMultiples, price ratios, and targets
KREF4/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
TRTX8/9
Total Returns1Y, 3Y, 5Y total returns with dividends
TRTX4/6
Risk & VolatilityBeta, volatility, and downside exposure
BXMT2/2
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
TRTX leads this category, winning 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
BXMT is the larger business by revenue, generating $1.5B annually — 5.8x TRTX's $264M. TRTX is the more profitable business, keeping 23.2% of every revenue dollar as net income compared to KREF's -23.6%. On growth, BXMT holds the edge at +4.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | BXMTBlackstone Mortga… | KREFKKR Real Estate F… | TRTXTPG RE Finance Tr… |
|---|---|---|---|
| RevenueTrailing 12 months | $1.5B | $442M | $264M |
| EBITDAEarnings before interest/tax | $948M | $140M | $144M |
| Net IncomeAfter-tax profit | $104M | -$104M | $61M |
| Free Cash FlowCash after capex | $335M | $65M | $96M |
| Gross MarginGross profit ÷ Revenue | +62.6% | +87.1% | +78.5% |
| Operating MarginEBIT ÷ Revenue | +58.3% | +48.0% | +51.0% |
| Net MarginNet income ÷ Revenue | +6.7% | -23.6% | +23.2% |
| FCF MarginFCF ÷ Revenue | +21.8% | +14.8% | +36.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +4.0% | -13.8% | -4.4% |
| EPS Growth (YoY)Latest quarter vs prior year | — | -5.4% | +58.3% |
TRTX leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
KREF leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
At 14.9x trailing earnings, TRTX trades at a 50% valuation discount to BXMT's 29.9x P/E. On an enterprise value basis, TRTX's 15.1x EV/EBITDA is more attractive than KREF's 18.3x.
| Metric | BXMTBlackstone Mortga… | KREFKKR Real Estate F… | TRTXTPG RE Finance Tr… |
|---|---|---|---|
| Market CapShares × price | $3.2B | $423M | $656M |
| Enterprise ValueMkt cap + debt − cash | $18.9B | $5.0B | $3.9B |
| Trailing P/EPrice ÷ TTM EPS | 29.92x | -6.27x | 14.89x |
| Forward P/EPrice ÷ next-FY EPS est. | 11.98x | — | 8.09x |
| PEG RatioP/E ÷ EPS growth rate | — | — | — |
| EV / EBITDAEnterprise value multiple | 16.35x | 18.35x | 15.10x |
| Price / SalesMarket cap ÷ Revenue | 2.12x | 0.92x | 1.97x |
| Price / BookPrice ÷ Book value/share | 0.93x | 0.36x | 0.63x |
| Price / FCFMarket cap ÷ FCF | 11.71x | 6.34x | 7.26x |
KREF leads this category, winning 4 of 6 comparable metrics.
Profitability & Efficiency
TRTX leads this category, winning 8 of 9 comparable metrics.
Profitability & Efficiency
TRTX delivers a 5.7% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $-8 for KREF. TRTX carries lower financial leverage with a 3.08x debt-to-equity ratio, signaling a more conservative balance sheet compared to BXMT's 4.61x. On the Piotroski fundamental quality scale (0–9), BXMT scores 6/9 vs KREF's 4/9, reflecting solid financial health.
| Metric | BXMTBlackstone Mortga… | KREFKKR Real Estate F… | TRTXTPG RE Finance Tr… |
|---|---|---|---|
| ROE (TTM)Return on equity | +2.9% | -8.4% | +5.7% |
| ROA (TTM)Return on assets | +0.5% | -1.6% | +1.4% |
| ROICReturn on invested capital | +4.3% | +3.4% | +4.7% |
| ROCEReturn on capital employed | +11.3% | +4.5% | +7.1% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 4 | 6 |
| Debt / EquityFinancial leverage | 4.61x | 3.83x | 3.08x |
| Net DebtTotal debt minus cash | $15.7B | $4.6B | $3.2B |
| Cash & Equiv.Liquid assets | $453M | $85M | $88M |
| Total DebtShort + long-term debt | $16.2B | $4.7B | $3.3B |
| Interest CoverageEBIT ÷ Interest expense | 1.11x | 0.84x | 1.32x |
TRTX leads this category, winning 8 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
TRTX leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in TRTX five years ago would be worth $10,145 today (with dividends reinvested), compared to $6,436 for KREF. Over the past 12 months, TRTX leads with a +25.7% total return vs KREF's -16.9%. The 3-year compound annual growth rate (CAGR) favors TRTX at 26.7% vs KREF's -0.2% — a key indicator of consistent wealth creation.
| Metric | BXMTBlackstone Mortga… | KREFKKR Real Estate F… | TRTXTPG RE Finance Tr… |
|---|---|---|---|
| YTD ReturnYear-to-date | +0.7% | -17.5% | -1.0% |
| 1-Year ReturnPast 12 months | +12.1% | -16.9% | +25.7% |
| 3-Year ReturnCumulative with dividends | +48.1% | -0.7% | +103.4% |
| 5-Year ReturnCumulative with dividends | -4.1% | -35.6% | +1.4% |
| 10-Year ReturnCumulative with dividends | +50.5% | -9.1% | -1.9% |
| CAGR (3Y)Annualised 3-year return | +14.0% | -0.2% | +26.7% |
TRTX leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
BXMT leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
BXMT is the less volatile stock with a 0.74 beta — it tends to amplify market swings less than KREF's 0.87 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. BXMT currently trades 92.6% from its 52-week high vs KREF's 65.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | BXMTBlackstone Mortga… | KREFKKR Real Estate F… | TRTXTPG RE Finance Tr… |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.74x | 0.87x | 0.78x |
| 52-Week HighHighest price in past year | $20.67 | $9.98 | $9.85 |
| 52-Week LowLowest price in past year | $17.67 | $5.29 | $7.44 |
| % of 52W HighCurrent price vs 52-week peak | +92.6% | +65.9% | +86.2% |
| RSI (14)Momentum oscillator 0–100 | 47.5 | 54.4 | 60.6 |
| Avg Volume (50D)Average daily shares traded | 1.4M | 1.5M | 655K |
BXMT leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Evenly matched — KREF and TRTX each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: BXMT as "Hold", KREF as "Buy", TRTX as "Buy". Consensus price targets imply 17.8% upside for TRTX (target: $10) vs 6.4% for KREF (target: $7). For income investors, KREF offers the higher dividend yield at 15.21% vs BXMT's 9.86%.
| Metric | BXMTBlackstone Mortga… | KREFKKR Real Estate F… | TRTXTPG RE Finance Tr… |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy | Buy |
| Price TargetConsensus 12-month target | — | $7.00 | $10.00 |
| # AnalystsCovering analysts | 18 | 12 | 11 |
| Dividend YieldAnnual dividend ÷ price | +9.9% | +15.2% | +13.5% |
| Dividend StreakConsecutive years of raises | 0 | 0 | 2 |
| Dividend / ShareAnnual DPS | $1.89 | $1.00 | $1.15 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.4% | +10.3% | +3.9% |
Evenly matched — KREF and TRTX each lead in 1 of 2 comparable metrics.
Key Takeaway
TRTX leads in 3 of 6 categories (Income & Cash Flow, Profitability & Efficiency). KREF leads in 1 (Valuation Metrics). 1 tied.
Best OverallTPG RE Finance Trust, Inc. (TRTX)Leads 3 of 6 categories
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BXMT vs KREF vs TRTX: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is BXMT or KREF or TRTX a better buy right now?
For growth investors, TPG RE Finance Trust, Inc.
(TRTX) is the stronger pick with 123. 3% revenue growth year-over-year, versus -22. 7% for KKR Real Estate Finance Trust Inc. (KREF). TPG RE Finance Trust, Inc. (TRTX) offers the better valuation at 14. 9x trailing P/E (8. 1x forward), making it the more compelling value choice. Analysts rate KKR Real Estate Finance Trust Inc. (KREF) a "Buy" — based on 12 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — BXMT or KREF or TRTX?
On trailing P/E, TPG RE Finance Trust, Inc.
(TRTX) is the cheapest at 14. 9x versus Blackstone Mortgage Trust, Inc. at 29. 9x. On forward P/E, TPG RE Finance Trust, Inc. is actually cheaper at 8. 1x.
03Which is the better long-term investment — BXMT or KREF or TRTX?
Over the past 5 years, TPG RE Finance Trust, Inc.
(TRTX) delivered a total return of +1. 4%, compared to -35. 6% for KKR Real Estate Finance Trust Inc. (KREF). Over 10 years, the gap is even starker: BXMT returned +50. 5% versus KREF's -9. 1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — BXMT or KREF or TRTX?
By beta (market sensitivity over 5 years), Blackstone Mortgage Trust, Inc.
(BXMT) is the lower-risk stock at 0. 74β versus KKR Real Estate Finance Trust Inc. 's 0. 87β — meaning KREF is approximately 18% more volatile than BXMT relative to the S&P 500. On balance sheet safety, TPG RE Finance Trust, Inc. (TRTX) carries a lower debt/equity ratio of 3% versus 5% for Blackstone Mortgage Trust, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — BXMT or KREF or TRTX?
By revenue growth (latest reported year), TPG RE Finance Trust, Inc.
(TRTX) is pulling ahead at 123. 3% versus -22. 7% for KKR Real Estate Finance Trust Inc. (KREF). On earnings-per-share growth, the picture is similar: Blackstone Mortgage Trust, Inc. grew EPS 154. 7% year-over-year, compared to -652. 6% for KKR Real Estate Finance Trust Inc.. Over a 3-year CAGR, BXMT leads at 4. 9% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — BXMT or KREF or TRTX?
TPG RE Finance Trust, Inc.
(TRTX) is the more profitable company, earning 18. 1% net margin versus -10. 3% for KKR Real Estate Finance Trust Inc. — meaning it keeps 18. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: TRTX leads at 73. 0% versus 59. 3% for KREF. At the gross margin level — before operating expenses — KREF leads at 88. 3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is BXMT or KREF or TRTX more undervalued right now?
On forward earnings alone, TPG RE Finance Trust, Inc.
(TRTX) trades at 8. 1x forward P/E versus 12. 0x for Blackstone Mortgage Trust, Inc. — 3. 9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for TRTX: 17. 8% to $10. 00.
08Which pays a better dividend — BXMT or KREF or TRTX?
All stocks in this comparison pay dividends.
KKR Real Estate Finance Trust Inc. (KREF) offers the highest yield at 15. 2%, versus 9. 9% for Blackstone Mortgage Trust, Inc. (BXMT).
09Is BXMT or KREF or TRTX better for a retirement portfolio?
For long-horizon retirement investors, Blackstone Mortgage Trust, Inc.
(BXMT) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 74), 9. 9% yield). Both have compounded well over 10 years (BXMT: +50. 5%, KREF: -9. 1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between BXMT and KREF and TRTX?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: BXMT is a small-cap income-oriented stock; KREF is a small-cap income-oriented stock; TRTX is a small-cap high-growth stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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