BXMT
Blackstone Mortgage Trust, Inc.
REIT - Mortgage
Market Cap$3.23B
5Y Perf.-18.9%
Compare Stocks
4 / 10Try these comparisons:
Stock Comparison
BXMT vs GPMT vs TRTX vs KREF
Revenue, margins, valuation, and 5-year total return — side by side.
GPMT
Granite Point Mortgage Trust Inc.
REIT - Mortgage
Market Cap$74M
5Y Perf.-70.1%
TRTX
TPG RE Finance Trust, Inc.
REIT - Mortgage
Market Cap$656M
5Y Perf.+15.7%
KREF
KKR Real Estate Finance Trust Inc.
REIT - Mortgage
Market Cap$423M
5Y Perf.-59.2%
BXMT vs GPMT vs TRTX vs KREF — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | BXMT | GPMT | TRTX | KREF |
|---|---|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $3.23B | $74M | $656M | $423M |
| Revenue (TTM) | $1.54B | $132M | $264M | $442M |
| Net Income (TTM) | $104M | $-40M | $61M | $-104M |
| Gross Margin | 62.6% | 47.3% | 78.5% | 87.1% |
| Operating Margin | 58.3% | -4.3% | 51.0% | 48.0% |
| Forward P/E | 12.3x | — | 8.2x | — |
| Total Debt | $16.16B | $1.17B | $3.29B | $4.69B |
| Cash & Equiv. | $453M | $66M | $88M | $85M |
BXMT vs GPMT vs TRTX vs KREF — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
BXMT
GPMT
TRTX
KREF
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Blackstone Mortgage… (BXMT) | 100 | 81.1 | -18.9% |
| Granite Point Mortg… (GPMT) | 100 | 29.9 | -70.1% |
| TPG RE Finance Trus… (TRTX) | 100 | 115.7 | +15.7% |
| KKR Real Estate Fin… (KREF) | 100 | 40.8 | -59.2% |
Price return only. Dividends and distributions are not included.
Quick Verdict: BXMT vs GPMT vs TRTX vs KREF
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 valuation and capital efficiency and profitability and margin quality. Blackstone Mortgage Trust, Inc. is the stronger pick specifically for capital preservation and lower volatility. GPMT also leads in specific categories worth noting. 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 #2 pick in this set and the best alternative if long-term compounding is your priority.
- 50.5% 10Y total return vs TRTX's -1.9%
- Beta 0.74 vs GPMT's 1.44
Best for: long-term compounding
GPMT
Granite Point Mortgage Trust Inc.
The Real Estate Income Play
GPMT is the clearest fit if your priority is growth exposure.
- Rev growth 187.8%, EPS growth 73.7%, 3Y rev CAGR 22.9%
- 187.8% FFO/revenue growth vs KREF's -22.7%
Best for: growth exposure
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
- Better valuation composite
- 23.2% margin vs GPMT's -30.5%
Best for: income & stability and sleep-well-at-night
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
Best for: defensive
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | GPMT | 187.8% FFO/revenue growth vs KREF's -22.7% |
| Value | TRTX | Better valuation composite |
| Quality / Margins | TRTX | 23.2% margin vs GPMT's -30.5% |
| Stability / Safety | BXMT | Beta 0.74 vs GPMT's 1.44 |
| Dividends | TRTX | 13.5% yield, 2-year raise streak, vs KREF's 15.2% |
| Momentum (1Y) | TRTX | +25.7% vs GPMT's -19.7% |
| Efficiency (ROA) | TRTX | 1.4% ROA vs GPMT's -2.3%, ROIC 4.7% vs 2.6% |
BXMT vs GPMT vs TRTX vs KREF — Financial Metrics
Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLTRTXLAGGINGKREF
Who Leads Where
TRTX leads in 3 of 6 categories
BXMT leads 1 • GPMT leads 0 • KREF leads 0 • 2 tied
Explore the data ↓KREFKKR Real Estate Finan…
0leads
GPMTGranite Point Mortgag…
0leads
BXMTBlackstone Mortgage T…
1leads
TRTXTPG RE Finance Trust,…
3leads
6 Total Categories
CATEGORYLEADERvs BXMTvs GPMTMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
TRTX3/6
Valuation MetricsMultiples, price ratios, and targets
Tied
—
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
TRTX5/9
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 — 11.7x GPMT's $132M. TRTX is the more profitable business, keeping 23.2% of every revenue dollar as net income compared to GPMT's -30.5%. On growth, GPMT holds the edge at +157.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | BXMTBlackstone Mortga… | GPMTGranite Point Mor… | TRTXTPG RE Finance Tr… | KREFKKR Real Estate F… |
|---|---|---|---|---|
| RevenueTrailing 12 months | $1.5B | $132M | $264M | $442M |
| EBITDAEarnings before interest/tax | $948M | -$8M | $144M | $140M |
| Net IncomeAfter-tax profit | $104M | -$40M | $61M | -$104M |
| Free Cash FlowCash after capex | $335M | $463,000 | $96M | $65M |
| Gross MarginGross profit ÷ Revenue | +62.6% | +47.3% | +78.5% | +87.1% |
| Operating MarginEBIT ÷ Revenue | +58.3% | -4.3% | +51.0% | +48.0% |
| Net MarginNet income ÷ Revenue | +6.7% | -30.5% | +23.2% | -23.6% |
| FCF MarginFCF ÷ Revenue | +21.8% | +0.4% | +36.4% | +14.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | +4.0% | +157.8% | -4.4% | -13.8% |
| EPS Growth (YoY)Latest quarter vs prior year | — | +40.9% | +58.3% | -5.4% |
TRTX leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
Evenly matched — GPMT and TRTX and KREF each lead in 2 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 GPMT's 20.8x.
| Metric | BXMTBlackstone Mortga… | GPMTGranite Point Mor… | TRTXTPG RE Finance Tr… | KREFKKR Real Estate F… |
|---|---|---|---|---|
| Market CapShares × price | $3.2B | $74M | $656M | $423M |
| Enterprise ValueMkt cap + debt − cash | $18.9B | $1.2B | $3.9B | $5.0B |
| Trailing P/EPrice ÷ TTM EPS | 29.92x | -1.34x | 14.89x | -6.27x |
| Forward P/EPrice ÷ next-FY EPS est. | 12.28x | — | 8.20x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 16.35x | 20.75x | 15.10x | 18.35x |
| Price / SalesMarket cap ÷ Revenue | 2.12x | 0.51x | 1.97x | 0.92x |
| Price / BookPrice ÷ Book value/share | 0.93x | 0.13x | 0.63x | 0.36x |
| Price / FCFMarket cap ÷ FCF | 11.71x | 27.85x | 7.26x | 6.34x |
Evenly matched — GPMT and TRTX and KREF each lead in 2 of 6 comparable metrics.
Profitability & Efficiency
TRTX leads this category, winning 5 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. GPMT carries lower financial leverage with a 2.12x 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… | GPMTGranite Point Mor… | TRTXTPG RE Finance Tr… | KREFKKR Real Estate F… |
|---|---|---|---|---|
| ROE (TTM)Return on equity | +2.9% | -7.1% | +5.7% | -8.4% |
| ROA (TTM)Return on assets | +0.5% | -2.3% | +1.4% | -1.6% |
| ROICReturn on invested capital | +4.3% | +2.6% | +4.7% | +3.4% |
| ROCEReturn on capital employed | +11.3% | +4.6% | +7.1% | +4.5% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 6 | 6 | 4 |
| Debt / EquityFinancial leverage | 4.61x | 2.12x | 3.08x | 3.83x |
| Net DebtTotal debt minus cash | $15.7B | $1.1B | $3.2B | $4.6B |
| Cash & Equiv.Liquid assets | $453M | $66M | $88M | $85M |
| Total DebtShort + long-term debt | $16.2B | $1.2B | $3.3B | $4.7B |
| Interest CoverageEBIT ÷ Interest expense | 1.11x | 0.58x | 1.32x | 0.84x |
TRTX leads this category, winning 5 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 $3,472 for GPMT. Over the past 12 months, TRTX leads with a +25.7% total return vs GPMT's -19.7%. The 3-year compound annual growth rate (CAGR) favors TRTX at 26.7% vs GPMT's -13.1% — a key indicator of consistent wealth creation.
| Metric | BXMTBlackstone Mortga… | GPMTGranite Point Mor… | TRTXTPG RE Finance Tr… | KREFKKR Real Estate F… |
|---|---|---|---|---|
| YTD ReturnYear-to-date | +0.7% | -32.5% | -1.0% | -17.5% |
| 1-Year ReturnPast 12 months | +12.1% | -19.7% | +25.7% | -16.9% |
| 3-Year ReturnCumulative with dividends | +48.1% | -34.3% | +103.4% | -0.7% |
| 5-Year ReturnCumulative with dividends | -4.1% | -65.3% | +1.4% | -35.6% |
| 10-Year ReturnCumulative with dividends | +50.5% | -50.0% | -1.9% | -9.1% |
| CAGR (3Y)Annualised 3-year return | +14.0% | -13.1% | +26.7% | -0.2% |
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 GPMT's 1.44 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 GPMT's 49.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | BXMTBlackstone Mortga… | GPMTGranite Point Mor… | TRTXTPG RE Finance Tr… | KREFKKR Real Estate F… |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.74x | 1.42x | 0.79x | 0.86x |
| 52-Week HighHighest price in past year | $20.67 | $3.12 | $9.85 | $9.98 |
| 52-Week LowLowest price in past year | $17.67 | $1.24 | $7.44 | $5.29 |
| % of 52W HighCurrent price vs 52-week peak | +92.6% | +49.7% | +86.2% | +65.9% |
| RSI (14)Momentum oscillator 0–100 | 47.5 | 49.4 | 60.6 | 54.4 |
| Avg Volume (50D)Average daily shares traded | 1.4M | 154K | 655K | 1.5M |
BXMT leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Evenly matched — TRTX and KREF each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: BXMT as "Hold", GPMT as "Hold", TRTX as "Buy", KREF as "Buy". Consensus price targets imply 61.3% upside for GPMT (target: $3) 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… | GPMTGranite Point Mor… | TRTXTPG RE Finance Tr… | KREFKKR Real Estate F… |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold | Buy | Buy |
| Price TargetConsensus 12-month target | — | $2.50 | $10.00 | $7.00 |
| # AnalystsCovering analysts | 18 | 12 | 11 | 12 |
| Dividend YieldAnnual dividend ÷ price | +9.9% | +14.0% | +13.5% | +15.2% |
| Dividend StreakConsecutive years of raises | 0 | 0 | 2 | 0 |
| Dividend / ShareAnnual DPS | $1.89 | $0.22 | $1.15 | $1.00 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.4% | +7.6% | +3.9% | +10.3% |
Evenly matched — TRTX and KREF each lead in 1 of 2 comparable metrics.
Key Takeaway
TRTX leads in 3 of 6 categories (Income & Cash Flow, Profitability & Efficiency). BXMT leads in 1 (Risk & Volatility). 2 tied.
Best OverallTPG RE Finance Trust, Inc. (TRTX)Leads 3 of 6 categories
Loading custom metrics...
BXMT vs GPMT vs TRTX vs KREF: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is BXMT or GPMT or TRTX or KREF a better buy right now?
For growth investors, Granite Point Mortgage Trust Inc.
(GPMT) is the stronger pick with 187. 8% 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. 2x forward), making it the more compelling value choice. Analysts rate TPG RE Finance Trust, Inc. (TRTX) a "Buy" — based on 11 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 GPMT or TRTX or KREF?
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. 2x.
03Which is the better long-term investment — BXMT or GPMT or TRTX or KREF?
Over the past 5 years, TPG RE Finance Trust, Inc.
(TRTX) delivered a total return of +1. 4%, compared to -65. 3% for Granite Point Mortgage Trust Inc. (GPMT). Over 10 years, the gap is even starker: BXMT returned +50. 4% versus GPMT's -50. 4%. 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 GPMT or TRTX or KREF?
By beta (market sensitivity over 5 years), Blackstone Mortgage Trust, Inc.
(BXMT) is the lower-risk stock at 0. 74β versus Granite Point Mortgage Trust Inc. 's 1. 42β — meaning GPMT is approximately 93% more volatile than BXMT relative to the S&P 500. On balance sheet safety, Granite Point Mortgage Trust Inc. (GPMT) carries a lower debt/equity ratio of 2% versus 5% for Blackstone Mortgage Trust, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — BXMT or GPMT or TRTX or KREF?
By revenue growth (latest reported year), Granite Point Mortgage Trust Inc.
(GPMT) is pulling ahead at 187. 8% 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, GPMT leads at 22. 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 GPMT or TRTX or KREF?
TPG RE Finance Trust, Inc.
(TRTX) is the more profitable company, earning 18. 1% net margin versus -28. 3% for Granite Point Mortgage 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 43. 6% for GPMT. 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 GPMT or TRTX or KREF more undervalued right now?
On forward earnings alone, TPG RE Finance Trust, Inc.
(TRTX) trades at 8. 2x forward P/E versus 12. 3x for Blackstone Mortgage Trust, Inc. — 4. 1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for GPMT: 61. 3% to $2. 50.
08Which pays a better dividend — BXMT or GPMT or TRTX or KREF?
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 GPMT or TRTX or KREF 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. 4%, GPMT: -50. 4%), 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 GPMT and TRTX and KREF?
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; GPMT is a small-cap high-growth stock; TRTX is a small-cap high-growth stock; KREF is a small-cap income-oriented 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.
Find Stocks Like These
Explore pre-built screens for each stock's profile, or build a custom screen to find stocks that outperform all of them.
Revenue Growth>
%
(BXMT: 4.0% · GPMT: 157.8%)You Might Also Compare
Based on how these companies actually compete and overlap — not just which sector they're filed under.