MITN
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029
REIT - Mortgage
Market Cap$801M
5Y Perf.+1.0%
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Stock Comparison
MITN vs BXMT vs KREF vs TRTX vs GPMT
Revenue, margins, valuation, and 5-year total return — side by side.
BXMT
Blackstone Mortgage Trust, Inc.
REIT - Mortgage
Market Cap$3.23B
5Y Perf.-6.1%
KREF
KKR Real Estate Finance Trust Inc.
REIT - Mortgage
Market Cap$425M
5Y Perf.-32.2%
TRTX
TPG RE Finance Trust, Inc.
REIT - Mortgage
Market Cap$663M
5Y Perf.+14.6%
GPMT
Granite Point Mortgage Trust Inc.
REIT - Mortgage
Market Cap$70M
5Y Perf.-69.0%
MITN vs BXMT vs KREF vs TRTX vs GPMT — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | MITN | BXMT | KREF | TRTX | GPMT |
|---|---|---|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $801M | $3.23B | $425M | $663M | $70M |
| Revenue (TTM) | $400M | $1.54B | $442M | $264M | $132M |
| Net Income (TTM) | $34M | $104M | $-104M | $61M | $-40M |
| Gross Margin | 93.7% | 62.6% | 87.1% | 78.5% | 47.3% |
| Operating Margin | 92.9% | 58.3% | 48.0% | 51.0% | -4.3% |
| Forward P/E | 23.2x | 12.3x | — | 8.2x | — |
| Total Debt | $8.10B | $16.16B | $4.69B | $3.29B | $1.17B |
| Cash & Equiv. | $76M | $453M | $85M | $88M | $66M |
MITN vs BXMT vs KREF vs TRTX vs GPMT — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
MITN
BXMT
KREF
TRTX
GPMT
| Stock | Feb 24 | May 26 | Return |
|---|---|---|---|
| TPG Mortgage Invest… (MITN) | 100 | 101.0 | +1.0% |
| Blackstone Mortgage… (BXMT) | 100 | 93.9 | -6.1% |
| KKR Real Estate Fin… (KREF) | 100 | 67.8 | -32.2% |
| TPG RE Finance Trus… (TRTX) | 100 | 114.6 | +14.6% |
| Granite Point Mortg… (GPMT) | 100 | 31.0 | -69.0% |
Price return only. Dividends and distributions are not included.
Quick Verdict: MITN vs BXMT vs KREF vs TRTX vs GPMT
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: TRTX leads in 4 of 7 categories (5-stock set), making it the strongest pick for valuation and capital efficiency and profitability and margin quality. TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 is the stronger pick specifically for capital preservation and lower volatility. KREF and GPMT also each lead in at least one category. As sector peers, any of these can serve as alternatives in the same allocation.
MITN
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029
The Real Estate Income Play
MITN is the #2 pick in this set and the best alternative if long-term compounding is your priority.
- 22.1% 10Y total return vs BXMT's 50.4%
- Beta 0.53 vs GPMT's 1.42
Best for: long-term compounding
BXMT
Blackstone Mortgage Trust, Inc.
The REIT Holding
Among these 5 stocks, BXMT doesn't own a clear edge in any measured category.
Best for: real estate exposure
KREF
KKR Real Estate Finance Trust Inc.
The Real Estate Income Play
KREF ranks third and is worth considering specifically for defensive.
- Beta 0.86, yield 15.1%, current ratio 0.32x
- 15.1% yield, vs TRTX's 13.4%
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 0.79, yield 13.4%
- Lower volatility, beta 0.79, current ratio 0.18x
- Better valuation composite
- 23.2% margin vs GPMT's -30.5%
Best for: income & stability and sleep-well-at-night
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
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 | MITN | Beta 0.53 vs GPMT's 1.42 |
| Dividends | KREF | 15.1% yield, vs TRTX's 13.4% |
| Momentum (1Y) | TRTX | +25.4% vs GPMT's -23.4% |
| Efficiency (ROA) | TRTX | 1.4% ROA vs GPMT's -2.3%, ROIC 4.7% vs 2.6% |
MITN vs BXMT vs KREF vs TRTX vs GPMT — Financial Metrics
Side-by-side numbers across 5 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLTRTXLAGGINGGPMT
Who Leads Where
TRTX leads in 2 of 6 categories
MITN leads 1 • BXMT leads 0 • KREF leads 0 • GPMT leads 0 • 3 tied
Explore the data ↓GPMTGranite Point Mortgag…
0leads
KREFKKR Real Estate Finan…
0leads
BXMTBlackstone Mortgage T…
0leads
MITNTPG Mortgage Investme…
1leads
TRTXTPG RE Finance Trust,…
2leads
6 Total Categories
CATEGORYLEADERvs MITNvs BXMTMETRICS 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
Tied
—
Total Returns1Y, 3Y, 5Y total returns with dividends
TRTX3/6
Risk & VolatilityBeta, volatility, and downside exposure
MITN2/2
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 | MITNTPG Mortgage Inve… | BXMTBlackstone Mortga… | KREFKKR Real Estate F… | TRTXTPG RE Finance Tr… | GPMTGranite Point Mor… |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $400M | $1.5B | $442M | $264M | $132M |
| EBITDAEarnings before interest/tax | $373M | $948M | $140M | $144M | -$8M |
| Net IncomeAfter-tax profit | $34M | $104M | -$104M | $61M | -$40M |
| Free Cash FlowCash after capex | $68M | $335M | $65M | $96M | $463,000 |
| Gross MarginGross profit ÷ Revenue | +93.7% | +62.6% | +87.1% | +78.5% | +47.3% |
| Operating MarginEBIT ÷ Revenue | +92.9% | +58.3% | +48.0% | +51.0% | -4.3% |
| Net MarginNet income ÷ Revenue | +8.4% | +6.7% | -23.6% | +23.2% | -30.5% |
| FCF MarginFCF ÷ Revenue | +17.0% | +21.8% | +14.8% | +36.4% | +0.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +18.4% | +4.0% | -13.8% | -4.4% | +157.8% |
| EPS Growth (YoY)Latest quarter vs prior year | -2.3% | — | -5.4% | +58.3% | +40.9% |
TRTX leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
Evenly matched — KREF and TRTX and GPMT each lead in 2 of 6 comparable metrics.
Valuation Metrics
At 15.0x 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 20.7x.
| Metric | MITNTPG Mortgage Inve… | BXMTBlackstone Mortga… | KREFKKR Real Estate F… | TRTXTPG RE Finance Tr… | GPMTGranite Point Mor… |
|---|---|---|---|---|---|
| Market CapShares × price | $801M | $3.2B | $425M | $663M | $70M |
| Enterprise ValueMkt cap + debt − cash | $8.8B | $18.9B | $5.0B | $3.9B | $1.2B |
| Trailing P/EPrice ÷ TTM EPS | 28.69x | 29.89x | -6.30x | 15.04x | -1.27x |
| Forward P/EPrice ÷ next-FY EPS est. | 23.19x | 12.28x | — | 8.20x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 18.64x | 16.35x | 18.36x | 15.13x | 20.68x |
| Price / SalesMarket cap ÷ Revenue | 1.69x | 2.12x | 0.93x | 1.99x | 0.48x |
| Price / BookPrice ÷ Book value/share | 1.40x | 0.93x | 0.36x | 0.64x | 0.13x |
| Price / FCFMarket cap ÷ FCF | 12.57x | 11.70x | 6.37x | 7.33x | 26.41x |
Evenly matched — KREF and TRTX and GPMT each lead in 2 of 6 comparable metrics.
Profitability & Efficiency
Evenly matched — TRTX and GPMT each lead in 4 of 9 comparable metrics.
Profitability & Efficiency
MITN delivers a 6.1% 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 MITN's 14.45x. On the Piotroski fundamental quality scale (0–9), BXMT scores 6/9 vs KREF's 4/9, reflecting solid financial health.
| Metric | MITNTPG Mortgage Inve… | BXMTBlackstone Mortga… | KREFKKR Real Estate F… | TRTXTPG RE Finance Tr… | GPMTGranite Point Mor… |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +6.1% | +2.9% | -8.4% | +5.7% | -7.1% |
| ROA (TTM)Return on assets | +0.4% | +0.5% | -1.6% | +1.4% | -2.3% |
| ROICReturn on invested capital | +4.4% | +4.3% | +3.4% | +4.7% | +2.6% |
| ROCEReturn on capital employed | +6.4% | +11.3% | +4.5% | +7.1% | +4.6% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 6 | 4 | 6 | 6 |
| Debt / EquityFinancial leverage | 14.45x | 4.61x | 3.83x | 3.08x | 2.12x |
| Net DebtTotal debt minus cash | $8.0B | $15.7B | $4.6B | $3.2B | $1.1B |
| Cash & Equiv.Liquid assets | $76M | $453M | $85M | $88M | $66M |
| Total DebtShort + long-term debt | $8.1B | $16.2B | $4.7B | $3.3B | $1.2B |
| Interest CoverageEBIT ÷ Interest expense | 1.12x | 1.11x | 0.84x | 1.32x | 0.58x |
Evenly matched — TRTX and GPMT each lead in 4 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
TRTX leads this category, winning 3 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in MITN five years ago would be worth $12,212 today (with dividends reinvested), compared to $3,518 for GPMT. Over the past 12 months, TRTX leads with a +25.4% total return vs GPMT's -23.4%. The 3-year compound annual growth rate (CAGR) favors TRTX at 27.0% vs GPMT's -13.9% — a key indicator of consistent wealth creation.
| Metric | MITNTPG Mortgage Inve… | BXMTBlackstone Mortga… | KREFKKR Real Estate F… | TRTXTPG RE Finance Tr… | GPMTGranite Point Mor… |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +4.0% | +0.6% | -17.1% | -0.1% | -35.9% |
| 1-Year ReturnPast 12 months | +10.2% | +10.5% | -17.5% | +25.4% | -23.4% |
| 3-Year ReturnCumulative with dividends | +22.1% | +48.0% | -0.4% | +104.8% | -36.3% |
| 5-Year ReturnCumulative with dividends | +22.1% | -2.3% | -35.7% | +6.2% | -64.8% |
| 10-Year ReturnCumulative with dividends | +22.1% | +50.4% | -9.0% | -1.5% | -50.4% |
| CAGR (3Y)Annualised 3-year return | +6.9% | +14.0% | -0.1% | +27.0% | -13.9% |
TRTX leads this category, winning 3 of 6 comparable metrics.
Risk & Volatility
MITN leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
MITN is the less volatile stock with a 0.53 beta — it tends to amplify market swings less than GPMT's 1.42 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MITN currently trades 96.2% from its 52-week high vs GPMT's 47.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | MITNTPG Mortgage Inve… | BXMTBlackstone Mortga… | KREFKKR Real Estate F… | TRTXTPG RE Finance Tr… | GPMTGranite Point Mor… |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.53x | 0.74x | 0.86x | 0.79x | 1.42x |
| 52-Week HighHighest price in past year | $26.25 | $20.67 | $9.98 | $9.85 | $3.12 |
| 52-Week LowLowest price in past year | $8.95 | $17.67 | $5.29 | $7.44 | $1.24 |
| % of 52W HighCurrent price vs 52-week peak | +96.2% | +92.5% | +66.2% | +87.0% | +47.1% |
| RSI (14)Momentum oscillator 0–100 | 59.3 | 45.2 | 54.7 | 56.3 | 54.4 |
| Avg Volume (50D)Average daily shares traded | 9K | 1.4M | 1.5M | 647K | 152K |
MITN 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", GPMT as "Hold". Consensus price targets imply 70.1% upside for GPMT (target: $3) vs 5.9% for KREF (target: $7). For income investors, KREF offers the higher dividend yield at 15.14% vs MITN's 3.12%.
| Metric | MITNTPG Mortgage Inve… | BXMTBlackstone Mortga… | KREFKKR Real Estate F… | TRTXTPG RE Finance Tr… | GPMTGranite Point Mor… |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Hold | Buy | Buy | Hold |
| Price TargetConsensus 12-month target | — | — | $7.00 | $10.00 | $2.50 |
| # AnalystsCovering analysts | — | 18 | 12 | 11 | 12 |
| Dividend YieldAnnual dividend ÷ price | +3.1% | +9.9% | +15.1% | +13.4% | +14.7% |
| Dividend StreakConsecutive years of raises | 0 | 0 | 0 | 2 | 0 |
| Dividend / ShareAnnual DPS | $0.79 | $1.89 | $1.00 | $1.15 | $0.22 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +3.4% | +10.2% | +3.8% | +8.0% |
Evenly matched — KREF and TRTX each lead in 1 of 2 comparable metrics.
Key Takeaway
TRTX leads in 2 of 6 categories (Income & Cash Flow, Total Returns). MITN leads in 1 (Risk & Volatility). 3 tied.
Best OverallTPG RE Finance Trust, Inc. (TRTX)Leads 2 of 6 categories
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MITN vs BXMT vs KREF vs TRTX vs GPMT: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is MITN or BXMT or KREF or TRTX or GPMT 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 15. 0x trailing P/E (8. 2x 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 — MITN or BXMT or KREF or TRTX or GPMT?
On trailing P/E, TPG RE Finance Trust, Inc.
(TRTX) is the cheapest at 15. 0x 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 — MITN or BXMT or KREF or TRTX or GPMT?
Over the past 5 years, TPG Mortgage Investment Trust Inc 9.
500% Senior Notes due 2029 (MITN) delivered a total return of +22. 1%, compared to -64. 8% 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 — MITN or BXMT or KREF or TRTX or GPMT?
By beta (market sensitivity over 5 years), TPG Mortgage Investment Trust Inc 9.
500% Senior Notes due 2029 (MITN) is the lower-risk stock at 0. 53β versus Granite Point Mortgage Trust Inc. 's 1. 42β — meaning GPMT is approximately 168% more volatile than MITN 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 14% for TPG Mortgage Investment Trust Inc 9. 500% Senior Notes due 2029 — giving it more financial flexibility in a downturn.
05Which is growing faster — MITN or BXMT or KREF or TRTX or GPMT?
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, MITN leads at 1194% 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 — MITN or BXMT or KREF or TRTX or GPMT?
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: MITN leads at 95. 3% versus 43. 6% for GPMT. At the gross margin level — before operating expenses — MITN leads at 92. 4%, 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 MITN or BXMT or KREF or TRTX or GPMT more undervalued right now?
On forward earnings alone, TPG RE Finance Trust, Inc.
(TRTX) trades at 8. 2x forward P/E versus 23. 2x for TPG Mortgage Investment Trust Inc 9. 500% Senior Notes due 2029 — 15. 0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for GPMT: 70. 1% to $2. 50.
08Which pays a better dividend — MITN or BXMT or KREF or TRTX or GPMT?
All stocks in this comparison pay dividends.
KKR Real Estate Finance Trust Inc. (KREF) offers the highest yield at 15. 1%, versus 3. 1% for TPG Mortgage Investment Trust Inc 9. 500% Senior Notes due 2029 (MITN).
09Is MITN or BXMT or KREF or TRTX or GPMT better for a retirement portfolio?
For long-horizon retirement investors, TPG Mortgage Investment Trust Inc 9.
500% Senior Notes due 2029 (MITN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 53), 3. 1% yield). Both have compounded well over 10 years (MITN: +22. 1%, 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 MITN and BXMT and KREF and TRTX and GPMT?
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: MITN is a small-cap income-oriented stock; BXMT is a small-cap income-oriented stock; KREF is a small-cap income-oriented stock; TRTX is a small-cap high-growth stock; GPMT 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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Revenue Growth>
%
(MITN: 18.4% · BXMT: 4.0%)Net Margin>
%
(MITN: 8.4% · BXMT: 6.7%)P/E Ratio<
x
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