MITN
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029
REIT - Mortgage
Market Cap$802M
5Y Perf.+1.1%
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Stock Comparison
MITN vs KREF
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.-32.5%
MITN vs KREF — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | MITN | KREF |
|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $802M | $423M |
| Revenue (TTM) | $400M | $442M |
| Net Income (TTM) | $34M | $-104M |
| Gross Margin | 93.7% | 87.1% |
| Operating Margin | 92.9% | 48.0% |
| Forward P/E | 23.2x | — |
| Total Debt | $8.10B | $4.69B |
| Cash & Equiv. | $76M | $85M |
MITN vs KREF — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
MITN
KREF
| Stock | Feb 24 | May 26 | Return |
|---|---|---|---|
| TPG Mortgage Invest… (MITN) | 100 | 101.1 | +1.1% |
| KKR Real Estate Fin… (KREF) | 100 | 67.5 | -32.5% |
Price return only. Dividends and distributions are not included.
Quick Verdict: MITN vs KREF
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: MITN leads in 5 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. KKR Real Estate Finance Trust Inc. is the stronger pick specifically for valuation and capital efficiency and dividend income and shareholder returns. 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 carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 0 yrs, beta 0.53, yield 3.1%
- Rev growth 14.4%, EPS growth -28.5%, 3Y rev CAGR 11.9%
- 22.3% 10Y total return vs KREF's -9.1%
Best for: income & stability and growth exposure
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
- Better valuation composite
- 15.2% yield, vs MITN's 3.1%
Best for: defensive
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | MITN | 14.4% FFO/revenue growth vs KREF's -22.7% |
| Value | KREF | Better valuation composite |
| Quality / Margins | MITN | 8.4% margin vs KREF's -23.6% |
| Stability / Safety | MITN | Beta 0.53 vs KREF's 0.87 |
| Dividends | KREF | 15.2% yield, vs MITN's 3.1% |
| Momentum (1Y) | MITN | +10.3% vs KREF's -16.9% |
| Efficiency (ROA) | MITN | 0.4% ROA vs KREF's -1.6%, ROIC 4.4% vs 3.4% |
MITN vs KREF — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLMITNLAGGINGKREF
KREFKKR Real Estate Finan…
2leads
MITNTPG Mortgage Investme…
4leads
6 Total Categories
CATEGORYLEADERvs KREFMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
MITN6/6
Valuation MetricsMultiples, price ratios, and targets
KREF5/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
MITN5/8
Total Returns1Y, 3Y, 5Y total returns with dividends
MITN6/6
Risk & VolatilityBeta, volatility, and downside exposure
MITN2/2
Analyst OutlookRatings, price targets, and dividends
KREF1/1
Income & Cash Flow (Last 12 Months)
MITN leads this category, winning 6 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
KREF and MITN operate at a comparable scale, with $442M and $400M in trailing revenue. MITN is the more profitable business, keeping 8.4% of every revenue dollar as net income compared to KREF's -23.6%. On growth, MITN holds the edge at +18.4% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | MITNTPG Mortgage Inve… | KREFKKR Real Estate F… |
|---|---|---|
| RevenueTrailing 12 months | $400M | $442M |
| EBITDAEarnings before interest/tax | $373M | $140M |
| Net IncomeAfter-tax profit | $34M | -$104M |
| Free Cash FlowCash after capex | $68M | $65M |
| Gross MarginGross profit ÷ Revenue | +93.7% | +87.1% |
| Operating MarginEBIT ÷ Revenue | +92.9% | +48.0% |
| Net MarginNet income ÷ Revenue | +8.4% | -23.6% |
| FCF MarginFCF ÷ Revenue | +17.0% | +14.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | +18.4% | -13.8% |
| EPS Growth (YoY)Latest quarter vs prior year | -2.3% | -5.4% |
MITN leads this category, winning 6 of 6 comparable metrics.
Valuation Metrics
KREF leads this category, winning 5 of 5 comparable metrics.
Valuation Metrics
On an enterprise value basis, KREF's 18.3x EV/EBITDA is more attractive than MITN's 18.6x.
| Metric | MITNTPG Mortgage Inve… | KREFKKR Real Estate F… |
|---|---|---|
| Market CapShares × price | $802M | $423M |
| Enterprise ValueMkt cap + debt − cash | $8.8B | $5.0B |
| Trailing P/EPrice ÷ TTM EPS | 28.73x | -6.27x |
| Forward P/EPrice ÷ next-FY EPS est. | 23.22x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 18.64x | 18.35x |
| Price / SalesMarket cap ÷ Revenue | 1.70x | 0.92x |
| Price / BookPrice ÷ Book value/share | 1.40x | 0.36x |
| Price / FCFMarket cap ÷ FCF | 12.58x | 6.34x |
KREF leads this category, winning 5 of 5 comparable metrics.
Profitability & Efficiency
MITN leads this category, winning 5 of 8 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. KREF carries lower financial leverage with a 3.83x debt-to-equity ratio, signaling a more conservative balance sheet compared to MITN's 14.45x.
| Metric | MITNTPG Mortgage Inve… | KREFKKR Real Estate F… |
|---|---|---|
| ROE (TTM)Return on equity | +6.1% | -8.4% |
| ROA (TTM)Return on assets | +0.4% | -1.6% |
| ROICReturn on invested capital | +4.4% | +3.4% |
| ROCEReturn on capital employed | +6.4% | +4.5% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 4 |
| Debt / EquityFinancial leverage | 14.45x | 3.83x |
| Net DebtTotal debt minus cash | $8.0B | $4.6B |
| Cash & Equiv.Liquid assets | $76M | $85M |
| Total DebtShort + long-term debt | $8.1B | $4.7B |
| Interest CoverageEBIT ÷ Interest expense | 1.12x | 0.84x |
MITN leads this category, winning 5 of 8 comparable metrics.
Total Returns (Dividends Reinvested)
MITN leads this category, winning 6 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in MITN five years ago would be worth $12,226 today (with dividends reinvested), compared to $6,436 for KREF. Over the past 12 months, MITN leads with a +10.3% total return vs KREF's -16.9%. The 3-year compound annual growth rate (CAGR) favors MITN at 6.9% vs KREF's -0.2% — a key indicator of consistent wealth creation.
| Metric | MITNTPG Mortgage Inve… | KREFKKR Real Estate F… |
|---|---|---|
| YTD ReturnYear-to-date | +4.1% | -17.5% |
| 1-Year ReturnPast 12 months | +10.3% | -16.9% |
| 3-Year ReturnCumulative with dividends | +22.3% | -0.7% |
| 5-Year ReturnCumulative with dividends | +22.3% | -35.6% |
| 10-Year ReturnCumulative with dividends | +22.3% | -9.1% |
| CAGR (3Y)Annualised 3-year return | +6.9% | -0.2% |
MITN leads this category, winning 6 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 KREF's 0.87 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MITN currently trades 96.3% from its 52-week high vs KREF's 65.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | MITNTPG Mortgage Inve… | KREFKKR Real Estate F… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.53x | 0.87x |
| 52-Week HighHighest price in past year | $26.25 | $9.98 |
| 52-Week LowLowest price in past year | $8.95 | $5.29 |
| % of 52W HighCurrent price vs 52-week peak | +96.3% | +65.9% |
| RSI (14)Momentum oscillator 0–100 | 58.1 | 54.4 |
| Avg Volume (50D)Average daily shares traded | 9K | 1.5M |
MITN leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
KREF leads this category, winning 1 of 1 comparable metric.
Analyst Outlook
For income investors, KREF offers the higher dividend yield at 15.21% vs MITN's 3.12%.
| Metric | MITNTPG Mortgage Inve… | KREFKKR Real Estate F… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Buy |
| Price TargetConsensus 12-month target | — | $7.00 |
| # AnalystsCovering analysts | — | 12 |
| Dividend YieldAnnual dividend ÷ price | +3.1% | +15.2% |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | $0.79 | $1.00 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +10.3% |
KREF leads this category, winning 1 of 1 comparable metric.
Key Takeaway
MITN leads in 4 of 6 categories (Income & Cash Flow, Profitability & Efficiency). KREF leads in 2 (Valuation Metrics, Analyst Outlook).
Best OverallTPG Mortgage Investment Tru… (MITN)Leads 4 of 6 categories
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MITN vs KREF: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is MITN or KREF a better buy right now?
For growth investors, TPG Mortgage Investment Trust Inc 9.
500% Senior Notes due 2029 (MITN) is the stronger pick with 14. 4% revenue growth year-over-year, versus -22. 7% for KKR Real Estate Finance Trust Inc. (KREF). TPG Mortgage Investment Trust Inc 9. 500% Senior Notes due 2029 (MITN) offers the better valuation at 28. 7x trailing P/E (23. 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 is the better long-term investment — MITN or KREF?
Over the past 5 years, TPG Mortgage Investment Trust Inc 9.
500% Senior Notes due 2029 (MITN) delivered a total return of +22. 3%, compared to -35. 6% for KKR Real Estate Finance Trust Inc. (KREF). Over 10 years, the gap is even starker: MITN returned +22. 3% 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.
03Which is safer — MITN or KREF?
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 KKR Real Estate Finance Trust Inc. 's 0. 87β — meaning KREF is approximately 66% more volatile than MITN relative to the S&P 500. On balance sheet safety, KKR Real Estate Finance Trust Inc. (KREF) carries a lower debt/equity ratio of 4% versus 14% for TPG Mortgage Investment Trust Inc 9. 500% Senior Notes due 2029 — giving it more financial flexibility in a downturn.
04Which is growing faster — MITN or KREF?
By revenue growth (latest reported year), TPG Mortgage Investment Trust Inc 9.
500% Senior Notes due 2029 (MITN) is pulling ahead at 14. 4% versus -22. 7% for KKR Real Estate Finance Trust Inc. (KREF). On earnings-per-share growth, the picture is similar: TPG Mortgage Investment Trust Inc 9. 500% Senior Notes due 2029 grew EPS -28. 5% 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.
05Which has better profit margins — MITN or KREF?
TPG Mortgage Investment Trust Inc 9.
500% Senior Notes due 2029 (MITN) is the more profitable company, earning 10. 3% net margin versus -10. 3% for KKR Real Estate Finance Trust Inc. — meaning it keeps 10. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MITN leads at 95. 3% versus 59. 3% for KREF. 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.
06Which pays a better dividend — MITN or KREF?
All stocks in this comparison pay dividends.
KKR Real Estate Finance Trust Inc. (KREF) offers the highest yield at 15. 2%, versus 3. 1% for TPG Mortgage Investment Trust Inc 9. 500% Senior Notes due 2029 (MITN).
07Is MITN or KREF 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. 3%, 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.
08What are the main differences between MITN 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.
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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