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 vs BXMT vs GPMT
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%
BXMT
Blackstone Mortgage Trust, Inc.
REIT - Mortgage
Market Cap$3.23B
5Y Perf.-6.0%
GPMT
Granite Point Mortgage Trust Inc.
REIT - Mortgage
Market Cap$74M
5Y Perf.-67.3%
MITN vs KREF vs BXMT vs GPMT — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | MITN | KREF | BXMT | GPMT |
|---|---|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $802M | $423M | $3.23B | $74M |
| Revenue (TTM) | $400M | $442M | $1.54B | $132M |
| Net Income (TTM) | $34M | $-104M | $104M | $-40M |
| Gross Margin | 93.7% | 87.1% | 62.6% | 47.3% |
| Operating Margin | 92.9% | 48.0% | 58.3% | -4.3% |
| Forward P/E | 23.2x | — | 12.0x | — |
| Total Debt | $8.10B | $4.69B | $16.16B | $1.17B |
| Cash & Equiv. | $76M | $85M | $453M | $66M |
MITN vs KREF vs BXMT vs GPMT — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
MITN
KREF
BXMT
GPMT
| 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% |
| Blackstone Mortgage… (BXMT) | 100 | 94.0 | -6.0% |
| Granite Point Mortg… (GPMT) | 100 | 32.7 | -67.3% |
Price return only. Dividends and distributions are not included.
Quick Verdict: MITN vs KREF vs BXMT vs GPMT
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: BXMT leads in 3 of 7 categories, making it the strongest pick for valuation and capital efficiency and recent price momentum and sentiment. TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 is the stronger pick specifically for profitability and margin quality and 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 sleep-well-at-night is your priority.
- Lower volatility, beta 0.53, current ratio 0.09x
- 8.4% margin vs GPMT's -30.5%
- Beta 0.53 vs GPMT's 1.44
Best for: 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 income & stability and defensive.
- Dividend streak 0 yrs, beta 0.87, yield 15.2%
- Beta 0.87, yield 15.2%, current ratio 0.32x
- 15.2% yield, vs BXMT's 9.9%
Best for: income & stability and defensive
BXMT
Blackstone Mortgage Trust, Inc.
The Real Estate Income Play
BXMT carries the broadest edge in this set and is the clearest fit for long-term compounding.
- 50.5% 10Y total return vs MITN's 22.3%
- Better valuation composite
- +12.1% vs GPMT's -19.7%
- 0.5% ROA vs GPMT's -2.3%, ROIC 4.3% vs 2.6%
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
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | GPMT | 187.8% FFO/revenue growth vs KREF's -22.7% |
| Value | BXMT | Better valuation composite |
| Quality / Margins | MITN | 8.4% margin vs GPMT's -30.5% |
| Stability / Safety | MITN | Beta 0.53 vs GPMT's 1.44 |
| Dividends | KREF | 15.2% yield, vs BXMT's 9.9% |
| Momentum (1Y) | BXMT | +12.1% vs GPMT's -19.7% |
| Efficiency (ROA) | BXMT | 0.5% ROA vs GPMT's -2.3%, ROIC 4.3% vs 2.6% |
MITN vs KREF vs BXMT vs GPMT — Financial Metrics
Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLMITNLAGGINGGPMT
Who Leads Where
MITN leads in 2 of 6 categories
GPMT leads 1 • BXMT leads 1 • KREF leads 1 • 1 tied
Explore the data ↓GPMTGranite Point Mortgag…
1leads
BXMTBlackstone Mortgage T…
1leads
KREFKKR Real Estate Finan…
1leads
MITNTPG Mortgage Investme…
2leads
6 Total Categories
CATEGORYLEADERvs KREFvs BXMTMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
MITN3/6
Valuation MetricsMultiples, price ratios, and targets
Tied
—
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
GPMT4/9
Total Returns1Y, 3Y, 5Y total returns with dividends
BXMT4/6
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 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. MITN is the more profitable business, keeping 8.4% 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… | KREFKKR Real Estate F… | BXMTBlackstone Mortga… | GPMTGranite Point Mor… |
|---|---|---|---|---|
| RevenueTrailing 12 months | $400M | $442M | $1.5B | $132M |
| EBITDAEarnings before interest/tax | $373M | $140M | $948M | -$8M |
| Net IncomeAfter-tax profit | $34M | -$104M | $104M | -$40M |
| Free Cash FlowCash after capex | $68M | $65M | $335M | $463,000 |
| Gross MarginGross profit ÷ Revenue | +93.7% | +87.1% | +62.6% | +47.3% |
| Operating MarginEBIT ÷ Revenue | +92.9% | +48.0% | +58.3% | -4.3% |
| Net MarginNet income ÷ Revenue | +8.4% | -23.6% | +6.7% | -30.5% |
| FCF MarginFCF ÷ Revenue | +17.0% | +14.8% | +21.8% | +0.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +18.4% | -13.8% | +4.0% | +157.8% |
| EPS Growth (YoY)Latest quarter vs prior year | -2.3% | -5.4% | — | +40.9% |
MITN leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
Evenly matched — KREF and BXMT and GPMT each lead in 2 of 6 comparable metrics.
Valuation Metrics
At 28.7x trailing earnings, MITN trades at a 4% valuation discount to BXMT's 29.9x P/E. On an enterprise value basis, BXMT's 16.3x EV/EBITDA is more attractive than GPMT's 20.8x.
| Metric | MITNTPG Mortgage Inve… | KREFKKR Real Estate F… | BXMTBlackstone Mortga… | GPMTGranite Point Mor… |
|---|---|---|---|---|
| Market CapShares × price | $802M | $423M | $3.2B | $74M |
| Enterprise ValueMkt cap + debt − cash | $8.8B | $5.0B | $18.9B | $1.2B |
| Trailing P/EPrice ÷ TTM EPS | 28.73x | -6.27x | 29.92x | -1.34x |
| Forward P/EPrice ÷ next-FY EPS est. | 23.22x | — | 11.98x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 18.64x | 18.35x | 16.35x | 20.75x |
| Price / SalesMarket cap ÷ Revenue | 1.70x | 0.92x | 2.12x | 0.51x |
| Price / BookPrice ÷ Book value/share | 1.40x | 0.36x | 0.93x | 0.13x |
| Price / FCFMarket cap ÷ FCF | 12.58x | 6.34x | 11.71x | 27.85x |
Evenly matched — KREF and BXMT and GPMT each lead in 2 of 6 comparable metrics.
Profitability & Efficiency
GPMT leads this category, winning 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… | KREFKKR Real Estate F… | BXMTBlackstone Mortga… | GPMTGranite Point Mor… |
|---|---|---|---|---|
| ROE (TTM)Return on equity | +6.1% | -8.4% | +2.9% | -7.1% |
| ROA (TTM)Return on assets | +0.4% | -1.6% | +0.5% | -2.3% |
| ROICReturn on invested capital | +4.4% | +3.4% | +4.3% | +2.6% |
| ROCEReturn on capital employed | +6.4% | +4.5% | +11.3% | +4.6% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 4 | 6 | 6 |
| Debt / EquityFinancial leverage | 14.45x | 3.83x | 4.61x | 2.12x |
| Net DebtTotal debt minus cash | $8.0B | $4.6B | $15.7B | $1.1B |
| Cash & Equiv.Liquid assets | $76M | $85M | $453M | $66M |
| Total DebtShort + long-term debt | $8.1B | $4.7B | $16.2B | $1.2B |
| Interest CoverageEBIT ÷ Interest expense | 1.12x | 0.84x | 1.11x | 0.58x |
GPMT leads this category, winning 4 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
BXMT leads this category, winning 4 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 $3,472 for GPMT. Over the past 12 months, BXMT leads with a +12.1% total return vs GPMT's -19.7%. The 3-year compound annual growth rate (CAGR) favors BXMT at 14.0% vs GPMT's -13.1% — a key indicator of consistent wealth creation.
| Metric | MITNTPG Mortgage Inve… | KREFKKR Real Estate F… | BXMTBlackstone Mortga… | GPMTGranite Point Mor… |
|---|---|---|---|---|
| YTD ReturnYear-to-date | +4.1% | -17.5% | +0.7% | -32.5% |
| 1-Year ReturnPast 12 months | +10.3% | -16.9% | +12.1% | -19.7% |
| 3-Year ReturnCumulative with dividends | +22.3% | -0.7% | +48.1% | -34.3% |
| 5-Year ReturnCumulative with dividends | +22.3% | -35.6% | -4.1% | -65.3% |
| 10-Year ReturnCumulative with dividends | +22.3% | -9.1% | +50.5% | -50.0% |
| CAGR (3Y)Annualised 3-year return | +6.9% | -0.2% | +14.0% | -13.1% |
BXMT leads this category, winning 4 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 1.44 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 GPMT's 49.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | MITNTPG Mortgage Inve… | KREFKKR Real Estate F… | BXMTBlackstone Mortga… | GPMTGranite Point Mor… |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.53x | 0.87x | 0.74x | 1.44x |
| 52-Week HighHighest price in past year | $26.25 | $9.98 | $20.67 | $3.12 |
| 52-Week LowLowest price in past year | $8.95 | $5.29 | $17.67 | $1.24 |
| % of 52W HighCurrent price vs 52-week peak | +96.3% | +65.9% | +92.6% | +49.7% |
| RSI (14)Momentum oscillator 0–100 | 58.1 | 54.4 | 47.5 | 49.4 |
| Avg Volume (50D)Average daily shares traded | 9K | 1.5M | 1.4M | 154K |
MITN leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
KREF leads this category, winning 1 of 1 comparable metric.
Analyst Outlook
Analyst consensus: KREF as "Buy", BXMT as "Hold", GPMT as "Hold". 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 MITN's 3.12%.
| Metric | MITNTPG Mortgage Inve… | KREFKKR Real Estate F… | BXMTBlackstone Mortga… | GPMTGranite Point Mor… |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Buy | Hold | Hold |
| Price TargetConsensus 12-month target | — | $7.00 | — | $2.50 |
| # AnalystsCovering analysts | — | 12 | 18 | 12 |
| Dividend YieldAnnual dividend ÷ price | +3.1% | +15.2% | +9.9% | +14.0% |
| Dividend StreakConsecutive years of raises | 0 | 0 | 0 | 0 |
| Dividend / ShareAnnual DPS | $0.79 | $1.00 | $1.89 | $0.22 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +10.3% | +3.4% | +7.6% |
KREF leads this category, winning 1 of 1 comparable metric.
Key Takeaway
MITN leads in 2 of 6 categories (Income & Cash Flow, Risk & Volatility). GPMT leads in 1 (Profitability & Efficiency). 1 tied.
Best OverallTPG Mortgage Investment Tru… (MITN)Leads 2 of 6 categories
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MITN vs KREF vs BXMT vs GPMT: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is MITN or KREF or BXMT 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 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 has the better valuation — MITN or KREF or BXMT or GPMT?
On trailing P/E, TPG Mortgage Investment Trust Inc 9.
500% Senior Notes due 2029 (MITN) is the cheapest at 28. 7x versus Blackstone Mortgage Trust, Inc. at 29. 9x. On forward P/E, Blackstone Mortgage Trust, Inc. is actually cheaper at 12. 0x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — MITN or KREF or BXMT 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. 3%, compared to -65. 3% for Granite Point Mortgage Trust Inc. (GPMT). Over 10 years, the gap is even starker: BXMT returned +50. 5% versus GPMT's -50. 0%. 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 KREF or BXMT 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. 44β — meaning GPMT is approximately 173% 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 KREF or BXMT 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 KREF or BXMT or GPMT?
TPG Mortgage Investment Trust Inc 9.
500% Senior Notes due 2029 (MITN) is the more profitable company, earning 10. 3% net margin versus -28. 3% for Granite Point Mortgage 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 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 KREF or BXMT or GPMT more undervalued right now?
On forward earnings alone, Blackstone Mortgage Trust, Inc.
(BXMT) trades at 12. 0x forward P/E versus 23. 2x for TPG Mortgage Investment Trust Inc 9. 500% Senior Notes due 2029 — 11. 2x 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 — MITN or KREF or BXMT or GPMT?
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).
09Is MITN or KREF or BXMT 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. 3%, GPMT: -50. 0%), 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 KREF and BXMT 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; KREF is a small-cap income-oriented stock; BXMT is a small-cap income-oriented 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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