NREF vs TRTX vs BXMT vs KREF vs STWD

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). NexPoint Real Estate Finance, Inc. (NREF) offers the better valuation at 5. 4x trailing P/E (9. 6x 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.

On trailing P/E, NexPoint Real Estate Finance, Inc.

(NREF) is the cheapest at 5. 4x versus Blackstone Mortgage Trust, Inc. at 29. 9x. On forward P/E, TPG RE Finance Trust, Inc. is actually cheaper at 8. 1x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: NexPoint Real Estate Finance, Inc. wins at 0. 87x versus Starwood Property Trust, Inc. 's 9. 91x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, NexPoint Real Estate Finance, Inc.

(NREF) delivered a total return of +26. 6%, compared to -35. 6% for KKR Real Estate Finance Trust Inc. (KREF). Over 10 years, the gap is even starker: STWD returned +83. 4% 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.

By beta (market sensitivity over 5 years), Starwood Property Trust, Inc.

(STWD) is the lower-risk stock at 0. 45β versus KKR Real Estate Finance Trust Inc. 's 0. 87β — meaning KREF is approximately 93% more volatile than STWD relative to the S&P 500. On balance sheet safety, Starwood Property Trust, Inc. (STWD) carries a lower debt/equity ratio of 3% versus 5% for NexPoint Real Estate Finance, Inc. — giving it more financial flexibility in a downturn.

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: NexPoint Real Estate Finance, Inc. grew EPS 189. 2% year-over-year, compared to -652. 6% for KKR Real Estate Finance Trust Inc.. Over a 3-year CAGR, NREF leads at 46. 2% 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.

NexPoint Real Estate Finance, Inc.

(NREF) is the more profitable company, earning 83. 3% net margin versus -10. 3% for KKR Real Estate Finance Trust Inc. — meaning it keeps 83. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NREF leads at 129. 7% versus 59. 3% for KREF. At the gross margin level — before operating expenses — NREF leads at 88. 9%, 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.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, NexPoint Real Estate Finance, Inc. (NREF) is the more undervalued stock at a PEG of 0. 87x versus Starwood Property Trust, Inc. 's 9. 91x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. 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.

In this comparison, KREF (15.

2% yield), TRTX (13. 5% yield), BXMT (9. 9% yield), NREF (3. 7% yield) pay a dividend. STWD does not pay a meaningful dividend and should not be held primarily for income.

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%, STWD: +83. 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.

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: NREF is a small-cap deep-value stock; TRTX is a small-cap high-growth stock; BXMT is a small-cap income-oriented stock; KREF is a small-cap income-oriented stock; STWD is a small-cap deep-value stock. NREF, TRTX, BXMT, KREF pay a dividend while STWD does not, making them suitable for different income and tax situations. 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.