STWD vs TRTX vs BXMT vs KREF

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). Starwood Property Trust, Inc. (STWD) offers the better valuation at 14. 8x trailing P/E (10. 0x forward), making it the more compelling value choice. Analysts rate Starwood Property Trust, Inc. (STWD) a "Buy" — based on 21 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, Starwood Property Trust, Inc.

(STWD) is the cheapest at 14. 8x 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.

Over the past 5 years, Starwood Property Trust, Inc.

(STWD) delivered a total return of +9. 8%, 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 Blackstone Mortgage Trust, 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: 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, STWD leads at 6. 6% 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.

Starwood Property Trust, Inc.

(STWD) is the more profitable company, earning 21. 9% net margin versus -10. 3% for KKR Real Estate Finance Trust Inc. — meaning it keeps 21. 9% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: STWD leads at 76. 2% versus 59. 3% for KREF. 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.

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) 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: STWD 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. 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.