BrightSpire Capital, Inc. (BRSP) vs PennyMac Mortgage Investment Trust (PMT)

BrightSpire Capital, Inc. and PennyMac Mortgage Investment Trust are both Reit Mortgage companies. PennyMac Mortgage Investment Trust is the larger, with a market value of $736.9M against $517.5M — 1.4× the size. BrightSpire Capital, Inc. has negative trailing earnings, so its P/E is not meaningful; PennyMac Mortgage Investment Trust trades at 5.9×. PennyMac Mortgage Investment Trust grew revenue faster over the last twelve months: 19.6% against 4.70%. PennyMac Mortgage Investment Trust has the higher net margin (10.2% vs −13.1%) and the higher return on invested capital (2.92% vs −0.73%). Both pay a dividend; BrightSpire Capital, Inc. yields more (12.0% vs 11.6%). Across the 21 metrics below, PennyMac Mortgage Investment Trust leads on 14 and BrightSpire Capital, Inc. on 7.

Valuation

Metric BRSP PMT Reit Mortgage median
P/E n/m 5.87 7.80
P/S 2.54 0.60 1.90
P/B 0.61 0.55 0.61
Price to free cash flow 2.96 n/m 5.90
EV/EBITDA 199.78 19.87 28.40
EV/Sales 13.12 17.03 16.02
Earnings yield (5.62%) 17.05% 7.68%
Free cash flow yield 33.81% (1,386.89%) 11.60%

Profitability

Metric BRSP PMT Reit Mortgage median
Gross margin 61.90% 91.15% 100.00%
Operating margin (17.17%) 83.97% 35.40%
Net margin (13.14%) 10.21% 11.85%
Free cash flow margin 85.71% (827.08%) 26.68%
Return on equity (2.92%) 9.44% 4.81%
Return on assets (0.75%) 0.59% 0.62%
Return on invested capital (0.73%) 2.92% 1.22%

Growth

Metric BRSP PMT Reit Mortgage median
Revenue growth (TTM) 4.70% 19.64% 4.70%
EPS growth (last fiscal year) 75.24% (27.74%) —
Revenue growth, 5-year CAGR (6.15%) 9.74% 14.60%
Net income growth, 5-year CAGR 0.00% 25.95% 0.00%

Health

Metric BRSP PMT Reit Mortgage median
Debt to equity 2.75 11.03 3.30
Current ratio 0.83 1.46 1.00
Net debt to EBITDA (182.35) 16.25 18.31

Dividend

Metric BRSP PMT Reit Mortgage median
Dividend yield 12.03% 11.56% 13.05%
Payout ratio 8.00 2.85 1.24

Size

Metric BRSP PMT Reit Mortgage median
Market cap 517.48m 736.86m 517.48m

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