BrightSpire Capital, Inc. (BRSP) vs TPG RE Finance Trust, Inc. (TRTX)

BrightSpire Capital, Inc. and TPG RE Finance Trust, Inc. are both Reit Mortgage companies. BrightSpire Capital, Inc. and TPG RE Finance Trust, Inc. are of similar size ($479.5M and $454.5M). BrightSpire Capital, Inc. has negative trailing earnings, so its P/E is not meaningful; TPG RE Finance Trust, Inc. trades at 10.7×. BrightSpire Capital, Inc. grew revenue faster over the last twelve months: 4.70% against −2.64%. TPG RE Finance Trust, Inc. has the higher net margin (29.9% vs −13.1%) and the higher return on invested capital (1.00% vs −0.73%). Both pay a dividend; BrightSpire Capital, Inc. yields more (17.3% vs 16.6%). Across the 21 metrics below, TPG RE Finance Trust, Inc. leads on 11 and BrightSpire Capital, Inc. on 10.

Valuation

Metric BRSP TRTX Reit Mortgage median
P/E n/m 10.72 7.10
P/S 2.29 3.09 1.77
P/B 0.55 0.43 0.55
Price to free cash flow 2.67 5.38 5.36
EV/EBITDA 196.00 47.03 28.29
EV/Sales 12.88 26.49 15.90
Earnings yield (6.23%) 9.33% 8.10%
Free cash flow yield 37.47% 18.58% 13.00%

Profitability

Metric BRSP TRTX Reit Mortgage median
Gross margin 61.90% 100.00% 100.00%
Operating margin (17.17%) 48.82% 35.40%
Net margin (13.14%) 29.93% 11.85%
Free cash flow margin 85.71% 57.48% 26.68%
Return on equity (2.92%) 4.04% 4.81%
Return on assets (0.75%) 0.99% 0.62%
Return on invested capital (0.73%) 1.00% 1.22%

Growth

Metric BRSP TRTX Reit Mortgage median
Revenue growth (TTM) 4.70% (2.64%) 4.70%
EPS growth (last fiscal year) 75.24% (24.00%) 45.25%
Revenue growth, 5-year CAGR (6.15%) (3.76%) 14.60%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BRSP TRTX Reit Mortgage median
Debt to equity 2.75 3.30 3.30
Current ratio 0.83 200.26 1.00
Net debt to EBITDA (182.35) 38.25 18.31

Dividend

Metric BRSP TRTX Reit Mortgage median
Dividend yield 17.34% 16.58% 17.34%
Payout ratio — 1.78 1.28

Size

Metric BRSP TRTX Reit Mortgage median
Market cap 479.53m 454.48m 479.53m

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