Franklin BSP Realty Trust, Inc. (FBRT) vs PennyMac Mortgage Investment Trust (PMT)

Franklin BSP Realty Trust, 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 $606.2M — 1.2× the size. PennyMac Mortgage Investment Trust trades at the lower P/E: 5.9× against 15.8×. Franklin BSP Realty Trust, Inc. grew revenue faster over the last twelve months: 37.0% against 19.6%. Franklin BSP Realty Trust, Inc. has the higher net margin (12.2% vs 10.2%) and the lower return on invested capital (0.78% vs 2.92%). Both pay a dividend; PennyMac Mortgage Investment Trust yields more (11.6% vs 11.6%). Across the 22 metrics below, Franklin BSP Realty Trust, Inc. leads on 12 and PennyMac Mortgage Investment Trust on 10.

Valuation

Metric FBRT PMT Reit Mortgage median
P/E 15.84 5.87 7.80
P/S 1.74 0.60 1.90
P/B 0.44 0.55 0.61
Price to free cash flow 2.97 n/m 5.90
EV/EBITDA 53.11 19.87 28.40
EV/Sales 14.88 17.03 16.02
Earnings yield 6.31% 17.05% 7.68%
Free cash flow yield 33.63% (1,386.89%) 11.60%

Profitability

Metric FBRT PMT Reit Mortgage median
Gross margin 92.00% 91.15% 100.00%
Operating margin 22.30% 83.97% 35.40%
Net margin 12.19% 10.21% 11.85%
Free cash flow margin 58.62% (827.08%) 26.68%
Return on equity 3.05% 9.44% 4.81%
Return on assets 0.62% 0.59% 0.62%
Return on invested capital 0.78% 2.92% 1.22%

Growth

Metric FBRT PMT Reit Mortgage median
Revenue growth (TTM) 36.99% 19.64% 4.70%
EPS growth (last fiscal year) (21.95%) (27.74%) —
Revenue growth, 5-year CAGR 18.09% 9.74% 14.60%
Net income growth, 5-year CAGR 6.78% 25.95% 0.00%

Health

Metric FBRT PMT Reit Mortgage median
Debt to equity 2.85 11.03 3.30
Current ratio 96.80 1.46 1.00
Net debt to EBITDA 43.97 16.25 18.31

Dividend

Metric FBRT PMT Reit Mortgage median
Dividend yield 11.55% 11.56% 13.05%
Payout ratio 0.83 2.85 1.24

Size

Metric FBRT PMT Reit Mortgage median
Market cap 606.23m 736.86m 517.48m

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