Franklin BSP Realty Trust, Inc. (FBRT) vs TPG RE Finance Trust, Inc. (TRTX)

Franklin BSP Realty Trust, Inc. and TPG RE Finance Trust, Inc. are both Reit Mortgage companies. TPG RE Finance Trust, Inc. is the larger, with a market value of $532.3M against $475.2M — 1.1× the size. Franklin BSP Realty Trust, Inc. has negative trailing earnings, so its P/E is not meaningful; TPG RE Finance Trust, Inc. trades at 16.3×. Franklin BSP Realty Trust, Inc. grew revenue faster over the last twelve months: 12.5% against −2.42%. TPG RE Finance Trust, Inc. has the higher net margin (21.5% vs −2.04%) and the lower return on invested capital (0.85% vs 0.86%). Both pay a dividend; Franklin BSP Realty Trust, Inc. yields more (15.3% vs 13.6%). Across the 22 metrics below, Franklin BSP Realty Trust, Inc. leads on 14 and TPG RE Finance Trust, Inc. on 8.

Valuation

Metric FBRT TRTX Reit Mortgage median
P/E n/m 16.27 14.55
P/S 1.72 3.78 1.72
P/B 0.46 0.52 0.52
Price to free cash flow 2.19 7.21 4.35
EV/EBITDA 48.75 57.30 28.27
EV/Sales 14.83 32.31 15.73
Earnings yield (0.27%) 6.15% 0.23%
Free cash flow yield 45.64% 13.86% 13.86%

Profitability

Metric FBRT TRTX Reit Mortgage median
Gross margin 91.67% 100.00% 100.00%
Operating margin 24.33% 48.45% 31.94%
Net margin (2.04%) 21.46% (1.81%)
Free cash flow margin 78.52% 52.36% 27.05%
Return on equity (0.49%) 2.90% (0.49%)
Return on assets (0.10%) 0.66% (0.06%)
Return on invested capital 0.86% 0.85% 0.79%

Growth

Metric FBRT TRTX Reit Mortgage median
Revenue growth (TTM) 12.51% (2.42%) 1.39%
EPS growth (last fiscal year) (21.95%) (24.00%) 45.25%
Revenue growth, 5-year CAGR 18.09% (3.76%) 14.60%
Net income growth, 5-year CAGR 6.78% 0.00% 0.00%

Health

Metric FBRT TRTX Reit Mortgage median
Debt to equity 2.91 4.05 2.91
Current ratio 83.00 246.28 0.82
Net debt to EBITDA 43.97 38.25 18.31

Dividend

Metric FBRT TRTX Reit Mortgage median
Dividend yield 15.33% 13.64% 17.37%
Payout ratio 2.17 2.22 1.87

Size

Metric FBRT TRTX Reit Mortgage median
Market cap 475.23m 532.30m 409.49m

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