KKR Real Estate Finance Trust (KREF) vs TPG Mortgage Investment Trust Inc. (MITT)

KKR Real Estate Finance Trust and TPG Mortgage Investment Trust Inc. are both Reit Mortgage companies. KKR Real Estate Finance Trust is the larger, with a market value of $369.4M against $193.7M — 1.9× the size. KKR Real Estate Finance Trust has negative trailing earnings, so its P/E is not meaningful; TPG Mortgage Investment Trust Inc. trades at 8.3×. TPG Mortgage Investment Trust Inc. grew revenue faster over the last twelve months: 18.8% against −24.3%. TPG Mortgage Investment Trust Inc. has the higher net margin (4.47% vs −173.6%) and the higher return on invested capital (4.05% vs −2.26%). Both pay a dividend; TPG Mortgage Investment Trust Inc. yields more (11.9% vs 11.8%). Across the 18 metrics below, TPG Mortgage Investment Trust Inc. leads on 14 and KKR Real Estate Finance Trust on 4.

Valuation

Metric KREF MITT Reit Mortgage median
P/E n/m 8.26 7.80
P/S 3.32 0.38 1.90
P/B 0.40 0.60 0.61
Price to free cash flow 16.18 2.41 5.90
EV/EBITDA n/m 15.79 28.40
EV/Sales 38.70 16.10 16.02
Earnings yield (51.65%) 12.11% 7.68%
Free cash flow yield 6.18% 41.52% 11.60%

Profitability

Metric KREF MITT Reit Mortgage median
Gross margin 100.00% 100.00% 100.00%
Operating margin (157.87%) 98.41% 35.40%
Net margin (173.57%) 4.47% 11.85%
Free cash flow margin 20.50% 15.68% 26.68%
Return on equity (18.18%) 7.17% 4.81%
Return on assets (3.12%) 0.30% 0.62%
Return on invested capital (2.26%) 4.05% 1.22%

Growth

Metric KREF MITT Reit Mortgage median
Revenue growth (TTM) (24.25%) 18.75% 4.70%
EPS growth (last fiscal year) (652.63%) (26.83%) —
Revenue growth, 5-year CAGR (1.15%) 45.16% 14.60%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric KREF MITT Reit Mortgage median
Debt to equity 4.36 13.45 3.30
Current ratio 0.00 0.00 1.00
Net debt to EBITDA (90.61) 15.82 18.31

Dividend

Metric KREF MITT Reit Mortgage median
Dividend yield 11.79% 11.92% 13.05%
Payout ratio 2.87 1.74 1.24

Size

Metric KREF MITT Reit Mortgage median
Market cap 369.41m 193.68m 517.48m

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