TPG Mortgage Investment Trust Inc. (MITT) vs Great Ajax Corp. (RPT)

TPG Mortgage Investment Trust Inc. and Great Ajax Corp. are both Reit Mortgage companies. TPG Mortgage Investment Trust Inc. is the larger, with a market value of $176.2M against $83.9M — 2.1× the size. Great Ajax Corp. has negative trailing earnings, so its P/E is not meaningful; TPG Mortgage Investment Trust Inc. trades at 7.2×. TPG Mortgage Investment Trust Inc. grew revenue faster over the last twelve months: 18.8% against −77.3%. TPG Mortgage Investment Trust Inc. has the higher net margin (4.47% vs −14.4%) and the higher return on invested capital (4.05% vs 0.27%). Across the 18 metrics below, TPG Mortgage Investment Trust Inc. leads on 14 and Great Ajax Corp. on 4.

Valuation

Metric MITT RPT Reit Mortgage median
P/E 7.24 n/m 7.10
P/S 0.33 5.36 1.77
P/B 0.52 0.35 0.55
Price to free cash flow 2.11 n/m 5.36
EV/EBITDA 15.75 117.13 28.29
EV/Sales 16.06 35.65 15.90
Earnings yield 13.81% (2.49%) 8.10%
Free cash flow yield 47.33% (11.13%) 13.00%

Profitability

Metric MITT RPT Reit Mortgage median
Gross margin 100.00% 100.00% 100.00%
Operating margin 98.41% 21.02% 35.40%
Net margin 4.47% (14.42%) 11.85%
Free cash flow margin 15.68% (59.65%) 26.68%
Return on equity 7.17% (0.91%) 4.81%
Return on assets 0.30% (0.22%) 0.62%
Return on invested capital 4.05% 0.27% 1.22%

Growth

Metric MITT RPT Reit Mortgage median
Revenue growth (TTM) 18.75% (77.29%) 4.70%
EPS growth (last fiscal year) (26.83%) 97.38% 45.25%
Revenue growth, 5-year CAGR 45.16% (24.69%) 14.60%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MITT RPT Reit Mortgage median
Debt to equity 13.45 1.84 3.30
Current ratio 0.00 1.00 1.00
Net debt to EBITDA 15.82 181.49 18.31

Dividend

Metric MITT RPT Reit Mortgage median
Dividend yield 17.72% — 17.34%
Payout ratio 1.28 — 1.28

Size

Metric MITT RPT Reit Mortgage median
Market cap 176.19m 83.94m 479.53m

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