COMP <GO>

MITT vs ACRE // EV/EBITDA & P/E VALUATION

TPG Mortgage Investment Trust Inc. (NYSE) VS. Ares Commercial Real Estate Corporation (NYSE) • 15-METRIC TALLY: MITT 2 — ACRE 1

■ METRIC PARITY

LAST: $5.70 (+1.42%) • MKT CAP: $181.3M

valuation

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LAST: $3.42 (0.00%) • MKT CAP: $189.7M

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (MITT VS. ACRE) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	MITT	ACRE	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	8.70%	-0.20%	+8.90	MITT	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	11.25%	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	-1.60%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	-21.30%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	4/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	45.9	34.5	+11.43	MITT	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	3.5x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$181.3M	$189.7M	-$8.5M	ACRE	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	MITT REV	ACRE REV	MITT GROSS %	ACRE GROSS %	MITT FCF	ACRE FCF
FY 2025	$0	$54.8M	—	—	$59.6M	$21.4M
FY 2024	$0	$69.7M	—	—	$55.8M	$35.5M
FY 2023	$0	$92.9M	—	—	$28.1M	$46.8M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

MITT // BETA —

ACRE // BETA —