Williams Equity Research ("WER") recently published what we and many who read the article described as an interesting comparison between lightweight Arbor Realty Trust (ABR) and heavyweight Blackstone Mortgage Trust (BXMT). As a firm, we recently finished our Q3 analysis of most stocks including equity REITs and commercial mortgage REITs otherwise known as mREITs. Despite loosely fitting in the same sector, the two mREITs are very different in terms of portfolio construction, performance, and distribution growth. This article slots TPG RE Finance Trust, Inc. (TRTX) into the discussion