Core Viewpoint - The analysis focuses on comparing TPG Mortgage Investment Trust's (MITT) two baby bonds, MITN and MITP, highlighting the call risk associated with MITN and the overall attractiveness of MITP due to its lower call risk [2][4][16]. Company Overview - TPG Mortgage Investment Trust is a mortgage REIT that experienced significant losses in common equity during the pandemic, which affected its recovery potential [9][12]. - The company has preferred shares and baby bonds that investors can compare for better investment decisions [14]. Baby Bonds Comparison - MITN has more call risk compared to MITP, making MITP the preferred choice for investors [2][16]. - Both baby bonds have similar characteristics, including a 9.5% coupon rate, but MITN matures slightly earlier, which typically would be a positive factor [3][5]. - The current trading price for both bonds is $25.25, with yield to maturity at 9.40% for MITN and 9.44% for MITP [6][10]. Investment Considerations - The yield on these baby bonds is competitive within the sector, although not the highest [13]. - Baby bonds are preferred for their transparency in trading compared to traditional bonds, making them appealing to investors [13]. - International investors may find baby bonds more attractive due to interest payments, while domestic investors might prefer preferred shares for tax advantages [15]. Conclusion - A slight price decrease of 2% would enhance the attractiveness of these baby bonds by increasing yield-to-call and yield-to-maturity [16].