8-K Announcements
6Apr 28, 2026·SEC
Mar 2, 2026·SEC
Feb 17, 2026·SEC
TPG RE Finance Trust, Inc. (TRTX) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
TPG RE Finance Trust, Inc. (TRTX) stock price & volume — 10-year historical chart
TPG RE Finance Trust, Inc. (TRTX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
TPG RE Finance Trust, Inc. (TRTX) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $0.25vs $0.25+0.0% | $37Mvs $37M+0.0% |
| Q1 2026 | Feb 17, 2026 | $0.24vs $0.27-11.1% | $35Mvs $37M-5.3% |
| Q4 2025 | Oct 28, 2025 | $0.25vs $0.26-3.8% | $87Mvs $27M+219.2% |
| Q3 2025 | Jul 29, 2025 | $0.24vs $0.24+0.0% | $82Mvs $26M+215.9% |
TPG RE Finance Trust, Inc. (TRTX) competitors in Commercial mortgage loan REITs — business model, growth, and fundamentals comparison
TPG RE Finance Trust, Inc. (TRTX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
TPG RE Finance Trust, Inc. (TRTX) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 119.26M | 138.23M | 164.89M | 80.81M | 240.72M | 305.71M | -73.52M | 148.97M | 332.57M | 264.49M |
| Revenue Growth % | 34.35% | 15.9% | 19.29% | -50.99% | 197.88% | 27% | -124.05% | 302.62% | 123.25% | 307.67% |
| Property Operating Expenses | 100M | 26.39M | 30.55M | 22.01M | 23.13M | 13.29M | 7.53M | 35.63M | 68.83M | 45.39M |
| Net Operating Income (NOI) | 19.27M▲ 0% | 111.84M▲ 480.4% | 134.34M▲ 20.1% | 58.81M▼ 56.2% | 217.59M▲ 270.0% | 292.42M▲ 34.4% | -81.05M▼ 127.7% | 113.34M▲ 239.8% | 263.75M▲ 132.7% | 219.1M▲ 0% |
| NOI Margin % | 16.16% | 80.91% | 81.47% | 72.77% | 90.39% | 95.65% | 110.24% | 76.08% | 79.3% | 82.84% |
| Operating Expenses | 28M | 34M | -38M | 40.34M | 38.12M | 44.8M | 42.35M | 38.61M | 21.06M | 27.53M |
| G&A Expenses | 3.2M | 4.04M | 5.56M | 9.37M | 10.15M | 9.45M | 42.35M | 38.61M | 10.11M | 10.59M |
| EBITDA | 278.87M | 392.93M | 341.57M | -29.28M | 240.72M | 305.71M | -123.4M | 74.73M | 255.41M | 144.13M |
| EBITDA Margin % | 233.82% | 284.26% | 207.15% | -36.24% | 100% | 100% | 167.84% | 50.17% | 76.8% | 54.49% |
| Depreciation & Amortization | 106.1M | 159.62M | 214.68M | 0 | 31.81M | 217.78M | 0 | 0 | 12.72M | 9.23M |
| D&A / Revenue % | 88.96% | 115.47% | 130.19% | 0% | 13.21% | 71.24% | 0% | 0% | 3.83% | 3.49% |
| Operating Income | 172.77M▲ 0% | 233.31M▲ 35.0% | 126.89M▼ 45.6% | -29.28M▼ 123.1% | 208.91M▲ 813.4% | 87.93M▼ 57.9% | -123.4M▼ 240.3% | 74.73M▲ 160.6% | 242.69M▲ 224.7% | 134.89M▲ 0% |
| Operating Margin % | 144.86% | 168.78% | 76.96% | -36.24% | 86.79% | 28.76% | 167.84% | 50.17% | 72.97% | 51% |
| Interest Expense | 78.27M | 126.03M | 174.84M | 107.24M | 85.09M | 160.75M | 273.86M | -198.85M | 188.96M | 2M |
| Interest Coverage | 1.21x | 0.85x | 0.73x | -0.27x | 2.46x | 0.55x | -0.45x | 0.38x | 1.32x | - |
| Non-Operating Income | 0 | 0 | 0 | 0 | 0 | 0 | -123.4M | 74.73M | -6.97M | 0 |
| Pretax Income | 94.5M▲ 0% | 107.28M▲ 13.5% | 126.89M▲ 18.3% | -136.52M▼ 207.6% | 139.61M▲ 202.3% | -59.54M▼ 142.6% | -116.37M▼ 95.5% | 74.73M▲ 164.2% | 60.7M▼ 18.8% | 65.97M▲ 0% |
| Pretax Margin % | 79.23% | 77.61% | 76.96% | -168.94% | 58% | -19.47% | 158.28% | 50.17% | 18.25% | 24.94% |
| Income Tax | 146K | 340K | 579K | 305K | 1.06M | 530K | 259K | 399K | 378K | 210K |
| Effective Tax Rate % | 0.15% | 0.32% | 0.46% | -0.22% | 0.76% | -0.89% | -0.22% | 0.53% | 0.62% | 0.32% |
| Net Income | 94.35M▲ 0% | 106.94M▲ 13.3% | 126.31M▲ 18.1% | -136.83M▼ 208.3% | 138.55M▲ 201.3% | -60.07M▼ 143.4% | -116.63M▼ 94.2% | 74.33M▲ 163.7% | 60.32M▼ 18.9% | 61.37M▲ 0% |
| Net Margin % | 79.11% | 77.36% | 76.6% | -169.31% | 57.56% | -19.65% | 158.64% | 49.9% | 18.14% | 23.2% |
| Net Income Growth % | 34.85% | 13.34% | 18.11% | -208.32% | 201.26% | -143.35% | -94.17% | 163.74% | -18.86% | -13.94% |
| Funds From Operations (FFO) | 200.45M▲ 0% | 266.56M▲ 33.0% | 340.99M▲ 27.9% | -134.41M▼ 139.4% | 170.36M▲ 226.7% | 157.72M▼ 7.4% | -113.13M▼ 171.7% | 90.07M▲ 179.6% | 73.04M▼ 18.9% | 70.56M▲ 0% |
| FFO Margin % | 168.08% | 192.84% | 206.8% | -166.33% | 70.77% | 51.59% | 153.88% | 60.46% | 21.96% | 26.68% |
| FFO Growth % | 30.12% | 32.98% | 27.92% | -139.42% | 226.74% | -7.42% | -171.73% | 179.61% | -18.9% | -82.15% |
| FFO per Share | 3.31 | 4.23 | 4.69 | -1.75 | 2.09 | 2.06 | -1.46 | 1.16 | 0.92 | 0.89 |
| FFO Payout Ratio % | 40.05% | 38.72% | 36.54% | -72.13% | 46.43% | 50.91% | -67.02% | 86.43% | 124.71% | 91.86% |
| EPS (Diluted) | 1.56▲ 0% | 1.70▲ 9.0% | 1.74▲ 2.4% | -2.03▼ 216.7% | 0.87▲ 142.9% | -0.95▼ 209.2% | -1.69▼ 77.9% | 0.77▲ 145.6% | 0.57▼ 26.0% | 0.78▲ 0% |
| EPS Growth % | 35.65% | 8.97% | 2.35% | -216.67% | 142.86% | -209.2% | -77.89% | 145.56% | -25.97% | -10.35% |
| EPS (Basic) | 1.56 | 1.70 | 1.74 | -2.03 | 0.92 | -0.95 | -1.69 | 0.77 | 0.57 | - |
| Diluted Shares Outstanding | 60.62M | 63.03M | 72.74M | 76.66M | 81.68M | 76.66M | 77.58M | 77.73M | 79.45M | 79.06M |
TPG RE Finance Trust, Inc. (TRTX) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 3.36B | 4.53B | 5.89B | 4.91B | 5.22B | 5.55B | 4.21B | 3.73B | 4.41B | 4.47B |
| Asset Growth % | 25.88% | 34.91% | 30.18% | -16.7% | 6.3% | 6.27% | -24% | -11.46% | 18.08% | 54.57% |
| Real Estate & Other Assets | -215.93M | -172.91M | 787.48M | 4.65M | 2.14M | 6.2M | 0 | 0 | 4.05B | 0 |
| PP&E (Net) | 0 | 0 | 0 | 99.2M | 60.62M | 0 | 0 | 0 | 224.39M | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 1000K | 0 |
| Total Current Assets | 177.79M | 134.83M | 5.1B | 4.8B | 5.16B | 5.54B | 0 | 0 | 117.41M | 165.34M |
| Cash & Equivalents | 75.04M | 39.72M | 79.18M | 319.67M | 260.63M | 254.05M | 206.38M | 190.16M | 88.27M | 91.98M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 85.53M | 0 | 44.68M | 28.77M | 27.42M | 503.49M | -305.08M | -217.81M | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.37M | 0 |
| Total Liabilities | 2.15B | 3.2B | 4.39B | 3.44B | 3.75B | 4.22B | 3.09B | 2.62B | 3.34B | 3.41B |
| Total Debt | 287.89M | 1.66B | 4.33B | 3.39B | 3.71B | 4.16B | 3.04B | 2.57B | 3.29B | 0 |
| Net Debt | 212.85M | 1.62B | 4.25B | 3.07B | 3.45B | 3.91B | 2.83B | 2.38B | 3.2B | -91.98M |
| Long-Term Debt | 0 | 1.66B | 4.33B | 3.39B | 3.71B | 4.16B | 3.04B | 2.57B | 2.63B | 0 |
| Short-Term Borrowings | 287.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 660.3M | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 1.87B | 1.09B | 54.98M | 51.96M | 44.04M | 61.17M | 0 | 0 | 660.3M | 1.32M |
| Accounts Payable | 5.38M | 6.15M | 0 | 0 | 0 | 0 | 10.22M | 6.66M | 6.75M | 0 |
| Deferred Revenue | 317K | 463K | 0 | 0 | 0 | 0 | 1.28M | 1.74M | 1.94M | 1.32M |
| Other Liabilities | 1.87B | 1.54B | 2.38M | 1.59M | 1.38M | 1.46M | -3.04B | -2.57B | 47.26M | 3.41B |
| Total Equity | 3.24B▲ 0% | 4.44B▲ 36.9% | 1.5B▼ 66.1% | 1.47B▼ 2.5% | 1.46B▼ 0.1% | 1.32B▼ 9.7% | 1.12B▼ 14.9% | 1.11B▼ 1.0% | 1.07B▼ 4.1% | 1.06B▲ 0% |
| Equity Growth % | 28.12% | 36.9% | -66.1% | -2.49% | -0.12% | -9.74% | -14.92% | -0.96% | -4.13% | -14.59% |
| Shareholders Equity | 1.2B | 1.33B | 1.5B | 1.47B | 1.46B | 1.32B | 1.12B | 1.11B | 1.07B | 1.06B |
| Minority Interest | 2.04B | 3.11B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 61K | 68K | 76K | 77K | 77K | 77K | 77K | 81K | 78K | 78K |
| Additional Paid-in Capital | 1.22B | 1.36B | 1.53B | 1.56B | 1.71B | 1.72B | 1.72B | 1.73B | 1.74B | 0 |
| Retained Earnings | -14.81M | -25.91M | -28.11M | -292.86M | -247.26M | -395.03M | -600.27M | -617.22M | -672.65M | -680.58M |
| Preferred Stock | 0 | 0 | 0 | 199.55M | 8K | 8K | 8K | 8K | 8K | 8K |
| Return on Assets (ROA) | 3.13% | 2.71% | 2.42% | -2.53% | 2.74% | -1.12% | -2.39% | 1.87% | 1.48% | 1.44% |
| Return on Equity (ROE) | 3.27% | 2.79% | 4.25% | -9.21% | 9.45% | -4.31% | -9.53% | 6.64% | 5.53% | 5.7% |
| Debt / Assets | 8.58% | 36.58% | 73.5% | 69.03% | 71.06% | 75.03% | 72.12% | 68.84% | 74.64% | 0% |
| Debt / Equity | 0.09x | 0.37x | 2.88x | 2.31x | 2.53x | 3.15x | 2.70x | 2.31x | 3.08x | 3.08x |
| Net Debt / EBITDA | 0.76x | 4.11x | 12.45x | - | 14.32x | 12.78x | - | 31.83x | 12.53x | 12.53x |
| Book Value per Share | 53.46 | 70.38 | 20.67 | 19.13 | 17.93 | 17.25 | 14.50 | 14.33 | 13.44 | 13.43 |
TPG RE Finance Trust, Inc. (TRTX) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 91.17M | 107.7M | 121.67M | 132.09M | 132.17M | 100.5M | 80.13M | 112.13M | 90.36M | 90.36M |
| Operating CF Growth % | 6.34% | 18.12% | 12.97% | 8.56% | 0.06% | -23.96% | -20.27% | 39.94% | -19.41% | 14.05% |
| Operating CF / Revenue % | 76.45% | 77.91% | 73.79% | 163.45% | 54.9% | 32.87% | -108.99% | 75.27% | 27.17% | 34.16% |
| Net Income | 94.35M | 106.94M | 126.31M | -136.83M | 138.55M | -60.07M | -116.63M | 74.33M | 60.32M | 61.37M |
| Depreciation & Amortization | -7.69M | 1.24M | 2.71M | 2.42M | 0 | -11.09M | 3.5M | 15.73M | 1.79M | -2.31M |
| Stock-Based Compensation | 33K | 665K | 2.56M | 5.77M | 5.76M | 5.05M | 8.03M | 6.39M | 9.81M | 9.84M |
| Other Non-Cash Items | 5.52M | 1.77M | 2.99M | 270.87M | -12.08M | 176.01M | 184.38M | 6.87M | 19.14M | 18.83M |
| Working Capital Changes | -855K | -1.68M | -10.19M | -7.72M | -63K | -9.42M | 849K | 8.8M | -697K | 3.9M |
| Cash from Investing | -702.58M | -1.19B | -1.31B | 964.59M | -342.9M | -452.56M | 1.1B | 440.51M | -789.71M | -863.49M |
| Acquisitions (Net) | -671.54M | 0 | 0 | 0 | 0 | 602.22M | 0 | 0 | 0 | 0 |
| Purchase of Investments | -96.29M | -143.5M | -815.04M | -168.89M | 0 | -1.66B | 0 | 0 | 0 | 0 |
| Sale of Investments | 64.87M | 2.7M | 94.79M | 766.44M | 0 | 1.06B | 247.65M | 92.8M | 0 | 0 |
| Other Investing | 496K | -1.05B | -588.38M | 367.04M | -342.9M | -447.5M | 853.1M | 347.71M | -789.71M | -863.49M |
| Cash from Financing | 583.17M | 1.05B | 1.23B | -856.67M | 152.1M | 345.34M | -1.22B | -569.18M | 597.13M | 496.71M |
| Dividends Paid | -80.29M | -103.21M | -124.61M | -96.95M | -98.28M | -92.88M | -88.42M | -90.44M | -91.09M | -87.32M |
| Common Dividends | -80.28M | -103.2M | -124.59M | -96.95M | -79.09M | -80.29M | -75.83M | -77.85M | -91.09M | -64.81M |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K |
| Share Repurchases | -13.85M | -8.84M | -42K | 0 | 0 | 0 | 0 | -37K | -25.35M | -387K |
| Other Financing | -15.76M | -30.35M | -17.4M | -19.02M | -17.96M | -18.79M | -3.63M | -1.91M | -21.83M | 764.8M |
| Net Change in Cash | -28.24M▲ 0% | -35.02M▼ 24.0% | 38.95M▲ 211.2% | 240M▲ 516.2% | -58.63M▼ 124.4% | -6.72M▲ 88.5% | -47.3M▼ 603.4% | -16.54M▲ 65.0% | -102.22M▼ 518.2% | -270.98M▲ 0% |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 103.97M | 75.74M | 40.72M | 79.67M | 319.67M | 261.04M | 254.31M | 207.02M | 190.48M | 88.27M |
| Cash at End | 75.74M | 40.72M | 79.67M | 319.67M | 261.04M | 254.31M | 207.02M | 190.48M | 88.27M | 92.46M |
| Free Cash Flow | 91.06M▲ 0% | 107.7M▲ 18.3% | 121.67M▲ 13.0% | 132.09M▲ 8.6% | 132.17M▲ 0.1% | 95.44M▼ 27.8% | 74.76M▼ 21.7% | 106.81M▲ 42.9% | 90.36M▼ 15.4% | 96.31M▲ 0% |
| FCF Growth % | 6.84% | 18.27% | 12.97% | 8.56% | 0.06% | -27.79% | -21.66% | 42.86% | -15.4% | 7.67% |
| FCF / Revenue % | 76.35% | 77.91% | 73.79% | 163.45% | 54.9% | 31.22% | -101.69% | 71.7% | 27.17% | 36.41% |
TPG RE Finance Trust, Inc. (TRTX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| FFO per Share | 3.31 | 4.23 | 4.69 | -1.75 | 2.09 | 2.06 | -1.46 | 1.16 | 0.92 | 0.89 |
| FFO Payout Ratio | 40.05% | 38.72% | 36.54% | -72.13% | 46.43% | 50.91% | -67.02% | 86.43% | 124.71% | 91.86% |
| NOI Margin | 16.16% | 80.91% | 81.47% | 72.77% | 90.39% | 95.65% | 110.24% | 76.08% | 79.3% | 82.84% |
| Net Debt / EBITDA | 0.76x | 4.11x | 12.45x | - | 14.32x | 12.78x | - | 31.83x | 12.53x | 12.53x |
| Debt / Assets | 8.58% | 36.58% | 73.5% | 69.03% | 71.06% | 75.03% | 72.12% | 68.84% | 74.64% | 0% |
| Interest Coverage | 1.21x | 0.85x | 0.73x | -0.27x | 2.46x | 0.55x | -0.45x | 0.38x | 1.32x | - |
| Book Value / Share | 53.46 | 70.38 | 20.67 | 19.13 | 17.93 | 17.25 | 14.5 | 14.33 | 13.44 | 13.43 |
| Revenue Growth | 34.35% | 15.9% | 19.29% | -50.99% | 197.88% | 27% | -124.05% | 302.62% | 123.25% | 307.67% |
TPG RE Finance Trust, Inc. (TRTX) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 28, 2026·SEC
Mar 2, 2026·SEC
Feb 17, 2026·SEC
TPG RE Finance Trust, Inc. (TRTX) stock FAQ — growth, dividends, profitability & financials explained
TPG RE Finance Trust, Inc. (TRTX) reported $264.5M in revenue for fiscal year 2025. This represents a 243% increase from $77.1M in 2015.
TPG RE Finance Trust, Inc. (TRTX) grew revenue by 123.3% over the past year. This is strong growth.
Yes, TPG RE Finance Trust, Inc. (TRTX) is profitable, generating $61.4M in net income for fiscal year 2025 (18.1% net margin).
Yes, TPG RE Finance Trust, Inc. (TRTX) pays a dividend with a yield of 13.35%. This makes it attractive for income-focused investors.
TPG RE Finance Trust, Inc. (TRTX) has a return on equity (ROE) of 5.5%. This is below average, suggesting room for improvement.
TPG RE Finance Trust, Inc. (TRTX) generated Funds From Operations (FFO) of $70.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.
TPG RE Finance Trust, Inc. (TRTX) offers a 13.35% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.
TPG RE Finance Trust, Inc. (TRTX) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates