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TRTX logoTPG RE Finance Trust, Inc.(TRTX)Earnings, Financials & Key Ratios

TRTX•NYSE•REIT / Real Estate
$8.59
$664M mkt cap·15.1× P/E·Price updated May 6, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryCommercial mortgage loan REITs
AboutTPG RE Finance Trust, Inc., a commercial real estate finance company, originates, acquires, and manages commercial mortgage loans and other commercial real estate-related debt instruments in the United States. It invests in commercial mortgage loans; subordinate mortgage interests, mezzanine loans, secured real estate securities, note financing, preferred equity, and miscellaneous debt instruments; and commercial real estate collateralized loan obligations and commercial mortgage-backed securities secured by properties primarily in the office, multifamily, life science, mixed-use, hospitality, industrial, and retail real estate sectors. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. TPG RE Finance Trust, Inc. was incorporated in 2014 and is based in New York, New York.Show more
  • Revenue$333M+123.3%
  • FFO$73M-18.9%
  • FFO/Share0.92-20.7%
  • FFO Payout124.71%+44.3%
  • FFO per Share0.92-20.7%
  • NOI Margin79.3%+4.2%
  • FFO Margin21.96%-63.7%
  • ROE5.53%-16.7%
  • ROA1.48%-20.8%
  • Debt/Assets74.64%+8.4%
  • Net Debt/EBITDA12.53-60.6%
  • Book Value/Share13.44-6.2%
Technical→

TRTX Key Insights

TPG RE Finance Trust, Inc. (TRTX) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓High NOI margin of 79.3%
  • ✓Trading at only 0.6x book value

✗Weaknesses

  • ✗High debt to equity ratio of 3.1x
  • ✗Weak 3Y average ROE of 0.9%
  • ✗FFO declining 17.3% TTM
  • ✗Dividend exceeds FFO - may not be sustainable
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

TRTX Price & Volume

TPG RE Finance Trust, Inc. (TRTX) stock price & volume — 10-year historical chart

Loading chart...

TRTX Growth Metrics

TPG RE Finance Trust, Inc. (TRTX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years15.74%
5 Years32.7%
3 Years2.85%
TTM307.67%

Profit CAGR

10 Years0.16%
5 Years-
3 Years-
TTM-13.94%

EPS CAGR

10 Years-5.27%
5 Years-
3 Years-
TTM-10.35%

Return on Capital

10 Years3.78%
5 Years2.46%
3 Years2.16%
Last Year7.12%

TRTX Recent Earnings

TPG RE Finance Trust, Inc. (TRTX) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
Apr 28, 2026
EPS
$0.25
Est $0.25
+0.0%
Revenue
$37M
Est $37M
+0.0%
Q1 2026
Feb 17, 2026
EPS
$0.24
Est $0.27
-11.1%
Revenue
$35M
Est $37M
-5.3%
Q4 2025
Oct 28, 2025
EPS
$0.25
Est $0.26
-3.8%
Revenue
$87M
Est $27M
+219.2%
Q3 2025
Jul 29, 2025
EPS
$0.24
Est $0.24
+0.0%
Revenue
$82M
Est $26M
+215.9%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$0.25vs $0.25+0.0%
$37Mvs $37M+0.0%
Q1 2026Feb 17, 2026
$0.24vs $0.27-11.1%
$35Mvs $37M-5.3%
Q4 2025Oct 28, 2025
$0.25vs $0.26-3.8%
$87Mvs $27M+219.2%
Q3 2025Jul 29, 2025
$0.24vs $0.24+0.0%
$82Mvs $26M+215.9%
Based on last 12 quarters of dataView full earnings history →

TRTX Peer Comparison

TPG RE Finance Trust, Inc. (TRTX) competitors in Commercial mortgage loan REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
BXMT logoBXMTBlackstone Mortgage Trust, Inc.Direct Competitor3.25B19.2930.14-13.96%6.75%2.93%4.61
KREF logoKREFKKR Real Estate Finance Trust Inc.Direct Competitor422.45M6.57-6.26-22.72%-23.56%-8.4%3.83
ACRE logoACREAres Commercial Real Estate CorporationDirect Competitor287.24M5.22-318.29-2.79%-1.6%-0.18%2.06
RC logoRCReady Capital CorporationDirect Competitor330.14M2.04-0.78-92.98%-16.58%3.12
GPMT logoGPMTGranite Point Mortgage Trust Inc.Direct Competitor70.87M1.49-1.28187.77%-30.49%-7.1%2.12
BRSP logoBRSPBrightSpire Capital, Inc.Direct Competitor775.15M5.95-22.88-4.5%-9.47%-3.34%2.68
LADR logoLADRLadder Capital CorpProduct Competitor1.31B10.2920.18-23.26%16.52%4.29%2.37
ARI logoARIApollo Commercial Real Estate Finance, Inc.Product Competitor1.45B10.9513.521.28%17.9%6.88%4.27

Compare TRTX vs Peers

TPG RE Finance Trust, Inc. (TRTX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs BXMT

Most directly comparable listed peer for TRTX.

Scale Benchmark

vs MS

Larger-name benchmark to compare TRTX against a more recognizable public peer.

Peer Set

Compare Top 5

vs BXMT, KREF, ACRE, RC

TRTX Income Statement

TPG RE Finance Trust, Inc. (TRTX) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue119.26M138.23M164.89M80.81M240.72M305.71M-73.52M148.97M332.57M264.49M
Revenue Growth %34.35%15.9%19.29%-50.99%197.88%27%-124.05%302.62%123.25%307.67%
Property Operating Expenses100M26.39M30.55M22.01M23.13M13.29M7.53M35.63M68.83M45.39M
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 Expenses28M34M-38M40.34M38.12M44.8M42.35M38.61M21.06M27.53M
G&A Expenses3.2M4.04M5.56M9.37M10.15M9.45M42.35M38.61M10.11M10.59M
EBITDA278.87M392.93M341.57M-29.28M240.72M305.71M-123.4M74.73M255.41M144.13M
EBITDA Margin %233.82%284.26%207.15%-36.24%100%100%167.84%50.17%76.8%54.49%
Depreciation & Amortization106.1M159.62M214.68M031.81M217.78M0012.72M9.23M
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 Expense78.27M126.03M174.84M107.24M85.09M160.75M273.86M-198.85M188.96M2M
Interest Coverage1.21x0.85x0.73x-0.27x2.46x0.55x-0.45x0.38x1.32x-
Non-Operating Income000000-123.4M74.73M-6.97M0
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 Tax146K340K579K305K1.06M530K259K399K378K210K
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 Share3.314.234.69-1.752.092.06-1.461.160.920.89
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)1.561.701.74-2.030.92-0.95-1.690.770.57-
Diluted Shares Outstanding60.62M63.03M72.74M76.66M81.68M76.66M77.58M77.73M79.45M79.06M

TRTX Balance Sheet

TPG RE Finance Trust, Inc. (TRTX) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets3.36B4.53B5.89B4.91B5.22B5.55B4.21B3.73B4.41B4.47B
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-172.91M787.48M4.65M2.14M6.2M004.05B0
PP&E (Net)00099.2M60.62M000224.39M0
Investment Securities1000K1000K1000K000001000K0
Total Current Assets177.79M134.83M5.1B4.8B5.16B5.54B00117.41M165.34M
Cash & Equivalents75.04M39.72M79.18M319.67M260.63M254.05M206.38M190.16M88.27M91.98M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets85.53M044.68M28.77M27.42M503.49M-305.08M-217.81M00
Intangible Assets0000000012.37M0
Total Liabilities2.15B3.2B4.39B3.44B3.75B4.22B3.09B2.62B3.34B3.41B
Total Debt287.89M1.66B4.33B3.39B3.71B4.16B3.04B2.57B3.29B0
Net Debt212.85M1.62B4.25B3.07B3.45B3.91B2.83B2.38B3.2B-91.98M
Long-Term Debt01.66B4.33B3.39B3.71B4.16B3.04B2.57B2.63B0
Short-Term Borrowings287.89M0000000660.3M0
Capital Lease Obligations0000000000
Total Current Liabilities1.87B1.09B54.98M51.96M44.04M61.17M00660.3M1.32M
Accounts Payable5.38M6.15M000010.22M6.66M6.75M0
Deferred Revenue317K463K00001.28M1.74M1.94M1.32M
Other Liabilities1.87B1.54B2.38M1.59M1.38M1.46M-3.04B-2.57B47.26M3.41B
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 Equity1.2B1.33B1.5B1.47B1.46B1.32B1.12B1.11B1.07B1.06B
Minority Interest2.04B3.11B00000000
Common Stock61K68K76K77K77K77K77K81K78K78K
Additional Paid-in Capital1.22B1.36B1.53B1.56B1.71B1.72B1.72B1.73B1.74B0
Retained Earnings-14.81M-25.91M-28.11M-292.86M-247.26M-395.03M-600.27M-617.22M-672.65M-680.58M
Preferred Stock000199.55M8K8K8K8K8K8K
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 / Assets8.58%36.58%73.5%69.03%71.06%75.03%72.12%68.84%74.64%0%
Debt / Equity0.09x0.37x2.88x2.31x2.53x3.15x2.70x2.31x3.08x3.08x
Net Debt / EBITDA0.76x4.11x12.45x-14.32x12.78x-31.83x12.53x12.53x
Book Value per Share53.4670.3820.6719.1317.9317.2514.5014.3313.4413.43

TRTX Cash Flow Statement

TPG RE Finance Trust, Inc. (TRTX) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations91.17M107.7M121.67M132.09M132.17M100.5M80.13M112.13M90.36M90.36M
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 Income94.35M106.94M126.31M-136.83M138.55M-60.07M-116.63M74.33M60.32M61.37M
Depreciation & Amortization-7.69M1.24M2.71M2.42M0-11.09M3.5M15.73M1.79M-2.31M
Stock-Based Compensation33K665K2.56M5.77M5.76M5.05M8.03M6.39M9.81M9.84M
Other Non-Cash Items5.52M1.77M2.99M270.87M-12.08M176.01M184.38M6.87M19.14M18.83M
Working Capital Changes-855K-1.68M-10.19M-7.72M-63K-9.42M849K8.8M-697K3.9M
Cash from Investing-702.58M-1.19B-1.31B964.59M-342.9M-452.56M1.1B440.51M-789.71M-863.49M
Acquisitions (Net)-671.54M0000602.22M0000
Purchase of Investments-96.29M-143.5M-815.04M-168.89M0-1.66B0000
Sale of Investments64.87M2.7M94.79M766.44M01.06B247.65M92.8M00
Other Investing496K-1.05B-588.38M367.04M-342.9M-447.5M853.1M347.71M-789.71M-863.49M
Cash from Financing583.17M1.05B1.23B-856.67M152.1M345.34M-1.22B-569.18M597.13M496.71M
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)1000K1000K1000K-1000K1000K1000K-1000K-1000K1000K-1000K
Share Repurchases-13.85M-8.84M-42K0000-37K-25.35M-387K
Other Financing-15.76M-30.35M-17.4M-19.02M-17.96M-18.79M-3.63M-1.91M-21.83M764.8M
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 Effect0000000000
Cash at Beginning103.97M75.74M40.72M79.67M319.67M261.04M254.31M207.02M190.48M88.27M
Cash at End75.74M40.72M79.67M319.67M261.04M254.31M207.02M190.48M88.27M92.46M
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%

TRTX Key Ratios

TPG RE Finance Trust, Inc. (TRTX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share3.314.234.69-1.752.092.06-1.461.160.920.89
FFO Payout Ratio40.05%38.72%36.54%-72.13%46.43%50.91%-67.02%86.43%124.71%91.86%
NOI Margin16.16%80.91%81.47%72.77%90.39%95.65%110.24%76.08%79.3%82.84%
Net Debt / EBITDA0.76x4.11x12.45x-14.32x12.78x-31.83x12.53x12.53x
Debt / Assets8.58%36.58%73.5%69.03%71.06%75.03%72.12%68.84%74.64%0%
Interest Coverage1.21x0.85x0.73x-0.27x2.46x0.55x-0.45x0.38x1.32x-
Book Value / Share53.4670.3820.6719.1317.9317.2514.514.3313.4413.43
Revenue Growth34.35%15.9%19.29%-50.99%197.88%27%-124.05%302.62%123.25%307.67%

TRTX SEC Filings & Documents

TPG RE Finance Trust, Inc. (TRTX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 28, 2026·SEC

Material company update

Mar 2, 2026·SEC

Material company update

Feb 17, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 17, 2026·SEC

FY 2025

Feb 18, 2025·SEC

FY 2024

Feb 20, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 28, 2026·SEC

FY 2025

Oct 28, 2025·SEC

FY 2025

Jul 29, 2025·SEC

TRTX Frequently Asked Questions

TPG RE Finance Trust, Inc. (TRTX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

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).

Dividend & Returns

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.

Industry Metrics

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.

Explore More TRTX

TPG RE Finance Trust, Inc. (TRTX) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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