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TRTXTPG RE Finance Trust, Inc.
$6.75$518M
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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TRTX logo

TPG RE Finance Trust, Inc.

TRTX
NYSE · Mortgage REITs
$6.75
At close - Nov 6, 4:00 PM EST - USD
Market Cap$518M
P/E11.4x
52W High$9.35
Volume1.29M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Revenue Collapse And Leverage Raise Dividend Doubts

TRTX's quarterly revenue plunged 89.3% year-over-year to $9.2M in 2026Q3 after holding in a $79M–$90M band through 2026Q1, an abrupt earnings regime change that appears to reflect non-accrual, restructured, or repriced loans rather than cyclical softening.

GrowthContracting
ProfitabilityStrained
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

TRTX price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

3/12 Beats

EPS beat 3 of last 12 quarters

02

Valuation risk

-51% Peers

P/E is 51% below peer median

03

Market leadership

RS 35 · Lag

Laggard (Underperforming 65% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Jan 26

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
TRTX-15.31%
S&P 500 (^GSPC)+7.63%
1-Year Return
TRTX-13.66%
S&P 500 (^GSPC)+9.69%
3-Year Return
TRTX+72.89%
S&P 500 (^GSPC)+64.08%
5-Year Return
TRTX-12.37%
S&P 500 (^GSPC)+53.61%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
11.4x
Forward P/EExpansion
7.5x
EV/EBITDA20th %ile
14.5x
FCF YieldCash Flow
14.4%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
11.4x
14.2x
33rd· Fair
EV/EBITDA
14.5x
19.8x
20th· Low
Price/FCF
7.0x
6.7x
60th· Fair
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$333M-5.2% YoY
Net income FY25
$60M-18.9% YoY
Free cash flow FY25
$84M-21.1% YoY
Operating margin FY25
73%-5.7 pts YoY
ROIC (FY25)4.7%
Avg ROIC 5Y3.5%
ROE (TTM)4.3%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate3/12 (25%)
Revenue Beat Rate6/12 (50%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Oct 26, 2026
$0.07-72.5%
vs $0.25
$36M-3.1%
vs $37M
Q3 2026
Jul 28, 2026
$0.23-10.1%
vs $0.26
$34M-8.9%
vs $37M
Q2 2026
Apr 28, 2026
$0.25+0.0%
vs $0.25
$37M+0.4%
vs $37M
Q1 2026
Feb 17, 2026
$0.24-11.1%
vs $0.27
$35M-5.3%
vs $37M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Seeking Alpha·Oct 28, 2026
Buy Any Of 23 LoPrice/HiYield Dividend Dogs For October

Dividend-paying stocks, especially 'LoPrice/HiYield Dividend Dogs,' are positioned for strong total returns as market sentiment shifts from growth to income. Top ten LoPrice/HiYield Dogs are projected to deliver average net gains of 51.9% by October 2027, with some individual names like BXMT estimated at 76.17%. Twenty-nine of forty-two featured stocks show 'safer' dividends, supported by positive free cash flow, but thirteen rely on borrowed funds for payouts.

Seeking Alpha·Oct 27, 2026
TPG RE Finance Trust, Inc. (TRTX) Q3 2026 Earnings Call Transcript

TPG RE Finance Trust, Inc. ( TRTX ) Q3 2026 Earnings Call October 27, 2026 9:00 AM EDT Company Participants Ashvin Rao Doug Bouquard - CEO & Director Brandon Fox - Chief Accounting Officer & Interim CFO Ryan Roberto - Head of Capital Markets & Asset Management Conference Call Participants Richard Shane - JPMorgan Chase & Co, Research Division William Catherwood - BTIG, LLC, Research Division Christopher Muller - Citizens JMP Securities, LLC, Research Division Gabriel Poggi Presentation Operator Welcome to TPG Real Estate Finance Trust Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note that this call is being recorded.

Zacks Investment Research·Oct 26, 2026
TPG RE Finance Trust (TRTX) Reports Q3 Earnings: What Key Metrics Have to Say

Although the revenue and EPS for TPG RE Finance Trust (TRTX) give a sense of how its business performed in the quarter ended September 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Zacks Investment Research·Oct 26, 2026
TPG RE Finance Trust (TRTX) Lags Q3 Earnings and Revenue Estimates

TPG RE Finance Trust (TRTX) came out with quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.26 per share. This compares to earnings of $0.25 per share a year ago.

Filtered for TPG RE Finance Trust, Inc.More Headlines
04

Compare before deciding

Benchmark TRTX against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for TPG RE Finance Trust, Inc. (TRTX)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
TRTX logoTRTXTPG RE Finance Trust, Inc.Current
$6.75$518.19M11.37-5.23%13.13%4.33%14.64%
BXMT logoBXMTBlackstone Mortgage Trust, Inc.
$11.16$1.88B-5.00-13.96%-24.87%-11.52%16.92%
KREF logoKREFKKR Real Estate Finance Trust Inc.
$5.66$363.94M-1.63-22.72%-52.69%-18.4%17.68%
ACRE logoACREAres Commercial Real Estate Corporation
$3.65$202.51M214.7122.54%1.13%0.19%19.47%
RC logoRCReady Capital Corporation
$0.85$140.72M-0.241725.96%-228.91%-42.2%79.55%
GPMT logoGPMTGranite Point Mortgage Trust Inc.
$3.34$16.1M-0.11-25.45%-131.14%-28.29%64.86%

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

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

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

Oct 26, 2026·SEC

Material company update

Oct 6, 2026·SEC

Material company update

Jul 28, 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

Oct 26, 2026·SEC

FY 2026

Jul 28, 2026·SEC

FY 2026

Apr 28, 2026·SEC

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TRTX Frequently Asked Questions

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

Growth & Financials
What is TPG RE Finance Trust, Inc.'s revenue?

TPG RE Finance Trust, Inc. (TRTX) reported $345.8M in revenue over the trailing twelve months. Revenue was $332.6M in fiscal year 2025. That is 158% more than the $128.7M of fiscal year 2015.

How fast is TPG RE Finance Trust, Inc. growing?

TPG RE Finance Trust, Inc. (TRTX) grew revenue by 5.9% over the trailing twelve months, compared with the twelve months before.

Is TRTX profitable?

Yes. TPG RE Finance Trust, Inc. (TRTX) earned $45.4M in net income over the trailing twelve months (a 13.1% net margin).

Dividend & Returns
Does TRTX pay dividends?

Yes. TPG RE Finance Trust, Inc. (TRTX) pays a dividend that yields 14.64% at the current price, a high yield.

What is TRTX's return on equity?

TPG RE Finance Trust, Inc. (TRTX) had a return on equity (ROE) of 4.3% over the trailing twelve months. That is below the market's typical 10-15%.

Industry Metrics
What is TPG RE Finance Trust, Inc.'s FFO?

TPG RE Finance Trust, Inc. (TRTX) generated Funds From Operations (FFO) of $55.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is TRTX a good dividend stock?

TPG RE Finance Trust, Inc. (TRTX) offers a 14.64% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in TRTX back in 2015?

Total return calculator · dividends reinvested · 11+ years of data

See returns →