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TPG RE Finance Trust, Inc. (TRTX) 10-Year Financial Performance & Capital Metrics

TRTX • • REIT / Real Estate
Real EstateMortgage REITsCommercial Mortgage REITsDiversified Commercial Lenders
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 $149M +302.6%
  • FFO $90M +179.6%
  • FFO/Share 1.16 +179.5%
  • FFO Payout 86.43% +229.0%
  • FFO per Share 1.16 +179.5%
  • NOI Margin 76.08% -31.0%
  • FFO Margin 60.46% -60.7%
  • ROE 6.64% +169.7%
  • ROA 1.87% +178.3%
  • Debt/Assets 68.84% -4.5%
  • Net Debt/EBITDA 31.83
  • Book Value/Share 14.33 -1.2%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓High NOI margin of 76.1%
  • ✓Trading at only 0.6x book value

✗Weaknesses

  • ✗High debt to equity ratio of 2.3x
  • ✗Profits declining 10.1% over 5 years
  • ✗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.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-2.01%
3Y-14.78%
TTM35.9%

Profit (Net Income) CAGR

10Y-
5Y-10.06%
3Y-18.74%
TTM-4.86%

EPS CAGR

10Y-
5Y-15.05%
3Y-3.99%
TTM-8.31%

ROCE

10Y Avg3.58%
5Y Avg0.92%
3Y Avg0.33%
Latest1.88%

Peer Comparison

Diversified Commercial Lenders
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Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
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TTM Growth
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Latest Quarter
Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
ACRACRES Commercial Realty Corp.150.01M20.5917.90-8.39%29.62%7.27%12.92%3.13
NREFNexPoint Real Estate Finance, Inc.263.17M14.8514.56162.1%57.58%12.44%11.13%8.44
FBRTFranklin BSP Realty Trust, Inc.836.47M10.2512.50-3.62%14.83%5.54%6.84%2.84
TRTXTPG RE Finance Trust, Inc.716.09M9.1511.88302.62%31.56%6.15%14.92%2.31
ABRArbor Realty Trust, Inc.1.61B8.216.96-12.72%49.85%5.9%28.72%3.19
RPTRithm Property Trust Inc.123.34M16.30-7.12380.09%-17.24%-2.24%0.24%2.93
ACREAres Commercial Real Estate Corporation280.08M5.09-7.9578.75%-29.15%-1.48%12.69%2.17
ARIApollo Commercial Real Estate Finance, Inc.1.4B10.09-10.40146.01%23.05%7.42%2.19%3.41

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+77.13M88.77M119.26M138.23M164.89M80.81M240.72M305.71M-73.52M148.97M
Revenue Growth %-0.15%0.34%0.16%0.19%-0.51%1.98%0.27%-1.24%3.03%
Property Operating Expenses61.73M78.65M100M26.39M30.55M22.01M23.13M13.29M7.53M35.63M
Net Operating Income (NOI)+----------
NOI Margin %----------
Operating Expenses+31.41M42.84M28M34M-38M40.34M38.12M44.8M42.35M38.61M
G&A Expenses2.04M3.02M3.2M4.04M5.56M9.37M10.15M9.45M42.35M38.61M
EBITDA+47.56M215.7M278.87M392.93M341.57M-29.28M240.72M305.71M-123.4M74.73M
EBITDA Margin %----------
Depreciation & Amortization+-60.97M84.08M106.1M159.62M214.68M031.81M217.78M00
D&A / Revenue %----------
Operating Income+108.53M131.61M172.77M233.31M126.89M-29.28M208.91M87.93M-123.4M74.73M
Operating Margin %----------
Interest Expense+47.56M61.65M78.27M126.03M174.84M107.24M85.09M160.75M273.86M-198.85M
Interest Coverage2.28x2.13x2.21x1.85x0.73x-0.27x2.46x0.55x-0.45x-
Non-Operating Income028K000000-123.4M74.73M
Pretax Income+60.97M69.96M94.5M107.28M126.89M-136.52M139.61M-59.54M-116.37M74.73M
Pretax Margin %----------
Income Tax+1.61M-5K146K340K579K305K1.06M530K259K399K
Effective Tax Rate %----------
Net Income+59.35M69.97M94.35M106.94M126.31M-136.83M138.55M-60.07M-116.63M74.33M
Net Margin %----------
Net Income Growth %-0.18%0.35%0.13%0.18%-2.08%2.01%-1.43%-0.94%1.64%
Funds From Operations (FFO)+----------
FFO Margin %----------
FFO Growth %-96.57%0.3%0.33%0.28%-1.39%2.27%-0.07%-1.72%1.8%
FFO per Share+----------
FFO Payout Ratio %----------
EPS (Diluted)+0.981.151.561.701.74-2.030.87-0.95-1.690.77
EPS Growth %-0.17%0.36%0.09%0.02%-2.17%1.43%-2.09%-0.78%1.46%
EPS (Basic)1.511.781.561.701.74-2.030.92-0.95-1.690.77
Diluted Shares Outstanding60.69M60.69M60.62M63.03M72.74M76.66M81.68M76.66M77.58M77.73M

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+2.12B2.67B3.36B4.53B5.89B4.91B5.22B5.55B4.21B3.73B
Asset Growth %-0.26%0.26%0.35%0.3%-0.17%0.06%0.06%-0.24%-0.11%
Real Estate & Other Assets+0-2.66B-215.93M-172.91M787.48M4.65M2.14M6.2M00
PP&E (Net)0000099.2M60.62M000
Investment Securities1000K1000K1000K1000K1000K00000
Total Current Assets+184.02M152.54M177.79M134.83M5.1B4.8B5.16B5.54B00
Cash & Equivalents104.94M103.13M75.04M39.72M79.18M319.67M260.63M254.05M206.38M190.16M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets80.1M50.26M85.53M044.68M28.77M27.42M503.49M-305.08M-217.81M
Intangible Assets0000000000
Total Liabilities1.4B1.69B2.15B3.2B4.39B3.44B3.75B4.22B3.09B2.62B
Total Debt+1.37B1.66B287.89M1.66B4.33B3.39B3.71B4.16B3.04B2.57B
Net Debt1.26B1.56B212.85M1.62B4.25B3.07B3.45B3.91B2.83B2.38B
Long-Term Debt1.37B1.66B01.66B4.33B3.39B3.71B4.16B3.04B2.57B
Short-Term Borrowings001000K0000000
Capital Lease Obligations0000000000
Total Current Liabilities+1.92M2.91M1.87B1.09B54.98M51.96M44.04M61.17M00
Accounts Payable1.92M2.91M5.38M6.15M000010.22M6.66M
Deferred Revenue0-1.66B317K463K000000
Other Liabilities-1.37B-1.66B1.87B1.54B2.38M1.59M1.38M1.46M-3.04B-2.57B
Total Equity+716.35M2.53B3.24B4.44B1.5B1.47B1.46B1.32B1.12B1.11B
Equity Growth %-2.53%0.28%0.37%-0.66%-0.02%-0%-0.1%-0.15%-0.01%
Shareholders Equity716.35M970.69M1.2B1.33B1.5B1.47B1.46B1.32B1.12B1.11B
Minority Interest01.56B2.04B3.11B000000
Common Stock30K40K61K68K76K77K77K77K77K81K
Additional Paid-in Capital729.48M979.47M1.22B1.36B1.53B1.56B1.71B1.72B1.72B1.73B
Retained Earnings-13.16M-10.07M-14.81M-25.91M-28.11M-292.86M-247.26M-395.03M-600.27M-617.22M
Preferred Stock00000199.55M8K8K8K8K
Return on Assets (ROA)0.03%0.03%0.03%0.03%0.02%-0.03%0.03%-0.01%-0.02%0.02%
Return on Equity (ROE)0.08%0.04%0.03%0.03%0.04%-0.09%0.09%-0.04%-0.1%0.07%
Debt / Assets0.64%0.62%0.09%0.37%0.74%0.69%0.71%0.75%0.72%0.69%
Debt / Equity1.91x0.66x0.09x0.37x2.88x2.31x2.53x3.15x2.70x2.31x
Net Debt / EBITDA26.53x7.23x0.76x4.11x12.45x-14.32x12.78x-31.83x
Book Value per Share11.8041.6853.4670.3820.6719.1317.9317.2514.5014.33

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+98.61M85.73M91.17M107.7M121.67M132.09M132.17M100.5M80.13M112.13M
Operating CF Growth %--0.13%0.06%0.18%0.13%0.09%0%-0.24%-0.2%0.4%
Operating CF / Revenue %----------
Net Income59.35M69.97M94.35M106.94M126.31M-136.83M138.55M-60.07M-116.63M74.33M
Depreciation & Amortization028K-7.69M1.24M2.71M2.42M0-11.09M3.5M15.73M
Stock-Based Compensation0033K665K2.56M5.77M5.76M5.05M8.03M6.39M
Other Non-Cash Items-1.83M14.42M5.52M1.77M2.99M270.87M-12.08M176.01M184.38M6.87M
Working Capital Changes41.09M1.32M-855K-1.68M-10.19M-7.72M-63K-9.42M849K8.8M
Cash from Investing+-114.77M-544.73M-702.58M-1.19B-1.31B964.59M-342.9M-452.56M1.1B440.51M
Acquisitions (Net)00-671.54M0000602.22M00
Purchase of Investments-1.3M-59.51M-96.29M-143.5M-815.04M-168.89M0-1.66B00
Sale of Investments1000K1000K1000K1000K1000K1000K01000K1000K1000K
Other Investing-113.47M-485.22M496K-1.05B-588.38M367.04M-342.9M-447.5M853.1M347.71M
Cash from Financing+110.45M457.18M583.17M1.05B1.23B-856.67M152.1M345.34M-1.22B-569.18M
Dividends Paid-39.66M-73.13M-80.29M-103.21M-124.61M-96.95M-98.28M-92.88M-88.42M-90.44M
Common Dividends-39.65M-73.11M-80.28M-103.2M-124.59M-96.95M-79.09M-80.29M-75.83M-77.85M
Debt Issuance (Net)1000K1000K1000K1000K1000K-1000K1000K1000K-1000K-1000K
Share Repurchases-55.57M0-13.85M-8.84M-42K0000-37K
Other Financing181.63M242.57M-15.76M-30.35M-17.4M-19.02M-17.96M-18.79M-3.63M-1.91M
Net Change in Cash+94.29M-1.81M-28.24M-35.02M38.95M240M-58.63M-6.72M-47.3M-16.54M
Exchange Rate Effect0000000000
Cash at Beginning11.66M104.94M103.97M75.74M40.72M79.67M319.67M261.04M254.31M207.02M
Cash at End105.95M103.13M75.74M40.72M79.67M319.67M261.04M254.31M207.02M190.48M
Free Cash Flow+98.61M85.23M91.06M107.7M121.67M132.09M132.17M95.44M74.76M106.81M
FCF Growth %--0.14%0.07%0.18%0.13%0.09%0%-0.28%-0.22%0.43%
FCF / Revenue %----------

Key Ratios

Metric2015201620172018201920202021202220232024
FFO per Share-0.032.543.314.234.69-1.752.092.06-1.461.16
FFO Payout Ratio-2459.55%47.46%40.05%38.72%36.54%-72.13%46.43%50.91%-67.02%86.43%
NOI Margin19.97%11.4%16.16%80.91%81.47%72.77%90.39%95.65%110.24%76.08%
Net Debt / EBITDA26.53x7.23x0.76x4.11x12.45x-14.32x12.78x-31.83x
Debt / Assets64.49%62.37%8.58%36.58%73.5%69.03%71.06%75.03%72.12%68.84%
Interest Coverage2.28x2.13x2.21x1.85x0.73x-0.27x2.46x0.55x-0.45x-
Book Value / Share11.841.6853.4670.3820.6719.1317.9317.2514.514.33
Revenue Growth-15.1%34.35%15.9%19.29%-50.99%197.88%27%-124.05%302.62%

Frequently Asked Questions

Valuation & Price

TPG RE Finance Trust, Inc. (TRTX) has a price-to-earnings (P/E) ratio of 11.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

TPG RE Finance Trust, Inc. (TRTX) reported $211.1M in revenue for fiscal year 2024. This represents a 174% increase from $77.1M in 2015.

TPG RE Finance Trust, Inc. (TRTX) grew revenue by 302.6% over the past year. This is strong growth.

Yes, TPG RE Finance Trust, Inc. (TRTX) is profitable, generating $66.6M in net income for fiscal year 2024 (49.9% net margin).

Dividend & Returns

Yes, TPG RE Finance Trust, Inc. (TRTX) pays a dividend with a yield of 10.95%. This makes it attractive for income-focused investors.

TPG RE Finance Trust, Inc. (TRTX) has a return on equity (ROE) of 6.6%. This is below average, suggesting room for improvement.

Industry Metrics

TPG RE Finance Trust, Inc. (TRTX) generated Funds From Operations (FFO) of $80.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

TPG RE Finance Trust, Inc. (TRTX) offers a 10.95% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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