The company's financial position appears vulnerable, with a debt-to-equity ratio that reached 3.08x by 2025Q4, limiting flexibility in a volatile commercial real estate market.
| Total Assets | 4.47B | 4.41B | 3.73B | 4.21B | 5.55B | 5.22B | 4.91B | 5.89B | 4.53B | 3.36B | 2.67B | 2.12B |
| Asset Growth % | 54.57% | 18.08% | -11.46% | -24% | 6.27% | 6.3% | -16.7% | 30.18% | 34.91% | 25.88% | 25.75% | - |
| Real Estate & Other Assets | 0 | 4.05B | 0 | 0 | 6.2M | 2.14M | 4.65M | 787.48M | -172.91M | -215.93M | -2.66B | 0 |
| PP&E (Net) | 0 | 224.39M | 0 | 0 | 0 | 60.62M | 99.2M | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 165.34M | 117.41M | 0 | 0 | 5.54B | 5.16B | 4.8B | 5.1B | 134.83M | 177.79M | 152.54M | 184.02M |
| Cash & Equivalents | 91.98M | 88.27M | 190.16M | 206.38M | 254.05M | 260.63M | 319.67M | 79.18M | 39.72M | 75.04M | 103.13M | 104.94M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | -217.81M | -305.08M | 503.49M | 27.42M | 28.77M | 44.68M | 0 | 85.53M | 50.26M | 80.1M |
| Intangible Assets | 0 | 12.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.41B | 3.34B | 2.62B | 3.09B | 4.22B | 3.75B | 3.44B | 4.39B | 3.2B | 2.15B | 1.69B | 1.4B |
| Total Debt | 0 | 3.29B | 2.57B | 3.04B | 4.16B | 3.71B | 3.39B | 4.33B | 1.66B | 287.89M | 1.66B | 1.37B |
| Net Debt | -91.98M | 3.2B | 2.38B | 2.83B | 3.91B | 3.45B | 3.07B | 4.25B | 1.62B | 212.85M | 1.56B | 1.26B |
| Long-Term Debt | 0 | 2.63B | 2.57B | 3.04B | 4.16B | 3.71B | 3.39B | 4.33B | 1.66B | 0 | 1.66B | 1.37B |
| Short-Term Borrowings | 0 | 660.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 287.89M | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 1.32M | 660.3M | 0 | 0 | 61.17M | 44.04M | 51.96M | 54.98M | 1.09B | 1.87B | 2.91M | 1.92M |
| Accounts Payable | 0 | 6.75M | 6.66M | 10.22M | 0 | 0 | 0 | 0 | 6.15M | 5.38M | 2.91M | 1.92M |
| Deferred Revenue | 1.32M | 1.94M | 1.74M | 1.28M | 0 | 0 | 0 | 0 | 463K | 317K | -1.66B | 0 |
| Other Liabilities | 3.41B | 47.26M | -2.57B | -3.04B | 1.46M | 1.38M | 1.59M | 2.38M | 1.54B | 1.87B | -1.66B | -1.37B |
| Total Equity | 1.06B | 1.07B | 1.11B | 1.12B | 1.32B | 1.46B | 1.47B | 1.5B | 4.44B | 3.24B | 2.53B | 716.35M |
| Equity Growth % | -14.59% | -4.13% | -0.96% | -14.92% | -9.74% | -0.12% | -2.49% | -66.1% | 36.9% | 28.12% | 253.09% | - |
| Shareholders Equity | 1.06B | 1.07B | 1.11B | 1.12B | 1.32B | 1.46B | 1.47B | 1.5B | 1.33B | 1.2B | 970.69M | 716.35M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.11B | 2.04B | 1.56B | 0 |
| Common Stock | 78K | 78K | 81K | 77K | 77K | 77K | 77K | 76K | 68K | 61K | 40K | 30K |
| Additional Paid-in Capital | 0 | 1.74B | 1.73B | 1.72B | 1.72B | 1.71B | 1.56B | 1.53B | 1.36B | 1.22B | 979.47M | 729.48M |
| Retained Earnings | -680.58M | -672.65M | -617.22M | -600.27M | -395.03M | -247.26M | -292.86M | -28.11M | -25.91M | -14.81M | -10.07M | -13.16M |
| Preferred Stock | 8K | 8K | 8K | 8K | 8K | 8K | 199.55M | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.44% | 1.48% | 1.87% | -2.39% | -1.12% | 2.74% | -2.53% | 2.42% | 2.71% | 3.13% | 2.92% | 2.8% |
| Return on Equity (ROE) | 5.7% | 5.53% | 6.64% | -9.53% | -4.31% | 9.45% | -9.21% | 4.25% | 2.79% | 3.27% | 4.31% | 8.29% |
| Debt / Assets | 0% | 74.64% | 68.84% | 72.12% | 75.03% | 71.06% | 69.03% | 73.5% | 36.58% | 8.58% | 62.37% | 64.49% |
| Debt / Equity | 0.00x | 3.08x | 2.31x | 2.70x | 3.15x | 2.53x | 2.31x | 2.88x | 0.37x | 0.09x | 0.66x | 1.91x |
| Net Debt / EBITDA | -0.64x | 12.53x | 31.83x | - | 12.78x | 14.32x | - | 12.45x | 4.11x | 0.76x | 7.23x | 26.53x |
| Book Value per Share | 13.43 | 13.44 | 14.33 | 14.50 | 17.25 | 17.93 | 19.13 | 20.67 | 70.38 | 53.46 | 41.68 | 11.80 |
Collateral credit quality deterioration
As reported in recent financial statements, TRTX's debt-to-equity ratio reached 3.08x by 2025Q4, a level that suggests limited capacity for further balance sheet expansion without risking significant covenant breaches or forced asset liquidations in a volatile commercial real estate market environment.
The reliance on high leverage to drive returns appears increasingly precarious given the current credit environment. Investors should monitor whether the company's debt structure, which relies heavily on secured financing, provides sufficient flexibility if collateral values continue to face downward pressure.
Based on reported figures, the emergence of Real Estate Owned assets, peaking at $254.4 million in 2025Q1, indicates a shift from interest-earning loans to direct property ownership, which may signal underlying credit deterioration within the firm's legacy office-heavy commercial mortgage portfolio.
The transition of loans to REO status suggests that the company is struggling to exit transitional positions as planned. This shift likely complicates the balance sheet by replacing liquid, interest-bearing assets with illiquid properties that require active management and potential capital expenditure.
According to quarterly filings, cash reserves fluctuated significantly, dropping from a peak of $363.0 million in 2025Q1 to $92.0 million by 2026Q1, which may indicate that the firm is utilizing its liquidity to manage margin calls or support distressed assets.
The rapid depletion of cash reserves warrants close investigation into the company's ability to fund future commitments or address potential liquidity gaps. A shrinking cash position in the face of persistent credit stress suggests that the firm's financial flexibility is becoming increasingly constrained.
As indicated by the divergence between book value and market pricing, the company's reliance on internal valuations for distressed collateral may mask the true extent of potential losses, as noted in recent SEC filings regarding the firm's non-accrual loan portfolio.
The valuation of distressed assets remains a critical area of uncertainty that could lead to future write-downs if market conditions fail to improve. Investors should be wary that the reported book value may not reflect the actual recovery potential of the underlying collateral in a liquidity-constrained environment.
Quick answers to the most common questions about buying TRTX stock.
As of 2025, TPG RE Finance Trust, Inc. (TRTX) had total assets of $4.41B including $117.4M in current assets.
TPG RE Finance Trust, Inc. (TRTX) carries total debt of $3.29B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TPG RE Finance Trust, Inc. (TRTX) has total shareholders' equity (book value) of $1.07B ($13.44 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TPG RE Finance Trust, Inc. (TRTX) reported a current ratio of 0.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.