The near-constant $22–23M quarterly dividend outstripped AFFO in three of the last five quarters, with payout deteriorating to 1.22x in 2026Q2 from 0.67x in 2024Q2, implying hidden funding of the distribution.
TPG RE Finance Trust, Inc. (TRTX) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash from Operations | 85.19M | 90.36M | 112.13M | 80.13M | 100.5M | 132.17M | 132.09M | 121.67M | 107.7M | 91.17M | 85.73M | 98.61M |
| Operating CF Growth % | -21.77% | -19.41% | 39.94% | -20.27% | -23.96% | 0.06% | 8.56% | 12.97% | 18.12% | 6.34% | -13.06% | - |
| Operating CF / Revenue % | 24.64% | 27.17% | 31.95% | 20.54% | 32.87% | 54.9% | 163.45% | 35.62% | 40.35% | 45.45% | 55.65% | 76.62% |
| Net Income | 45.41M | 60.32M | 74.33M | -116.63M | -60.07M | 138.55M | -136.83M | 126.31M | 106.94M | 94.35M | 69.97M | 59.35M |
| Depreciation & Amortization | 10.2M | 12.72M | 15.73M | 3.5M | 15.01M | 0 | 2.42M | 2.71M | 1.24M | 11.79M | 28K | 0 |
| Stock-Based Compensation | 9.79M | 9.81M | 6.39M | 8.03M | 5.05M | 5.76M | 5.77M | 2.56M | 665K | 33K | 0 | 0 |
| Other Non-Cash Items | 22.82M | 7.92M | 6.87M | 184.38M | 149.92M | -12.08M | 270.87M | 2.99M | 1.77M | -13.96M | 14.42M | -1.83M |
| Working Capital Changes | -3.04M | -405K | 8.8M | 849K | -9.42M | -63K | -7.72M | -10.19M | -1.68M | -855K | 1.32M | 41.09M |
| Cash from Investing | -1.22B | -789.71M | 440.51M | 1.1B | -452.56M | -342.9M | 964.59M | -1.31B | -1.19B | -702.58M | -544.73M | -114.77M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 602.22M | 0 | 0 | 0 | 0 | -671.54M | 0 | 0 |
| Purchase of Investments | -1.22B | 0 | 0 | 0 | -1.66B | 0 | -168.89M | -815.04M | -143.5M | -96.29M | -59.51M | -1.3M |
| Sale of Investments | 425.75M | 0 | 92.8M | 247.65M | 1.06B | 0 | 766.44M | 94.79M | 2.7M | 64.87M | 782.22M | 718.11M |
| Other Investing | -421.8M | -783.57M | 347.71M | 853.1M | -447.5M | -342.9M | 367.04M | -588.38M | -1.05B | 496K | -485.22M | -113.47M |
| Cash from Financing | 1.12B | 597.13M | -569.18M | -1.22B | 345.34M | 152.1M | -856.67M | 1.23B | 1.05B | 583.17M | 457.18M | 110.45M |
| Dividends Paid | -89.22M | -91.09M | -90.44M | -88.42M | -92.88M | -98.28M | -96.95M | -124.61M | -103.21M | -80.29M | -73.13M | -39.66M |
| Common Dividends | -76.63M | -78.5M | -77.85M | -75.83M | -80.29M | -79.09M | -96.95M | -124.59M | -103.2M | -80.28M | -73.11M | -39.65M |
| Debt Issuance (Net) | 4M | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -25M | -25.35M | -37K | 0 | 0 | 0 | 0 | -42K | -8.84M | -13.85M | 0 | -55.57M |
| Other Financing | -19.61M | -21.83M | -1.91M | -3.63M | -18.79M | -17.96M | -19.02M | -17.4M | -30.35M | -15.76M | 242.57M | 181.63M |
| Net Change in Cash | -23.37M | -102.22M | -16.54M | -47.3M | -6.72M | -58.63M | 240M | 38.95M | -35.02M | -28.24M | -1.81M | 94.29M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 66.21M | 190.48M | 207.02M | 254.31M | 261.04M | 319.67M | 79.67M | 40.72M | 75.74M | 103.97M | 104.94M | 11.66M |
| Cash at End | 71.09M | 88.27M | 190.48M | 207.02M | 254.31M | 261.04M | 319.67M | 79.67M | 40.72M | 75.74M | 103.13M | 105.95M |
| Free Cash Flow | 74.5M | 84.22M | 106.81M | 74.76M | 95.44M | 132.17M | 132.09M | 121.67M | 107.7M | 91.06M | 85.23M | 98.61M |
| FCF Growth % | -14.07% | -21.15% | 42.86% | -21.66% | -27.79% | 0.06% | 8.56% | 12.97% | 18.27% | 6.84% | -13.56% | - |
| FCF / Revenue % | 21.55% | 25.32% | 30.44% | 19.16% | 31.22% | 54.9% | 163.45% | 35.62% | 40.35% | 45.39% | 55.33% | 76.62% |
Quick answers to the most common questions about buying TRTX stock.
TPG RE Finance Trust, Inc. (TRTX) generated $90.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TPG RE Finance Trust, Inc. (TRTX) generated $84.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
TPG RE Finance Trust, Inc. (TRTX) spent $6.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, TPG RE Finance Trust, Inc. (TRTX) returned $91.1M to shareholders via cash dividends and spent $25.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Dividend coverage collapse amid shrinking portfolio
Metrics are mathematically derived from official filings.
Dividend Outpaces Earning Power
As TRTX's reported figures show, AFFO-to-dividend coverage deteriorated to a 1.22x payout ratio in 2026Q2 from 0.67x in 2024Q2, while the quarterly dividend has remained stubbornly near $22–23M — a level that outstripped AFFO in three of the last five reported quarters.
The roughly $22–24M quarterly distribution appears to operate independently of the underlying earnings trajectory, leaving TRTX reliant on balance-sheet reserves or external capital whenever AFFO dips below the payout level. The 2025Q4 payout ratio of 2.91x was the most acute stress point; while 2026Q1 recovered to 0.90x, 2026Q2's renewed 1.22x ratio suggests coverage instability is recurring rather than a one-off anomaly. Investors should monitor whether a dividend reset is imminent given the structural revenue contraction.
Non-Cash Items Distort Earnings Base
Per the quarterly cash flow data, TRTX's FFO-to-net-income ratio spiked to 6.20x in 2025Q4 as GAAP earnings collapsed to $4.0M while FFO held at $6.6M, and the 2026Q2 ratio of 1.64x signals that non-cash adjustments are becoming a larger share of the reported earnings picture.
For a mortgage REIT, FFO should track closely with GAAP net income since depreciation is structurally minimal; ratios persistently above 1.3x point to meaningful non-cash items — likely unrealized gains or losses on loan originations and fair-value marks — inflating or depressing the baseline in a given quarter. The 2026Q2 inversion where OCF of $21.6M exceeded FFO of $15.8M is atypical and may reflect timing differences in interest collections that could reverse. This divergence warrants further investigation alongside the underlying loan portfolio composition.
Earnings Quality Masks Portfolio Reset
The 2026Q2 FFO of $15.8M exceeded that quarter's revenue by 53%, and 2026Q3's $5.8M net income arrived without accompanying FFO or AFFO disclosure — a reporting gap that coincides with the 89.3% year-over-year revenue collapse noted in the income statement analysis.
When FFO exceeds revenue for a mortgage REIT, it strongly suggests the metric is being supported by components outside current-period interest income, such as gains on loan sales or reversals of previously recognized reserves. The complete absence of 2026Q3 FFO and AFFO figures makes it impossible to verify whether the $5.8M in net income reflects sustainable cash earning power or one-time items, which is particularly concerning given the magnitude of the portfolio contraction.
Hidden Funding of the Distribution
Based on TRTX's reported quarterly figures, the persistent $22–23M dividend has been funded even in quarters where AFFO fell sharply, raising the question of whether the company is drawing on reserves or external financing to sustain distributions through the current earnings trough.
For a mortgage REIT that has seen its interest income base contract by nearly 90%, maintaining distributions at pre-collapse levels implies either that a dividend cut is forthcoming or that TRTX is relying on credit facility draws, share issuance, or balance sheet reserves — none of which are fully visible in the summarized cash flow data. The 2026Q3 zeroing of OCF, capex, and dividends may indicate a reporting lag rather than operational cessation, but without confirmed AFFO disclosure it becomes difficult to assess whether the distribution is sustainable through a full-cycle trough. This gap represents the single most important open question for TRTX investors.
Capital Deployment Shifts Meaningfully
TRTX's capex line has expanded from $448K in 2024Q3 to $3.5M in 2025Q4 before reversing to negative values in 2026Q1–Q2, a pattern that may reflect a shift from loan origination costs toward portfolio dispositions as the company repositions amid declining interest income.
Mortgage REIT capex primarily captures loan origination and holdback costs rather than physical property investment, so the escalation through late 2025 suggests active deployment that preceded the 2026 revenue collapse. The subsequent negative capex in 2026Q1–Q2 (dispositions exceeding new originations) aligns with the income statement's evidence of a shrinking earning asset base and may indicate that TRTX is actively deleveraging or reducing portfolio exposure. The full 2026Q3 capital deployment picture remains unavailable.