Revenue volatility remains a primary concern, evidenced by a sharp 4.4% decline in 2026Q1 following a 179% year-over-year surge in 2025Q4.
| Revenue | 264.49M | 332.57M | 148.97M | -73.52M | 305.71M | 240.72M | 80.81M | 164.89M | 138.23M | 119.26M | 88.77M | 77.13M |
| Revenue Growth % | 307.67% | 123.25% | 302.62% | -124.05% | 27% | 197.88% | -50.99% | 19.29% | 15.9% | 34.35% | 15.1% | - |
| Property Operating Expenses | 45.39M | 68.83M | 35.63M | 7.53M | 13.29M | 23.13M | 22.01M | 30.55M | 26.39M | 100M | 78.65M | 61.73M |
| Net Operating Income (NOI) | 219.1M | 263.75M | 113.34M | -81.05M | 292.42M | 217.59M | 58.81M | 134.34M | 111.84M | 19.27M | 10.12M | 15.4M |
| NOI Margin % | 82.84% | 79.3% | 76.08% | 110.24% | 95.65% | 90.39% | 72.77% | 81.47% | 80.91% | 16.16% | 11.4% | 19.97% |
| Operating Expenses | 27.53M | 21.06M | 38.61M | 42.35M | 44.8M | 38.12M | 40.34M | -38M | 34M | 28M | 42.84M | 31.41M |
| G&A Expenses | 10.59M | 10.11M | 38.61M | 42.35M | 9.45M | 10.15M | 9.37M | 5.56M | 4.04M | 3.2M | 3.02M | 2.04M |
| EBITDA | 144.13M | 255.41M | 74.73M | -123.4M | 305.71M | 240.72M | -29.28M | 341.57M | 392.93M | 278.87M | 215.7M | 47.56M |
| EBITDA Margin % | 54.49% | 76.8% | 50.17% | 167.84% | 100% | 100% | -36.24% | 207.15% | 284.26% | 233.82% | 242.97% | 61.67% |
| Depreciation & Amortization | 9.23M | 12.72M | 0 | 0 | 217.78M | 31.81M | 0 | 214.68M | 159.62M | 106.1M | 84.08M | -60.97M |
| D&A / Revenue % | 3.49% | 3.83% | 0% | 0% | 71.24% | 13.21% | 0% | 130.19% | 115.47% | 88.96% | 94.72% | -79.05% |
| Operating Income | 134.89M | 242.69M | 74.73M | -123.4M | 87.93M | 208.91M | -29.28M | 126.89M | 233.31M | 172.77M | 131.61M | 108.53M |
| Operating Margin % | 51% | 72.97% | 50.17% | 167.84% | 28.76% | 86.79% | -36.24% | 76.96% | 168.78% | 144.86% | 148.26% | 140.72% |
| Interest Expense | 2M | 188.96M | -198.85M | 273.86M | 160.75M | 85.09M | 107.24M | 174.84M | 126.03M | 78.27M | 61.65M | 47.56M |
| Interest Coverage | - | 1.32x | 0.38x | -0.45x | 0.55x | 2.46x | -0.27x | 0.73x | 0.85x | 1.21x | 1.13x | 1.28x |
| Non-Operating Income | 0 | -6.97M | 74.73M | -123.4M | 0 | 0 | 0 | 0 | 0 | 0 | 28K | 0 |
| Pretax Income | 65.97M | 60.7M | 74.73M | -116.37M | -59.54M | 139.61M | -136.52M | 126.89M | 107.28M | 94.5M | 69.96M | 60.97M |
| Pretax Margin % | 24.94% | 18.25% | 50.17% | 158.28% | -19.47% | 58% | -168.94% | 76.96% | 77.61% | 79.23% | 78.81% | 79.05% |
| Income Tax | 210K | 378K | 399K | 259K | 530K | 1.06M | 305K | 579K | 340K | 146K | -5K | 1.61M |
| Effective Tax Rate % | 0.32% | 0.62% | 0.53% | -0.22% | -0.89% | 0.76% | -0.22% | 0.46% | 0.32% | 0.15% | -0.01% | 2.64% |
| Net Income | 61.37M | 60.32M | 74.33M | -116.63M | -60.07M | 138.55M | -136.83M | 126.31M | 106.94M | 94.35M | 69.97M | 59.35M |
| Net Margin % | 23.2% | 18.14% | 49.9% | 158.64% | -19.65% | 57.56% | -169.31% | 76.6% | 77.36% | 79.11% | 78.82% | 76.96% |
| Net Income Growth % | -13.94% | -18.86% | 163.74% | -94.17% | -143.35% | 201.26% | -208.32% | 18.11% | 13.34% | 34.85% | 17.88% | - |
| Funds From Operations (FFO) | 70.56M | 73.04M | 90.07M | -113.13M | 157.72M | 170.36M | -134.41M | 340.99M | 266.56M | 200.45M | 154.05M | -1.61M |
| FFO Margin % | 26.68% | 21.96% | 60.46% | 153.88% | 51.59% | 70.77% | -166.33% | 206.8% | 192.84% | 168.08% | 173.53% | -2.09% |
| FFO Growth % | -82.15% | -18.9% | 179.61% | -171.73% | -7.42% | 226.74% | -139.42% | 27.92% | 32.98% | 30.12% | 9656.58% | - |
| FFO per Share | 0.89 | 0.92 | 1.16 | -1.46 | 2.06 | 2.09 | -1.75 | 4.69 | 4.23 | 3.31 | 2.54 | -0.03 |
| FFO Payout Ratio % | 91.86% | 124.71% | 86.43% | -67.02% | 50.91% | 46.43% | -72.13% | 36.54% | 38.72% | 40.05% | 47.46% | -2459.55% |
| EPS (Diluted) | 0.78 | 0.57 | 0.77 | -1.69 | -0.95 | 0.87 | -2.03 | 1.74 | 1.70 | 1.56 | 1.15 | 0.98 |
| EPS Growth % | -10.35% | -25.97% | 145.56% | -77.89% | -209.2% | 142.86% | -216.67% | 2.35% | 8.97% | 35.65% | 17.35% | - |
| EPS (Basic) | - | 0.57 | 0.77 | -1.69 | -0.95 | 0.92 | -2.03 | 1.74 | 1.70 | 1.56 | 1.78 | 1.51 |
| Diluted Shares Outstanding | 79.06M | 79.45M | 77.73M | 77.58M | 76.66M | 81.68M | 76.66M | 72.74M | 63.03M | 60.62M | 60.69M | 60.69M |
Collateral credit quality deterioration
As reported in recent financial filings, TRTX experienced significant revenue volatility, highlighted by a 179% year-over-year increase in 2025Q4 followed by a sharp 4.4% decline in 2026Q1, suggesting that the company's reliance on transactional loan originations creates an inconsistent and highly cyclical income stream for shareholders.
The erratic revenue trajectory appears to reflect the broader challenges in the commercial mortgage market, where transaction volume remains suppressed. Investors should monitor whether the recent revenue contraction indicates a strategic pause in lending or an inability to source high-quality assets in the current interest rate environment.
Based on the company's reported figures, FFO per share dropped to $0.19 in 2026Q1 from $0.31 in 2025Q3, indicating that the firm's core earnings power is facing downward pressure as credit loss provisions and interest expenses weigh heavily on the bottom line of the REIT.
The decline in FFO suggests that the company's ability to generate distributable earnings is being challenged by the underlying performance of its loan portfolio. Analysts should investigate whether the current dividend yield of 3.1% remains sustainable if FFO continues to trend toward the lower end of its historical range.
According to the provided income statement data, the significant gap between net income and FFO, particularly in periods of high credit stress, suggests that non-cash CECL provisions are heavily distorting the company's reported profitability metrics and potentially masking underlying cash flow challenges within the loan book.
The recurring need for credit loss provisions implies that the portfolio's collateral, particularly in the office sector, may be experiencing more distress than the headline earnings suggest. Investors should be wary of relying on FFO alone, as it may exclude necessary capital reserves that are essential for long-term portfolio health.
Financial statements indicate that NOI margins have fluctuated wildly, dropping from 100% in 2026Q1 to as low as 14.7% in 2025Q1, which suggests that the company's property-level profitability is highly sensitive to non-accrual events and the resulting loss of interest income from distressed commercial loans.
This margin volatility highlights the inherent risk in the mREIT model when borrowers fail to meet debt service obligations. The inability to maintain consistent margins warrants further investigation into the specific loan-level credit performance and the effectiveness of the company's current workout strategies for non-performing assets.
Quick answers to the most common questions about buying TRTX stock.
For fiscal year 2025, TPG RE Finance Trust, Inc. (TRTX) reported total revenue of $332.6M. This represents a 331.2% increase compared to $77.1M in 2015.
TPG RE Finance Trust, Inc. (TRTX) is profitable, generating $60.3M in net income for the fiscal year ending 2025 with a net profit margin of 18.1%.
TPG RE Finance Trust, Inc. (TRTX) reported an operating income of $242.7M, resulting in an operating profit margin of 73.0%. This margin reflects the operational efficiency of the business before interest and taxes.
TPG RE Finance Trust, Inc. (TRTX) generated $263.7M in gross profit for the year, representing a gross profit margin of 79.3%. This demonstrates the company's core pricing power and production efficiency.