TRTX's revenue plummeted 87.4% to $10.3M in 2026Q2, while FFO per share declined 25.9% to $0.20, signaling a severe contraction in core mortgage operations and raising questions about the sustainability of the current dividend.
TPG RE Finance Trust, Inc. (TRTX) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Revenue | 266.79M | 332.57M | 350.93M | 390.17M | 305.71M | 240.72M | 80.81M | 341.57M | 266.9M | 200.6M | 154.05M | 128.7M |
| Revenue Growth % | -18.77% | -5.23% | -10.06% | 27.63% | 27% | 197.88% | -76.34% | 27.98% | 33.05% | 30.22% | 19.69% | - |
| Property Operating Expenses | 46.13M | 68.83M | 69.12M | 33.33M | 30.61M | 23.13M | 22.01M | 30.55M | 26.39M | 100M | 78.68M | 61.73M |
| Net Operating Income (NOI) | 220.66M | 263.75M | 281.81M | 356.85M | 275.1M | 217.59M | 58.81M | 311.01M | 240.51M | 100.61M | 75.36M | 66.97M |
| NOI Margin % | 82.71% | 79.3% | 80.3% | 91.46% | 89.99% | 90.39% | 72.77% | 91.05% | 90.11% | 50.15% | 48.92% | 52.04% |
| Operating Expenses | 33.56M | 21.06M | 5.63M | 204.98M | 187.17M | 8.68M | 88.09M | 184.12M | 7.2M | 6.11M | 5.4M | 6.01M |
| G&A Expenses | 953K | 42.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 197.6M | 255.41M | 291.14M | 155.36M | 101.22M | 224.7M | -26.87M | 129.6M | 234.55M | 94.5M | 69.99M | 60.97M |
| EBITDA Margin % | 74.07% | 76.8% | 82.96% | 39.82% | 33.11% | 93.35% | -33.25% | 37.94% | 87.88% | 47.11% | 45.43% | 47.37% |
| Depreciation & Amortization | 10.51M | 12.72M | 14.95M | 3.5M | 0 | 0 | 2.42M | 2.71M | 1.24M | 0 | 28K | 0 |
| D&A / Revenue % | 3.94% | 3.83% | 4.26% | 0.9% | 0% | 0% | 2.99% | 0.79% | 0.47% | 0% | 0.02% | 0% |
| Operating Income | 187.1M | 242.69M | 276.19M | 151.86M | 87.93M | 208.91M | -29.28M | 126.89M | 233.31M | 94.5M | 69.96M | 60.97M |
| Operating Margin % | 70.13% | 72.97% | 78.7% | 38.92% | 28.76% | 86.79% | -36.24% | 37.15% | 87.41% | 47.11% | 45.42% | 47.37% |
| Interest Expense | 4M | 188.96M | 201.45M | 275.26M | 160.75M | 85.09M | 107.24M | 174.84M | 126.03M | 0 | 0 | 0 |
| Interest Coverage | - | 1.32x | 1.37x | 0.58x | 0.63x | 2.64x | -0.27x | 1.73x | 1.85x | - | - | - |
| Non-Operating Income | -70.49M | -6.97M | 0 | -7.03M | -13.29M | -15.79M | 0 | -174.84M | 0 | 0 | 0 | 0 |
| Pretax Income | 58.45M | 60.7M | 74.73M | -116.37M | -59.54M | 139.61M | -136.52M | 126.89M | 107.28M | 94.5M | 69.96M | 60.97M |
| Pretax Margin % | 21.91% | 18.25% | 21.3% | -29.83% | -19.47% | 58% | -168.94% | 37.15% | 40.2% | 47.11% | 45.42% | 47.37% |
| Income Tax | 407K | 378K | 399K | 259K | 530K | 1.06M | 305K | 579K | 340K | 146K | -5K | 1.61M |
| Effective Tax Rate % | 0.7% | 0.62% | 0.53% | -0.22% | -0.89% | 0.76% | -0.22% | 0.46% | 0.32% | 0.15% | -0.01% | 2.64% |
| Net Income | 58.04M | 60.32M | 74.33M | -116.63M | -60.07M | 138.55M | -136.83M | 126.31M | 106.94M | 94.35M | 69.97M | 59.35M |
| Net Margin % | 21.76% | 18.14% | 21.18% | -29.89% | -19.65% | 57.56% | -169.31% | 36.98% | 40.07% | 47.03% | 45.42% | 46.12% |
| Net Income Growth % | -13.66% | -18.86% | 163.74% | -94.17% | -143.35% | 201.26% | -208.32% | 18.11% | 13.34% | 34.85% | 17.88% | - |
| Funds From Operations (FFO) | 68.55M | 73.04M | 89.28M | -113.13M | -71.15M | 138.55M | -134.41M | 129.02M | 108.18M | 86.66M | 70M | 59.35M |
| FFO Margin % | 25.69% | 21.96% | 25.44% | -29% | -23.27% | 57.56% | -166.33% | 37.77% | 40.53% | 43.2% | 45.44% | 46.12% |
| FFO Growth % | -62.6% | -18.19% | 178.92% | -59% | - | - | -204.18% | 19.26% | 24.83% | 23.81% | - | - |
| FFO per Share | 0.88 | 0.92 | 1.12 | -1.46 | -0.92 | 1.70 | -1.75 | 1.77 | 1.72 | 1.60 | 1.14 | 0.97 |
| FFO Payout Ratio % | 112.61% | 107.47% | 87.19% | -67.02% | -112.84% | 57.08% | -72.13% | 96.57% | 95.4% | 92.63% | 104.45% | 66.8% |
| EPS (Diluted) | 0.74 | 0.57 | 0.75 | -1.69 | -0.95 | 0.87 | -2.03 | 1.73 | 1.70 | 1.74 | 1.14 | 0.97 |
| EPS Growth % | -15.96% | -24% | 144.38% | -77.89% | -209.2% | 142.86% | -217.34% | 1.76% | -2.3% | 52.63% | 17.53% | - |
| EPS (Basic) | - | 0.57 | 0.75 | -1.69 | -0.95 | 0.92 | -2.03 | 1.73 | 1.70 | 1.74 | 1.14 | 0.97 |
| Diluted Shares Outstanding | 78.03M | 79.45M | 79.89M | 77.58M | 77.3M | 81.68M | 76.66M | 72.74M | 63.03M | 54.19M | 61.31M | 61.31M |
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 158.4% increase compared to $128.7M 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.
Key Metrics
Top Statement Risk
Severe revenue volatility and FFO compression
Metrics are mathematically derived from official filings.
Revenue Collapse Signals Portfolio Runoff
TRTX's revenue plummeted 87.4% quarter-over-quarter to $10.3M in 2026Q2, a dramatic contraction that suggests the mortgage REIT is experiencing significant loan payoffs or asset sales without sufficient redeployment, as reported in recent financial statements.
The catastrophic revenue decline from $85.8M to $10.3M in a single quarter indicates a fundamental shift in the company's earning asset base, likely driven by large loan maturities, prepayments, or strategic portfolio reduction. This level of volatility is atypical even for mortgage REITs and suggests the company may be transitioning to a much smaller operating platform, which would have profound implications for fixed cost coverage and dividend sustainability.
NOI Margin Expansion Masks Revenue Erosion
Despite the revenue collapse, TRTX's NOI margin expanded to 100% in 2026Q2, suggesting that remaining revenue streams carry minimal direct costs, though this mathematical artifact from near-zero revenue warrants careful interpretation of underlying profitability.
The 100% NOI margin in 2026Q2 is a misleading indicator of operational efficiency—it reflects that the $10.3M in revenue had virtually no associated operating expenses, likely because the remaining portfolio consists of interest income from whole loans or securities rather than serviced assets with reimbursable costs. Historically, TRTX maintained NOI margins between 75-85%, indicating the current margin is an anomaly rather than a sustainable improvement in property-level economics.
FFO Per Share Decline Undermines Dividend Coverage
FFO per share declined 25.9% from $0.27 to $0.20 in 2026Q2, while the dividend yield stands at 2.9%, suggesting the current payout may be approaching unsustainable levels relative to the company's dramatically reduced earning power.
The FFO trajectory reveals significant volatility, with quarterly results swinging from $6.6M to $28.6M over the past two years. The 2026Q2 FFO of $15.8M represents a 35.8% year-over-year decline, and when annualized at the current run rate, would generate approximately $63M in FFO versus what appears to be a dividend commitment that may exceed this level. Investors should monitor whether management reduces the dividend to align with the new, smaller earning asset base.
Organic Performance Obscured by Portfolio Shrinkage
Same-store metrics are effectively meaningless for TRTX given the 87% revenue decline, as the company's portfolio composition has fundamentally changed rather than experiencing organic growth or contraction within a stable asset base.
Traditional same-store analysis assumes a relatively stable portfolio where organic trends can be isolated from acquisition activity. TRTX's dramatic revenue collapse suggests the company is not experiencing typical same-store dynamics but rather a wholesale reduction in its earning asset base. The historical revenue trend shows consistent year-over-year declines of 8-16% even before the 2026Q2 collapse, indicating the portfolio has been in secular runoff for several quarters.
2026Q2 Represents Existential Portfolio Transition
The 87.4% revenue decline in 2026Q2 marks a potential inflection point where TRTX transitions from an active mortgage REIT to a wind-down or significantly smaller entity, a transformation that appears irreversible based on the magnitude of the change.
This quarter represents the most significant event in TRTX's recent history, with revenue falling from $85.8M to $10.3M—a decline that cannot be explained by normal business fluctuations. The pattern suggests either a strategic decision to shrink the portfolio, forced asset sales due to credit issues, or a combination of both. The fact that FFO remained positive at $15.8M despite the revenue collapse indicates the company may be realizing gains on asset dispositions or has significant non-operating income that is temporarily masking the underlying business deterioration.
Earnings Quality Questioned by Non-Recurring Items
TRTX's 2026Q2 FFO of $15.8M exceeded revenue of $10.3M by $5.5M, suggesting significant non-operating income or gains that may not be sustainable, warranting investigation into the composition of earnings beyond core mortgage operations.
The mathematical anomaly where FFO exceeds revenue indicates the presence of substantial non-operating items, potentially including gains on loan sales, recoveries of previously reserved amounts, or other non-recurring income. This raises questions about the quality and sustainability of current earnings, as core mortgage interest income appears insufficient to cover the company's cost structure. The divergence between GAAP net income ($13.1M) and FFO ($15.8M) also suggests unusual depreciation or amortization patterns that merit further examination in the context of a shrinking portfolio.