TPG RE Finance Trust, Inc. (TRTX) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Revenue | 11.59M | 84.02M | 86.66M | 82.23M | 12.13M | 30.11M | 10.86M | 11.78M | 38.46M | 94.26M | 97.46M | 32.34M | 25.39M | 35.5M | 29.93M | 50.81M | 38.04M | 53.82M | 38.64M | 39.73M |
| Revenue Growth % | -4.44% | 179.02% | 697.74% | 598.31% | -68.46% | -68.05% | -88.85% | -63.59% | 51.45% | 165.55% | 225.63% | -36.34% | -33.25% | -34.04% | -22.54% | 27.9% | 1.1% | 33.69% | -19.65% | -10% |
| Property Operating Expenses | 0 | 12.56M | 16.89M | 15.95M | 10.35M | 9.8M | 8.6M | 8.88M | 0 | 1.69M | 3.1M | 1.85M | 0 | 13.29M | 13.29M | 13.29M | 6.2M | 15.79M | 5.93M | 5.67M |
| Net Operating Income (NOI) | 11.59M | 71.46M | 69.77M | 66.28M | 1.78M | 20.31M | 2.26M | 2.89M | 38.46M | 92.57M | 94.36M | 30.5M | 25.39M | 22.21M | 16.64M | 37.52M | 31.84M | 38.03M | 32.7M | 34.05M |
| NOI Margin % | 100% | 85.06% | 80.51% | 80.61% | 14.67% | 67.46% | 20.83% | 24.57% | 100% | 98.2% | 96.82% | 94.29% | 100% | 62.56% | 55.59% | 73.84% | 83.69% | 70.66% | 84.64% | 85.72% |
| Operating Expenses | 2.38M | 15.93M | -1.15M | 10.38M | 9.48M | 9.79M | 2.85M | 2.9M | 38.46M | 12.23M | 9.32M | 2.83M | 25.39M | 9.13M | 2.27M | 2.1M | 8.33M | -2.23M | 2.22M | 2.22M |
| G&A Expenses | 2.38M | 2.84M | 2.78M | 2.59M | 1.89M | 9.79M | 2.85M | 10.14M | 2.66M | 4.23M | 1.87M | 3.07M | 2.7M | 2.61M | 2.13M | 2.28M | 2.44M | 2.77M | 2.42M | 2.47M |
| EBITDA | 0 | 6.66M | 73.63M | 63.84M | 60.23M | 10.53M | 2.63M | 79.92M | 0 | 7.51M | 11.33M | 2.75M | 0 | 51.25M | 41.77M | 37.92M | 22.5M | 37.59M | 20.98M | 22.02M |
| EBITDA Margin % | 0% | 7.92% | 84.97% | 77.64% | 496.56% | 34.95% | 24.17% | 678.72% | 0% | 7.97% | 11.63% | 8.51% | 0% | 144.38% | 139.54% | 74.64% | 59.15% | 69.85% | 54.29% | 55.42% |
| Depreciation & Amortization | 0 | 2.6M | 2.71M | 3.93M | 2.71M | 0 | 3.21M | 3.92M | 4.17M | 1.19M | 1.34M | 944K | 0 | -36.4M | 114.48M | 18.61M | -23.87M | -28.75M | -29.56M | -32.62M |
| D&A / Revenue % | 0% | 3.09% | 3.13% | 4.77% | 22.38% | 0% | 29.59% | 33.26% | 10.84% | 1.26% | 1.38% | 2.92% | 0% | -102.53% | 382.49% | 36.62% | -62.74% | -53.42% | -76.5% | -82.12% |
| Operating Income | 0 | 4.06M | 70.92M | 59.91M | 57.52M | 10.53M | -588K | 76M | 0 | 6.32M | 9.99M | 1.81M | 0 | 87.65M | -72.72M | 19.32M | 46.37M | 66.35M | 50.54M | 54.64M |
| Operating Margin % | 0% | 4.83% | 81.84% | 72.86% | 474.18% | 34.95% | -5.41% | 645.46% | 0% | 6.71% | 10.25% | 5.59% | 0% | 246.92% | -242.95% | 38.02% | 121.89% | 123.28% | 130.8% | 137.54% |
| Interest Expense | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Interest Coverage | - | 1.08x | 1.45x | 1.32x | 1.33x | 0.24x | 1.47x | 1.50x | -0.08x | 1.00x | 0.14x | 0.02x | - | 1.56x | -1.54x | 0.34x | 2.06x | 2.32x | 2.41x | 2.48x |
| Non-Operating Income | 0 | 0 | 0 | 0 | 4.05M | 10.53M | 2.63M | 4.24M | 4.17M | 79.44M | 0 | 305K | 0 | -65.17M | 0 | 18.61M | -22.5M | 15.79M | -20.98M | -22.02M |
| Pretax Income | 19.05M | 4.06M | 22.1M | 20.76M | 13.78M | 10.53M | 22.26M | 24.82M | 17.13M | 6.45M | -61.21M | -69.17M | 7.56M | 36.4M | -114.48M | -5.32M | 23.87M | 44.54M | 29.56M | 32.62M |
| Pretax Margin % | 164.36% | 4.83% | 25.5% | 25.25% | 113.56% | 34.95% | 204.92% | 210.74% | 44.55% | 6.84% | -62.8% | -213.85% | 29.77% | 102.53% | -382.49% | -10.46% | 62.74% | 82.76% | 76.5% | 82.12% |
| Income Tax | -112K | 85K | 109K | 128K | 56K | -157K | 66K | 100K | 390K | 65K | 5K | 5K | 184K | 202K | 125K | 118K | 85K | -336K | 236K | 233K |
| Effective Tax Rate % | -0.59% | 2.09% | 0.49% | 0.62% | 0.41% | -1.49% | 0.3% | 0.4% | 2.28% | 1.01% | -0.01% | -0.01% | 2.43% | 0.56% | -0.11% | -2.22% | 0.36% | -0.75% | 0.8% | 0.71% |
| Net Income | 15.17M | 3.98M | 21.6M | 20.63M | 13.72M | 10.68M | 22.19M | 24.71M | 16.74M | 6.38M | -61.21M | -69.17M | 7.38M | 36.19M | -114.61M | -5.43M | 23.78M | 44.88M | 29.32M | 32.39M |
| Net Margin % | 130.84% | 4.73% | 24.92% | 25.09% | 113.1% | 35.47% | 204.31% | 209.89% | 43.54% | 6.77% | -62.81% | -213.87% | 29.04% | 101.96% | -382.9% | -10.69% | 62.52% | 83.39% | 75.89% | 81.53% |
| Net Income Growth % | 10.55% | -62.78% | -2.69% | -16.52% | -18.07% | 67.4% | 136.26% | 135.73% | 127.04% | -82.37% | 46.59% | -1172.97% | -68.99% | -19.35% | -490.82% | -116.78% | -25.58% | 207.62% | -23.73% | -24.55% |
| Funds From Operations (FFO) | 15.12M | 6.57M | 24.31M | 24.56M | 16.43M | 14.8M | 25.41M | 28.63M | 20.91M | 7.57M | -59.87M | -68.23M | 7.38M | -202K | -125K | 13.17M | -85K | 16.13M | -236K | -233K |
| FFO Margin % | 130.45% | 7.82% | 28.05% | 29.87% | 135.48% | 49.14% | 233.89% | 243.15% | 54.38% | 8.03% | -61.43% | -210.95% | 29.04% | -0.57% | -0.42% | 25.93% | -0.22% | 29.96% | -0.61% | -0.59% |
| FFO Growth % | -8% | -55.6% | -4.33% | -14.23% | -21.41% | 95.48% | 142.44% | 141.96% | - | 3847.52% | -47795.2% | -617.95% | - | -101.25% | 47.03% | 5753.65% | 90.87% | 21042.86% | - | -765.71% |
| FFO per Share | 0.19 | 0.08 | 0.31 | 0.31 | 0.20 | 0.19 | 0.31 | 0.37 | 0.27 | 0.10 | -0.77 | -0.88 | 0.09 | -0.00 | -0.00 | 0.17 | -0.00 | 0.20 | -0.00 | -0.00 |
| FFO Payout Ratio % | 127.98% | 338.93% | 93.08% | 81.1% | 121.56% | 133.31% | 77.92% | 66.93% | 91.64% | 291.48% | -31.68% | -27.8% | 257.22% | 0% | -14980.8% | 141.93% | -28418.82% | 115.28% | -6568.22% | -6659.23% |
| EPS (Diluted) | 0.19 | 0.00 | 0.23 | 0.21 | 0.12 | 0.09 | 0.23 | 0.27 | 0.17 | 0.03 | -0.83 | -0.89 | 0.05 | 0.47 | -1.48 | -0.07 | 0.29 | 0.55 | 0.32 | 0.42 |
| EPS Growth % | 58.33% | -97.19% | 0% | -22.22% | -29.41% | 151.92% | 127.71% | 130.34% | 246.94% | -92.79% | 43.92% | -1164.2% | -83.1% | -14.55% | -562.5% | -116.76% | -3.33% | 205.56% | -17.95% | -19.23% |
| EPS (Basic) | 0.19 | 0.00 | 0.23 | 0.21 | 0.12 | 0.09 | 0.23 | 0.27 | 0.17 | 0.03 | -0.83 | -0.89 | 0.05 | 0.47 | -1.48 | -0.07 | 0.29 | 0.58 | 0.34 | 0.42 |
| Diluted Shares Outstanding | 79.06M | 78.32M | 78.81M | 80.21M | 81.77M | 79.55M | 81.37M | 77.87M | 77.87M | 77.74M | 77.73M | 77.42M | 78.09M | 76.66M | 77.4M | 77.19M | 81.79M | 82.03M | 82.03M | 76.9M |