TPG RE Finance Trust, Inc. (TRTX) Revenue History
Annual and quarterly revenue from 2015 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
TRTX Revenue Growth
TRTX Revenue Analysis (2015–2025)
As of May 8, 2026, TPG RE Finance Trust, Inc. (TRTX) generated trailing twelve-month (TTM) revenue of $264.5 million, reflecting slight decline in growth of -4.4% year-over-year. The most recent quarter (Q1 2026) recorded $11.6 million in revenue, down 86.2% sequentially.
Looking at the longer-term picture, TRTX's 5-year compound annual growth rate (CAGR) stands at +32.7%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $332.6 million in 2025, representing a new all-time high.
When compared to Real Estate sector peers including BXMT (-7.0% YoY), KREF (-20.0% YoY), and ACRE (+112.4% YoY), TRTX has underperformed the peer group in terms of revenue growth. Compare TRTX vs BXMT →
TRTX Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| TRTXCurrent | $264M | -4.4% | +32.7% | 73.0% | |
 BXMT | $1.5B | -7.0% | +14.4% | 71.6% | |
 KREF | $458M | -20.0% | +11.2% | 59.3% | |
 ACRE | $85M | +112.4% | +1.6% | 72.4% | |
 RC | $499M | +1726.0% | +5.4% | 24.2% | |
 GPMT | $145M | +249.6% | +6.7% | 43.6% |
TRTX Historical Revenue Data (2015–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $332.6M | +123.3% | $263.7M | 79.3% | $242.7M | 73.0% |
| 2024 | $149.0M | +302.6% | $113.3M | 76.1% | $74.7M | 50.2% |
| 2023 | $-73,520,000 | -124.0% | $-81,052,000 | 110.2% | $-123,399,000 | 167.8% |
| 2022 | $305.7M | +27.0% | $143.0M | 46.8% | $87.9M | 28.8% |
| 2021 | $240.7M | +197.9% | $217.6M | 90.4% | $208.9M | 86.8% |
| 2020 | $80.8M | -51.0% | $58.8M | 72.8% | $-29,284,000 | -36.2% |
| 2019 | $164.9M | +19.3% | $134.3M | 81.5% | $126.9M | 77.0% |
| 2018 | $138.2M | +15.9% | $111.8M | 80.9% | $233.3M | 168.8% |
| 2017 | $119.3M | +34.3% | $19.3M | 16.2% | $172.8M | 144.9% |
| 2016 | $88.8M | +15.1% | $10.1M | 11.4% | $131.6M | 148.3% |
See TRTX's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs TRTX Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare TRTX vs WELL
Side-by-side business, growth, and profitability comparison vs Welltower Inc..
Start ComparisonTRTX — Frequently Asked Questions
Quick answers to the most common questions about buying TRTX stock.
Is TRTX's revenue growth accelerating or slowing?
TRTX revenue growth slowed to -4.4%, below the 5-year CAGR of +32.7%. TTM revenue is $264M. The deceleration marks a shift from historical growth rates.
What is TRTX's long-term revenue growth rate?
TPG RE Finance Trust, Inc.'s 5-year revenue CAGR of +32.7% reflects the variable expansion pattern. Current YoY growth of -4.4% is near this long-term average.
How is TRTX's revenue distributed by segment?
TRTX reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2015-2025 are available for download. Segment mix reveals concentration and diversification trends.