TPG RE Finance Trust, Inc. (TRTX) Revenue History
Annual and quarterly revenue from 2015 to present
TRTX Revenue Over Time (2015–2025)
TRTX Revenue Growth History
7 of 10 years with positive growth- FY2015 revenue growth
- N/A
- FY2016 revenue growth
- +19.7%
- FY2017 revenue growth
- +30.2%
- FY2018 revenue growth
- +33.1%
- FY2019 revenue growth
- +28.0%
- FY2020 revenue growth
- -76.3%
- FY2021 revenue growth
- +197.9%
- FY2022 revenue growth
- +27.0%
- FY2023 revenue growth
- +27.6%
- FY2024 revenue growth
- -10.1%
- FY2025 revenue growth
- -5.2%
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $10.3M | -87.4% |
| Q1 2026 | $85.8M | +8.7% |
| Q4 2025 | $84.0M | +6.6% |
| Q3 2025 | $86.7M | -2.1% |
| Q2 2025 | $82.2M | -8.3% |
| Q1 2025 | $78.9M | -16.1% |
| Q4 2024 | $78.8M | -16.4% |
| Q3 2024 | $88.5M | -9.2% |
Multi-year avg. share of annual revenue by fiscal quarter
TRTX Revenue Analysis (2015–2025)
Current Revenue & Growth
As of September 25, 2026, TPG RE Finance Trust, Inc. (TRTX) generated trailing twelve-month (TTM) revenue of $266.8 million, reflecting significant decline in growth of -87.4% year-over-year. The most recent quarter (Q2 2026) recorded $10.3 million in revenue, down 87.9% sequentially.
Historical Growth Trajectory
TRTX's 5-year compound annual growth rate (CAGR) stands at +32.7%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +2.8% is below the 5-year average, signalling a growth deceleration in recent years. TPG RE Finance Trust, Inc.'s highest annual revenue of $390.2 million was recorded in 2023.
Peer Comparison
Compared to Real Estate sector peers — including BXMT (-17.8% YoY), KREF (-19.6% YoY), and ACRE (+368.2% YoY) — TRTX has underperformed the peer group in 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 | $267M | -87.4% | +32.7% | 73.0% | |
 BXMT | $1.5B | -17.8% | +14.4% | 71.6% | |
 KREF | $458M | -19.6% | +11.2% | 59.3% | |
 ACRE | $85M | +368.2% | +1.6% | 72.4% | |
 RC | $499M | +1107.9% | +5.4% | 24.2% | |
 GPMT | $145M | +84.1% | +6.7% | 43.6% |
TRTX Historical Revenue Data (2015–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $332.6M | -5.2% | $263.7M | 79.3% | $242.7M | 73.0% |
| 2024 | $350.9M | -10.1% | $281.8M | 80.3% | $276.2M | 78.7% |
| 2023 | $390.2M | +27.6% | $356.8M | 91.5% | $151.9M | 38.9% |
| 2022 | $305.7M | +27.0% | $275.1M | 90.0% | $87.9M | 28.8% |
| 2021 | $240.7M | +197.9% | $217.6M | 90.4% | $208.9M | 86.8% |
| 2020 | $80.8M | -76.3% | $58.8M | 72.8% | $-29,284,000 | -36.2% |
| 2019 | $341.6M | +28.0% | $311.0M | 91.1% | $126.9M | 37.1% |
| 2018 | $266.9M | +33.1% | $240.5M | 90.1% | $233.3M | 87.4% |
| 2017 | $200.6M | +30.2% | $100.6M | 50.2% | $94.5M | 47.1% |
| 2016 | $154.0M | +19.7% | $75.4M | 48.9% | $70.0M | 45.4% |
| 2015 | $128.7M | - | $67.0M | 52.0% | $61.0M | 47.4% |
TRTX Chart Terminal
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Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
11+ years return with dividends reinvested.
Peer Comparison
Compare growth, multiples, and margins vs sector.
TRTX — Frequently Asked Questions
Quick answers to the most common questions about buying TRTX stock.
Is TRTX's revenue growth accelerating or slowing?
TRTX revenue is declining -87.4% year-over-year. TTM revenue fell to $267M, contrasting with the 5-year CAGR of +32.7%. The reversal reflects either macro headwinds or company-specific challenges.
What is TRTX's revenue history from 2015 to 2026?
TPG RE Finance Trust, Inc. (TRTX) revenue history spans 2015 to 2026. TTM revenue as of 2026 is $267M, growing at -87.4% YoY. The 5-year CAGR is +32.7%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is TRTX's long-term revenue growth rate (CAGR)?
TPG RE Finance Trust, Inc.'s 5-year revenue CAGR of +32.7% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -87.4% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for TRTX.
Why does TRTX's quarterly revenue fluctuate?
TRTX quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. TPG RE Finance Trust, Inc.'s revenue data from 2015 to 2026 shows full historical quarterly detail on this page.
How is TRTX's revenue distributed by segment?
TRTX reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does TRTX's revenue compare to industry peers?
TPG RE Finance Trust, Inc. (TRTX) with TTM revenue of $267M and -87.4% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.