8-K Announcements
6Material company update
Apr 28, 2026·SEC
Material company update
Mar 2, 2026·SEC
Material company update
Feb 17, 2026·SEC
TPG RE Finance Trust, Inc.(TRTX)Earnings, Financials & Key Ratios
TRTX•NYSE•REIT / Real Estate
$8.41
14.8× P/E·Price updated Jul 7, 2026
AboutTPG RE Finance Trust, Inc., a commercial real estate finance company, originates, acquires, and manages commercial mortgage loans and other commercial real estate-related debt instruments in the United States. It invests in commercial mortgage loans; subordinate mortgage interests, mezzanine loans, secured real estate securities, note financing, preferred equity, and miscellaneous debt instruments; and commercial real estate collateralized loan obligations and commercial mortgage-backed securities secured by properties primarily in the office, multifamily, life science, mixed-use, hospitality, industrial, and retail real estate sectors. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. TPG RE Finance Trust, Inc. was incorporated in 2014 and is based in New York, New York.Show more
- Revenue$333M+123.3%
- FFO$73M-18.9%
- FFO/Share0.92-20.7%
- FFO Payout124.71%+44.3%
- FFO per Share0.92-20.7%
- NOI Margin79.3%+4.2%
- FFO Margin21.96%-63.7%
- ROE5.53%-16.7%
- ROA1.48%-20.8%
TRTX Price & Volume
TPG RE Finance Trust, Inc. (TRTX) stock price & volume — 10-year historical chart
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Portfolio Credit Stress Clouds Dividend Sustainability Outlook
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Mixed
Profitability:Strained
Financial:Vulnerable
Cash Flow:Deteriorating
Primary Risk:Collateral credit quality deterioration
Key Thesis Takeaways
- TPG RE Finance Trust faces significant headwinds as its transition from interest-earning mortgage assets to distressed real estate owned properties weighs on core profitability.
- The firm's reliance on volatile loan originations and the resulting pressure on FFO per share, which declined from $0.31 in 2025Q3 to $0.19 in 2026Q1, suggests a precarious path for long-term value creation.
- Investors should remain cautious given the elevated dividend payout ratio and the potential for further asset quality deterioration within the legacy office-heavy portfolio.
Verdict Logic
the combination of a 13.6% dividend yield and a 1.28x AFFO payout ratio suggests that the current distribution level is likely unsustainable without further balance sheet strain.
TRTX Growth Metrics
TPG RE Finance Trust, Inc. (TRTX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years15.74%
5 Years32.7%
3 Years2.85%
TTM307.67%
Profit CAGR
10 Years0.16%
5 Years-
3 Years-
TTM-13.94%
EPS CAGR
10 Years-5.27%
5 Years-
3 Years-
TTM-10.35%
Return on Capital
10 Years3.78%
5 Years2.46%
3 Years2.16%
Last Year7.12%
TRTX Recent Earnings
TPG RE Finance Trust, Inc. (TRTX) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
Apr 28, 2026Metric
Actual
Est
EPS
$0.25+0.0%
$0.25
Rev
$37M+0.4%
$37M
Q1 2026
Feb 17, 2026Metric
Actual
Est
EPS
$0.24-11.1%
$0.27
Rev
$35M-5.3%
$37M
Q4 2025
Oct 28, 2025Metric
Actual
Est
EPS
$0.25-3.8%
$0.26
Rev
$87M+219.2%
$27M
Q3 2025
Jul 29, 2025Metric
Actual
Est
EPS
$0.24+0.0%
$0.24
Rev
$82M+215.9%
$26M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $0.25vs $0.25+0.0% | $37Mvs $37M+0.4% |
| Q1 2026 | Feb 17, 2026 | $0.24vs $0.27-11.1% | $35Mvs $37M-5.3% |
| Q4 2025 | Oct 28, 2025 | $0.25vs $0.26-3.8% | $87Mvs $27M+219.2% |
| Q3 2025 | Jul 29, 2025 | $0.24vs $0.24+0.0% | $82Mvs $26M+215.9% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for TPG RE Finance Trust, Inc. (TRTX)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $8.41 | $650.16M | 14.75 | 123.25% | 18.14% | 5.53% | 13.63% | |
| $17.15 | $2.89B | 26.80 | -13.96% | 6.75% | 2.93% | — | |
| $7.12 | $457.82M | -6.78 | -22.72% | -23.56% | -8.4% | — | |
| $4.43 | $245.78M | -270.12 | -2.79% | -24.91% | -3.88% | — | |
| $1.68 | $277.57M | -1.17 | 1725.96% | -290.69% | -29.57% | — | |
| $1.44 | $69M | -1.24 | 187.77% | -30.49% | -7.1% | — |
Compare TRTX vs Peers
TPG RE Finance Trust, Inc. (TRTX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
TRTX SEC Filings & Documents
TPG RE Finance Trust, Inc. (TRTX) SEC filings — annual & quarterly reports (10-K, 10-Q)
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TRTX Frequently Asked Questions
TPG RE Finance Trust, Inc. (TRTX) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is TPG RE Finance Trust, Inc.'s revenue?
TPG RE Finance Trust, Inc. (TRTX) reported $264.5M in revenue for fiscal year 2025. This represents a 243% increase from $77.1M in 2015.
How fast is TPG RE Finance Trust, Inc. growing?
TPG RE Finance Trust, Inc. (TRTX) grew revenue by 123.3% over the past year. This is strong growth.
Is TRTX profitable?
Yes, TPG RE Finance Trust, Inc. (TRTX) is profitable, generating $61.4M in net income for fiscal year 2025 (18.1% net margin).
Dividend & Returns
Does TRTX pay dividends?
Yes, TPG RE Finance Trust, Inc. (TRTX) pays a dividend with a yield of 13.63%. This makes it attractive for income-focused investors.
What is TRTX's return on equity?
TPG RE Finance Trust, Inc. (TRTX) has a return on equity (ROE) of 5.5%. This is below average, suggesting room for improvement.
Industry Metrics
What is TPG RE Finance Trust, Inc.'s FFO?
TPG RE Finance Trust, Inc. (TRTX) generated Funds From Operations (FFO) of $70.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Is TRTX a good dividend stock?
TPG RE Finance Trust, Inc. (TRTX) offers a 13.63% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.