TRTX

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TPG RE Finance Trust, Inc.

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Key Metrics

Previous Close: $7.92
52-Week Range: $7.57 – $9.85
Market Cap: $603.40M
P/E (TTM): 14.29
EPS (TTM): 0.55
Dividend Yield: 12.12%

Advanced Metrics

Price/Book: 0.58
PEG Ratio: —
Return on Equity: 5.44%
Return on Assets: 1.33%
Gross Margin: 76.66%
Operating Margin: 43.46%
Profit Margin: 43.89%
Current Ratio: 112.97
Debt/Equity: 3.36
Total Debt: $3.51B
Free Cash Flow: —
Revenue Growth: -11.60%
Earnings Growth: -42.90%
Enterprise Value: $4.05B

TRTX Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$156.27M	$122.07M	$151.19M	$151.27M
Selling, General & Admin	$9.45M	$11.87M	$10.65M	$14.08M
Pretax Income	-$59.54M	-$116.37M	$74.73M	$60.70M
Income Tax	$530.00K	$259.00K	$399.00K	$378.00K
Net Income	-$60.07M	-$116.63M	$74.33M	$60.32M
Diluted EPS	-0.95	-1.69	0.75	0.57
Diluted Shares	77.30M	77.58M	79.89M	79.45M

TRTX Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$254.05M	$206.38M	$190.16M	$87.61M
Receivables	$206.06M	$98.70M	$27.65M	$29.15M
Total Assets	$5.55B	$4.21B	$3.73B	$4.41B
Long-Term Debt	$4.16B	$3.04B	$2.57B	$3.29B
Total Debt	$4.16B	$3.04B	$2.57B	$3.29B
Total Liabilities	$4.22B	$3.09B	$2.62B	$3.34B
Retained Earnings	-$395.03M	-$600.27M	-$617.22M	-$672.65M
Shareholders' Equity	$1.32B	$1.12B	$1.11B	$1.07B
Net Debt	$3.91B	$2.83B	$2.38B	$3.20B

TRTX Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$100.50M	$80.13M	$112.13M	$90.36M
Capital Expenditure	-$5.06M	-$5.36M	-$5.32M	-$6.14M
Free Cash Flow	$95.44M	$74.76M	$106.81M	$84.22M
Depreciation & Amortisation	$0.00	$3.05M	$15.73M	$12.63M
Stock-Based Compensation	$5.05M	$8.03M	$6.39M	$9.81M
Investing Cash Flow	-$452.56M	$1.10B	$440.51M	-$789.71M
Financing Cash Flow	$345.34M	-$1.22B	-$569.18M	$597.13M
Dividends Paid	-$92.88M	-$88.42M	-$90.44M	-$91.09M
Share Repurchases	$0.00	$0.00	-$37.00K	-$25.35M
Net Change in Cash	-$6.72M	-$47.30M	-$16.54M	-$102.22M

TRTX Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$42.58M	$37.19M	$34.89M	$36.78M	$33.76M
Selling, General & Admin	$2.99M	$2.39M	$5.58M	$2.97M	$3.03M
Pretax Income	$20.76M	$22.10M	$4.06M	$19.05M	$13.23M
Income Tax	$128.00K	$109.00K	$85.00K	$112.00K	$101.00K
Net Income	$20.63M	$21.99M	$3.98M	$18.94M	$13.13M
Diluted EPS	0.21	0.23	—	0.19	0.12
Diluted Shares	80.21M	78.81M	—	79.06M	78.03M

TRTX Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$165.85M	$93.59M	$87.61M	$91.98M	$65.58M
Receivables	$30.71M	$104.64M	$29.15M	$73.36M	$29.10M
Total Assets	$4.16B	$4.06B	$4.41B	$4.47B	$4.60B
Long-Term Debt	$3.02B	$2.93B	$3.29B	$3.36B	$3.51B
Total Debt	$3.02B	$2.93B	$3.29B	$3.36B	$3.51B
Total Liabilities	$3.07B	$2.98B	—	$3.41B	$3.55B
Retained Earnings	-$644.21M	-$653.74M	-$672.65M	-$680.58M	-$700.28M
Shareholders' Equity	$1.09B	$1.08B	$1.07B	$1.06B	$1.04B
Net Debt	$2.86B	$2.84B	$3.20B	$3.27B	$3.44B

TRTX Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$24.73M	$21.84M	$24.66M	$24.57M	$21.56M
Capital Expenditure	-$852.00K	-$1.23M	-$3.55M	-$2.10M	-$2.87M
Free Cash Flow	$23.88M	$20.62M	$21.11M	$22.47M	$18.69M
Depreciation & Amortisation	$3.36M	$2.69M	$2.53M	$2.51M	$2.69M
Stock-Based Compensation	$2.00M	$1.39M	$4.40M	$2.06M	$2.08M
Investing Cash Flow	-$465.28M	$29.47M	-$361.45M	-$66.24M	-$154.42M
Financing Cash Flow	$243.53M	-$123.28M	$330.60M	$45.85M	$106.61M
Dividends Paid	-$23.07M	-$22.63M	-$22.27M	-$22.49M	-$22.39M
Share Repurchases	-$12.90M	-$9.28M	-$387.00K	-$4.20M	-$10.88M
Net Change in Cash	-$197.02M	-$71.96M	-$6.19M	$4.19M	-$26.25M

Market Snapshot

About

TPG RE Finance Trust is a commercial real estate finance company that originates and acquires commercial mortgage loans and other commercial real estate-related debt instruments. The company focuses on directly originating senior secured loans to middle market and transitional commercial real estate owners. TRTX is managed by an affiliate of TPG Real Estate, a global real estate investment firm.