Logo

TRTX

TPG RE Finance Trust, Inc.

TRTX

TPG RE Finance Trust, Inc. • NYSE
$9.09 ▼ -0.22% (-0.02)
Market Cap $711.40 M
52w High $9.85
52w Low $6.47
Dividend Yield 0.96%
P/E 13.98
Volume 173.00K
Outstanding Shares 78.26M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $86.659M ▲ $2.781M ▼ $21.597M ▲ 24.922% ▼ $0.24 ▲ $73.632M ▲
Q2-2025 $82.226M ▲ $10.376M ▲ $20.631M ▲ 25.091% ▼ $0.21 ▲ $63.839M ▲
Q1-2025 $12.13M ▼ $9.483M ▼ $13.719M ▲ 113.1% ▲ $0.12 ▲ $60.233M ▲
Q4-2024 $30.112M ▲ $9.789M ▲ $10.682M ▼ 35.474% ▼ $0.085 ▼ $0 ▼
Q3-2024 $10.863M $2.851M $22.194M 204.308% $0.23 $74.647M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $93.591M ▼ $4.065B ▼ $2.982B ▼ $1.083B ▼
Q2-2025 $165.85M ▼ $4.162B ▲ $3.071B ▲ $1.091B ▼
Q1-2025 $363.023M ▲ $3.962B ▲ $2.858B ▲ $1.104B ▼
Q4-2024 $190.16M ▼ $3.731B ▲ $2.617B ▲ $1.114B ▼
Q3-2024 $226.317M $3.662B $2.537B $1.125B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $28.288M ▲ $21.845M ▼ $29.471M ▲ $-123.279M ▼ $-71.963M ▲ $20.617M ▼
Q2-2025 $16.881M ▲ $24.727M ▲ $-465.278M ▼ $243.533M ▲ $-197.018M ▼ $23.875M ▲
Q1-2025 $13.719M ▲ $19.132M ▼ $7.548M ▲ $146.277M ▲ $172.957M ▲ $18.62M ▼
Q4-2024 $10.682M ▼ $25.497M ▲ $-117.769M ▼ $55.956M ▲ $-36.316M ▼ $23.585M ▲
Q3-2024 $22.194M $23.71M $3.295M $-59.942M $-32.937M $23.262M

Five-Year Company Overview

Income Statement

Income Statement TRTX’s income statement shows a business that can earn solid spreads in good conditions but has had a bumpy ride through the recent real estate and rate cycle. Revenue has grown meaningfully over five years, but profits have swung between gains and sizable losses, reflecting credit costs, loan impairments, and market stress in commercial real estate. The most recent year looks notably better, with healthier profitability compared with the prior two weak years. Overall, earnings quality appears highly cyclical and sensitive to asset quality and funding costs rather than steadily compounding over time.

Balance Sheet

Balance Sheet The balance sheet is typical of a mortgage REIT: asset-heavy, funded largely with debt, and supported by a moderate equity base. Over the last few years, both total assets and borrowings have come down from earlier peaks, suggesting some balance sheet de-risking and a smaller loan book than at its high point. Equity has held reasonably steady, indicating the company has absorbed past losses without severe erosion of its capital base, but leverage is still structurally high for this kind of business. The story here is one of cautious tightening and simplification rather than aggressive expansion.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive and relatively stable over the period, even when accounting profits dipped into losses. That pattern often points to non-cash charges, provisioning, or mark-to-market effects driving reported earnings volatility more than actual cash moving in or out. Capital spending needs are minimal because this is a lending platform, not a heavy asset operator, so free cash flow closely tracks operating cash flow. In practical terms, the company appears to have maintained a decent cash engine despite the noise in reported earnings.

Competitive Edge

Competitive Edge TRTX’s competitive position is anchored in its relationship with TPG, a large global alternative asset manager. This gives it access to deep market intelligence, deal flow, structuring expertise, and capital markets capabilities that many standalone lenders cannot easily match. It focuses on complex, often larger loans for transitional commercial properties, a niche where specialized underwriting and flexible structures are valued. That said, it still faces strong competition from banks, private credit funds, and other mortgage REITs, and its advantage is more about insight, relationships, and execution quality than about uniquely proprietary products.

Innovation and R&D

Innovation and R&D TRTX is not a traditional R&D-heavy company; its “innovation” is mostly in how it analyzes risk, structures loans, and manages assets over time. The firm leans on TPG’s data, experience across cycles, and collaborative teams to refine underwriting models and design tailored financing solutions for complex properties. It also uses capital markets tools like securitizations to lock in more stable funding structures. The edge is therefore process-driven and knowledge-based rather than technology-branded, aiming to turn information and experience into better risk-adjusted lending decisions.

Summary

Overall, TRTX looks like a specialized commercial real estate lender that has navigated a challenging environment with mixed financial results but improving recent performance. The business benefits from strong sponsorship, disciplined structuring, and a clear niche in complex, transitional property loans, while carrying the usual mortgage REIT traits of high leverage and sensitivity to credit conditions and interest rates. Balance sheet and cash flow patterns suggest a cautious tightening and ongoing ability to generate cash, even when reported earnings are under pressure. The key swing factors going forward are credit quality in the loan book, the health of commercial real estate markets, and continued access to stable, cost-effective funding through both lenders and securitizations.

NEWS

November 17, 2025 · 4:10 PM UTC

TPG RE Finance Trust, Inc. Closes $1.1 Billion Commercial Real Estate CLO

Read more

October 28, 2025 · 4:35 PM UTC

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended September 30, 2025

Read more

October 27, 2025 · 8:30 AM UTC

TPG RE Finance Trust, Inc. Announces Pricing of $1.1 Billion Commercial Real Estate CLO

Read more

October 15, 2025 · 4:10 PM UTC

TPG RE Finance Trust, Inc. Announces Third Quarter 2025 Earnings Release and Conference Call Dates

Read more

September 15, 2025 · 4:15 PM UTC

TPG RE Finance Trust, Inc. Announces Retirement of Chief Financial Officer Bob Foley and Appointment of Brandon Fox as Interim Chief Financial Officer

Read more