TPG RE Finance Trust Inc TRTX

FinancialsResidential & Commercial REITsUnited States of America

Last close 6.50 USD on Nov 1, 2026, −16.9% year to date

Quant rating

Quant rating B Rank 210 of 799 in Financials

Growth C 326 of 799
Valuation A 38 of 799
Quality B 268 of 799
Revisions B 173 of 799
Momentum D 659 of 799

Wall Street consensus Buy (2.00)Average target 9.46 USD +45.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 493M
Enterprise value: 4.6B
52-week range: 5.61 – 9.35
3-year range: 5.19 – 9.72
Dividend yield: 14.77%
Beta (5 years): 1.54
Shares outstanding: 75.8M
Next earnings: Feb 17, 2027

About the company

TPG RE Finance Trust, Inc. is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutional properties located in primary and select secondary markets in the United States. It is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate. The Company conducts its operations primarily through its wholly owned subsidiary, TPG RE Finance Trust Holdco, LLC. Its principal business activity is to directly originate and acquire a diversified portfolio of commercial real estate-related assets, consisting primarily of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States. It invests primarily in commercial mortgage loans and other commercial real estate-related debt instruments. Its portfolio consists of approximately 50 loans, which are held for investment.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	333	352	390	306	241	–
Revenue growth	−5.5%	−9.8%	27.7%	27.0%	−15.3%	3.2%
EPS (basic, normalized)	0.97	0.96	−3.40	1.08	1.09	–
EPS growth	1.0%	–	–	−0.9%	–	–
Gross margin	91.4%	92.1%	92.2%	88.4%	88.4%	90.5%
Net margin	13.7%	17.0%	−33.5%	−24.1%	29.4%	0.5%
ROE	5.5%	6.6%	−9.5%	−4.3%	9.5%	1.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	70.8
Current ratio	–
Long-term debt (mil)	4,174
Net debt (mil)	4,103
Total equity (mil)	1,024
Net debt / equity	4.01x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	333	−5.5%	13.8x	–	–	–	0.97	+1.0%	6.7x
2026	115	−65.4%	39.9x	263	–	17.4x	0.93	−4.1%	7.0x
2027	129	+11.9%	35.7x	312	+18.3%	14.7x	1.11	+19.5%	5.8x
2028	161	+25.1%	28.5x	269	−13.8%	17.1x	1.15	+3.8%	5.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	115	+2.3%	+0.7%	−3.4%	0.93	−7.6%	−9.2%	−11.8%
2027	129	+8.4%	+6.1%	−1.7%	1.11	+0.3%	−1.3%	−1.1%
2028	161	+40.0%	+40.0%	+34.2%	1.15	+0.7%	+0.7%	−3.8%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	26.8	27.5	29.3	24.7	24.9	25.1	28.3	25.4	25.7	23.7
Sales mean (mil)	23.2	29.2	26.8	28.6	25.0	23.1	26.2	26.4	32.2	27.1
Surprise	+15.6%	−5.6%	+9.1%	−13.8%	−0.4%	+8.8%	+8.0%	−3.6%	−20.3%	−12.8%
EPS reported	0.30	0.28	0.28	0.10	0.24	0.24	0.25	0.24	0.25	0.23
EPS mean	0.18	0.25	0.27	0.27	0.25	0.23	0.25	0.26	0.25	0.26
Surprise	+64.2%	+12.8%	+2.4%	−62.3%	−5.5%	+6.2%	−0.8%	−5.9%	−0.7%	−9.8%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TRTX TPG RE Finance Trust Inc	493M	–	13.7%	0.48x	7.0x	5.8x	17.4x	14.7x
NLY Annaly Capital Management, Inc.	14.4B	–	26.2%	0.90x	5.8x	5.9x	24.0x	19.4x
AGNC AGNC Investment Corp.	11.0B	–	32.5%	0.94x	5.6x	5.9x	63.8x	63.5x
RITM Rithm Capital Corp.	5.2B	–	11.9%	0.60x	4.0x	4.0x	–	–
STWD Starwood Property Trust Inc (Maryland)	4.5B	–	21.2%	0.70x	7.8x	6.4x	18.1x	15.7x
BXMT Blackstone Mortgage Trust Inc	1.8B	–	7.1%	0.57x	9.8x	8.1x	36.9x	18.7x
Mean		–	18.8%	0.70x	6.7x	6.0x	32.0x	26.4x
Median		–	17.4%	0.65x	6.4x	5.9x	24.0x	18.7x

Technical analysis

1M+2.7%
3M−21.0%
1Y−17.6%
3Y+67.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, TPG RE Finance Trust Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	333	352	390	306	241	284
Cost of revenue	28.5	28.0	30.5	35.3	28.0	31.0
Gross profit	304	324	360	270	213	253
Selling, general & administrative expenses	14.1	10.7	11.9	9.5	10.2	9.4
Research & development	–	–	–	–	–	–
Interest expense (income), operating	186	199	274	161	85.1	107
Unusual expense (income)	13.9	4.1	190	173	−6.3	273
Other operating expenses	35.9	35.6	7.5	0	0	0
Operating income	53.7	74.7	−123	−72.8	124	−137
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	7.0	0	7.0	13.3	15.8	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	60.7	74.7	−116	−59.5	140	−137
Provision for taxes	0.4	0.4	0.3	0.5	1.1	0.3
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	60.3	74.3	−117	−60.1	139	−137
Extraordinary items	–	–	–	–	–	–
Net income	60.3	74.3	−117	−60.1	139	−137
EBIT, normalized	254	278	340	261	203	244
EBITDA, normalized	267	294	344	261	203	244
Basic EPS, normalized	0.97	0.96	−3.40	1.08	1.09	–

Balance sheet in millions of USD, fiscal years

Balance sheet, TPG RE Finance Trust Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	87.6	190	206	254	261	320
Receivables	29.1	27.6	98.7	206	26.8	28.8
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	224	256	174	–	–	–
Goodwill	–	–	–	–	–	–
Intangibles	15.1	21.9	29.5	–	–	–
Long-term investments	–	–	–	–	–	0
Note receivable	4,032	3,217	3,657	5,079	4,867	4,456
Other long-term assets	134	236	354	467	351	452
Total assets	4,406	3,731	4,214	5,545	5,218	4,909
Liabilities
Accounts payable	5.3	5.1	4.9	6.0	5.6	5.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	22.6	21.7	24.8	36.2	14.3	17.1
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	3,289	2,569	3,039	4,161	3,708	3,389
Minority interest	–	–	–	–	–	–
Other liabilities	49.2	48.6	50.2	62.6	45.4	53.5
Total liabilities	3,338	2,617	3,090	4,223	3,753	3,442
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	1,741	1,731	1,725	1,717	1,712	1,560
Retained earnings (accumulated deficit)	−673	−617	−600	−395	−247	−293
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	200
Total equity	1,068	1,114	1,125	1,322	1,465	1,466
Total liabilities & shareholders' equity	4,406	3,731	4,214	5,545	5,218	4,909

Cash flow statement in millions of USD, fiscal years

Cash flow statement, TPG RE Finance Trust Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	60.3	74.3	−117	−60.1	139	−137
Depreciation, depletion & amortization	12.7	16.0	3.6	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	17.7	13.0	192	170	−6.3	277
Changes in working capital	−0.4	8.8	0.8	−9.4	−0.1	−7.7
Cash from operations	90.4	112	80.1	100	132	132
Investing activities
Capital expenditures	−6.1	−5.3	−5.4	−5.1	–	–
Other investing cash flows	−784	446	1,101	−448	−343	965
Cash from investing	−790	441	1,095	−453	−343	965
Financing activities
Financing cash flow items	−21.8	−1.9	−3.6	−18.8	−18.0	−712
Cash dividends paid	−91.1	−90.4	−88.4	−92.9	−98.3	−112
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	710	−477	−1,131	457	268	−33.5
Cash from financing	597	−569	−1,223	345	152	−857
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−102	−16.5	−47.3	−6.7	−58.6	240
Free cash flow	84.2	107	74.8	95.4	132	132

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.