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TPG RE Finance Trust, Inc. (TRTX) Financials

TRTX
Trailing 12 months to March 31, 2026
Revenue $146.4M -3.2% YoY
Net Income $65.5M -8.1% YoY
EPS (Diluted) $0.64 -8.6% YoY
Operating Cash Flow $95.8M +2.0% YoY
Market Cap $447.6M as of Oct 13, 2026
Price / Sales 3.1x on $146.4M revenue, trailing 12 months to March 31, 2026
Price / Earnings 6.8x on $65.5M net income, trailing 12 months to March 31, 2026
Price / Book 0.4x on $1.1B equity, Q1 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed Apr 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TRTX SEC filings page.

TPG RE Finance Trust, Inc. (TRTX) reported $146.4M in revenue over the twelve months to Mar 31, 2026, down 3.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TRTX FY2025

The numbers describe a leveraged finance business where earnings recovered, but higher debt and weaker cash generation remain central.

FY2025 net income of $60.3M and operating cash flow of $90.4M both declined from FY2024, indicating earnings and cash moved together rather than a widening conversion gap. As assets rebounded to $4.4B while debt-to-equity reached 3.1x, the balance-sheet expansion was accompanied by heavier reliance on creditors.

Total liabilities rose to $3.3B as equity fell to $1.1B in FY2025, so the balance sheet absorbed growth mainly through creditors rather than retained capital. Debt-to-equity reached 3.1x, reinforcing leverage as the key lens for this finance company.

Profitability recovered after the prior two-year loss period, yet return on assets was 1.4%, below the preceding year's 2.0%; profits returned without restoring prior asset efficiency. Interest expense of $186.5M exceeded revenue of $146.1M, showing how financing costs can outweigh the income line before other items are considered.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

TPG RE Finance Trust, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
4/7

TPG RE Finance Trust, Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
1.50x

For every $1 of reported earnings, TPG RE Finance Trust, Inc. generates $1.50 in operating cash flow ($90.4M OCF vs $60.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$37.3M
YoY+0.7%
QoQ+6.5%
5Y CAGR-0.3%

TPG RE Finance Trust, Inc. generated $37.3M in revenue in Q1 2026. This represents an increase of 0.7% from the same quarter a year earlier. Against the prior quarter it is up 6.5%.

Net Income
$18.9M
YoY+38.0%
QoQ+376.3%
5Y CAGR-9.9%
10Y CAGR+1.5%

TPG RE Finance Trust, Inc. reported $18.9M in net income in Q1 2026. This represents an increase of 38.0% from the same quarter a year earlier. Against the prior quarter it is up 376.3%.

EPS (Diluted)
$0.19
YoY+58.3%
5Y CAGR-8.7%

TPG RE Finance Trust, Inc. earned $0.19 per diluted share (EPS) in Q1 2026. This represents an increase of 58.3% from the same quarter a year earlier.

EBITDA

Not reported for Q1 2026.

Cash & Balance Sheet

Cash & Debt
$92.0M
YoY-74.7%
QoQ+5.0%
5Y CAGR-21.1%

TPG RE Finance Trust, Inc. held $92.0M in cash against $3.4B in long-term debt as of Q1 2026.

Dividends Per Share
$0.24
YoY0.0%

TPG RE Finance Trust, Inc. paid $0.24 per share in dividends in Q1 2026. That is unchanged from the same quarter a year earlier.

Shares Outstanding
77M
YoY-3.2%
5Y CAGR+0.1%

TPG RE Finance Trust, Inc. had 77M shares outstanding in Q1 2026. This represents a decrease of 3.2% from the same quarter a year earlier.

Free Cash Flow

Not reported for Q1 2026.

Margins & Returns

Net Margin
50.8%
YoY+13.7pp
QoQ+39.4pp
5Y change-33.4pp

TPG RE Finance Trust, Inc.'s net profit margin was 50.8% in Q1 2026, showing the share of revenue converted to profit. This is up 13.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 39.4 percentage points.

Return on Equity
1.8%
YoY+0.5pp
QoQ+1.4pp
5Y change-0.7pp

TPG RE Finance Trust, Inc.'s ROE was 1.8% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.4 percentage points.

Gross Margin

Not reported for Q1 2026.

Operating Margin

Not reported for Q1 2026.

Capital Allocation

Share Buybacks
$4.2M
YoY+50.5%
QoQ+984.5%

TPG RE Finance Trust, Inc. spent $4.2M on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 50.5% from the same quarter a year earlier. Against the prior quarter it is up 984.5%.

R&D Spending

Not reported for Q1 2026.

Capital Expenditures

Not reported for Q1 2026.

TRTX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TRTX quarterly income statement
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Revenue$37.3M+0.7%$35.0M+0.9%$37.8M-5.7%$36.2M-7.9%$37.0M-4.9%$34.7M+10.3%$40.1M+48.6%$39.3M+20.4%
SG&A Expenses$910K-17.3%$1.2M+15.0%$998K-6.1%$989K-16.6%$1.1M+11.7%$1.0M+6.1%$1.1M+48.1%$1.2M-5.9%
Interest Expense$48.5M+12.3%$49.0M+10.5%$48.8M+0.5%$45.5M-10.0%$43.1M-22.1%$44.3M-29.4%$48.6M-31.1%$50.6M-28.3%
Income Tax$112K+100.0%$85K+154.1%$109K+65.2%$128K+28.0%$56K-85.6%-$157K-341.5%$66K+1220.0%$100K+1900.0%
Net Income$18.9M+38.0%$4.0M-62.8%$22.0M-0.9%$20.6M-16.5%$13.7M-18.1%$10.7M+67.4%$22.2M+136.3%$24.7M+135.7%
EPS (Basic)$0.19+58.3%$0.00-100.0%$0.230.0%$0.21-19.2%$0.12-29.4%$0.09+200.0%$0.23+127.7%$0.26+127.7%
EPS (Diluted)$0.19+58.3%$0.01$0.230.0%$0.21-19.2%$0.12-29.4%$0.09$0.23+127.7%$0.26+127.7%
Diluted Shares (Avg)79M-3.3%N/A79M-3.1%80M-0.9%82M+5.0%N/A81M+4.7%81M+4.5%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

TRTX Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TRTX quarterly balance sheet
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Total Assets$4.5B+12.9%$4.4B+18.1%$4.1B+11.0%$4.2B+12.6%$4.0B+3.5%$3.7B-11.5%$3.7B-17.9%$3.7B-25.8%
Cash & Equivalents$92.0M-74.7%$87.6M-53.9%$93.6M-58.6%$165.8M-36.0%$363.0M+78.8%$190.2M-7.9%$226.3M-25.1%$259.2M-15.7%
Short-Term Investments$0$0$0$0$0$0$0$0
Accounts ReceivableN/A$0-100.0%$0-100.0%$10K0.0%$84K+600.0%$10K-75.0%$10K-58.3%$10K-16.7%
Long-Term Investments$0$0$0$0$0$0$0$0
Total Liabilities$3.4B+19.3%$3.3B+27.5%$3.0B+17.6%$3.1B+19.4%$2.9B+5.5%$2.6B-15.3%$2.5B-23.6%$2.6B-31.7%
Long-Term Debt$3.4B+19.7%$3.3B+28.7%$2.9B+18.2%$3.0B+20.1%$2.8B+6.1%$2.6B-15.6%$2.5B-23.4%$2.5B-31.8%
Total Equity$1.1B-3.8%$1.1B-4.1%$1.1B-3.7%$1.1B-3.0%$1.1B-1.5%$1.1B-1.0%$1.1B-1.1%$1.1B-7.8%
Retained Earnings-$680.6M-8.1%-$672.6M-9.0%-$653.7M-8.1%-$644.2M-6.6%-$629.7M-3.9%-$617.2M-2.8%-$604.8M-3.5%-$604.1M-20.6%

Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities, Non-Current Liabilities.

TRTX Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TRTX quarterly cash flow statement
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Operating Cash Flow$24.6M+28.4%$24.7M-3.3%$21.8M-7.9%$24.7M-3.2%$19.1M-48.8%$25.5M+9.8%$23.7M-9.2%$25.6M+249.4%
Depreciation & Amortization$1.8M-14.3%$1.8M0.0%$1.7M+21.4%$2.0M+42.9%$2.1M+50.0%$1.8M+350.0%$1.4M+250.0%$1.4M+600.0%
Stock-Based Compensation$2.1M+1.8%N/A$1.4M+21.7%$2.0M+18.3%$2.0M+20.8%N/A$1.1M-1.0%$1.7M-6.9%
Investing Cash Flow-$66.2M-977.6%-$361.4M-206.9%$29.5M+794.4%-$465.3M-345.6%$7.5M-97.9%-$117.8M-204.4%$3.3M-99.3%$189.5M-60.5%
Financing Cash Flow$45.9M-68.7%$330.6M+490.8%-$123.3M-105.7%$243.5M+253.5%$146.3M+136.0%$56.0M+124.2%-$59.9M+87.3%-$158.6M+53.5%
Share Buybacks$4.2M+50.5%$387K$9.3M+24973.0%$12.9M$2.8M$0$37K$0

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid.

TRTX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TRTX quarterly financial ratios
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Net Margin50.8%+13.7pp11.3%-19.4pp58.1%+2.8pp57.0%-5.9pp37.0%-6.0pp30.8%+10.5pp55.3%62.9%
Return on Equity1.8%+0.5pp0.4%-0.6pp2.0%+0.1pp1.9%-0.3pp1.2%-0.3pp1.0%+0.4pp2.0%+7.3pp2.2%+7.9pp
Return on Assets0.4%+0.1pp0.1%-0.2pp0.5%-0.1pp0.5%-0.2pp0.4%-0.1pp0.3%+0.1pp0.6%+2.0pp0.7%+2.1pp
Debt-to-Equity3.18+0.6x3.10+0.8x2.72+0.5x2.78+0.5x2.56+0.2x2.31-0.4x2.22-0.6x2.25-0.8x
Asset Turnover0.010.0x0.010.0x0.010.0x0.010.0x0.010.0x0.010.0x0.010.0x0.010.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
TPG RE Finance Trust, Inc. TRTX FY2025 $146.1M $60.3M 41.3% $447.6M —
BrightSpire Capital, Inc. BRSP FY2025 $330.6M -$31.1M -9.4% $479.5M 28/100
KKR Real Estate Finance Trust Inc. KREF FY2025 N/A -$47.1M N/A $349.7M —
Ready Capital Corporation RC FY2025 $101.7M -$221.1M N/A $214.7M 2/100
Franklin BSP Realty Trust, Inc. FBRT FY2025 $270.1M $84.1M 31.1% $508.2M 28/100
Redwood Trust, Inc. RWT FY2025 $1.2B -$70.0M -5.9% $398.2M 9/100

Frequently Asked Questions

What is TPG RE Finance Trust, Inc.'s annual revenue?

TPG RE Finance Trust, Inc. (TRTX) reported $146.1M in total revenue for fiscal year 2025. This represents a -4.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is TPG RE Finance Trust, Inc.'s revenue growing?

TPG RE Finance Trust, Inc. (TRTX) revenue declined by 4.6% year-over-year, from $153.1M to $146.1M in fiscal year 2025.

Is TPG RE Finance Trust, Inc. profitable?

Yes, TPG RE Finance Trust, Inc. (TRTX) reported a net income of $60.3M in fiscal year 2025, with a net profit margin of 41.3%.

TPG RE Finance Trust, Inc. (TRTX) reported diluted earnings per share of $0.57 for fiscal year 2025. This represents a -24.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, TPG RE Finance Trust, Inc. (TRTX) had $87.6M in cash and equivalents against $3.3B in long-term debt.

TPG RE Finance Trust, Inc. (TRTX) had a net profit margin of 41.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, TPG RE Finance Trust, Inc. (TRTX) paid $0.96 per share in dividends during fiscal year 2025.

TPG RE Finance Trust, Inc. (TRTX) has a return on equity of 5.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

TPG RE Finance Trust, Inc. (TRTX) generated $90.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

TPG RE Finance Trust, Inc. (TRTX) had $4.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, TPG RE Finance Trust, Inc. (TRTX) spent $25.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

TPG RE Finance Trust, Inc. (TRTX) had 78M shares outstanding as of fiscal year 2025.

TPG RE Finance Trust, Inc. (TRTX) had a debt-to-equity ratio of 3.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

TPG RE Finance Trust, Inc. (TRTX) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

TPG RE Finance Trust, Inc. (TRTX) trades at 6.8x earnings, its market capitalization divided by net income of $65.5M net income, trailing 12 months to March 31, 2026. The market capitalization is $447.6M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

TPG RE Finance Trust, Inc. (TRTX) trades at 3.1x sales, its market capitalization divided by revenue of $146.4M revenue, trailing 12 months to March 31, 2026. The market capitalization is $447.6M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

TPG RE Finance Trust, Inc. (TRTX) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

TPG RE Finance Trust, Inc. (TRTX) has an earnings quality ratio of 1.50x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

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