What is Tpg Re Finance T's earnings per share (EPS)?

Tpg Re Finance T (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.

Tpg Re Finance T Financials

TRTX

FY2025 annual

Revenue Not reported for FY2025

Net Income $60.3M -18.9% YoY

EPS (Diluted) $0.57 -24.0% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Apr 28, 2026 Currency USD FYE December

This page shows Tpg Re Finance T (TRTX) financial statements, including the 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 2026-04-28

Balance-sheet financing, not operating overhead, drives results as cash earnings stay steadier than reported profit through the recent cycle.

Across FY2022-FY2025, operating cash flow stayed positive in a tight band between $80.1M and $112.1M even as net income moved from sizeable losses back to profits. That means reported earnings were much noisier than cash generation, so the business's underlying cash engine looked steadier from year to year than the bottom line suggested.

FY2025 assets rebounded to $4.4B while cash fell to $87.6M, and debt-to-equity rose to 3.1x from 2.3x in FY2024. That more levered posture helps explain how a modest 1.4% return on assets became a 5.7% return on equity.

With SG&A only $4.3M against interest expense of $186.5M, funding cost management matters far more than overhead trimming. Dividends per share still exceeded diluted EPS in both FY2024 and FY2025, consistent with retained earnings ending FY2025 at -$672.6M even after profits returned.

Financial Health Signals

Financial health score not available

Tpg Re Finance T 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

4/6

Tpg Re Finance T passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

1.50x

For every $1 of reported earnings, Tpg Re Finance T 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

Net Income

$60.3M

YoY-18.9%

10Y CAGR+0.2%

Tpg Re Finance T reported $60.3M in net income in fiscal year 2025. This represents a decrease of 18.9% from the prior year.

EPS (Diluted)

$0.57

YoY-24.0%

Tpg Re Finance T earned $0.57 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 24.0% from the prior year.

Revenue

Not reported for fiscal year 2025.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$87.6M

YoY-53.9%

5Y CAGR-22.8%

10Y CAGR-1.8%

Tpg Re Finance T held $87.6M in cash against $3.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.96

YoY0.0%

Tpg Re Finance T paid $0.96 per share in dividends in fiscal year 2025. That is unchanged from the prior year.

Shares Outstanding

78M

YoY-3.3%

Tpg Re Finance T had 78M shares outstanding in fiscal year 2025. This represents a decrease of 3.3% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity

5.7%

YoY-1.0pp

5Y CAGR+16.4pp

10Y CAGR-2.6pp

Tpg Re Finance T's ROE was 5.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.0 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

$25.3M

YoY+68410.8%

Tpg Re Finance T spent $25.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 68410.8% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

TRTX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TRTX quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
SG&A Expenses	N/A	$4.3M+0.2%	$4.3M+10.9%	$3.8M-12.6%	$4.4M+0.2%	$4.4M+22.1%	$3.6M+19.7%	$3.0M-10.9%	$3.4M+13.4%	$3.0M+35.3%	$2.2M+180.5%	$784K
Interest Expense	N/A	$186.5M-6.2%	$198.9M-27.4%	$273.9M+70.4%	$160.8M+88.9%	$85.1M-20.7%	$107.2M-38.7%	$174.8M+38.7%	$126.0M+61.0%	$78.3M+27.0%	$61.6M+29.6%	$47.6M
Income Tax	N/A	$378K-5.3%	$399K+54.1%	$259K-51.1%	$530K-50.2%	$1.1M+248.9%	$305K-47.3%	$579K+70.3%	$340K+132.9%	$146K+3020.0%	-$5K-100.3%	$1.6M
Net Income	N/A	$60.3M-18.9%	$74.3M+163.7%	-$116.6M-94.2%	-$60.1M-143.4%	$138.6M+201.3%	-$136.8M-208.3%	$126.3M+18.1%	$106.9M+13.3%	$94.4M+34.9%	$70.0M+17.9%	$59.4M
EPS (Diluted)	$0.64	$0.57-24.0%	$0.75+144.4%	-$1.69-77.9%	-$0.95	$0.87	-$2.03-217.3%	$1.73+1.8%	$1.70-2.3%	$1.74+3.0%	$1.69-6.6%	$1.81

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
SG&A Expenses	$910K	N/A	$998K+0.9%	$989K-10.2%	$1.1M	N/A	$1.1M-10.4%	$1.2M
Interest Expense	$48.5M	N/A	$48.8M+7.2%	$45.5M+5.5%	$43.1M	N/A	$48.6M-4.0%	$50.6M
Income Tax	$112K	N/A	$109K-14.8%	$128K+128.6%	$56K	N/A	$66K-34.0%	$100K
Net Income	$18.9M	N/A	$22.0M+6.6%	$20.6M+50.4%	$13.7M	N/A	$22.2M-10.2%	$24.7M
EPS (Diluted)	$0.19+1800.0%	$0.01-95.7%	$0.23+9.5%	$0.21+75.0%	$0.12+33.3%	$0.09-60.9%	$0.23-11.5%	$0.26

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

TRTX Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TRTX quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Total Assets	$4.4B+18.1%	$3.7B-11.5%	$4.2B-24.0%	$5.5B+6.3%	$5.2B+6.3%	$4.9B-16.7%	$5.9B+30.2%	$4.5B+34.9%	$3.4B+25.9%	$2.7B	N/A
Cash & Equivalents	$87.6M-53.9%	$190.2M-7.9%	$206.4M-18.8%	$254.1M-2.5%	$260.6M-18.5%	$319.7M+303.7%	$79.2M+99.4%	$39.7M-47.1%	$75.0M-27.2%	$103.1M-1.7%	$104.9M
Accounts Receivable	$0-100.0%	$10K-75.0%	$40K-94.0%	$666K+5450.0%	$12K-98.5%	$785K-66.5%	$2.3M+6068.4%	$38K-73.0%	$141K-78.1%	$644K	N/A
Total Liabilities	$3.3B+27.5%	$2.6B-15.3%	$3.1B-26.8%	$4.2B+12.5%	$3.8B+9.0%	$3.4B-21.6%	$4.4B+37.2%	$3.2B+48.5%	$2.2B+27.1%	$1.7B	N/A
Long-Term Debt	$3.3B+28.7%	$2.6B-15.6%	$3.0B-27.1%	$4.2B+12.3%	$3.7B	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.1B-4.1%	$1.1B-1.0%	$1.1B-14.9%	$1.3B-9.7%	$1.5B+15.6%	$1.3B-15.8%	$1.5B+13.3%	$1.3B+10.5%	$1.2B+23.8%	$970.7M+35.5%	$716.4M
Retained Earnings	-$672.6M-9.0%	-$617.2M-2.8%	-$600.3M-52.0%	-$395.0M-59.8%	-$247.3M+15.6%	-$292.9M-941.9%	-$28.1M-8.5%	-$25.9M-75.0%	-$14.8M-47.1%	-$10.1M	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$4.5B+1.5%	$4.4B+8.4%	$4.1B-2.3%	$4.2B+5.1%	$4.0B+6.2%	$3.7B+1.9%	$3.7B-0.9%	$3.7B
Cash & Equivalents	$92.0M+5.0%	$87.6M-6.4%	$93.6M-43.6%	$165.8M-54.3%	$363.0M+90.9%	$190.2M-16.0%	$226.3M-12.7%	$259.2M
Accounts Receivable	N/A	$0	$0-100.0%	$10K-88.1%	$84K+740.0%	$10K0.0%	$10K0.0%	$10K
Total Liabilities	$3.4B+2.2%	$3.3B+11.9%	$3.0B-2.9%	$3.1B+7.4%	$2.9B+9.2%	$2.6B+3.2%	$2.5B-1.4%	$2.6B
Long-Term Debt	$3.4B+2.2%	$3.3B+12.3%	$2.9B-3.0%	$3.0B+7.5%	$2.8B+9.9%	$2.6B+3.2%	$2.5B-1.4%	$2.5B
Total Equity	$1.1B-0.6%	$1.1B-1.3%	$1.1B-0.8%	$1.1B-1.2%	$1.1B-0.9%	$1.1B-0.9%	$1.1B0.0%	$1.1B
Retained Earnings	-$680.6M-1.2%	-$672.6M-2.9%	-$653.7M-1.5%	-$644.2M-2.3%	-$629.7M-2.0%	-$617.2M-2.1%	-$604.8M-0.1%	-$604.1M

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

TRTX quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Operating Cash Flow	$95.8M	$90.4M-19.4%	$112.1M+39.9%	$80.1M-20.3%	$100.5M-24.0%	$132.2M+0.1%	$132.1M+8.6%	$121.7M+13.0%	$107.7M+18.1%	$91.2M+6.3%	$85.7M-13.1%	$98.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$111K-77.8%	$500K	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$91.1M+6.8%	$85.2M	N/A
Investing Cash Flow	-$863.5M	-$789.7M-279.3%	$440.5M-59.8%	$1.1B+342.0%	-$452.6M-32.0%	-$342.9M-135.5%	$964.6M+173.7%	-$1.3B-9.7%	-$1.2B-69.8%	-$702.6M-28.9%	-$544.9M	N/A
Financing Cash Flow	$496.7M	$597.1M+204.9%	-$569.2M+53.5%	-$1.2B-454.1%	$345.3M+127.0%	$152.1M+117.8%	-$856.7M-169.9%	$1.2B+16.7%	$1.1B+80.1%	$583.2M+27.6%	$457.2M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$109.1M+28.4%	$85.0M+27.1%	$66.9M	N/A
Share Buybacks	$26.8M	$25.3M+68410.8%	$37K	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$24.6M-0.3%	$24.7M+12.9%	$21.8M-11.7%	$24.7M+29.2%	$19.1M-25.0%	$25.5M+7.5%	$23.7M-7.2%	$25.6M
Investing Cash Flow	-$66.2M+81.7%	-$361.4M-1326.5%	$29.5M+106.3%	-$465.3M-6264.3%	$7.5M+106.4%	-$117.8M-3674.2%	$3.3M-98.3%	$189.5M
Financing Cash Flow	$45.9M-86.1%	$330.6M+368.2%	-$123.3M-150.6%	$243.5M+66.5%	$146.3M+161.4%	$56.0M+193.4%	-$59.9M+62.2%	-$158.6M
Share Buybacks	$4.2M+984.5%	$387K-95.8%	$9.3M-28.1%	$12.9M+362.4%	$2.8M	$0-100.0%	$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.

TRTX quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Return on Equity	5.7%-1.0pp	6.7%+17.0pp	-10.4%-5.8pp	-4.5%-14.0pp	9.5%+20.3pp	-10.8%-19.2pp	8.4%+0.3pp	8.1%+0.2pp	7.8%+0.6pp	7.2%-1.1pp	8.3%
Return on Assets	1.4%-0.6pp	2.0%+4.8pp	-2.8%-1.7pp	-1.1%-3.7pp	2.7%+5.5pp	-2.8%-4.9pp	2.1%-0.2pp	2.4%-0.5pp	2.8%+0.2pp	2.6%	N/A
Debt-to-Equity	3.10+0.8x	2.31-0.4x	2.71-0.5x	3.16+0.6x	2.54-0.2x	2.72-0.2x	2.92+0.5x	2.41+0.6x	1.790.0x	1.75	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Return on Equity	1.8%	N/A	2.0%+0.1pp	1.9%+0.7pp	1.2%	N/A	2.0%-0.2pp	2.2%
Return on Assets	0.4%	N/A	0.5%0.0pp	0.5%+0.1pp	0.4%	N/A	0.6%-0.1pp	0.7%
Debt-to-Equity	3.18+0.1x	3.10+0.4x	2.72-0.1x	2.78+0.2x	2.56+0.3x	2.31+0.1x	2.220.0x	2.25

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

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Where Tpg Re Finance T Ranks

Frequently Asked Questions

Is Tpg Re Finance T profitable?

Yes, Tpg Re Finance T (TRTX) reported a net income of $60.3M in fiscal year 2025.

How much debt does Tpg Re Finance T have?

As of fiscal year 2025, Tpg Re Finance T (TRTX) had $87.6M in cash and equivalents against $3.3B in long-term debt.

Does Tpg Re Finance T pay dividends?

Yes, Tpg Re Finance T (TRTX) paid $0.96 per share in dividends during fiscal year 2025.

What is Tpg Re Finance T's return on equity (ROE)?

Tpg Re Finance T (TRTX) has a return on equity of 5.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Tpg Re Finance T's operating cash flow?

Tpg Re Finance T (TRTX) generated $90.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Tpg Re Finance T's total assets?

Tpg Re Finance T (TRTX) had $4.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Tpg Re Finance T buy back shares?

Yes, Tpg Re Finance T (TRTX) spent $25.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Tpg Re Finance T have outstanding?

Tpg Re Finance T (TRTX) had 78M shares outstanding as of fiscal year 2025.

What is Tpg Re Finance T's debt-to-equity ratio?

Tpg Re Finance T (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.

What is Tpg Re Finance T's return on assets (ROA)?

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

What is Tpg Re Finance T's Piotroski F-Score?

Tpg Re Finance T (TRTX) has a Piotroski F-Score of 4 out of 6 computable signals; 3 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.

Are Tpg Re Finance T's earnings high quality?

Tpg Re Finance T (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.