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.
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).
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
Profitability recovered after the prior two-year loss period, yet return on assets was
Financial Health Signals
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.
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.
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
Earnings & Revenue
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%.
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%.
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.
Not reported for Q1 2026.
Cash & Balance Sheet
TPG RE Finance Trust, Inc. held $92.0M in cash against $3.4B in long-term debt as of Q1 2026.
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.
Not reported for Q1 2026.
Margins & Returns
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.
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.
Not reported for Q1 2026.
Not reported for Q1 2026.
Capital Allocation
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%.
Not reported for Q1 2026.
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.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-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/A | 79M-3.1% | 80M-0.9% | 82M+5.0% | N/A | 81M+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.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-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 Receivable | N/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.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-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.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 50.8%+13.7pp | 11.3%-19.4pp | 58.1%+2.8pp | 57.0%-5.9pp | 37.0%-6.0pp | 30.8%+10.5pp | 55.3% | 62.9% |
| Return on Equity | 1.8%+0.5pp | 0.4%-0.6pp | 2.0%+0.1pp | 1.9%-0.3pp | 1.2%-0.3pp | 1.0%+0.4pp | 2.0%+7.3pp | 2.2%+7.9pp |
| Return on Assets | 0.4%+0.1pp | 0.1%-0.2pp | 0.5%-0.1pp | 0.5%-0.2pp | 0.4%-0.1pp | 0.3%+0.1pp | 0.6%+2.0pp | 0.7%+2.1pp |
| Debt-to-Equity | 3.18+0.6x | 3.10+0.8x | 2.72+0.5x | 2.78+0.5x | 2.56+0.2x | 2.31-0.4x | 2.22-0.6x | 2.25-0.8x |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x |
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 |
Where TPG RE Finance Trust, Inc. Ranks
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%.
How much debt does TPG RE Finance Trust, Inc. have?
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.
What is TPG RE Finance Trust, Inc.'s net profit margin?
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.
Does TPG RE Finance Trust, Inc. pay dividends?
Yes, TPG RE Finance Trust, Inc. (TRTX) paid $0.96 per share in dividends during fiscal year 2025.
What is TPG RE Finance Trust, Inc.'s return on equity (ROE)?
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.
What is TPG RE Finance Trust, Inc.'s operating cash flow?
TPG RE Finance Trust, Inc. (TRTX) generated $90.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are TPG RE Finance Trust, Inc.'s total assets?
TPG RE Finance Trust, Inc. (TRTX) had $4.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What is TPG RE Finance Trust, Inc.'s debt-to-equity ratio?
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.
What is TPG RE Finance Trust, Inc.'s return on assets (ROA)?
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.
What is TPG RE Finance Trust, Inc.'s P/E ratio?
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.
What is TPG RE Finance Trust, Inc.'s price-to-sales ratio?
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.
What is TPG RE Finance Trust, Inc.'s Piotroski F-Score?
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.
Are TPG RE Finance Trust, Inc.'s earnings high quality?
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.