TPG RE Finance Trust (TRTX)
Market Price (5/11/2026): $8.575 | Market Cap: $671.0 MilSector: Financials | Industry: Mortgage REITs
TPG RE Finance Trust (TRTX)
Market Price (5/11/2026): $8.575Market Cap: $671.0 MilSector: FinancialsIndustry: Mortgage REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 17%, FCF Yield is 13% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 58% Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Sustainable & Green Buildings. Themes include Private Credit, and ESG REITs. | Weak multi-year price returns2Y Excs Rtn is -15% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 488% Key risksTRTX key risks include [1] structural stress within its office sector loan portfolio, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 17%, FCF Yield is 13% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 58% |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Sustainable & Green Buildings. Themes include Private Credit, and ESG REITs. |
| Weak multi-year price returns2Y Excs Rtn is -15% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 488% |
| Key risksTRTX key risks include [1] structural stress within its office sector loan portfolio, Show more. |
Qualitative Assessment
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TPG RE Finance Trust (TRTX) stock has remained largely at the same level since 1/31/2026 because of the following key factors:
1. Consistent Q1 2026 Financial Performance and Dividend Coverage.
TPG RE Finance Trust reported Distributable Earnings of $0.25 per diluted share for Q1 2026, which met analyst expectations. This comfortably covered its common dividend of $0.24 per share, resulting in a 1.04x coverage ratio and indicating a sustainable payout to shareholders.
2. Strategic Shift to a High-Quality, De-risked Loan Portfolio.
The company maintained a 100% performing loan portfolio of $4.3 billion as of March 31, 2026, with a weighted average risk rating of 3.0. TRTX significantly reduced its total office loan exposure to less than 5% by the end of Q1 2026, a notable decrease from 17.3% a year prior. Nearly 70% of the loan portfolio now consists of newer vintage originations (after January 2023), primarily secured by more resilient multifamily and industrial collateral.
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1. Consistent Q1 2026 Financial Performance and Dividend Coverage.
TPG RE Finance Trust reported Distributable Earnings of $0.25 per diluted share for Q1 2026, which met analyst expectations. This comfortably covered its common dividend of $0.24 per share, resulting in a 1.04x coverage ratio and indicating a sustainable payout to shareholders.
2. Strategic Shift to a High-Quality, De-risked Loan Portfolio.
The company maintained a 100% performing loan portfolio of $4.3 billion as of March 31, 2026, with a weighted average risk rating of 3.0. TRTX significantly reduced its total office loan exposure to less than 5% by the end of Q1 2026, a notable decrease from 17.3% a year prior. Nearly 70% of the loan portfolio now consists of newer vintage originations (after January 2023), primarily secured by more resilient multifamily and industrial collateral.
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Stock Movement Drivers
Fundamental Drivers
The -2.2% change in TRTX stock from 1/31/2026 to 5/10/2026 was primarily driven by a -2.7% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.76 | 8.57 | -2.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 151 | 151 | 0.5% |
| Net Income Margin (%) | 44.5% | 43.3% | -2.7% |
| P/E Multiple | 10.3 | 10.2 | -0.3% |
| Shares Outstanding (Mil) | 79 | 78 | 0.3% |
| Cumulative Contribution | -2.2% |
Market Drivers
1/31/2026 to 5/10/2026| Return | Correlation | |
|---|---|---|
| TRTX | -2.2% | |
| Market (SPY) | 3.6% | 56.9% |
| Sector (XLF) | -3.6% | 52.2% |
Fundamental Drivers
The 4.9% change in TRTX stock from 10/31/2025 to 5/10/2026 was primarily driven by a 6.9% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.17 | 8.57 | 4.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 151 | 151 | 0.5% |
| Net Income Margin (%) | 44.5% | 43.3% | -2.7% |
| P/E Multiple | 9.6 | 10.2 | 6.9% |
| Shares Outstanding (Mil) | 79 | 78 | 0.3% |
| Cumulative Contribution | 4.9% |
Market Drivers
10/31/2025 to 5/10/2026| Return | Correlation | |
|---|---|---|
| TRTX | 4.9% | |
| Market (SPY) | 5.5% | 45.1% |
| Sector (XLF) | -1.3% | 50.2% |
Fundamental Drivers
The 25.8% change in TRTX stock from 4/30/2025 to 5/10/2026 was primarily driven by a 32.3% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.81 | 8.57 | 25.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 149 | 151 | 1.4% |
| Net Income Margin (%) | 47.8% | 43.3% | -9.4% |
| P/E Multiple | 7.7 | 10.2 | 32.3% |
| Shares Outstanding (Mil) | 81 | 78 | 3.5% |
| Cumulative Contribution | 25.8% |
Market Drivers
4/30/2025 to 5/10/2026| Return | Correlation | |
|---|---|---|
| TRTX | 25.8% | |
| Market (SPY) | 30.4% | 44.8% |
| Sector (XLF) | 6.7% | 49.0% |
Fundamental Drivers
The 72.8% change in TRTX stock from 4/30/2023 to 5/10/2026 was primarily driven by a 80.2% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.96 | 8.57 | 72.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 156 | 151 | -3.1% |
| P/S Multiple | 2.5 | 4.4 | 80.2% |
| Shares Outstanding (Mil) | 77 | 78 | -1.1% |
| Cumulative Contribution | 72.8% |
Market Drivers
4/30/2023 to 5/10/2026| Return | Correlation | |
|---|---|---|
| TRTX | 72.8% | |
| Market (SPY) | 78.7% | 40.6% |
| Sector (XLF) | 62.1% | 43.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TRTX Return | 25% | -38% | 10% | 47% | 14% | 2% | 43% |
| Peers Return | 29% | -17% | 20% | -7% | 9% | 0% | 31% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 95% |
Monthly Win Rates [3] | |||||||
| TRTX Win Rate | 67% | 33% | 42% | 67% | 58% | 60% | |
| Peers Win Rate | 62% | 48% | 53% | 53% | 55% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| TRTX Max Drawdown | -8% | -41% | -18% | -20% | -18% | -9% | |
| Peers Max Drawdown | -4% | -25% | -17% | -18% | -8% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: STWD, BXMT, KREF, ARI, LADR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/8/2026 (YTD)
How Low Can It Go
| Event | TRTX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.2% | -18.8% |
| % Gain to Breakeven | 18.0% | 23.1% |
| Time to Breakeven | 64 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.4% | -9.5% |
| % Gain to Breakeven | 37.7% | 10.5% |
| Time to Breakeven | 119 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.9% | -6.7% |
| % Gain to Breakeven | 48.9% | 7.1% |
| Time to Breakeven | 79 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.2% | -24.5% |
| % Gain to Breakeven | 67.3% | 32.4% |
| Time to Breakeven | 644 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -86.1% | -33.7% |
| % Gain to Breakeven | 621.0% | 50.9% |
| Time to Breakeven | 1981 days | 140 days |
In The Past
TPG RE Finance Trust's stock fell -15.2% during the 2025 US Tariff Shock. Such a loss loss requires a 18.0% gain to breakeven.
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| Event | TRTX | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.4% | -9.5% |
| % Gain to Breakeven | 37.7% | 10.5% |
| Time to Breakeven | 119 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.9% | -6.7% |
| % Gain to Breakeven | 48.9% | 7.1% |
| Time to Breakeven | 79 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.2% | -24.5% |
| % Gain to Breakeven | 67.3% | 32.4% |
| Time to Breakeven | 644 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -86.1% | -33.7% |
| % Gain to Breakeven | 621.0% | 50.9% |
| Time to Breakeven | 1981 days | 140 days |
In The Past
TPG RE Finance Trust's stock fell -15.2% during the 2025 US Tariff Shock. Such a loss loss requires a 18.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About TPG RE Finance Trust (TRTX)
TPG RE Finance Trust, Inc., a commercial real estate finance company, originates, acquires, and manages commercial mortgage loans and other commercial real estate-related debt instruments in the United States. It invests in commercial mortgage loans; subordinate mortgage interests, mezzanine loans, secured real estate securities, note financing, preferred equity, and miscellaneous debt instruments; and commercial real estate collateralized loan obligations and commercial mortgage-backed securities secured by properties primarily in the office, multifamily, life science, mixed-use, hospitality, industrial, and retail real estate sectors. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. TPG RE Finance Trust, Inc. was incorporated in 2014 and is based in New York, New York.
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1. Rocket Mortgage for commercial properties.
2. Like a specialized commercial real estate lending division of a major bank (such as Wells Fargo or Bank of America), but operating as its own publicly traded company.
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- Commercial Mortgage Loans: Originates, acquires, and manages senior debt instruments secured by various commercial real estate properties.
- Subordinate Debt and Preferred Equity: Provides financing through subordinate mortgage interests, mezzanine loans, note financing, and preferred equity positions in commercial real estate projects.
- Commercial Real Estate Securities: Invests in debt instruments such as Commercial Real Estate Collateralized Loan Obligations (CRE CLOs) and Commercial Mortgage-Backed Securities (CMBS).
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TPG RE Finance Trust (TRTX) is a commercial real estate finance company. Its "customers" are the entities that borrow money from it to finance commercial real estate projects. Since TRTX originates and manages commercial mortgage loans and other debt instruments for various commercial real estate sectors, it primarily serves other companies rather than individuals.
Due to the nature of its lending business, TRTX typically does not publicly disclose the names of its specific borrower companies. However, its major customer categories are:
- Commercial Real Estate Developers: Companies engaged in the acquisition, development, and construction of new commercial properties, such as office buildings, multifamily complexes, life science facilities, mixed-use projects, hotels, industrial warehouses, and retail centers.
- Commercial Real Estate Owners and Investors: Entities that acquire, own, and manage existing commercial properties, seeking financing for acquisitions, refinancing of existing debt, or property renovations and expansions.
- Real Estate Investment Firms and Funds: Professional investment vehicles and firms that invest in portfolios of commercial real estate assets and require debt financing for their investments.
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Doug Bouquard, Chief Executive OfficerMr. Bouquard became Chief Executive Officer of TPG RE Finance Trust, Inc. in April 2022. Prior to joining TRTX, he was a managing director responsible for U.S. Commercial Real Estate Debt within the Global Markets Division of Goldman Sachs, where he oversaw commercial real estate debt origination, real estate securities issuances, and balance sheet lending, including mortgage warehouse financing. Mr. Bouquard joined Goldman Sachs in 2004. His current role leading TRTX, an entity externally managed by an affiliate of TPG Inc., a global alternative asset management firm, aligns with managing a private equity-backed company. Brandon Fox, Interim Chief Financial Officer and Chief Accounting Officer
Mr. Fox has served as the Interim Chief Financial Officer of TPG RE Finance Trust, Inc. since October 2025 and as Chief Accounting Officer since January 2022. He is also the Chief Financial Officer of TPG Real Estate Partners since July 2022 and a managing director of TPG since January 2023. His previous roles include head of corporate accounting for Oaktree Capital Management, L.P. from December 2019 to June 2021, and various accounting, financial planning and analysis, and capital markets-related roles at Healthpeak Properties, Inc. from December 2007 to May 2017. His extensive experience with TPG and Oaktree Capital Management, both investment firms, demonstrates a pattern of managing companies backed by such entities. Matthew Coleman, President
Mr. Coleman has served as President of TPG RE Finance Trust, Inc. since July 2020. He is a partner of TPG and the Chief Operating Officer of TPG Real Estate. Before joining TPG in 2012, Mr. Coleman was a Senior Vice President of the real estate private equity group at D. E. Shaw & Co. From 2000 through 2005, he practiced law as an attorney in the New York office of Cravath, Swaine & Moore LLP, specializing in mergers and acquisitions, leveraged finance, and securities. Peter Smith, Chief Investment Officer and Vice President
Mr. Smith was identified as the Chief Investment Officer and Vice President of TPG RE Finance Trust, Inc. as of January 2022, when Doug Bouquard was appointed CEO.
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Here are the key risks to the business of TPG RE Finance Trust (TRTX):Key Risks to TRTX
- Credit Risk and Loan Portfolio Quality: TPG RE Finance Trust faces significant risk related to the quality of its loan portfolio, including an increase in higher-risk (category 5) loans. This can lead to increased loan loss provisioning, non-accrual loans, and ultimately, principal losses. For instance, in Q2 2023, the percentage of TRTX's portfolio classified in the highest risk category rose to 11.32% from just under 5% in Q1 2023, with management defining category 5 loans as having "a very high risk of realizing a principal loss or [which] has otherwise incurred a principal loss." This also contributed to a $55.9 million net increase in current expected credit losses (CECL) reserves.
- Dividend Sustainability and Debt Coverage: The company's high dividend yield is a concern due to weak coverage by earnings and operating cash flow, alongside challenges in comfortably sustaining debt obligations from ongoing cash generation. Analysts have flagged weak coverage ratios and elevated leverage (3.02x debt-to-equity as of December 31, 2025) as pressure points. The trailing 12-month dividend yield was 11.36%, but dividend payouts were described as not well covered by earnings, and debt was not well covered by operating cash flow.
- Commercial Real Estate Market Deterioration: TRTX is exposed to broad market dislocations and uncertainty within the commercial real estate (CRE) sector. Macro-economic factors such as global trade wars, heightened inflation, slower growth or recession, and changes to fiscal and monetary policy, including higher interest rates, can impact asset values and borrower performance. Additionally, escalating property insurance costs present a new risk, potentially undermining profitability and jeopardizing borrowers' ability to maintain properties securing loans.
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TPG RE Finance Trust (TRTX) operates within the substantial U.S. commercial real estate (CRE) finance market, which includes commercial mortgage loans, mezzanine loans, secured real estate securities, commercial real estate collateralized loan obligations (CRE CLOs), and commercial mortgage-backed securities (CMBS).
The total addressable market for TRTX's main products and services in the U.S. can be understood through several key metrics:
- The total outstanding commercial real estate debt in the U.S. was valued at approximately $5.9 trillion as of the fourth quarter of 2023. Another estimate places the total outstanding CRE debt at $4.8 trillion through Q2 2025.
- The U.S. commercial mortgage market, encompassing income-producing properties and construction loans, was approximately $5 trillion as of March 2023.
- Total commercial mortgage origination volume in the U.S. is projected to increase to $805.5 billion in 2026, up from an estimated $633.7 billion in 2025. In 2024, total commercial real estate mortgage borrowing and lending reached an estimated $498 billion.
- The U.S. CMBS market has a significant market capitalization of around $1.8 trillion. Private-label CMBS issuance increased to $125.6 billion in 2025.
- Issuance in the U.S. CRE CLO market saw a substantial rebound, reaching $30.6 billion in 2025. New CRE CLO issuance was over $17 billion through mid-2025.
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TPG RE Finance Trust (TRTX) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:
- New Loan Originations and Portfolio Growth, with a focus on Multifamily and Industrial Sectors: The company has demonstrated strong origination activity and plans for continued net asset growth through prudent investment and risk management. TRTX's CEO has highlighted a significant shift, with combined exposure to multifamily and industrial sectors increasing to over 72%, and a robust pipeline of investment opportunities is expected to fuel new origination activity.
- Increasing Leverage Ratio towards Target: Management is targeting an increase in its Debt-to-Equity ratio to a range of 3.5x to 3.75x. This increased leverage implies deploying more capital into income-generating assets, thereby contributing to higher interest income and overall revenue.
- Favorable Market Conditions and Attractive Lending Opportunities: The current market dislocation is creating attractive entry points for TRTX, characterized by wider loan spreads and a more disciplined borrower base. Analysts anticipate that a delayed real estate recovery, combined with declining bank competition, will enhance revenue through these favorable lending opportunities, particularly in multifamily and industrial sectors.
- Optimized Liability Structure and Utilization of Financing Capacity: TRTX has been actively optimizing its cost of liabilities and possesses significant financing capacity, including non-mark-to-market financing and commercial real estate collateralized loan obligation (CRE CLO) issuance. This strong and flexible capital structure positions the company to efficiently fund new investments and improve net interest margins, thereby driving revenue growth.
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Share Repurchases
- TPG RE Finance Trust repurchased common stock totaling $25.3 million in 2025.
- In September 2025, the board of directors approved a new share repurchase program, authorizing the company to buy back up to $25.0 million of its common stock.
- This new program replaced a previous $25.0 million authorization that was fully utilized during the third quarter of 2025.
Share Issuance
- In June 2021, TPG RE Finance Trust announced the pricing of a public offering of 7,000,000 shares of its 6.25% Series C Cumulative Redeemable Preferred Stock at $25.00 per share.
- This offering generated gross proceeds of $175,000,000.
- The net proceeds from this offering were intended to partially fund the redemption of all outstanding shares of the company's Series B Cumulative Redeemable Preferred Stock.
Outbound Investments
- TPG RE Finance Trust originated 20 first mortgage loans with total loan commitments of $1.9 billion during 2025.
- The company also issued two Commercial Real Estate Collateralized Loan Obligations (CRE CLOs), TRTX 2025-FL6 and TRTX 2025-FL7, both for $1.1 billion each, in 2025, which provided term financing for loan investment activity.
- In 2025, TRTX sold two office properties classified as real estate owned, generating net proceeds of $39.4 million.
Capital Expenditures
- Capital expenditures are primarily focused on funding leasing commissions and tenant improvements for new tenant leases, as well as base building work, often related to the properties underlying the company's loans.
- The average capital expenditures as a percentage of revenue (CapEx % AVG 3YRS) for TPG RE Finance Trust was 4.15% as of December 31, 2025, and has remained consistent over the past five years.
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | EEFT | Euronet Worldwide | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04242026 | HOMB | Home BancShares | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 1.5% | 1.5% | 0.0% |
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 7.1% | 7.1% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 3.9% | 3.9% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -4.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.63 |
| Mkt Cap | 1.4 |
| Rev LTM | 238 |
| Op Inc LTM | - |
| FCF LTM | 98 |
| FCF 3Y Avg | 99 |
| CFO LTM | 112 |
| CFO 3Y Avg | 142 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.6% |
| Rev Chg 3Y Avg | -7.8% |
| Rev Chg Q | -1.8% |
| QoQ Delta Rev Chg LTM | -0.4% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 60.6% |
| CFO/Rev 3Y Avg | 72.4% |
| FCF/Rev LTM | 53.4% |
| FCF/Rev 3Y Avg | 63.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.4 |
| P/S | 5.7 |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | 15.3 |
| P/CFO | 8.6 |
| Total Yield | 14.7% |
| Dividend Yield | 10.2% |
| FCF Yield 3Y Avg | 10.4% |
| D/E | 5.0 |
| Net D/E | 4.8 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.5% |
| 3M Rtn | 0.4% |
| 6M Rtn | 1.7% |
| 12M Rtn | 9.3% |
| 3Y Rtn | 49.7% |
| 1M Excs Rtn | -6.2% |
| 3M Excs Rtn | -6.4% |
| 6M Excs Rtn | -8.0% |
| 12M Excs Rtn | -21.4% |
| 3Y Excs Rtn | -32.2% |
Price Behavior
Price Behavior
| Market Price | $8.57 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 07/20/2017 | |
| Distance from 52W High | -5.1% | |
| 50 Days | 200 Days | |
| DMA Price | $8.12 | $8.36 |
| DMA Trend | up | down |
| Distance from DMA | 5.6% | 2.5% |
| 3M | 1YR | |
| Volatility | 22.9% | 21.0% |
| Downside Capture | 0.41 | 0.30 |
| Upside Capture | 58.44 | 67.45 |
| Correlation (SPY) | 50.0% | 43.3% |
TRTX Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.61 | 0.85 | 0.82 | 0.66 | 0.75 | 0.91 |
| Up Beta | 0.75 | 0.58 | 0.67 | 0.58 | 0.82 | 0.69 |
| Down Beta | 2.73 | 1.13 | 1.22 | 0.77 | 0.91 | 0.97 |
| Up Capture | 58% | 86% | 58% | 60% | 59% | 108% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 13 | 22 | 32 | 68 | 139 | 398 |
| Down Capture | -70% | 95% | 99% | 69% | 68% | 101% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 19 | 29 | 53 | 106 | 332 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRTX | |
|---|---|---|---|---|
| TRTX | 28.0% | 21.1% | 1.07 | - |
| Sector ETF (XLF) | 5.2% | 14.6% | 0.13 | 48.7% |
| Equity (SPY) | 29.0% | 12.5% | 1.83 | 44.4% |
| Gold (GLD) | 39.8% | 27.0% | 1.22 | 12.1% |
| Commodities (DBC) | 50.6% | 18.0% | 2.21 | -14.2% |
| Real Estate (VNQ) | 13.0% | 13.5% | 0.66 | 44.9% |
| Bitcoin (BTCUSD) | -17.4% | 42.1% | -0.34 | 24.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRTX | |
|---|---|---|---|---|
| TRTX | 3.6% | 35.1% | 0.17 | - |
| Sector ETF (XLF) | 8.9% | 18.6% | 0.36 | 49.1% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 47.7% |
| Gold (GLD) | 20.9% | 17.9% | 0.95 | 11.2% |
| Commodities (DBC) | 13.8% | 19.1% | 0.59 | 15.8% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 53.2% |
| Bitcoin (BTCUSD) | 7.0% | 56.0% | 0.34 | 17.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRTX | |
|---|---|---|---|---|
| TRTX | 2.4% | 58.0% | 0.26 | - |
| Sector ETF (XLF) | 12.6% | 22.2% | 0.52 | 41.4% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 36.5% |
| Gold (GLD) | 13.4% | 15.9% | 0.69 | 3.2% |
| Commodities (DBC) | 9.3% | 17.8% | 0.44 | 14.6% |
| Real Estate (VNQ) | 5.8% | 20.7% | 0.24 | 44.4% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 10.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | -0.8% | 2.0% | |
| 2/17/2026 | -4.1% | -5.1% | -9.4% |
| 10/28/2025 | -2.8% | 0.0% | 2.1% |
| 7/29/2025 | 4.4% | 6.2% | 10.4% |
| 4/29/2025 | 1.5% | -0.8% | 2.8% |
| 2/18/2025 | -5.2% | -2.9% | -2.1% |
| 10/29/2024 | 5.9% | 5.8% | 10.6% |
| 7/30/2024 | -1.4% | -7.2% | 1.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 11 |
| # Negative | 15 | 13 | 12 |
| Median Positive | 4.4% | 5.9% | 10.4% |
| Median Negative | -4.1% | -5.9% | -4.4% |
| Max Positive | 16.6% | 25.9% | 41.4% |
| Max Negative | -16.3% | -19.4% | -11.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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