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    TPG RE Finance Trust (TRTX)

    Market Price (10/31/2026): $0 | Market Cap: $-Sector: Financials | Industry: Mortgage REITs

    TPG RE Finance Trust (TRTX)

    Market Price (10/31/2026): $0
    Market Cap: $-
    Sector: Financials
    Industry: Mortgage REITs

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 25%, Dividend Yield is 15%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19%, FCF Yield is 15%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 60%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 53%

    Low stock price volatility
    Vol 12M is 22%

    Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, and Sustainable & Green Buildings. Themes include Private Credit, and ESG REITs.

    Weak multi-year price returns
    2Y Excs Rtn is -35%, 3Y Excs Rtn is -15%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 827%

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.4%, Rev Chg QQuarterly Revenue Change % is -4.4%

    Key risks
    TRTX key risks include [1] structural stress within its office sector loan portfolio, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 25%, Dividend Yield is 15%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19%, FCF Yield is 15%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 60%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 53%
    2 Low stock price volatility
    Vol 12M is 22%
    3 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, and Sustainable & Green Buildings. Themes include Private Credit, and ESG REITs.
    4 Weak multi-year price returns
    2Y Excs Rtn is -35%, 3Y Excs Rtn is -15%
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 827%
    6 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.4%, Rev Chg QQuarterly Revenue Change % is -4.4%
    7 Key risks
    TRTX key risks include [1] structural stress within its office sector loan portfolio, Show more.

    TRTX in ETFs

    Weight = TRTX's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.02%
    IWN0.03%
    FNDA0.02%
    VTWO0.02%
    SCHA0.01%
    IWV0.00%

    Valuation & Metrics

    FYE: 12/31TRTX [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$141.0 Mil—
    FY 2026 Sales$145.2 Mil—
    FY 2027 Sales$153.4 Mil—
    FY 2026 Sales Growth3.0%—
    FY 2027 Sales Growth5.7%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$45.4 Mil—
    FY 2026 Net Income (Non-GAAP)$71.7 Mil—
    FY 2027 Net Income (Non-GAAP)$87.1 Mil—
    FY 2027 Net Income Growth21.5%13.6%
    FY 2026 EPS (Non-GAAP)$0.90—
    FY 2027 EPS (Non-GAAP)$1.11—
    FY 2027 EPS Growth23.7%—
    VALUATION
    FY 2026 P/S—3.2
    FY 2027 P/S——
    FY 2026 P/E—18.2
    FY 2027 P/E——

    [1] TRTX forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    TRTXS&P 500
    REVENUE GROWTHVERY POOR
    Rev LTM ($ Bil)0.1
    Rev Chg Q-4.4%8.9%
    Rev Chg LTM-6.4%8.5%
    Rev Chg 3Y Avg6.8%6.2%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)0.0
    CFO/Rev LTM60.4%21.6%
    Net Inc Mgn32.2%13.4%
    VALUATIONLOW
    P/S3.53.2
    P/CFO5.815.2
    P/FCF6.720.1
    P/E10.922.6

    AI Analysis | Feedback

    MetricValueDateSource
    New Investment Closings (Quarterly)279 million9302025Link
    New Investments Closed Subsequent to Quarter End197 million10292025Link
    Loans Expected to Close in Q4 2025670 million10292025Link
    Total New Investments in 2025 (Closed and Expected)1.8 billion10292025Link
    Loan Repayments (Quarterly)415.8 million9302025Link
    Book Value per Common Share11.259302025Link
    Distributable Earnings per Common Share (Quarterly)0.259302025Link
    Percentage of New Investments in Multifamily and Industrial Assets91%10292025Link
    Managed Commercial Real Estate CLO Issuance1.1 billion10272025Link
    Non-Mark-to-Market Borrowings as a Percentage of Total Borrowings91.0%3312025Link

    Price Chart

    Upcoming
    2/16/2027Earnings ReleaseRev: $37 Mil (E)
    EPS: $0.27 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/26/2026

    TPG RE Finance Trust (TRTX) stock has lost about 20% since 6/30/2026 because of the following key factors:

    1. TPG RE Finance Trust (TRTX) reported a significant miss on its fiscal Q3 2026 earnings and revenue, which ended September 30, 2026. The company posted GAAP net income attributable to common stockholders of $5.8 million, or $0.08 per diluted share, and distributable earnings of $5.1 million, or $0.07 per share. These figures fell substantially short of the Zacks Consensus Estimate of $0.26 per share for earnings. Additionally, reported revenue of $35.92 million missed the Zacks Consensus Estimate of $37.16 million by 3.31%.

    2. The company recognized $13.0 million in realized losses from loan write-offs related to Real Estate Owned (REO) conversions during fiscal Q3 2026. These losses significantly impacted distributable earnings, reducing them by $0.17 per share. This indicates challenges in the quality of the loan portfolio and ongoing asset resolution issues.

    Show more
    Updated on 10/26/2026

    TPG RE Finance Trust (TRTX) stock has lost about 20% since 6/30/2026 because of the following key factors:

    1. TPG RE Finance Trust (TRTX) reported a significant miss on its fiscal Q3 2026 earnings and revenue, which ended September 30, 2026. The company posted GAAP net income attributable to common stockholders of $5.8 million, or $0.08 per diluted share, and distributable earnings of $5.1 million, or $0.07 per share. These figures fell substantially short of the Zacks Consensus Estimate of $0.26 per share for earnings. Additionally, reported revenue of $35.92 million missed the Zacks Consensus Estimate of $37.16 million by 3.31%.

    2. The company recognized $13.0 million in realized losses from loan write-offs related to Real Estate Owned (REO) conversions during fiscal Q3 2026. These losses significantly impacted distributable earnings, reducing them by $0.17 per share. This indicates challenges in the quality of the loan portfolio and ongoing asset resolution issues.

    3. TRTX experienced a decline in its book value per common share during fiscal Q3 2026. Book value decreased from $10.95 as of June 30, 2026, to $10.85 as of September 30, 2026. Despite the repurchase of 1,163,018 common shares at a weighted average price of $8.00, which added $0.04 to book value per share, the overall book value still declined by $0.10 sequentially.

    4. The quarterly common dividend declared for fiscal Q3 2026 was not fully covered by the company's earnings. TRTX declared a cash dividend of $0.24 per share, which exceeded both the GAAP diluted earnings per share of $0.08 and the final distributable earnings per share of $0.07. This disparity can raise concerns among investors regarding the sustainability of the dividend payout.

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    Stock Movement Drivers

    Fundamental Drivers

    The -19.4% change in TRTX stock from 6/30/2026 to 10/30/2026 was primarily driven by a -25.6% change in the company's Net Income Margin (%).
    (LTM values as of)630202610302026Change
    Stock Price ($)8.066.50-19.4%
    Change Contribution By: 
    Total Revenues ($ Mil)151141-6.9%
    Net Income Margin (%)43.3%32.2%-25.6%
    P/E Multiple9.610.913.5%
    Shares Outstanding (Mil)78762.5%
    Cumulative Contribution-19.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/30/2026
    ReturnCorrelation
    TRTX-19.4% 
    Market (SPY)1.2%14.4%
    Sector (XLF)5.4%26.8%

    Fundamental Drivers

    The -11.1% change in TRTX stock from 3/31/2026 to 10/30/2026 was primarily driven by a -19.2% change in the company's Net Income Margin (%).
    (LTM values as of)331202610302026Change
    Stock Price ($)7.316.50-11.1%
    Change Contribution By: 
    Total Revenues ($ Mil)151141-6.8%
    Net Income Margin (%)39.9%32.2%-19.2%
    P/E Multiple9.510.915.2%
    Shares Outstanding (Mil)78762.5%
    Cumulative Contribution-11.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/30/2026
    ReturnCorrelation
    TRTX-11.1% 
    Market (SPY)16.5%18.1%
    Sector (XLF)14.9%31.7%

    Fundamental Drivers

    The -14.1% change in TRTX stock from 9/30/2025 to 10/30/2026 was primarily driven by a -26.6% change in the company's Net Income Margin (%).
    (LTM values as of)930202510302026Change
    Stock Price ($)7.576.50-14.1%
    Change Contribution By: 
    Total Revenues ($ Mil)153141-7.9%
    Net Income Margin (%)43.9%32.2%-26.6%
    P/E Multiple9.010.922.1%
    Shares Outstanding (Mil)79764.1%
    Cumulative Contribution-14.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/30/2026
    ReturnCorrelation
    TRTX-14.1% 
    Market (SPY)14.4%27.7%
    Sector (XLF)6.2%41.1%

    Fundamental Drivers

    The 38.6% change in TRTX stock from 9/30/2023 to 10/30/2026 was primarily driven by a 20.7% change in the company's P/S Multiple.
    (LTM values as of)930202310302026Change
    Stock Price ($)4.696.5038.6%
    Change Contribution By: 
    Total Revenues ($ Mil)12514113.2%
    P/S Multiple2.93.520.7%
    Shares Outstanding (Mil)77761.4%
    Cumulative Contribution38.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/30/2026
    ReturnCorrelation
    TRTX38.6% 
    Market (SPY)82.9%37.5%
    Sector (XLF)77.8%41.9%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    TRTX Return25%-38%10%47%14%-17%17%
    Peers Return26%-19%17%-9%7%-36%-25%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    TRTX Win Rate67%33%42%67%58%40% 
    Peers Win Rate62%48%53%50%53%32% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    TRTX Max Drawdown-18%-45%-38%-22%-20%-33% 
    Peers Max Drawdown-15%-31%-29%-21%-19%-41% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [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 10/30/2026 (YTD)

    How Low Can It Go

    EventTRTXS&P 500
    2025 US Tariff Shock
      % Loss-15.2%-18.8%
      % Gain to Breakeven18.0%23.1%
      Time to Breakeven64 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-27.4%-9.5%
      % Gain to Breakeven37.7%10.5%
      Time to Breakeven119 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-32.9%-6.7%
      % Gain to Breakeven48.9%7.1%
      Time to Breakeven79 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-40.2%-24.5%
      % Gain to Breakeven67.3%32.4%
      Time to Breakeven644 days427 days
    2020 COVID-19 Crash
      % Loss-86.1%-33.7%
      % Gain to Breakeven620.9%50.9%
      Time to Breakeven1981 days140 days

    Compare to STWD, BXMT, KREF, ARI, LADR

    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.

    EventTRTXS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-27.4%-9.5%
      % Gain to Breakeven37.7%10.5%
      Time to Breakeven119 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-32.9%-6.7%
      % Gain to Breakeven48.9%7.1%
      Time to Breakeven79 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-40.2%-24.5%
      % Gain to Breakeven67.3%32.4%
      Time to Breakeven644 days427 days
    2020 COVID-19 Crash
      % Loss-86.1%-33.7%
      % Gain to Breakeven620.9%50.9%
      Time to Breakeven1981 days140 days

    Compare to STWD, BXMT, KREF, ARI, LADR

    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 (TRTX) is a commercial real estate finance company focused on the United States market. Its core business involves originating, acquiring, and actively managing a variety of debt instruments tied to commercial real estate properties. As a Real Estate Investment Trust (REIT), TRTX is generally not subject to federal corporate income taxes, provided it distributes at least 90% of its taxable income to its shareholders.

    The company's primary products are various forms of commercial real estate debt financing. This includes direct commercial mortgage loans, as well as more specialized instruments such as subordinate mortgage interests, mezzanine loans, and preferred equity investments. TRTX also invests in secured real estate securities, note financing, and participates in structured products like commercial real estate collateralized loan obligations (CLOs) and commercial mortgage-backed securities (CMBS).

    TRTX serves the broader U.S. commercial real estate market by providing financing solutions for a diverse range of property types. Its investments are primarily secured by assets within sectors such as office, multifamily, life science, mixed-use, hospitality, industrial, and retail real estate. This broad exposure allows TRTX to capitalize on opportunities across different segments of the commercial property landscape.

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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.

    AI Analysis | Feedback

    • 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).

    AI Analysis | Feedback

    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 Officer
    Mr. 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.

    AI Analysis | Feedback

    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:

    1. 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.
    2. 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.
    3. 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.
    4. 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.

    AI Analysis | Feedback

    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.

    Peer Outperformance in Mortgage REITs

    TRTX has outperformed 79% of its 33 Mortgage REITs peers over 5Y. Mortgage REITs ranks 17th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Mortgage REITs constituents that TRTX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    58%
    of 36 industry peers · -15.7% return
    3Y
    91%
    of 35 industry peers · 69.3% return
    5Y
    79%
    of 33 industry peers · -9.5% return
    No Mortgage REITs peer with a comparable growth profile has beaten TRTX by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Mortgage REITs is TRTX's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 35.1%68.9%123.0% SPNT 175% · RGA 148% · RNR 148%
    Investment Banking & Brokerage 13 -5.3%94.9%91.9% IBKR 346% · SNEX 158% · GS 144%
    Diversified Banks 12 30.4%154.4%91.6% CM 143% · RY 132% · JPM 125%
    Life & Health Insurance 20 16.2%53.5%82.5% JXN 532% · UNM 314% · MFC 190%
    Multi-line Insurance 9 8.1%68.3%64.8% GNW 114% · L 102% · AIZ 97%
    Property & Casualty Insurance 42 19.1%73.0%64.1% PGR 172% · TRV 171% · ACGL 167%
    Multi-Sector Holdings 3 8.3%57.8%55.1% BRK-B 89% · VOYA 55% · JEF 32%
    Regional Banks 261 32.6%98.8%53.2% CBC 254% · FCNCA 194% · NIC 148%
    Financial Exchanges & Data 15 18.5%44.0%27.9% CBOE 172% · VIRT 158% · CME 70%
    Insurance Brokers 15 3.7%11.4%19.5% LIFE 405% · ARX 89% · AJG 73%
    Asset Management & Custody Banks 85 -7.9%23.8%6.7% WT 249% · VCTR 241% · AAMI 200%
    Consumer Finance 30 7.9%70.4%4.2% ENVA 437% · FCFS 118% · AXP 95%
    Diversified Financial Services 4 -2.0%21.7%3.9% FRHC 180% · EQH 83%
    Commercial & Residential Mortgage Finance 14 -51.6%25.3%-1.7% FNMA 449% · FMCC 399% · ACT 157%
    Specialized Finance 3 2.8%37.8%-21.1% HASI -21% · CACC -22%
    Transaction & Payment Processing Services 17 12.5%11.3%-28.8% V 103% · MA 96% · CPAY 62%
    Mortgage REITs ← 34 -18.7%-5.2%-35.9% RITM 36% · DX 19% · AGNC 10%
    Diversified Capital Markets 20 -53.1%5.4%-63.3% LPLA 77% · TW 40% · RIOT -53%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    GDYNGrid Dynamics1.154.5%48.0%
    REPLReplimune1.753.7%81.2%
    SGRYSurgery Partners3.047.4%50.2%
    ADTADT7.542.9%25.2%
    TDOCTeladoc Health1.534.2%21.6%
    GKOSGlaukos14.032.8%110.4%
    ULCCFrontier1.530.6%36.9%
    AXGNAxogen2.629.7%50.8%
    HRIHerc5.529.4%13.4%
    PRMEPrime Medicine0.828.6%36.0%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    ARIApollo Commercial Real Estate Finance0.3-63.7%-75.9%
    BCAXBicara Therapeutics0.6-46.5%-45.8%
    IOVAIovance Biotherapeutics3.8-39.8%210.6%
    ATECAlphatec1.1-36.6%-66.5%
    RDDTReddit17.6-36.4%-60.1%
    BXBLBOXABL5.9-34.3%-79.9%
    COURCoursera0.8-31.7%-52.9%
    ORICORIC Pharmaceuticals1.0-29.8%13.0%
    AVBPArriVent BioPharma0.7-29.2%-26.1%
    CMPRCimpress1.4-29.1%-14.4%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    BRZEBraze5.178.4%33.4%
    SGRYSurgery Partners3.075.4%50.2%
    LQDALiquidia4.061.0%30.6%
    GDYNGrid Dynamics1.159.4%48.0%
    ADTADT7.558.3%25.2%
    PRMEPrime Medicine0.857.9%36.0%
    MAXMediaAlpha0.852.4%13.9%
    FIGSFIGS3.551.3%87.6%
    TDOCTeladoc Health1.550.1%21.6%
    DGICBDonegal-48.2%45.1%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    ARIApollo Commercial Real Estate Finance0.3-62.9%-75.9%
    GLASGlass House Brands0.2-59.0%-75.4%
    NUAINew Era Energy & Digital0.3-57.1%-6.7%
    BRUNBoost Run0.4-55.2%-66.0%
    SHAZSharonAI0.4-54.5%-75.5%
    CIFRCipher Digital3.0-52.8%-50.6%
    AVTXAvalo Therapeutics0.3-52.0%-60.5%
    BCAXBicara Therapeutics0.6-49.8%-45.8%
    AVBPArriVent BioPharma0.7-48.6%-26.1%
    BLZEBackblaze0.5-46.5%62.9%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    TRTXSTWDBXMTKREFARILADRMedian
    NameTPG RE F.Starwood.Blacksto.KKR Real.Apollo C.Ladder C. 
    Mkt Price6.5112.2011.015.372.349.167.83
    Mkt Cap0.54.51.80.30.31.10.8
    Rev LTM14181255545-85268205
    Op Inc LTM-------
    FCF LTM744813539218881
    FCF 3Y Avg88531323745610798
    CFO LTM851,09135347868887
    CFO 3Y Avg9575232391168107138

    Growth & Margins

    TRTXSTWDBXMTKREFARILADRMedian
    NameTPG RE F.Starwood.Blacksto.KKR Real.Apollo C.Ladder C. 
    Rev Chg LTM-6.4%1.8%9.2%-62.3%-154.5%16.6%-2.3%
    Rev Chg 3Y Avg6.8%-10.0%-6.7%-32.7%-67.0%-5.3%-8.4%
    Rev Chg Q-4.4%-5.7%-41.2%-28.8%-551.4%96.2%-17.2%
    QoQ Delta Rev Chg LTM-1.2%-1.2%-9.0%-14.1%-132.4%25.7%-5.1%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM60.4%134.4%63.6%103.7%-32.7%63.6%
    CFO/Rev 3Y Avg64.0%89.9%60.5%85.6%-39.5%64.0%
    FCF/Rev LTM52.8%59.3%63.6%20.9%-32.7%52.8%
    FCF/Rev 3Y Avg59.1%62.8%60.5%55.4%-39.5%59.1%

    Valuation

    TRTXSTWDBXMTKREFARILADRMedian
    NameTPG RE F.Starwood.Blacksto.KKR Real.Apollo C.Ladder C. 
    Mkt Cap0.54.51.80.30.31.10.8
    P/S3.55.53.36.8-4.24.2
    P/Op Inc-------
    P/EBIT-------
    P/E10.919.6-4.9-1.62.311.56.6
    P/CFO5.84.15.26.63.513.05.5
    Total Yield24.6%20.8%-3.1%-47.7%89.4%19.0%19.9%
    Dividend Yield15.4%15.7%17.2%17.8%46.2%10.3%16.4%
    FCF Yield 3Y Avg14.5%8.5%12.4%10.4%4.6%8.0%9.4%
    D/E8.43.17.711.01.23.05.4
    Net D/E8.33.07.410.4-2.82.85.2

    Returns

    TRTXSTWDBXMTKREFARILADRMedian
    NameTPG RE F.Starwood.Blacksto.KKR Real.Apollo C.Ladder C. 
    1M Rtn3.9%-9.7%-3.8%-13.5%-62.3%4.9%-6.8%
    3M Rtn-15.3%-21.0%-21.3%-21.6%-64.7%-1.7%-21.2%
    6M Rtn-19.3%-29.0%-38.3%-12.9%-78.8%-7.0%-24.2%
    12M Rtn-15.7%-24.4%-33.2%-28.0%-76.6%-5.2%-26.2%
    3Y Rtn69.4%-6.4%-22.9%-29.9%-76.5%17.1%-14.6%
    1M Excs Rtn1.6%-8.5%-3.6%-14.4%-63.8%4.0%-6.0%
    3M Excs Rtn-18.1%-22.9%-23.3%-26.5%-67.5%-4.6%-23.1%
    6M Excs Rtn-26.4%-36.2%-45.4%-20.1%-85.9%-14.1%-31.3%
    12M Excs Rtn-27.6%-37.4%-46.6%-41.3%-89.3%-18.8%-39.3%
    3Y Excs Rtn-15.3%-90.1%-106.9%-116.1%-160.1%-55.6%-98.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q32026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q4
    Period End9/30/20266/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/2023
    Filing Date10/26/20267/28/20264/28/20262/17/202610/28/20257/29/20254/29/20252/18/202510/29/20247/30/20244/30/20242/20/2024
    Key Financials Quarterly            
    Total Revenue363437353743373440393838
    Net Income913194222114112225176
    EPS0.080.120.190.000.230.210.120.090.230.260.170.03
    Key Financials TTM            
    Total Revenue TTM141143151151151153149151155142135122
    Net Income TTM455866606767717470-13-107-117
    Growth Rates Quarterly            
    Total Revenue Growth-4.4%-20.7%0.5%1.8%-6.2%9.8%-4.8%-9.7%50.4%19.9%51.4%6.9%
    Net Income Growth-57.4%-36.3%38.0%-62.8%-0.9%-16.5%-18.1%67.4%136.3%135.7%127.0%-82.4%
    Margins Quarterly            
    Net Income Margin26.4%38.9%51.5%11.4%59.1%48.5%37.5%31.2%56.0%63.7%43.5%16.8%
    Cash & Debt            
    Total Cash7166928894166363190226259203206
    Total Debt4,1743,5053,3633,2892,9333,0242,8122,5692,4882,5242,6573,039
    Net Debt / (Cash)4,1033,4403,2713,2012,8402,8582,4492,3792,2622,2642,4542,833
    Cash Flows Quarterly            
    FCF from Operations142225252225192524263723
    Cash Flows TTM            
    FCF from Operations TTM859396909193941121101129480
    Returns to Shareholders Quarterly            
    Dividends191919191920202020191919
    Share Repurchases1011409133-00-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC0.6%1.0%1.5%0.3%1.9%1.8%1.3%1.0%2.2%2.5%1.6%0.6%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM0.8%1.1%1.3%1.2%1.5%1.5%1.7%1.8%1.8%-0.3%-2.6%-2.6%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single Segment151151122156170
    Total151151122156170


    Price Behavior

    Price Behavior
    Market Price$6.50 
    Market Cap ($ Bil)0.5 
    First Trading Date07/20/2017 
    Distance from 52W High-23.1% 
       50 Days200 Days
    DMA Price$6.64$7.55
    DMA Trenddowndown
    Distance from DMA-2.2%-13.9%
     3M1YR
    Volatility26.9%22.2%
    Downside Capture158.0480.67
    Upside Capture35.5649.14
    Correlation (S&P 500)10.4%28.5%
    TRTX Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.830.730.670.480.540.78
    Up Beta-0.120.15-0.150.340.460.60
    Down Beta1.250.591.290.220.470.82
    Up Capture8%22%18%28%34%62%
    Bmk +ve Days6162766132424
    Stock +ve Days6142355123385
    Down Capture263%220%167%101%84%98%
    Bmk -ve Days16263760120328
    Stock -ve Days15274067120346

    [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-15.3%22.2%-0.83-
    Sector ETF (XLF)9.8%14.4%0.4139.0%
    Equity (SPY)10.9%12.8%0.5226.7%
    Gold (GLD)-2.0%28.6%-0.0815.8%
    Commodities (DBC)48.2%20.6%1.79-23.6%
    Real Estate (VNQ)10.2%13.7%0.4543.2%
    Bitcoin (BTCUSD)-30.3%43.5%-0.7111.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with TRTX
    TRTX-2.0%34.9%0.01-
    Sector ETF (XLF)8.6%18.3%0.3347.3%
    Equity (SPY)12.2%17.1%0.5345.6%
    Gold (GLD)16.2%19.0%0.6810.6%
    Commodities (DBC)9.2%19.5%0.3511.5%
    Real Estate (VNQ)0.9%18.9%-0.0653.3%
    Bitcoin (BTCUSD)4.8%51.6%0.2817.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with TRTX
    TRTX0.2%56.8%0.21-
    Sector ETF (XLF)13.2%22.1%0.5441.2%
    Equity (SPY)15.2%17.9%0.7236.0%
    Gold (GLD)11.4%16.5%0.563.3%
    Commodities (DBC)8.2%18.1%0.3713.3%
    Real Estate (VNQ)5.3%20.7%0.2144.4%
    Bitcoin (BTCUSD)61.7%66.2%1.0110.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity6.9 Mil
    Short Interest: % Change Since 93020266.3%
    Average Daily Volume1.5 Mil
    Days-to-Cover Short Interest4.7 days
    Basic Shares Quantity76.3 Mil
    Short % of Basic Shares9.0%

    Returns Analyses

    Earnings Returns History

    Updated 10/29/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/26/20260.8%  
    7/28/2026-3.9%-6.3%-9.7%
    4/28/2026-0.8%2.0%0.7%
    2/17/2026-4.1%-5.1%-9.4%
    10/28/2025-2.8%0.0%2.1%
    7/29/20254.4%6.2%10.4%
    4/29/20251.5%-0.8%2.8%
    2/18/2025-5.2%-2.9%-2.1%
    ...
    SUMMARY STATS   
    # Positive111112
    # Negative151413
    Median Positive2.6%5.8%7.2%
    Median Negative-3.9%-5.5%-4.4%
    Max Positive16.6%25.9%41.4%
    Max Negative-16.3%-19.4%-11.7%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/26/20260.8%  
    7/28/2026-3.9%-6.3%-9.7%
    4/28/2026-0.8%2.0%0.7%
    2/17/2026-4.1%-5.1%-9.4%
    10/28/2025-2.8%0.0%2.1%
    7/29/20254.4%6.2%10.4%
    4/29/20251.5%-0.8%2.8%
    2/18/2025-5.2%-2.9%-2.1%
    10/29/20245.9%5.8%10.6%
    7/30/2024-1.4%-7.2%1.5%
    4/30/202413.1%20.6%16.5%
    2/20/202416.6%25.9%41.4%
    10/31/2023-4.4%0.9%7.3%
    8/1/2023-10.2%-7.1%-1.4%
    5/2/2023-16.3%-18.7%-4.0%
    2/21/202316.1%10.5%-9.9%
    11/1/2022-14.2%-19.4%-10.7%
    8/2/2022-1.7%-3.2%-11.7%
    5/3/20221.0%-7.0%-2.6%
    2/22/2022-3.2%-2.5%-0.9%
    1/6/20222.2%5.7%1.2%
    11/2/2021-0.7%1.1%-4.4%
    8/3/2021-3.3%-2.3%-4.4%
    5/4/20211.4%-0.6%7.2%
    2/24/2021-11.0%-5.9%-5.5%
    11/4/20202.6%12.0%35.6%
    SUMMARY STATS   
    # Positive111112
    # Negative151413
    Median Positive2.6%5.8%7.2%
    Median Negative-3.9%-5.5%-4.4%
    Max Positive16.6%25.9%41.4%
    Max Negative-16.3%-19.4%-11.7%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    09/30/202610/26/202610-Q
    06/30/202607/28/202610-Q
    03/31/202604/28/202610-Q
    12/31/202502/17/202610-K
    09/30/202510/28/202510-Q
    06/30/202507/29/202510-Q
    03/31/202504/29/202510-Q
    12/31/202402/18/202510-K
    09/30/202410/29/202410-Q
    06/30/202407/30/202410-Q
    03/31/202404/30/202410-Q
    12/31/202302/20/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/01/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/21/202310-K
     Collapse to Preview
    Report DateFiling DateFiling
    09/30/202610/26/202610-Q
    06/30/202607/28/202610-Q
    03/31/202604/28/202610-Q
    12/31/202502/17/202610-K
    09/30/202510/28/202510-Q
    06/30/202507/29/202510-Q
    03/31/202504/29/202510-Q
    12/31/202402/18/202510-K
    09/30/202410/29/202410-Q
    06/30/202407/30/202410-Q
    03/31/202404/30/202410-Q
    12/31/202302/20/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/01/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/21/202310-K
    09/30/202211/01/202210-Q
    06/30/202208/02/202210-Q
    03/31/202205/03/202210-Q
    12/31/202102/23/202210-K
    09/30/202111/02/202110-Q
    06/30/202108/03/202110-Q
    03/31/202105/04/202110-Q
    12/31/202002/24/202110-K
    09/30/202011/04/202010-Q
    06/30/202007/29/202010-Q
    03/31/202005/11/202010-Q
    12/31/201902/19/202010-K

    Investor Activity (13F)

    Updated Oct 31, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Long Pond Capital, LP$54.9 Mil5.6%32Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Long Pond Capital, LP$54.9 Mil5.6%32Hold13F

    Industry Resources

    External Quote Links


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