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TPG RE Finance Trust, Inc.

TRTX Real Estate Reit Mortgage

TPG RE Finance Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $146.1 million, down 4.57% from fiscal 2024.

Revenue
−5.07%
EPS
−46.7%
Free cash flow
−40.7%
Total debt
+46.5%

Quarter to September 2026, against a year earlier

6.81 0.21 −2.99%
Market cap
$532.3M
P/E
16.3×
Fwd P/E
12.3×
Dividend yield
13.6%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.30
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — 3 —
Sell — — — — — — — — — — — —
Insider Ownership 7.45%

Capital & Financial Ratios $m

Size
Market Cap 532.30
Revenue ttm 142.28
Net income ttm 45.41
Free cash flow ttm 74.50
Net debt Q 4,060.18
Valuation
P/E 16.27
Forward P/E 12.30
Price / sales 3.78
Forward P/S Powerpack
Price / FCF 7.21
Price / book 0.52
Financial health
Current ratio Q 246.28
Debt / equity Q 4.05
Interest coverage Q —
Growth
Revenue growth Q −5.07% (below 0%: shrinking)
Operating income growth Q −7.44% (below 0%: shrinking)
EPS, this year −7.39% (below 0%: weak)
EPS, next year A +23.75% (at or above 15%: strong)
Revenue, next year A −29.10% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +5.84%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 32.3×, against a ten-year median of 26.1×; over the ten years it ranged from 18.3× in 2024 to 36.7× in 2019.
P/E against its own 10 years 91.14%
10-year low 10-year high
P/S against its own 10 years 10.15%
10-year low 10-year high
P/B against its own 10 years 24.87%
10-year low 10-year high
EV/Sales against its own 10 years 89.76%
10-year low 10-year high
EV/FCF against its own 10 years 99.96%
10-year low 10-year high

Dividends

Yield
13.6%
Annual rate
0.96
Payout ratio
222.0%
Growth, 2017–25
+3.84%/yr
  1. 0.71 ’17
  2. 1.71 ’18 +141
  3. 1.72 ’19 +1
  4. 1.46 ’20 −15
  5. 0.64 ’21 −56
  6. 0.96 ’22 +50
  7. 0.96 ’23 +0
  8. 0.96 ’24 +0
  9. 0.96 ’25 +0
  10. 0.96 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 454 190 92 83
Receivables 67 28 29 33
Inventory — — — —
Other — — — —
3,930 3,435 4,150 4,958
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
25 22 23 20

Compound Annual Growth %

10y 5y 3y
Sales 6.06% (3.76%) 0.27%
Cash Flow (0.87%) (7.31%) (3.48%)
Earnings (2.63%) 0.00% 0.00%
Book Value 4.07% (3.36%) (6.86%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.26 Actual 0.07

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.27 0.24 Miss by 0.03
Q1 FY26 0.25 0.25 Met by 0.00
Q2 FY26 0.25 0.23 Miss by 0.02
Q3 FY26 0.26 0.07 Miss by 0.19
Q4 FY26 0.27 — Reports 16 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.19 0.12 0.12 — —
’25 0.12 0.21 0.23 0.00 0.57
’24 0.17 0.26 0.23 0.09 0.75
’23 0.05 (0.94) (0.83) 0.03 (1.69)
’22 0.25 (0.11) (1.52) 0.42 (0.95)
’21 0.30 (0.27) 0.32 0.51 0.87
’20 (3.05) 0.52 0.39 0.09 (2.03)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 37 34 36 — —
’25 37 36 38 35 146
’24 39 39 40 35 153
’23 25 33 27 31 116
’22 39 39 32 36 145
’21 38 40 39 39 156
’20 44 44 48 41 177
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 25 22 14 — —
’25 19 25 22 25 90
’24 37 26 24 25 112
’23 23 7 26 23 80
’22 33 32 17 18 100
’21 26 35 36 35 132
’20 38 33 31 30 132
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 22 19 12 — —
’25 19 63 21 21 124
’24 36 24 23 24 107
’23 23 7 24 96 150
’22 33 106 17 94 250
’21 26 35 36 90 187
’20 38 33 31 30 132
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 92 122 141 167 177 156 145 116 153 146 142 +5.2% 104 116 115 (7.7%)
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 70 94 107 127 (137) 140 (60) (116) 75 61 46 (1.6%)
EBT margin, % 75.72 77.25 76.15 76.11 (77.14) 89.71 (41.07) (99.98) 48.81 41.54 32.20 (34.2) pt
Net income 70 94 107 126 (137) 139 (60) (117) 74 60 45 (1.6%)
Per share, $
Per share, $ Revenue 2.23 2.26 2.23 2.29 2.31 2.02 1.88 1.50 1.92 1.84 1.86 (2.1%)
Earnings 1.69 1.74 1.70 1.73 (2.03) 0.92 (0.95) (1.69) 0.75 0.57 0.43 (11.4%)
Cash flow 2.07 1.68 1.71 1.67 1.72 1.72 1.30 1.03 1.41 1.14 1.12 (6.4%)
Capex (0.01) 0.00 0.00 0.00 0.00 0.71 1.94 0.90 (0.07) 0.42 (0.14) n/m
Free cash flow 2.06 1.68 1.71 1.67 1.72 2.42 3.24 1.94 1.34 1.56 0.98 (3.0%)
Book value 23.44 22.17 21.05 20.67 16.53 19.03 17.10 14.50 13.96 13.47 13.42 (6.0%)
Shares, m 41 54 63 73 77 77 77 78 80 79 78 +7.5%
Valuation, ×
Valuation, × P/E 39.97 10.11 10.69 11.72 0.00 13.25 0.00 0.00 11.33 15.38 16.27 11.2
P/S 11.35 8.44 8.18 8.84 4.60 6.09 3.69 4.33 4.43 4.67 3.78 6.5
P/B 1.24 0.86 0.87 0.98 0.64 0.65 0.40 0.45 0.61 0.64 0.52 0.7
EV/Sales 21.41 22.76 30.02 33.89 21.94 28.24 24.72 24.19 18.75 26.14 32.31 25.2
EV/FCF 23.80 30.57 39.31 46.48 29.42 23.57 11.77 12.46 26.88 30.89 61.71 27.5
Cash, $m
Cash, $m Operating cash flow 86 91 108 122 132 132 100 80 112 90 85 +0.6%
Capex 0 0 — — — 54 150 70 (5) 33 (11) n/m
Free cash flow 85 91 108 122 132 187 250 150 107 124 74 +4.2%
Balance, $m
Balance, $m Working capital 2,485 2,970 4,437 5,061 4,788 5,114 5,461 3,906 3,413 4,127 4,938 +5.8%
Net debt 1,450 1,751 3,077 4,175 3,069 3,447 3,048 2,312 2,193 3,137 4,060 +9.0%
Shareholders’ equity 971 1,201 1,327 1,504 1,267 1,465 1,322 1,125 1,114 1,068 1,024 +1.1%
Returns, %
Returns, % ROA 2.92 3.13 2.71 2.41 (2.88) 1.40 (1.37) (2.68) 1.50 1.12 0.66 (1.8) pt
ROIC 1.81 2.00 1.52 1.40 1.97 1.50 1.43 1.21 1.49 1.00 0.85 (0.8) pt
ROE 8.29 8.69 8.46 8.87 (11.23) 5.18 (5.29) (10.70) 5.33 4.17 2.90 (4.1) pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

TPG RE Finance Trust, Inc. vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PMT PennyMac Mortgage Investment Trust $717.7M 17.9× 7.3× −63.48% (below 0%: shrinking) n/m −95.57% (below 0%: shrinking) 24.92% (28.21%) Compare
CIM Chimera Investment Corporation $663.0M — (loss-making) — (loss-making) +10.32% (above 0%: growing) n/m −191.20% (below 0%: shrinking) 100.00% 0.00% Compare
MFA MFA Financial, Inc. $662.1M — (loss-making) 7.3× +9.75% (above 0%: growing) n/m +498.41% (above 0%: growing) 100.00% 0.00% Compare
IVR INVESCO MORTGAGE CAPITAL INC $595.7M — (loss-making) 6.8× +35.72% (above 0%: growing) n/m +3.93% (above 0%: growing) 34.28% 29.04% Compare
ADAM Adamas Trust, Inc. $534.6M — (loss-making) 5.0× +12.82% (above 0%: growing) n/m −119.68% (below 0%: shrinking) 25.11% (89.42%) Compare
TRTX TPG RE Finance Trust, Inc. $532.3M 16.3× 12.3× −5.07% (below 0%: shrinking) −46.65% (below 0%: shrinking) −40.71% (below 0%: shrinking) 100.00% 50.23%
FBRT Franklin BSP Realty Trust, Inc. $475.2M — (loss-making) 12.7× −16.32% (below 0%: shrinking) n/m +34.53% (above 0%: growing) 92.17% 25.20% Compare
BRSP BrightSpire Capital, Inc. $431.4M 23.7× 11.9× −5.94% (below 0%: shrinking) +3,762.00% (above 0%: growing) +122.61% (above 0%: growing) 61.25% (26.51%) Compare
RWT Redwood Trust, Inc. $390.7M — (loss-making) 12.8× −86.45% (below 0%: shrinking) n/m −77.33% (below 0%: shrinking) 100.00% (4.68%) Compare
Median of peers $565.2M — 7.3× +1.91% — −36.70% 76.71% (2.34%)

All 37 Reit Mortgage stocks →

Pay and ownership Proxy statement filed 8 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.92m 4.36m 81.07

Ownership

Directors and executive officers, together 3.00%
Long Pond Capital, LP 9.40%
BlackRock, Inc. 6.80%
Gratia Capital, LLC 5.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

TPG RE Finance Trust, Inc. (TRTX) Latest News

27 Oct

Impact 4 · · Moby transcript
Impact 3 · · Simply Wall St.

26 Oct

Impact 4 · · Business Wire
Impact 3 · · Zacks
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21 Oct

Impact 3 · · Zacks

15 Sep

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1 Aug

Impact 3 · · MarketBeat transcript

29 Jul

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28 Jul

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14 May

Impact 4 · · Business Wire

2 May

Impact 4 · · MarketBeat

29 Apr

Impact 4 · · Moby

28 Apr

Impact 3 · · Zacks
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20 Feb

Impact 4 · · GuruFocus.com

19 Feb

Impact 3 · · MarketBeat

18 Feb

Impact 4 · · Moby

17 Feb

Impact 4 · · Business Wire
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11 Feb

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10 Feb

Impact 4 · · Zacks

23 Jan

Impact 3 · · Zacks

19 Jan

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

17 Dec

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1 Dec

Impact 3 · · Zacks

17 Nov

Impact 4 · · Business Wire
stockrow.com/TRTX · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com