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TPG RE Finance Trust, Inc.

TPG RE Finance Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $146.1 million, down 4.57% from fiscal 2024. In the quarter to June 2026, revenue fell 6.05%, EPS fell 42.9%, free cash flow fell 70.5% and total debt rose 15.1%, each against the same quarter a year earlier. Dividend growth for three consecutive years.

5.79 0.13 −2.20%

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Market cap: $454.5M
P/E: 10.7×
Fwd P/E: 10.5×
Dividend yield: 16.6%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 7.16%

Capital & Financial Ratios $m

Market Cap 454.48

Revenue 144.20

Net Income 58.04

Free Cash Flow 82.89

Net Debt 3,373.92

Current Ratio 200.26

Debt/Equity 3.30

P/E ratio 10.72

Fwd P/E 10.50

P/S ratio 3.09

P/B ratio 0.43

Past 5Y EPS Growth —

This Y EPS Growth 3.78%

Next Y EPS Growth 10.10%

Next Y revenue growth (29.64%)

Next 5Y EPS Growth 5.84%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 21.69%

10-year low 10-year high

P/S against its own 10 years 1.59%

10-year low 10-year high

P/B against its own 10 years 7.81%

10-year low 10-year high

EV/Sales against its own 10 years 61.20%

10-year low 10-year high

EV/FCF against its own 10 years 89.57%

10-year low 10-year high

Dividends

Payout Ratio 1.78

Annual Dividend Rate 0.96

Annual Dividend Yield 16.58%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.96	0.24 0.24 0.24
2025	0.96	0.24 0.24 0.24 0.24
2024	0.96	0.24 0.24 0.24 0.24
2023	0.96	0.24 0.24 0.24 0.24
2022	0.96	0.24 0.24 0.24 0.24
2021	0.64	0.20 0.20 0.24 0.07
2020	1.46	0.43 0.43 0.20 0.20 0.20
2019	1.72	0.43 0.43 0.43 0.43
2018	1.71	0.42 0.43 0.43 0.43
2017	0.71	0.33 0.38

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	454	190	92	71
Receivables	67	28	29	29
Inventory	—	—	—	—
Other	—	—	—	—
	3,930	3,435	4,150	4,344

	2023	2024	2025	Q'26
Payables	—	—	—	—
ST’ Debt	—	—	—	—
Other	—	—	—	—
	25	22	23	22

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%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	37	34	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.19	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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	18.61	17.81	18.07	2.45	9.58	6.31	4.65	5.12	6.47	Analyst estimates 2026–2028 Powerpack
	High	—	20.70	21.05	20.80	21.30	14.55	13.38	9.23	9.66	9.85
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
Income, $m
Income, $m	Revenue	92	122	141	167	177	156	145	116	153	146
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	70	94	107	127	(137)	140	(60)	(116)	75	61
	EBT margin, %	75.72	77.25	76.15	76.11	(77.14)	89.71	(41.07)	(99.98)	48.81	41.54
	Net income	70	94	107	126	(137)	139	(60)	(117)	74	60
	Depreciation	1	(8)	1	3	2	9	4	4	18	14
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
	Earnings	1.69	1.74	1.70	1.73	(2.03)	0.92	(0.95)	(1.69)	0.75	0.57
	Cash flow	2.07	1.68	1.71	1.67	1.72	1.72	1.30	1.03	1.41	1.14
	Capex	(0.01)	0.00	0.00	0.00	0.00	0.71	1.94	0.90	(0.07)	0.42
	Free cash flow	2.06	1.68	1.71	1.67	1.72	2.42	3.24	1.94	1.34	1.56
	Book value	23.44	22.17	21.05	20.67	16.53	19.03	17.10	14.50	13.96	13.47
	Shares, m	41	54	63	73	77	77	77	78	80	79
Valuation, ×
Valuation, ×	P/E	39.97	10.11	10.69	11.72	0.00	13.25	0.00	0.00	11.33	15.38
	P/S	11.35	8.44	8.18	8.84	4.60	6.09	3.69	4.33	4.43	4.67
	P/B	1.24	0.86	0.87	0.98	0.64	0.65	0.40	0.45	0.61	0.64
	EV/Sales	21.41	22.76	30.02	33.89	21.94	28.24	24.72	24.19	18.75	26.14
	EV/FCF	23.80	30.57	39.31	46.48	29.42	23.57	11.77	12.46	26.88	30.89
Cash, $m
Cash, $m	Operating cash flow	86	91	108	122	132	132	100	80	112	90
	Capex	0	0	—	—	—	54	150	70	(5)	33
	Free cash flow	85	91	108	122	132	187	250	150	107	124
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
	Total debt	1,554	1,827	3,118	4,255	3,389	3,708	3,600	2,767	2,383	3,229
	Net debt	1,450	1,751	3,077	4,175	3,069	3,447	3,048	2,312	2,193	3,137
	Shareholders’ equity	971	1,201	1,327	1,504	1,267	1,465	1,322	1,125	1,114	1,068
Returns, %
Returns, %	ROA	2.92	3.13	2.71	2.41	(2.88)	1.40	(1.37)	(2.68)	1.50	1.12
	ROIC	1.81	2.00	1.52	1.40	1.97	1.50	1.43	1.21	1.49	1.00
	ROE	8.29	8.69	8.46	8.87	(11.23)	5.18	(5.29)	(10.70)	5.33	4.17

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MFA MFA Financial, Inc.	$677.3M	6.5×	10.1×	+4.48% (above 0%: growing)	+59.09% (above 0%: growing)	+162.56% (above 0%: growing)	100.00%	78.90%	Compare
PMT PennyMac Mortgage Investment Trust	$615.7M	4.9×	8.4×	+3.60% (above 0%: growing)	n/m	−45.97% (below 0%: shrinking)	63.63%	34.80%	Compare
IVR INVESCO MORTGAGE CAPITAL INC	$607.1M	3.7×	10.2×	+20.93% (above 0%: growing)	n/m	+3.93% (above 0%: growing)	35.24%	28.86%	Compare
ABR Arbor Realty Trust	$522.4M	38.6×	22.1×	−2.77% (below 0%: shrinking)	n/m	+172.80% (above 0%: growing)	19.79%	(4.57%)	Compare
FBRT Franklin BSP Realty Trust, Inc.	$520.7M	14.1×	9.4×	+32.33% (above 0%: growing)	−36.84% (below 0%: shrinking)	+87.71% (above 0%: growing)	90.86%	18.69%	Compare
BRSP BrightSpire Capital, Inc.	$479.5M	— (loss-making)	25.0×	−9.80% (below 0%: shrinking)	n/m	+150.31% (above 0%: growing)	61.99%	(40.13%)	Compare
TRTX TPG RE Finance Trust, Inc.	$454.5M	10.7×	10.5×	−6.05% (below 0%: shrinking)	−42.86% (below 0%: shrinking)	−70.48% (below 0%: shrinking)	100.00%	49.39%
RWT Redwood Trust, Inc.	$390.7M	— (loss-making)	8.4×	+35.48% (above 0%: growing)	n/m	−77.33% (below 0%: shrinking)	8.33%	(1.59%)	Compare
KREF KKR Real Estate Finance Trust	$352.3M	— (loss-making)	— (loss-making)	−41.60% (below 0%: shrinking)	n/m	−137.85% (below 0%: shrinking)	100.00%	(560.14%)	Compare
Median of peers	$521.5M	6.5×	10.1×	+4.04%	—	+45.82%	62.81%	8.55%

All 37 Reit Mortgage stocks →

TPG RE Finance Trust, Inc. (TRTX) key facts

Concern: TPG RE Finance Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $146.1 million, down 4.57% from fiscal 2024.
TPG RE Finance Trust, Inc. (TRTX) is a Reit Mortgage company in the Real Estate sector, listed on the New York Stock Exchange.
As of October 16, 2026, TRTX traded at $5.79, a market capitalization of $454.5 million.
TPG RE Finance Trust, Inc. pays an annual dividend of $0.96 per share, a yield of 16.6%, with a payout ratio of 177.8%.
Return on equity was 4.17% and debt-to-equity 3.30.
Its Piotroski F-score is 5 out of 9 for fiscal 2025.