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TPG RE Finance Trust, Inc. logo

TPG RE Finance Trust, Inc.

TRTX

NYSEReal EstateREIT - Mortgage

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Latest quote

$7.89

+$0.03 · +0.38%

Aug 21, 3:55 PM ET

TRTX company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

82

Deep Value

Momentum

49

Neutral

Sentiment

48

Mixed

Risk resilience

69

Moderate Risk

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Thesis, catalysts, evidence, and risk analysis.

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AI-generated, informational only, and not investment advice.

Company profile

Company website

TPG RE Finance Trust, Inc. (TRTX) operates as a financial institution primarily engaged in the commercial real estate sector within the United States. Its core business involves generating, purchasing, and actively overseeing a variety of debt instruments connected to commercial properties. The company's investment strategy encompasses a wide range of commercial real estate-backed debt, including senior and subordinate mortgage loans, mezzanine financing, preferred equity stakes, and various secured real estate securities. TRTX also allocates capital to commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs) that are underpinned by real estate assets. These investments are predominantly tied to properties within key sectors such as office buildings, multifamily residences, life science facilities, mixed-use developments, hospitality venues, industrial sites, and retail spaces. For federal income tax purposes, TPG RE Finance Trust, Inc. is structured as a Real Estate Investment Trust (REIT). This classification generally allows the company to avoid federal corporate income tax liabilities, provided it distributes at least 90% of its taxable income to its stockholders. Established in 2014, the company maintains its corporate headquarters in New York, New York.

Industry
REIT - Mortgage
Sector
Real Estate
Headquarters
US
CEO
Doug Bouquard
Listed since
Jul 20, 2017
Employees
0

Market position

Volume
566.19K
0.81× average
Average volume
698.7K
Average daily volume
Market cap
605.71M USD
Beta
1.48
Market reference 1

Financials

Financial snapshot

Latest / TTM

Valuation & yield

P/E (TTM)
14.28×
P/B (TTM)
0.58×
P/S (TTM)
2.27×
Dividend yield
12.17%

Profitability & efficiency

Gross margin
82.71%
Operating margin
70.13%
Net margin
21.76%

Financial health

Debt / equity
3.36×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends104%55%7%-42%Gross margin, FY2021: 90.39%Gross margin, FY2022: 89.99%Gross margin, FY2023: 91.46%Gross margin, FY2024: 80.30%Gross margin, FY2025: 79.30%Operating margin, FY2021: 86.79%Operating margin, FY2022: 28.76%Operating margin, FY2023: 38.92%Operating margin, FY2024: 78.70%Operating margin, FY2025: 72.97%Net margin, FY2021: 57.56%Net margin, FY2022: -19.65%Net margin, FY2023: -29.89%Net margin, FY2024: 21.18%Net margin, FY2025: 18.14%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 90.39%. Gross margin FY2022 89.99%. Gross margin FY2023 91.46%. Gross margin FY2024 80.30%. Gross margin FY2025 79.30%. Operating margin FY2021 86.79%. Operating margin FY2022 28.76%. Operating margin FY2023 38.92%. Operating margin FY2024 78.70%. Operating margin FY2025 72.97%. Net margin FY2021 57.56%. Net margin FY2022 -19.65%. Net margin FY2023 -29.89%. Net margin FY2024 21.18%. Net margin FY2025 18.14%.

Income trends

Revenue

332.58M USD-5.23%

Operating income

242.69M USD-12.13%

Net income

60.32M USD-18.86%
Income trends across reported periods440.85M USD238.13M USD35.41M USD−167.31M USDRevenue, FY2021: 240.72M USDRevenue, FY2022: 305.71M USDRevenue, FY2023: 390.17M USDRevenue, FY2024: 350.93M USDRevenue, FY2025: 332.58M USDOperating income, FY2021: 208.91M USDOperating income, FY2022: 87.93M USDOperating income, FY2023: 151.86M USDOperating income, FY2024: 276.19M USDOperating income, FY2025: 242.69M USDNet income, FY2021: 138.55M USDNet income, FY2022: −60.07M USDNet income, FY2023: −116.63M USDNet income, FY2024: 74.34M USDNet income, FY2025: 60.32M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 240.72M USD. Revenue FY2022 305.71M USD. Revenue FY2023 390.17M USD. Revenue FY2024 350.93M USD. Revenue FY2025 332.58M USD. Operating income FY2021 208.91M USD. Operating income FY2022 87.93M USD. Operating income FY2023 151.86M USD. Operating income FY2024 276.19M USD. Operating income FY2025 242.69M USD. Net income FY2021 138.55M USD. Net income FY2022 −60.07M USD. Net income FY2023 −116.63M USD. Net income FY2024 74.34M USD. Net income FY2025 60.32M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue332.58M USD350.93M USD390.17M USD305.71M USD240.72M USD
Cost of goods sold68.83M USD69.12M USD33.33M USD30.61M USD23.13M USD
Gross profit263.75M USD281.81M USD356.85M USD275.1M USD217.59M USD
Selling, general, and administrative42.58M USD————
Operating expenses21.06M USD5.63M USD204.98M USD187.17M USD8.68M USD
Interest income290.24M USD307.15M USD362.55M USD302.86M USD240.16M USD
Interest expense188.96M USD201.45M USD275.26M USD160.76M USD85.09M USD
Depreciation and amortization12.72M USD14.95M USD3.5M USD——
Operating income242.69M USD276.19M USD151.86M USD87.93M USD208.91M USD
Net income60.32M USD74.34M USD−116.63M USD−60.07M USD138.55M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
27%
3 beats, 6 misses, 2 met estimates
Average EPS surprise
-79.84%
11 comparable reports
Latest EPS result
0.23
Estimate 0.26 · Miss by 10.09%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.310.240.160.09Q1 '25MissQ2 '25MissQ3 '25MetQ4 '25MissQ1 '26MissQ2 '26MetQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 18, 2025: actual 0.1, estimate 0.26, surprise -61.54%, Miss. Q2 2025, reported Apr 29, 2025: actual 0.24, estimate 0.26, surprise -7.69%, Miss. Q3 2025, reported Jul 29, 2025: actual 0.24, estimate 0.24, surprise 0.00%, Met estimate. Q4 2025, reported Oct 28, 2025: actual 0.25, estimate 0.26, surprise -3.85%, Miss. Q1 2026, reported Feb 17, 2026: actual 0.24, estimate 0.27, surprise -11.11%, Miss. Q2 2026, reported Apr 28, 2026: actual 0.25, estimate 0.25, surprise 0.00%, Met estimate. Q3 2026, reported Jul 28, 2026: actual 0.23, estimate 0.256, surprise -10.09%, Miss. Q4 2026, reported Oct 27, 2026: actual —, estimate 0.26, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates92.62M65.18M37.75M10.31MQ1 '25BeatQ2 '25MissQ3 '25BeatQ4 '25BeatQ1 '26MissQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 18, 2025: actual 34.28M USD, estimate 28.2M USD, surprise +21.55%, Beat. Q2 2025, reported Apr 29, 2025: actual 12.13M USD, estimate 25.33M USD, surprise -52.12%, Miss. Q3 2025, reported Jul 29, 2025: actual 82.23M USD, estimate 26.03M USD, surprise +215.95%, Beat. Q4 2025, reported Oct 28, 2025: actual 86.66M USD, estimate 27.15M USD, surprise +219.19%, Beat. Q1 2026, reported Feb 17, 2026: actual 35M USD, estimate 36.96M USD, surprise -5.29%, Miss. Q2 2026, reported Apr 28, 2026: actual 37.3M USD, estimate 37.14M USD, surprise +0.42%, Beat. Q3 2026, reported Jul 28, 2026: actual 34M USD, estimate 37.3M USD, surprise -8.85%, Miss. Q4 2026, reported Oct 27, 2026: actual —, estimate 38.28M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$11.38

44.23% upside
Past 12 months12-month forecast

Price history unavailable

High $13.00Average $11.38Low $10.00

Rating distribution

11 ratings
Strong buy00%
Buy764%
Hold327%
Sell19%
Strong sell00%

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

$0.96

2025 complete year+1.1% since 2021

2026 partial: $0.48

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Jun 26, 2026

$0.24

Irregular

Record Jun 26, 2026 · Payment Jul 24, 2026

Dividend

Ex-dividend Mar 27, 2026

$0.24

Quarterly

Record Mar 27, 2026 · Payment Apr 24, 2026

Dividend

Ex-dividend Dec 26, 2025

$0.24

Quarterly

Record Dec 26, 2025 · Payment Jan 23, 2026

Dividend

Ex-dividend Sep 26, 2025

$0.24

Quarterly

Record Sep 26, 2025 · Payment Oct 24, 2025

Dividend

Ex-dividend Jun 27, 2025

$0.24

Quarterly

Record Jun 27, 2025 · Payment Jul 25, 2025

Dividend

Ex-dividend Mar 28, 2025

$0.24

Quarterly

Record Mar 28, 2025 · Payment Apr 25, 2025

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ETFs holding TRTX

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
19.45M
Weight
0.00%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
14.54M
Weight
0.02%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
Global X - SuperDividend ETF logoGlobal X - SuperDividend ETFSDIV
Market value
10.99M
Weight
0.89%
AUM
1.24B USD
Expense ratio
0.58%
Price / 1D
$24.92+0.69%
Global X - SuperDividend REIT ETF logoGlobal X - SuperDividend REIT ETFSRET
Market value
7.52M
Weight
3.21%
AUM
232.13M USD
Expense ratio
0.58%
Price / 1D
$22.39-0.22%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
7.15M
Weight
0.01%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
Fidelity Enhanced Small Cap ETF logoFidelity Enhanced Small Cap ETFFESM
Market value
7.12M
Weight
0.11%
AUM
6.03B USD
Expense ratio
0.28%
Price / 1D
$47.94+0.80%
iShares Mortgage Real Estate ETF logoiShares Mortgage Real Estate ETFREM
Market value
6.92M
Weight
1.27%
AUM
544.56M USD
Expense ratio
0.48%
Price / 1D
$22.02-0.23%
VanEck Mortgage REIT Income ETF logoVanEck Mortgage REIT Income ETFMORT
Market value
6.48M
Weight
1.75%
AUM
370.81M USD
Expense ratio
0.43%
Price / 1D
$9.90-0.30%

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