TPG RE Finance Trust, Inc. TRTX
TPG RE Finance Trust, Inc. is a commercial real estate finance company externally managed by TPG RE Finance Trust Management, L.P., an affiliate of TPG. Our principal executive offices are located at 888 Seventh Avenue, 35th Floor, New York, New York 10106. We are organized as a holding company and conduct our operations primarily through TPG RE Finance Trust Holdco, LLC ("Holdco"), a wholly owned Delaware limited liability company, and Holdco's direct and indirect subsidiaries. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our REIT taxable income to the extent that we annually distribute all of our REIT taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion or exemption from registration under the Investment Company Act.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| SG&A | $4.3M | $4.3M | $3.8M | $4.4M | $4.4M | $3.6M | $3.0M | $3.4M | $3.0M | $2.2M |
| Interest expense | $103.8M | $108.3M | $88.7M | $142.1M | $85.1M | $107.2M | $174.8M | $126.0M | $78.3M | $61.6M |
| Pre-tax income | $60.7M | $74.7M | -$116.4M | -$59.5M | $139.6M | -$136.5M | $126.9M | $107.3M | $94.5M | $70.0M |
| Income tax | $378.0K | $399.0K | $259.0K | $530.0K | $1.1M | $305.0K | $579.0K | $340.0K | $146.0K | $5.0K |
| Net income | $60.3M | $74.3M | -$116.6M | -$60.1M | $138.6M | -$136.8M | $126.3M | $106.9M | $94.4M | $70.0M |
| EPS, basic | 0.57 | 0.75 | -1.69 | -0.95 | 0.92 | -2.03 | 1.73 | 1.70 | 1.74 | 1.69 |
| EPS, diluted | 0.57 | 0.75 | -1.69 | -0.95 | 0.87 | -2.03 | 1.73 | 1.70 | 1.74 | 1.69 |
| Shares, diluted (wtd. avg.) | $79.4M | $79.9M | $77.6M | $77.3M | $81.7M | $76.7M | $72.7M | $63.0M | $54.2M | $41.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $87.6M | $190.2M | $207.0M | $254.3M | $261.0M | $319.7M | $79.7M | $40.7M | $75.7M | $104.0M |
| Other intangibles | $15.1M | $21.9M | $29.5M | — | — | — | — | — | — | — |
| Total assets | $4.41B | $3.73B | $4.21B | $5.55B | $5.22B | $4.91B | $5.89B | $4.53B | $3.36B | $2.67B |
| Long-term debt | $3.31B | $2.57B | $3.05B | $4.18B | $3.72B | — | — | — | — | — |
| Total liabilities | $3.34B | $2.62B | $3.09B | $4.22B | $3.75B | $3.44B | $4.39B | $3.20B | $2.15B | $1.69B |
| Retained earnings | -$672.6M | -$617.2M | -$600.3M | -$395.0M | -$247.3M | -$292.9M | -$28.1M | -$25.9M | -$14.8M | -$10.1M |
| Total equity | $1.07B | $1.11B | $1.12B | $1.32B | $1.46B | $1.27B | $1.50B | $1.33B | $1.20B | $970.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $90.4M | $112.1M | $80.1M | $100.5M | $132.2M | $132.1M | $121.7M | $107.7M | $91.2M | $85.7M |
| Depreciation and amortisation | $7.7M | $6.0M | $1.0M | — | — | — | — | — | — | — |
| Stock-based compensation | $9.8M | $6.4M | $8.0M | $5.1M | $5.8M | $5.8M | $2.6M | $665.0K | $33.0K | — |
| Capital expenditure | — | — | — | — | — | — | — | — | $111.0K | $500.0K |
| Investing cash flow | -$789.7M | $440.5M | $1.10B | -$452.6M | -$342.9M | $964.6M | -$1.31B | -$1.19B | -$702.6M | -$544.9M |
| Financing cash flow | $597.1M | -$569.2M | -$1.22B | $345.3M | $152.1M | -$856.7M | $1.23B | $1.05B | $583.2M | $457.2M |
| Buybacks | $25.3M | $37.0K | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-147949.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |