TPG RE Finance Trust, Inc. TRTX

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 6.28 2026-10-23
Market cap $485.5M 2026-03-31 share count
52-week range 5.60 - 9.37

Valuation FY2025 figures against the last close

P/S—
P/E11.0x
P/FCF5.4x
EV/EBITDA—
Dividend yield—
Diluted EPS0.57

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.570.75-1.69-0.950.92-2.031.731.701.741.69
EPS, diluted 0.570.75-1.69-0.950.87-2.031.731.701.741.69
Shares, diluted (wtd. avg.) 79.4M79.9M77.6M77.3M81.7M76.7M72.7M63.0M54.2M41.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M -100M 0 100M 200M Net income, FY2016: 70M Net income, FY2017: 94.4M Net income, FY2018: 106.9M Net income, FY2019: 126.3M Net income, FY2020: -136.8M Net income, FY2021: 138.6M Net income, FY2022: -60.1M Net income, FY2023: -116.6M Net income, FY2024: 74.3M Net income, FY2025: 60.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — — — — —
Gross profit — — — — — — — — — —
Net income $70.0M $94.4M $106.9M $126.3M -$136.8M $138.6M -$60.1M -$116.6M $74.3M $60.3M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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