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TPG RE Finance Trust (TRTX) Financials

TPG RE Finance Trust logo
$8.68 -0.02 (-0.23%)
Closing price 08/1/2025 03:59 PM Eastern
Extended Trading
$8.68 0.00 (-0.06%)
As of 08/1/2025 05:02 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for TPG RE Finance Trust

Annual Income Statements for TPG RE Finance Trust

This table shows TPG RE Finance Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -74 -131 60
Consolidated Net Income / (Loss)		 -60 -117 74
Net Income / (Loss) Continuing Operations		 -60 -117 74
Total Pre-Tax Income 		-60 -116 75
Total Revenue		 145 116 153
Net Interest Income / (Expense)		 142 89 108
Total Interest Income		 142 89 108
Investment Securities Interest Income		 303 363 307
Other Interest Income		 -161 -274 -199
Total Interest Expense		 0.00 0.00 0.00
Total Non-Interest Income		 2.85 28 45
Other Service Charges		 2.85 20 14
Other Non-Interest Income		 0.00 7.83 31
Provision for Credit Losses		 173 190 4.15
Total Non-Interest Expense		 32 43 74
Salaries and Employee Benefits		 5.05 8.03 6.39
Insurance Policy Acquisition Costs		 5.18 0.00 0.00
Other Operating Expenses		 35 42 68
Other Special Charges		 -13 -7.03 0.00
Income Tax Expense		 0.53 0.26 0.40
Preferred Stock Dividends Declared		 14 14 15
Basic Earnings per Share		 ($0.95) ($1.69) $0.75
Weighted Average Basic Shares Outstanding		 77.30M 77.58M 79.80M
Diluted Earnings per Share		 ($0.95) ($1.69) $0.75
Weighted Average Diluted Shares Outstanding		 77.30M 77.58M 79.89M
Weighted Average Basic & Diluted Shares Outstanding		 77.41M 77.87M 81.00M
Cash Dividends to Common per Share		 $0.96 $0.96 $0.96

Quarterly Income Statements for TPG RE Finance Trust

This table shows TPG RE Finance Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -118 33 3.82 -73 -65 2.63 13 21 19 6.91 9.96
Consolidated Net Income / (Loss)		 -115 36 7.38 -69 -61 6.38 17 25 22 11 14
Net Income / (Loss) Continuing Operations		 -115 36 7.38 -69 -61 6.38 17 25 22 11 14
Total Pre-Tax Income 		-114 36 7.56 -69 -61 6.45 17 25 22 11 14
Total Revenue		 32 41 25 -56 27 121 39 44 40 30 37
Net Interest Income / (Expense)		 30 35 22 26 20 21 27 28 29 25 25
Total Interest Income		 75 -60 92 26 20 -49 82 28 29 -31 25
Investment Securities Interest Income		 75 100 92 97 90 84 82 78 78 69 68
Other Interest Income		 - - - -71 -70 - - -51 -49 - -43
Total Interest Expense		 45 -96 70 0.00 0.00 -70 55 0.00 0.00 -55 0.00
Total Non-Interest Income		 1.36 0.84 3.52 -83 7.47 99 12 16 11 5.52 12
Other Service Charges		 1.36 0.84 3.52 4.96 5.44 5.96 4.90 3.49 3.20 2.53 1.85
Other Non-Interest Income		 0.00 - 0.00 1.53 2.03 4.27 7.22 8.28 7.66 7.54 10
Provision for Credit Losses		 - - 7.78 - 76 - 4.36 - -0.30 - 3.42
Total Non-Interest Expense		 146 -169 9.91 13 12 7.79 17 19 18 20 20
Salaries and Employee Benefits		 0.93 1.53 1.80 1.81 1.15 3.26 1.67 1.69 1.14 1.89 2.02
Other Operating Expenses		 8.67 8.93 8.11 11 11 12 16 17 17 18 18
Income Tax Expense		 0.13 0.20 0.18 0.01 0.01 0.07 0.39 0.10 0.07 -0.16 0.06
Preferred Stock Dividends Declared		 3.31 3.55 3.55 3.55 3.42 3.75 3.69 3.69 3.52 3.77 3.76
Basic Earnings per Share		 ($1.52) $0.42 $0.05 ($0.94) ($0.83) $0.03 $0.17 $0.26 $0.23 $0.09 $0.12
Weighted Average Basic Shares Outstanding		 77.40M 77.30M 77.41M 77.42M 77.73M 77.58M 77.87M 79.46M 80.93M 79.80M 80.98M
Diluted Earnings per Share		 ($1.52) $0.43 $0.05 ($0.94) ($0.83) $0.03 $0.17 $0.26 $0.23 $0.09 $0.12
Weighted Average Diluted Shares Outstanding		 77.40M 77.30M 78.09M 77.42M 77.73M 77.58M 77.87M 80.91M 81.37M 79.89M 81.77M
Weighted Average Basic & Diluted Shares Outstanding		 77.41M 77.41M 77.41M 77.73M 77.73M 77.87M 77.87M 80.93M 80.93M 81.00M 79.86M
Cash Dividends to Common per Share		 $0.24 - $0.24 $0.24 $0.24 - $0.24 $0.24 $0.24 - $0.24

Annual Cash Flow Statements for TPG RE Finance Trust

This table details how cash moves in and out of TPG RE Finance Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -6.72 -47 -17
Net Cash From Operating Activities		 100 80 112
Net Cash From Continuing Operating Activities		 100 80 112
Net Income / (Loss) Continuing Operations		 -60 -117 74
Consolidated Net Income / (Loss)		 -60 -117 74
Provision For Loan Losses		 173 190 4.15
Depreciation Expense		 0.00 3.58 16
Amortization Expense		 3.92 0.88 1.66
Non-Cash Adjustments to Reconcile Net Income		 -6.93 1.54 7.20
Changes in Operating Assets and Liabilities, net		 -9.42 0.85 8.80
Net Cash From Investing Activities		 -453 1,095 441
Net Cash From Continuing Investing Activities		 -453 1,095 439
Purchase of Investment Securities		 -1,670 -341 -541
Sale and/or Maturity of Investments		 1,217 1,436 980
Net Cash From Financing Activities		 345 -1,223 -569
Net Cash From Continuing Financing Activities		 345 -1,223 -569
Issuance of Debt		 2,825 611 514
Repayment of Debt		 -2,368 -1,742 -991
Repurchase of Common Equity		 0.00 0.00 -0.04
Payment of Dividends		 -93 -88 -90
Other Financing Activities, Net		 -19 -3.63 -1.91
Cash Interest Paid		 138 264 194
Cash Income Taxes Paid		 0.78 0.37 0.26

Quarterly Cash Flow Statements for TPG RE Finance Trust

This table details how cash moves in and out of TPG RE Finance Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 -120 18 -92 146 -5.34 -95 -3.66 56 -33 -36 173
Net Cash From Operating Activities		 17 18 23 7.31 26 23 37 26 24 25 19
Net Cash From Continuing Operating Activities		 17 18 23 7.31 26 23 37 26 24 25 19
Net Income / (Loss) Continuing Operations		 -115 36 7.38 -69 -61 6.38 17 25 22 11 14
Consolidated Net Income / (Loss)		 -115 36 7.38 -69 -61 6.38 17 25 22 11 14
Provision For Loan Losses		 137 -11 7.78 89 76 17 4.36 -4.54 -0.30 4.63 3.42
Depreciation Expense		 - - 0.00 0.96 1.39 1.22 4.25 4.16 3.45 4.13 3.99
Amortization Expense		 1.60 -1.45 -0.51 0.11 1.21 0.07 0.28 0.68 0.10 0.61 1.29
Non-Cash Adjustments to Reconcile Net Income		 0.93 2.23 2.35 1.81 1.15 -3.77 2.84 1.65 0.98 1.72 1.86
Changes in Operating Assets and Liabilities, net		 -7.12 -8.16 6.47 -15 7.77 2.07 8.90 -1.11 -2.71 3.72 -5.15
Net Cash From Investing Activities		 -511 164 62 480 441 113 366 189 3.30 -118 7.55
Net Cash From Continuing Investing Activities		 -511 164 62 480 441 113 366 189 3.30 -119 7.55
Purchase of Investment Securities		 -974 -102 -161 -33 -60 -86 -86 -20 -206 -230 -14
Sale and/or Maturity of Investments		 463 266 223 513 502 199 451 209 210 110 22
Net Cash From Financing Activities		 374 -164 -177 -341 -473 -231 -407 -159 -60 56 146
Net Cash From Continuing Financing Activities		 374 -164 -177 -341 -473 -231 -407 -159 -60 56 146
Issuance of Debt		 740 206 287 161 41 122 0.00 - 225 290 943
Repayment of Debt		 -338 -347 -442 -479 -491 -330 -384 -136 -260 -211 -760
Repurchase of Common Equity		 - - - - - - - - - - -2.79
Payment of Dividends		 -22 -22 -22 -22 -22 -22 -22 -22 -23 -23 -23
Other Financing Activities, Net		 -6.67 -1.88 -0.09 -0.99 -0.83 -1.73 -0.16 -0.31 -1.39 -0.05 -11
Cash Interest Paid		 38 57 67 69 67 60 54 50 47 43 42
Cash Income Taxes Paid		 0.66 - 0.78 -0.57 0.62 -0.46 0.01 0.09 0.05 0.10 0.01

Annual Balance Sheets for TPG RE Finance Trust

This table presents TPG RE Finance Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 5,545 4,214 3,731
Cash and Due from Banks		 254 206 190
Restricted Cash		 0.27 0.64 0.32
Loans and Leases, Net of Allowance		 4,781 3,410 3,217
Loans and Leases		 4,979 3,477 3,279
Allowance for Loan and Lease Losses		 197 67 62
Accrued Investment Income		 42 32 27
Other Assets		 468 565 297
Total Liabilities & Shareholders' Equity		 5,545 4,214 3,731
Total Liabilities		 4,223 3,090 2,617
Short-Term Debt		 1,147 821 671
Accrued Interest Payable		 11 10 6.66
Other Short-Term Payables		 19 19 20
Long-Term Debt		 3,013 2,219 1,898
Other Long-Term Liabilities		 33 16 17
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,322 1,125 1,114
Total Preferred & Common Equity		 1,322 1,125 1,114
Preferred Stock		 0.01 0.01 0.01
Total Common Equity		 1,322 1,125 1,114
Common Stock		 1,717 1,725 1,731
Retained Earnings		 -395 -600 -617

Quarterly Balance Sheets for TPG RE Finance Trust

This table presents TPG RE Finance Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets		 5,664 5,384 4,984 4,457 3,829 3,696 3,662 3,962
Cash and Due from Banks		 236 162 307 302 203 259 226 363
Restricted Cash		 0.48 - 0.24 0.08 0.29 0.50 0.48 0.42
Loans and Leases, Net of Allowance		 0.00 0.00 4,297 3,739 3,296 3,134 3,193 3,207
Loans and Leases		 - - 4,548 3,952 3,367 3,201 3,259 3,272
Allowance for Loan and Lease Losses		 - - 250 213 71 67 67 65
Accrued Investment Income		 35 - 35 35 31 28 31 29
Other Assets		 5,392 5,222 344 381 299 274 211 363
Total Liabilities & Shareholders' Equity		 5,664 5,384 4,984 4,457 3,829 3,696 3,662 3,962
Total Liabilities		 4,357 4,075 3,764 3,320 2,708 2,572 2,537 2,858
Short-Term Debt		 1,283 1,238 1,036 1,028 620 530 528 249
Accrued Interest Payable		 7.69 11 10 10 8.87 7.14 6.64 5.53
Other Short-Term Payables		 19 - - 19 19 20 20 20
Long-Term Debt		 3,016 2,771 2,657 2,218 2,037 1,994 1,960 2,563
Other Long-Term Liabilities		 32 55 61 45 18 17 17 16
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,306 1,309 1,220 1,137 1,121 1,124 1,125 1,104
Total Preferred & Common Equity		 1,306 1,309 1,220 1,137 1,121 1,124 1,125 1,104
Preferred Stock		 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Total Common Equity		 1,306 1,309 1,220 1,137 1,121 1,124 1,125 1,104
Common Stock		 1,715 1,719 1,721 1,722 1,727 1,728 1,729 1,733
Retained Earnings		 -409 -410 -501 -584 -606 -604 -605 -630

Annual Metrics And Ratios for TPG RE Finance Trust

This table displays calculated financial ratios and metrics derived from TPG RE Finance Trust's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 -6.86% -19.70% 31.55%
EBITDA Growth		 -137.50% -101.24% 182.54%
EBIT Growth		 -142.64% -95.46% 164.22%
NOPAT Growth		 -130.08% -95.46% 191.25%
Net Income Growth		 -143.35% -94.17% 163.74%
EPS Growth		 -209.20% -77.89% 144.38%
Operating Cash Flow Growth		 -23.96% -20.27% 39.94%
Free Cash Flow Firm Growth		 -96.57% 451.81% -55.08%
Invested Capital Growth		 5.99% -24.05% -11.56%
Revenue Q/Q Growth		 1.65% 217.05% -37.11%
EBITDA Q/Q Growth		 -27.26% -165.12% -52.68%
EBIT Q/Q Growth		 -14.61% -168.39% -58.72%
NOPAT Q/Q Growth		 -15.85% -34.66% 6.14%
Net Income Q/Q Growth		 -16.90% -34.34% 6.14%
EPS Q/Q Growth		 -10.47% -31.01% 8.70%
Operating Cash Flow Q/Q Growth		 -14.61% 7.04% 2.07%
Free Cash Flow Firm Q/Q Growth		 26.92% 6.45% -33.85%
Invested Capital Q/Q Growth		 -2.19% -4.99% 1.93%
Profitability Metrics		 - - -
EBITDA Margin		 -38.37% -96.16% 60.33%
EBIT Margin		 -41.07% -99.98% 48.81%
Profit (Net Income) Margin		 -41.44% -100.20% 48.55%
Tax Burden Percent		 100.89% 100.22% 99.47%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.53%
Return on Invested Capital (ROIC)		 -0.78% -1.69% 1.89%
ROIC Less NNEP Spread (ROIC-NNEP)		 -1.25% -2.67% 1.89%
Return on Net Nonoperating Assets (RNNOA)		 -3.53% -7.84% 4.75%
Return on Equity (ROE)		 -4.31% -9.53% 6.64%
Cash Return on Invested Capital (CROIC)		 -6.60% 25.64% 14.16%
Operating Return on Assets (OROA)		 -1.11% -2.38% 1.88%
Return on Assets (ROA)		 -1.12% -2.39% 1.87%
Return on Common Equity (ROCE)		 -4.31% -9.53% 6.64%
Return on Equity Simple (ROE_SIMPLE)		 -4.54% -10.37% 6.67%
Net Operating Profit after Tax (NOPAT)		 -42 -81 74
NOPAT Margin		 -28.75% -69.99% 48.55%
Net Nonoperating Expense Percent (NNEP)		 0.47% 0.98% 0.00%
SG&A Expenses to Revenue		 3.49% 6.90% 4.17%
Operating Expenses to Revenue		 21.74% 36.82% 48.48%
Earnings before Interest and Taxes (EBIT)		 -60 -116 75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -56 -112 92
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.31 0.40 0.62
Price to Tangible Book Value (P/TBV)		 0.31 0.40 0.62
Price to Revenue (P/Rev)		 2.82 3.86 4.49
Price to Earnings (P/E)		 0.00 0.00 11.53
Dividend Yield		 18.21% 16.59% 11.29%
Earnings Yield		 0.00% 0.00% 8.67%
Enterprise Value to Invested Capital (EV/IC)		 0.79 0.79 0.83
Enterprise Value to Revenue (EV/Rev)		 29.76 28.20 20.03
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 33.19
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 41.03
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 41.25
Enterprise Value to Operating Cash Flow (EV/OCF)		 42.93 40.96 27.35
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 2.65 5.52
Leverage & Solvency		 - - -
Debt to Equity		 3.15 2.70 2.31
Long-Term Debt to Equity		 2.28 1.97 1.70
Financial Leverage		 2.82 2.94 2.51
Leverage Ratio		 3.86 3.99 3.55
Compound Leverage Factor		 3.86 3.99 3.55
Debt to Total Capital		 75.89% 72.99% 69.75%
Short-Term Debt to Total Capital		 20.93% 19.71% 18.21%
Long-Term Debt to Total Capital		 54.96% 53.28% 51.54%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 24.11% 27.01% 30.25%
Debt to EBITDA		 -74.81 -27.16 27.81
Net Debt to EBITDA		 -70.24 -25.31 25.75
Long-Term Debt to EBITDA		 -54.18 -19.82 20.55
Debt to NOPAT		 -99.83 -37.31 34.56
Net Debt to NOPAT		 -93.73 -34.77 31.99
Long-Term Debt to NOPAT		 -72.30 -27.23 25.53
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -352 1,237 556
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00
Efficiency Ratios		 - - -
Asset Turnover		 0.03 0.02 0.04
Fixed Asset Turnover		 0.00 0.00 0.00
Capital & Investment Metrics		 - - -
Invested Capital		 5,483 4,164 3,683
Invested Capital Turnover		 0.03 0.02 0.04
Increase / (Decrease) in Invested Capital		 310 -1,318 -481
Enterprise Value (EV)		 4,314 3,282 3,066
Market Capitalization		 408 450 688
Book Value per Share		 $17.08 $14.47 $13.77
Tangible Book Value per Share		 $17.08 $14.47 $13.77
Total Capital		 5,483 4,164 3,683
Total Debt		 4,161 3,039 2,569
Total Long-Term Debt		 3,013 2,219 1,898
Net Debt		 3,906 2,832 2,378
Capital Expenditures (CapEx)		 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 18 35 0.00
Net Nonoperating Obligations (NNO)		 4,161 3,039 2,569
Total Depreciation and Amortization (D&A)		 3.92 4.45 18
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 ($0.95) ($1.69) $0.75
Adjusted Weighted Average Basic Shares Outstanding		 77.30M 77.58M 79.80M
Adjusted Diluted Earnings per Share		 ($0.95) ($1.69) $0.75
Adjusted Weighted Average Diluted Shares Outstanding		 77.30M 77.58M 79.89M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 77.41M 77.87M 81.00M
Normalized Net Operating Profit after Tax (NOPAT)		 -51 -86 74
Normalized NOPAT Margin		 -35.17% -74.21% 48.55%
Pre Tax Income Margin		 -41.07% -99.98% 48.81%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00
Payout Ratios		 - - -
Dividend Payout Ratio		 -154.63% -75.81% 121.66%
Augmented Payout Ratio		 -154.63% -75.81% 121.71%

Quarterly Metrics And Ratios for TPG RE Finance Trust

This table displays calculated financial ratios and metrics derived from TPG RE Finance Trust's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -18.71% 6.11% -24.95% -246.05% -15.01% 194.94% 54.14% 177.68% 48.60% -74.95% -4.87%
EBITDA Growth		 -458.34% 338.48% -73.78% -1,389.11% 48.08% -45.15% 207.06% 143.54% 144.04% -86.53% -11.99%
EBIT Growth		 -487.27% 370.06% -68.33% -1,201.13% 46.53% -46.14% 126.67% 135.88% 136.37% -90.59% -19.60%
NOPAT Growth		 -373.27% -19.35% -68.99% -1,201.13% 46.53% -82.37% 127.04% 151.05% 151.80% 67.40% -18.07%
Net Income Growth		 -490.82% -19.35% -68.99% -1,172.97% 46.59% -82.37% 127.04% 135.73% 136.26% 67.40% -18.07%
EPS Growth		 -575.00% -17.31% -80.00% -754.55% 45.39% -93.02% 240.00% 127.66% 127.71% 200.00% -29.41%
Operating Cash Flow Growth		 -51.43% -48.91% -28.03% -77.47% 49.52% 29.33% 59.21% 249.42% -9.22% 9.79% -48.81%
Free Cash Flow Firm Growth		 -2,690.43% -0.44% 175.08% 312.22% 324.58% 583.99% 871.18% 238.35% -32.86% -62.86% -107.95%
Invested Capital Growth		 8.63% 5.99% -2.80% -8.04% -21.81% -24.05% -28.96% -25.75% -17.56% -11.56% 3.64%
Revenue Q/Q Growth		 -17.74% 28.59% -38.21% -323.46% 147.87% 346.24% -67.71% 12.62% -8.43% -24.76% 22.61%
EBITDA Q/Q Growth		 -2,368.49% 284.20% -96.61% -1,065.50% 13.94% 294.61% -88.59% 36.90% -12.95% -40.49% 24.10%
EBIT Q/Q Growth		 -2,053.54% 282.89% -96.39% -1,015.04% 11.51% 284.24% -90.91% 44.83% -10.30% -52.30% 29.74%
NOPAT Q/Q Growth		 -2,053.54% 145.16% -79.62% -756.51% 11.51% 114.89% 162.40% 47.61% -10.20% -51.87% 28.43%
Net Income Q/Q Growth		 -2,009.07% 131.58% -79.62% -1,037.94% 11.51% 110.42% 162.40% 47.61% -10.20% -51.87% 28.43%
EPS Q/Q Growth		 -1,281.82% 128.29% -88.37% -1,980.00% 11.70% 103.61% 466.67% 52.94% -11.54% -60.87% 33.33%
Operating Cash Flow Q/Q Growth		 -46.18% 2.80% 30.73% -68.85% 257.13% -11.08% 60.92% -31.62% -7.21% 7.54% -24.96%
Free Cash Flow Firm Q/Q Growth		 -192.46% 47.89% 158.57% 137.75% 209.49% 12.30% 17.54% -17.17% -38.59% -37.89% -125.15%
Invested Capital Q/Q Growth		 4.93% -2.19% -2.99% -7.63% -10.78% -4.99% -9.27% -3.45% -0.95% 1.93% 6.32%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -355.13% 508.69% 27.93% 0.00% -216.93% 94.61% 55.63% 67.63% 64.29% 50.85% 51.47%
EBIT Margin		 -360.15% 512.24% 29.93% 0.00% -226.56% 93.54% 44.02% 56.60% 55.45% 35.15% 37.20%
Profit (Net Income) Margin		 -360.55% 88.55% 29.20% 0.00% -226.58% 5.29% 43.01% 56.38% 55.28% 35.37% 37.05%
Tax Burden Percent		 100.11% 99.45% 97.57% 100.01% 100.01% 98.99% 97.72% 99.60% 99.70% 101.49% 99.59%
Interest Burden Percent		 100.00% 17.38% 100.00% 100.00% 100.00% 5.72% 100.00% 100.00% 100.00% 99.13% 100.00%
Effective Tax Rate		 0.00% 0.56% 2.43% 0.00% 0.00% 1.01% 2.28% 0.40% 0.30% -1.49% 0.41%
Return on Invested Capital (ROIC)		 -6.68% 2.41% 0.74% 0.00% -1.17% 0.13% 1.23% 3.03% 3.37% 1.38% 1.46%
ROIC Less NNEP Spread (ROIC-NNEP)		 -7.54% 2.41% 0.74% 0.00% -1.65% 0.13% 1.23% 3.03% 3.37% 1.38% 1.46%
Return on Net Nonoperating Assets (RNNOA)		 -21.95% 6.80% 2.13% 0.00% -5.10% 0.38% 3.37% 8.05% 8.53% 3.46% 3.58%
Return on Equity (ROE)		 -28.63% 9.21% 2.87% 0.00% -6.27% 0.50% 4.60% 11.08% 11.90% 4.84% 5.04%
Cash Return on Invested Capital (CROIC)		 -8.94% -6.60% 1.85% 6.47% 23.27% 25.64% 32.22% 29.34% 21.01% 14.16% -1.72%
Operating Return on Assets (OROA)		 -9.45% 13.80% 0.75% 0.00% -1.64% 2.23% 1.24% 3.00% 3.33% 1.35% 1.44%
Return on Assets (ROA)		 -9.46% 2.39% 0.73% 0.00% -1.64% 0.13% 1.21% 2.99% 3.32% 1.36% 1.44%
Return on Common Equity (ROCE)		 -28.63% 9.21% 2.87% 0.00% -6.27% 0.50% 4.60% 11.08% 11.90% 4.84% 5.04%
Return on Equity Simple (ROE_SIMPLE)		 -3.93% 0.00% -5.84% -11.50% -7.63% 0.00% -9.57% -1.19% 6.23% 0.00% 6.46%
Net Operating Profit after Tax (NOPAT)		 -80 36 7.38 -48 -43 6.38 17 25 22 11 14
NOPAT Margin		 -252.11% 88.55% 29.20% 0.00% -158.59% 5.29% 43.01% 56.38% 55.28% 35.37% 37.05%
Net Nonoperating Expense Percent (NNEP)		 0.86% 0.00% 0.00% 0.55% 0.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 2.93% 3.73% 7.14% 0.00% 4.27% 2.70% 4.30% 3.85% 2.84% 6.24% 5.45%
Operating Expenses to Revenue		 460.15% -412.24% 39.25% 0.00% 45.97% 6.46% 44.79% 43.40% 45.30% 64.85% 53.56%
Earnings before Interest and Taxes (EBIT)		 -114 209 7.56 -69 -61 113 17 25 22 11 14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -113 208 7.05 -68 -59 114 22 30 26 15 19
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.33 0.31 0.37 0.41 0.41 0.40 0.52 0.60 0.61 0.62 0.60
Price to Tangible Book Value (P/TBV)		 0.33 0.31 0.37 0.41 0.41 0.40 0.52 0.60 0.61 0.62 0.60
Price to Revenue (P/Rev)		 3.02 2.82 3.50 12.14 12.60 3.86 4.49 2.92 2.84 4.49 4.37
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.46 11.53 11.67
Dividend Yield		 14.21% 18.21% 15.55% 14.76% 16.14% 16.59% 12.79% 11.11% 11.25% 11.29% 11.78%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8.02% 8.67% 8.57%
Enterprise Value to Invested Capital (EV/IC)		 0.80 0.79 0.81 0.79 0.78 0.79 0.80 0.81 0.82 0.83 0.79
Enterprise Value to Revenue (EV/Rev)		 31.51 29.76 31.68 93.75 92.77 28.20 23.35 12.75 12.12 20.03 20.56
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 41.08 93.07 19.81 0.00 0.00 15.71 15.12 33.19 34.63
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 41.23 94.69 20.01 0.00 0.00 16.91 16.31 41.03 43.56
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 42.15 41.25 43.60
Enterprise Value to Operating Cash Flow (EV/OCF)		 38.18 42.93 47.35 58.74 45.49 40.96 32.30 26.16 26.87 27.35 33.11
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 43.32 11.72 2.93 2.65 2.07 2.34 3.51 5.52 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.29 3.15 3.06 3.03 2.85 2.70 2.37 2.24 2.21 2.31 2.55
Long-Term Debt to Equity		 2.31 2.28 2.12 2.18 1.95 1.97 1.82 1.77 1.74 1.70 2.32
Financial Leverage		 2.91 2.82 2.89 2.85 3.09 2.94 2.74 2.65 2.53 2.51 2.46
Leverage Ratio		 3.95 3.86 3.92 3.90 4.14 3.99 3.79 3.70 3.59 3.55 3.50
Compound Leverage Factor		 3.95 0.67 3.92 3.90 4.14 0.23 3.79 3.70 3.59 3.52 3.50
Debt to Total Capital		 76.69% 75.89% 75.39% 75.17% 74.05% 72.99% 70.33% 69.18% 68.87% 69.75% 71.82%
Short-Term Debt to Total Capital		 22.90% 20.93% 23.28% 21.08% 23.45% 19.71% 16.41% 14.52% 14.62% 18.21% 6.35%
Long-Term Debt to Total Capital		 53.80% 54.96% 52.11% 54.09% 50.60% 53.28% 53.93% 54.66% 54.26% 51.54% 65.46%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 23.31% 24.11% 24.61% 24.83% 25.95% 27.01% 29.67% 30.82% 31.13% 30.25% 28.18%
Debt to EBITDA		 -98.38 -74.81 38.07 88.38 18.88 -27.16 -27.31 13.50 12.75 27.81 31.32
Net Debt to EBITDA		 -92.96 -70.24 36.54 81.02 17.12 -25.31 -25.22 12.11 11.59 25.75 27.27
Long-Term Debt to EBITDA		 -69.01 -54.18 26.32 63.60 12.90 -19.82 -20.94 10.67 10.04 20.55 28.55
Debt to NOPAT		 -119.51 -99.83 -75.52 -37.77 -53.65 -37.31 -35.55 -281.36 35.53 34.56 39.44
Net Debt to NOPAT		 -112.93 -93.73 -72.48 -34.62 -48.65 -34.77 -32.83 -252.40 32.29 31.99 34.34
Long-Term Debt to NOPAT		 -83.83 -72.30 -52.20 -27.18 -36.66 -27.23 -27.25 -222.30 27.99 25.53 35.95
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -525 -274 160 381 1,180 1,325 1,557 1,290 792 492 -124
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -11.65 0.00 2.29 0.00 0.00 0.00 28.12 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.39 0.00 0.34 0.00 0.00 0.00 0.67 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.39 0.00 0.34 0.00 0.00 0.00 0.67 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.03 0.03 0.01 0.01 0.02 0.03 0.05 0.06 0.04 0.04
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,605 5,483 5,319 4,913 4,383 4,164 3,778 3,648 3,613 3,683 3,916
Invested Capital Turnover		 0.03 0.03 0.03 0.01 0.01 0.02 0.03 0.05 0.06 0.04 0.04
Increase / (Decrease) in Invested Capital		 445 310 -153 -430 -1,223 -1,318 -1,540 -1,265 -770 -481 137
Enterprise Value (EV)		 4,493 4,314 4,326 3,889 3,405 3,282 3,037 2,937 2,952 3,066 3,109
Market Capitalization		 430 408 478 504 462 450 583 673 690 688 660
Book Value per Share		 $16.88 $17.08 $16.91 $15.75 $14.63 $14.47 $14.39 $14.44 $13.90 $13.77 $13.62
Tangible Book Value per Share		 $16.88 $17.08 $16.91 $15.75 $14.63 $14.47 $14.39 $14.44 $13.90 $13.77 $13.62
Total Capital		 5,605 5,483 5,319 4,913 4,383 4,164 3,778 3,648 3,613 3,683 3,916
Total Debt		 4,299 4,161 4,009 3,693 3,245 3,039 2,657 2,524 2,488 2,569 2,812
Total Long-Term Debt		 3,016 3,013 2,771 2,657 2,218 2,219 2,037 1,994 1,960 1,898 2,563
Net Debt		 4,062 3,906 3,848 3,385 2,943 2,832 2,454 2,264 2,262 2,378 2,449
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 34 0.00 0.00 21 18 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 4,299 4,161 4,009 3,693 3,245 3,039 2,657 2,524 2,488 2,569 2,812
Total Depreciation and Amortization (D&A)		 1.60 -1.45 -0.51 1.07 2.60 1.28 4.52 4.83 3.55 4.74 5.29
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.52) $0.42 $0.05 ($0.94) ($0.83) $0.03 $0.17 $0.26 $0.23 $0.09 $0.12
Adjusted Weighted Average Basic Shares Outstanding		 77.40M 77.30M 77.41M 77.42M 77.73M 77.58M 77.87M 79.46M 80.93M 79.80M 80.98M
Adjusted Diluted Earnings per Share		 ($1.52) $0.43 $0.05 ($0.94) ($0.83) $0.03 $0.17 $0.26 $0.23 $0.09 $0.12
Adjusted Weighted Average Diluted Shares Outstanding		 77.40M 77.30M 78.09M 77.42M 77.73M 77.58M 77.87M 80.91M 81.37M 79.89M 81.77M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 77.41M 77.41M 77.41M 77.73M 77.73M 77.87M 77.87M 80.93M 80.93M 81.00M 79.86M
Normalized Net Operating Profit after Tax (NOPAT)		 16 36 7.38 -48 -43 6.38 17 25 22 7.37 14
Normalized NOPAT Margin		 48.85% 88.55% 29.20% 0.00% -158.59% 5.29% 43.01% 56.38% 55.28% 24.39% 37.05%
Pre Tax Income Margin		 -360.15% 89.04% 29.93% 0.00% -226.56% 5.35% 44.02% 56.60% 55.45% 34.85% 37.20%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -2.54 0.00 0.11 0.00 0.00 0.00 0.31 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 -1.78 0.00 0.11 0.00 0.00 0.00 0.30 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -2.54 0.00 0.11 0.00 0.00 0.00 0.31 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -1.78 0.00 0.11 0.00 0.00 0.00 0.30 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -180.54% -154.63% -114.68% -62.74% -101.61% -75.81% -82.61% -664.04% 127.98% 121.66% 127.97%
Augmented Payout Ratio		 -180.54% -154.63% -114.68% -62.74% -101.61% -75.81% -82.61% -664.04% 127.98% 121.71% 131.93%

Key Financial Trends

TPG RE Finance Trust (NYSE: TRTX) Financial Highlights and Trends Analysis

Analyzing TRTX's financials from Q3 2022 through Q1 2025 reveals a business recovering from significant earnings volatility and operational challenges experienced in 2022-2023, moving towards steadily improving profitability and stronger cash flow in recent quarters.

  • Net income has rebounded significantly from large losses in 2022 and early 2023 to a positive $13.7 million in Q1 2025, up from a loss of $61.2 million in Q3 2023.
  • Q1 2025 saw net interest income of $24.9 million, showing consistency compared to prior quarters around $20-29 million, indicating stable core earnings from investments and lending.
  • Total revenue increased to $37 million in Q1 2025 from roughly $25 million in Q1 2024, supported by improved non-interest income which grew to $12.1 million in Q1 2025 from about $3.5 million in Q1 2024.
  • Net cash provided by operating activities remains strong and positively trending, with $19.1 million in Q1 2025 sustaining solid core cash flow generation ability.
  • Investment and loan portfolio remains substantial, with loans and leases net of allowance stable around $3.2 billion as of Q1 2025, reflecting consistent lending activities.
  • Common equity stayed robust at approximately $1.1 billion in Q1 2025, indicating a strong capital base to absorb losses and support future growth.
  • Consistent payment of dividends at $0.24 per share across quarters suggests management confidence and a shareholder-friendly capital return policy.
  • Allowance for loan and lease losses decreased to about $64.7 million in Q1 2025, down from much higher provisions and allowances during 2022-2023, which could impact future credit risk but currently seems contained.
  • Issuance and repayment of debt fluctuate significantly quarter-to-quarter, with Q1 2025 showing net debt issuance of approximately $183 million (issuance $943M minus repayment $760M), indicating active balance sheet management to fund portfolio and operations.
  • Total non-interest expenses remain elevated, at $19.8 million in Q1 2025, slightly higher than prior quarters, driven by other operating expenses, potentially pressuring net margins if revenue growth slows.
  • Provision for credit losses, while reduced from 2022 levels, remains at $3.4 million in Q1 2025, reflecting continuing asset quality risks.
  • Cash interest paid remains high at around $42 million in Q1 2025, impacting free cash flow, likely due to significant debt levels.

Summary: TRTX has shown notable recovery and stabilization after challenging periods in 2022-2023. Improving net income and strong operating cash flows signal better operational performance and risk management. However, ongoing elevated expenses, continual credit loss provisions, and high interest costs indicate areas management must monitor closely. The company's solid equity base and dividend consistency provide some cushion and confidence for investors.

08/03/25 12:56 PMAI Generated. May Contain Errors.

Frequently Asked Questions About TPG RE Finance Trust's Financials

When does TPG RE Finance Trust's financial year end?

According to the most recent income statement we have on file, TPG RE Finance Trust's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has TPG RE Finance Trust's net income changed over the last 2 years?

TPG RE Finance Trust's net income appears to be on a downward trend, with a most recent value of $74.34 million in 2024, falling from -$60.07 million in 2022. The previous period was -$116.63 million in 2023. See where experts think TPG RE Finance Trust is headed by visiting TPG RE Finance Trust's forecast page.

How has TPG RE Finance Trust's revenue changed over the last 2 years?

Over the last 2 years, TPG RE Finance Trust's total revenue changed from $144.95 million in 2022 to $153.12 million in 2024, a change of 5.6%.

How much debt does TPG RE Finance Trust have?

TPG RE Finance Trust's total liabilities were at $2.62 billion at the end of 2024, a 15.3% decrease from 2023, and a 38.0% decrease since 2022.

How much cash does TPG RE Finance Trust have?

In the past 2 years, TPG RE Finance Trust's cash and equivalents has ranged from $190.16 million in 2024 to $254.05 million in 2022, and is currently $190.16 million as of their latest financial filing in 2024.

How has TPG RE Finance Trust's book value per share changed over the last 2 years?

Over the last 2 years, TPG RE Finance Trust's book value per share changed from 17.08 in 2022 to 13.77 in 2024, a change of -19.4%.


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This page (NYSE:TRTX) was last updated on 8/3/2025 by MarketBeat.com Staff
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