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TPG RE Finance Trust (TRTX) Financials

TPG RE Finance Trust logo
$8.40 -0.13 (-1.47%)
Closing price 03:59 PM Eastern
Extended Trading
$8.40 0.00 (0.00%)
As of 06:18 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 Massive. 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 59 70 94 107 126 -156 71 -74 -131 60 45
Consolidated Net Income / (Loss)		 59 70 94 107 126 -137 139 -60 -117 74 60
Net Income / (Loss) Continuing Operations		 59 70 94 107 126 -137 139 -60 -117 74 60
Total Pre-Tax Income 		61 70 94 107 127 -137 140 -60 -116 75 61
Total Revenue		 81 92 122 141 167 107 156 145 116 153 146
Net Interest Income / (Expense)		 81 92 121 140 165 176 155 142 89 108 104
Total Interest Income		 129 154 199 266 340 284 240 142 89 108 104
Investment Securities Interest Income		 129 154 199 266 340 284 240 303 363 307 290
Other Interest Income		 - - - - - - - -161 -274 -199 -186
Total Interest Expense		 48 62 78 126 175 107 85 0.00 0.00 0.00 0.00
Total Non-Interest Income		 0.05 0.42 1.70 1.31 1.75 0.54 0.56 2.85 28 45 42
Other Service Charges		 0.05 0.42 1.70 1.31 1.75 0.54 0.56 2.85 20 14 8.08
Other Non-Interest Income		 - - - - - - 0.00 0.00 7.83 31 34
Provision for Credit Losses		 - - - 0.00 - - -6.31 173 190 4.15 14
Total Non-Interest Expense		 20 22 28 34 40 244 22 32 43 74 72
Salaries and Employee Benefits		 - - - - 2.56 5.77 5.76 5.05 8.03 6.39 9.81
Other Operating Expenses		 18 19 23 29 30 35 32 35 42 68 69
Other Special Charges		 - - - - 0.00 0.00 -16 -13 -7.03 0.00 -6.97
Income Tax Expense		 1.61 -0.01 0.15 0.34 0.58 0.31 1.06 0.53 0.26 0.40 0.38
Preferred Stock Dividends Declared		 0.02 0.02 0.02 0.00 0.69 19 68 14 14 15 15
Basic Earnings per Share		 $1.81 $1.69 $1.74 $1.70 $1.73 ($2.03) $0.92 ($0.95) ($1.69) $0.75 $0.57
Weighted Average Basic Shares Outstanding		 32.87M 41.41M 54.19M 63.03M 72.74M 76.66M 76.98M 77.30M 77.58M 79.80M 79.30M
Diluted Earnings per Share		 $1.81 $1.69 $1.74 $1.70 $1.73 ($2.03) $0.87 ($0.95) ($1.69) $0.75 $0.57
Weighted Average Diluted Shares Outstanding		 32.87M 41.41M 54.19M 63.03M 72.74M 76.66M 81.68M 77.30M 77.58M 79.89M 79.45M
Weighted Average Basic & Diluted Shares Outstanding		 - 41.40M 60.34M 67.16M - 76.90M 77.18M 77.41M 77.87M 81.00M 78.35M
Cash Dividends to Common per Share		 $1.91 $1.62 $1.56 $1.71 $1.72 $1.21 $0.95 $0.96 $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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -65 2.63 13 21 19 6.91 9.96 17 18 0.19 15
Consolidated Net Income / (Loss)		 -61 6.38 17 25 22 11 14 21 22 3.98 19
Net Income / (Loss) Continuing Operations		 -61 6.38 17 25 22 11 14 21 22 3.98 19
Total Pre-Tax Income 		-61 6.45 17 25 22 11 14 21 22 4.06 19
Total Revenue		 27 121 39 39 40 30 37 36 38 35 37
Net Interest Income / (Expense)		 20 21 27 28 29 25 25 25 28 25 26
Total Interest Income		 20 -49 27 28 29 -31 25 25 28 25 26
Investment Securities Interest Income		 90 84 82 78 78 69 68 71 77 74 74
Other Interest Income		 -70 - -55 -51 -49 - -43 -46 -49 -49 -48
Total Interest Expense		 0.00 -70 0.00 0.00 0.00 -55 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 7.47 99 12 12 11 5.52 12 11 9.55 9.60 12
Other Service Charges		 5.44 5.96 4.90 3.49 3.20 2.53 1.85 2.82 1.60 1.81 3.30
Other Non-Interest Income		 2.03 4.27 7.22 8.28 7.66 7.54 10 8.23 7.96 7.79 8.29
Provision for Credit Losses		 76 - 4.36 -4.54 -0.30 - 3.42 1.78 -2.61 11 -0.29
Total Non-Interest Expense		 12 7.79 17 19 18 20 20 14 18 20 19
Salaries and Employee Benefits		 1.15 3.26 1.67 1.69 1.14 1.89 2.02 2.00 1.39 4.40 2.06
Other Operating Expenses		 11 12 16 17 17 18 18 19 17 15 16
Income Tax Expense		 0.01 0.07 0.39 0.10 0.07 -0.16 0.06 0.13 0.11 0.09 0.11
Preferred Stock Dividends Declared		 3.42 3.75 3.69 3.69 3.52 3.77 3.76 3.75 3.54 3.79 3.77
Basic Earnings per Share		 ($0.83) $0.03 $0.17 $0.26 $0.23 $0.09 $0.12 $0.21 $0.23 $0.01 $0.19
Weighted Average Basic Shares Outstanding		 77.73M 77.58M 77.87M 79.46M 80.93M 79.80M 80.98M 79.47M 78.52M 79.30M 78.25M
Diluted Earnings per Share		 ($0.83) $0.03 $0.17 $0.26 $0.23 $0.09 $0.12 $0.21 $0.23 $0.01 $0.19
Weighted Average Diluted Shares Outstanding		 77.73M 77.58M 77.87M 80.91M 81.37M 79.89M 81.77M 80.21M 78.81M 79.45M 79.06M
Weighted Average Basic & Diluted Shares Outstanding		 77.73M 77.87M 77.87M 80.93M 80.93M 81.00M 79.86M 78.59M 78.26M 78.35M 77.31M
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 94 -1.98 -28 -35 39 240 -59 -6.72 -47 -17 -102
Net Cash From Operating Activities		 99 86 91 108 122 132 132 100 80 112 90
Net Cash From Continuing Operating Activities		 99 86 91 108 122 132 132 100 80 112 90
Net Income / (Loss) Continuing Operations		 59 70 94 107 126 -137 139 -60 -117 74 60
Consolidated Net Income / (Loss)		 59 70 94 107 126 -137 139 -60 -117 74 60
Depreciation Expense		 - - - - - - 0.00 0.00 3.58 16 13
Amortization Expense		 21 0.99 -7.69 1.24 2.71 2.42 8.69 3.92 0.88 1.66 1.70
Non-Cash Adjustments to Reconcile Net Income		 -22 13 5.37 1.19 2.83 218 1.61 -6.93 1.54 7.20 2.16
Changes in Operating Assets and Liabilities, net		 41 1.35 -0.86 -1.68 -10 -7.72 -0.06 -9.42 0.85 13 13
Net Cash From Investing Activities		 -115 -545 -703 -1,193 -1,309 965 -343 -453 1,095 441 -790
Net Cash From Continuing Investing Activities		 -115 -545 -703 -1,193 -1,309 965 -343 -453 1,095 441 -790
Purchase of Investment Securities		 -844 -1,327 -2,006 -2,473 -3,425 -754 -1,768 -1,670 -341 -541 -1,813
Sale and/or Maturity of Investments		 718 782 1,304 1,280 2,116 1,718 1,425 1,217 1,436 980 1,023
Other Investing Activities, net		 11 - - - - - - - - 1.58 0.00
Net Cash From Financing Activities		 110 457 583 1,050 1,226 -857 152 345 -1,223 -569 597
Net Cash From Continuing Financing Activities		 110 457 591 1,050 1,226 -857 152 345 -1,223 -569 597
Issuance of Debt		 533 1,197 1,807 3,612 5,748 1,294 2,043 2,825 611 514 4,018
Repayment of Debt		 -509 -909 -1,357 -2,558 -4,555 -2,258 -1,728 -2,368 -1,742 -991 -3,283
Repurchase of Common Equity		 - - - - - - - 0.00 0.00 -0.04 -25
Payment of Dividends		 -40 -73 -80 -103 -125 -112 -98 -93 -88 -90 -91
Other Financing Activities, Net		 -62 -2.88 -23 -39 -17 -19 -18 -19 -3.63 -1.91 -22
Cash Interest Paid		 39 51 64 108 155 98 69 138 264 194 180
Cash Income Taxes Paid		 - - 0.14 0.34 0.39 0.14 1.22 0.78 0.37 0.26 0.29

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -5.34 -95 -3.66 56 -33 -36 173 -197 -72 -6.19 4.19
Net Cash From Operating Activities		 26 23 37 26 24 25 19 25 22 25 25
Net Cash From Continuing Operating Activities		 26 23 37 26 24 25 19 25 22 25 25
Net Income / (Loss) Continuing Operations		 -61 6.38 17 25 22 11 14 21 22 3.98 19
Consolidated Net Income / (Loss)		 -61 6.38 17 25 22 11 14 21 22 3.98 19
Provision For Loan Losses		 76 17 4.36 -4.54 -0.30 4.63 3.42 1.78 -2.61 - -0.29
Depreciation Expense		 1.39 1.22 4.25 4.16 3.45 4.13 3.99 3.42 2.71 2.60 2.58
Amortization Expense		 1.21 0.07 0.28 0.68 0.10 0.61 1.29 0.39 -0.35 0.37 -0.11
Non-Cash Adjustments to Reconcile Net Income		 1.15 -3.77 2.84 1.65 0.98 1.72 1.86 -5.14 1.22 4.23 1.88
Changes in Operating Assets and Liabilities, net		 7.77 2.07 8.90 -1.11 -2.71 3.72 -5.15 3.65 -1.12 16 1.58
Net Cash From Investing Activities		 441 113 366 189 3.30 -118 7.55 -465 29 -361 -66
Net Cash From Continuing Investing Activities		 441 113 366 189 3.30 -119 7.55 -465 29 -361 -66
Purchase of Investment Securities		 -60 -86 -86 -20 -206 -230 -14 -675 -272 -852 -151
Sale and/or Maturity of Investments		 502 199 451 209 210 110 22 210 301 491 84
Net Cash From Financing Activities		 -473 -231 -407 -159 -60 56 146 244 -123 331 46
Net Cash From Continuing Financing Activities		 -473 -231 -407 -159 -60 56 146 244 -123 331 46
Issuance of Debt		 41 122 0.00 - 225 290 943 437 466 2,171 267
Repayment of Debt		 -491 -330 -384 -136 -260 -211 -760 -157 -557 -1,809 -195
Repurchase of Common Equity		 - - 0.00 - - - -2.79 -13 -9.28 -0.39 -4.20
Payment of Dividends		 -22 -22 -22 -22 -23 -23 -23 -23 -23 -22 -22
Other Financing Activities, Net		 -0.83 -1.73 -0.16 -0.31 -1.39 -0.05 -11 -0.56 -0.94 -9.40 -0.08
Cash Interest Paid		 67 60 54 50 47 43 42 43 48 46 46
Cash Income Taxes Paid		 0.62 -0.46 0.01 0.09 0.05 0.10 0.01 0.26 - 0.02 0.29

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 2016 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,666 3,355 5,893 4,909 5,218 5,545 4,214 3,731 4,406
Cash and Due from Banks		 103 75 79 320 261 254 206 190 88
Restricted Cash		 - - 0.48 - 0.40 0.27 0.64 0.32 0.65
Loans and Leases, Net of Allowance		 0.00 0.00 4,980 4,456 0.00 4,781 3,410 3,217 4,029
Loans and Leases		 - - 4,980 4,516 - 4,979 3,477 3,279 4,103
Allowance for Loan and Lease Losses		 - - 0.00 60 - 197 67 62 75
Accrued Investment Income		 - - 28 27 27 42 32 27 28
Other Assets		 2,466 3,194 17 105 4,930 468 565 297 261
Total Liabilities & Shareholders' Equity		 2,666 3,355 5,893 4,909 5,218 5,545 4,214 3,731 4,406
Total Liabilities		 1,695 2,154 4,389 3,442 3,753 4,223 3,090 2,617 3,338
Short-Term Debt		 1,013 1,827 2,448 1,514 1,162 1,147 821 671 618
Accrued Interest Payable		 2.91 5.39 6.67 2.63 2.72 11 10 6.66 6.75
Other Short-Term Payables		 25 - - 29 - 19 19 20 19
Long-Term Debt		 649 - 1,806 1,875 2,546 3,013 2,219 1,898 2,671
Other Long-Term Liabilities		 4.44 322 127 21 43 33 16 17 18
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 971 1,201 1,504 1,267 1,465 1,322 1,125 1,114 1,068
Total Preferred & Common Equity		 971 1,201 1,504 1,267 1,465 1,322 1,125 1,114 1,068
Preferred Stock		 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01
Total Common Equity		 971 1,201 1,504 1,267 1,465 1,322 1,125 1,114 1,068
Common Stock		 979 1,216 1,531 1,560 1,712 1,717 1,725 1,731 1,741
Retained Earnings		 -10 -15 -28 -293 -247 -395 -600 -617 -673

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 Q2 2025 Q3 2025 Q1 2026
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 6/30/2025 9/30/2025 3/31/2026
Total Assets		 5,664 5,384 4,984 4,457 3,829 3,696 3,662 3,962 4,162 4,065 4,472
Cash and Due from Banks		 236 162 307 302 203 259 226 363 166 94 92
Restricted Cash		 0.48 - 0.24 0.08 0.29 0.50 0.48 0.42 0.57 0.87 0.47
Loans and Leases, Net of Allowance		 0.00 0.00 4,297 3,739 3,296 3,134 3,193 3,207 3,708 3,567 4,056
Loans and Leases		 - - 4,548 3,952 3,367 3,201 3,259 3,272 3,775 3,631 4,130
Allowance for Loan and Lease Losses		 - - 250 213 71 67 67 65 67 65 74
Accrued Investment Income		 35 - 35 35 31 28 31 29 30 31 30
Other Assets		 5,392 5,222 344 381 299 274 211 363 258 372 294
Total Liabilities & Shareholders' Equity		 5,664 5,384 4,984 4,457 3,829 3,696 3,662 3,962 4,162 4,065 4,472
Total Liabilities		 4,357 4,075 3,764 3,320 2,708 2,572 2,537 2,858 3,071 2,982 3,410
Short-Term Debt		 1,283 1,238 1,036 1,028 620 530 528 249 521 577 739
Accrued Interest Payable		 7.69 11 10 10 8.87 7.14 6.64 5.53 6.42 6.04 7.10
Other Short-Term Payables		 19 - - 19 19 20 20 20 19 19 19
Long-Term Debt		 3,016 2,771 2,657 2,218 2,037 1,994 1,960 2,563 2,503 2,356 2,625
Other Long-Term Liabilities		 32 55 61 45 18 17 17 16 16 19 15
Commitments & Contingencies		 0.00 0.00 0.00 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 1,091 1,083 1,062
Total Preferred & Common Equity		 1,306 1,309 1,220 1,137 1,121 1,124 1,125 1,104 1,091 1,083 1,062
Preferred Stock		 0.00 0.01 0.01 0.01 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 1,091 1,083 1,062
Common Stock		 1,715 1,719 1,721 1,722 1,727 1,728 1,729 1,733 1,735 1,736 1,743
Retained Earnings		 -409 -410 -501 -584 -606 -604 -605 -630 -644 -654 -681

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 60,831,328.00 67,187,277.00 74,125,051.00 76,756,761.00 77,047,966.00 - - - 78,261,346.00
DEI Adjusted Shares Outstanding		 0.00 0.00 60,831,328.00 67,187,277.00 74,125,051.00 76,756,761.00 77,047,966.00 - - - 78,261,346.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 1.55 1.59 1.70 -1.78 1.80 - - - 0.77
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 13.88% 32.40% 15.16% 18.35% -35.69% 45.16% -6.86% -19.70% 31.55% -4.57%
EBITDA Growth		 0.00% -12.96% 22.36% 25.01% 19.42% -203.48% 210.58% -137.50% -101.24% 182.54% -18.69%
EBIT Growth		 0.00% 14.75% 35.07% 13.53% 18.28% -207.59% 202.27% -142.64% -95.46% 164.22% -18.78%
NOPAT Growth		 0.00% 17.88% 34.85% 13.34% 18.11% -175.66% 244.98% -130.08% -95.46% 191.25% -18.86%
Net Income Growth		 0.00% 17.88% 34.85% 13.34% 18.11% -208.32% 201.26% -143.35% -94.17% 163.74% -18.86%
EPS Growth		 0.00% -6.63% 2.96% -2.30% 1.76% -217.34% 142.86% -209.20% -77.89% 144.38% -24.00%
Operating Cash Flow Growth		 0.00% -13.06% 6.34% 18.12% 12.97% 8.56% 0.06% -23.96% -20.27% 39.94% -19.41%
Free Cash Flow Firm Growth		 0.00% 0.00% 88.27% 1,142.54% -279.64% 114.35% -122.13% -96.57% 451.81% -55.08% -210.48%
Invested Capital Growth		 0.00% 0.00% 15.00% -100.00% 0.00% -15.69% 6.54% 5.99% -24.05% -11.56% 18.31%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 3.26% 0.00% 0.00% 77.02% 1.65% 217.05% -37.11% 0.21%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 5.09% 4,218.59% -6,031.27% 201.44% -27.26% -165.12% -52.68% -9.89%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 3.14% 0.00% 0.00% 191.33% -14.61% -168.39% -58.72% -9.62%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 3.48% 0.00% 0.00% 27.98% -15.85% -34.66% 6.14% -10.01%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 3.69% 0.00% 0.00% 27.98% -16.90% -34.34% 6.14% -10.01%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 1.80% 0.00% 0.00% 89.13% -10.47% -31.01% 8.70% -12.31%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 7.08% 5.46% 3.66% -2.82% 4.08% -14.61% 7.04% 2.07% -0.92%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -290.09% 38.35% -397.55% 26.92% 6.45% -33.85% -82.83%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -100.00% 1.10% -5.03% 0.24% -2.19% -4.99% 1.93% 8.50%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 100.46% 76.79% 70.96% 77.03% 77.73% -125.08% 95.29% -38.37% -96.16% 60.33% 51.41%
EBIT Margin		 75.14% 75.72% 77.25% 76.15% 76.11% -127.33% 89.71% -41.07% -99.98% 48.81% 41.54%
Profit (Net Income) Margin		 73.15% 75.72% 77.13% 75.91% 75.76% -127.62% 89.02% -41.44% -100.20% 48.55% 41.28%
Tax Burden Percent		 97.36% 100.01% 99.85% 99.68% 99.54% 100.22% 99.24% 100.89% 100.22% 99.47% 99.38%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 2.64% -0.01% 0.15% 0.32% 0.46% 0.00% 0.76% 0.00% 0.00% 0.53% 0.62%
Return on Invested Capital (ROIC)		 0.00% 5.31% 3.33% 7.06% 4.39% -1.80% 2.76% -0.78% -1.69% 1.89% 1.50%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 5.31% 3.33% 7.06% 4.39% -2.88% 2.76% -1.25% -2.67% 1.89% 1.50%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 9.10% 5.36% 10.74% 12.41% -7.41% 6.69% -3.53% -7.84% 4.75% 4.03%
Return on Equity (ROE)		 0.00% 14.42% 8.69% 17.80% 16.80% -9.21% 9.45% -4.31% -9.53% 6.64% 5.53%
Cash Return on Invested Capital (CROIC)		 0.00% -194.69% -10.62% 207.06% -195.61% 15.23% -3.57% -6.60% 25.64% 14.16% -15.27%
Operating Return on Assets (OROA)		 0.00% 2.62% 3.14% 6.39% 4.31% -2.53% 2.76% -1.11% -2.38% 1.88% 1.49%
Return on Assets (ROA)		 0.00% 2.62% 3.13% 6.37% 4.29% -2.53% 2.74% -1.12% -2.39% 1.87% 1.48%
Return on Common Equity (ROCE)		 0.00% 14.42% 8.69% 17.80% 16.80% -8.59% 8.81% -4.31% -9.53% 6.64% 5.53%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 7.21% 7.85% 0.00% 8.40% -10.80% 9.46% -4.54% -10.37% 6.67% 5.65%
Net Operating Profit after Tax (NOPAT)		 59 70 94 107 126 -96 139 -42 -81 74 60
NOPAT Margin		 73.15% 75.72% 77.13% 75.91% 75.76% -89.13% 89.02% -28.75% -69.99% 48.55% 41.28%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 1.08% 0.00% 0.47% 0.98% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 1.53% 5.38% 3.70% 3.49% 6.90% 4.17% 6.71%
Operating Expenses to Revenue		 24.86% 24.28% 22.75% 23.85% 23.89% 227.33% 14.35% 21.74% 36.82% 48.48% 48.97%
Earnings before Interest and Taxes (EBIT)		 61 70 94 107 127 -137 140 -60 -116 75 61
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 82 71 87 109 130 -134 148 -56 -112 92 75
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.42 0.00 0.52 0.44 0.48 0.31 0.40 0.62 0.61
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.42 0.00 0.52 0.44 0.48 0.31 0.40 0.62 0.61
Price to Revenue (P/Rev)		 0.00 0.00 4.15 4.17 4.70 5.18 4.48 2.82 3.86 4.49 4.47
Price to Earnings (P/E)		 0.00 0.00 5.38 5.49 6.23 0.00 9.87 0.00 0.00 11.53 14.38
Dividend Yield		 0.00% 0.00% 8.50% 19.57% 16.28% 20.17% 7.84% 18.21% 16.59% 11.29% 11.49%
Earnings Yield		 0.00% 0.00% 18.57% 18.21% 16.04% 0.00% 10.13% 0.00% 0.00% 8.67% 6.96%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.75 0.00 0.86 0.79 0.80 0.79 0.79 0.83 0.88
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 18.47 4.17 29.74 35.67 26.63 29.76 28.20 20.03 26.38
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 26.03 5.41 38.26 0.00 27.95 0.00 0.00 33.19 51.31
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 23.92 5.47 39.08 0.00 29.69 0.00 0.00 41.03 63.50
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 23.95 5.49 39.25 0.00 29.91 0.00 0.00 41.25 63.90
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 24.79 5.45 40.75 28.95 31.36 42.93 40.96 27.35 42.66
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.19 0.00 4.73 0.00 0.00 2.65 5.52 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 1.71 1.52 0.00 2.83 2.31 2.53 3.15 2.70 2.31 3.08
Long-Term Debt to Equity		 0.00 0.67 0.00 0.00 1.20 1.28 1.74 2.28 1.97 1.70 2.50
Financial Leverage		 0.00 1.71 1.61 1.52 2.83 2.57 2.42 2.82 2.94 2.51 2.68
Leverage Ratio		 0.00 2.75 2.77 2.79 3.92 3.64 3.45 3.86 3.99 3.55 3.73
Compound Leverage Factor		 0.00 2.75 2.77 2.79 3.92 3.64 3.45 3.86 3.99 3.55 3.73
Debt to Total Capital		 0.00% 63.14% 60.33% 0.00% 73.88% 69.80% 71.68% 75.89% 72.99% 69.75% 75.49%
Short-Term Debt to Total Capital		 0.00% 38.48% 60.33% 0.00% 42.52% 31.18% 22.47% 20.93% 19.71% 18.21% 14.19%
Long-Term Debt to Total Capital		 0.00% 24.66% 0.00% 0.00% 31.37% 38.61% 49.21% 54.96% 53.28% 51.54% 61.29%
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% 4.11% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 36.86% 39.67% 0.00% 26.12% 26.09% 28.32% 24.11% 27.01% 30.25% 24.51%
Debt to EBITDA		 0.00 23.43 21.05 0.00 32.83 -25.27 25.00 -74.81 -27.16 27.81 43.78
Net Debt to EBITDA		 0.00 21.98 20.18 0.00 32.22 -22.89 23.24 -70.24 -25.31 25.75 42.61
Long-Term Debt to EBITDA		 0.00 9.15 0.00 0.00 13.94 -13.98 17.17 -54.18 -19.82 20.55 35.55
Debt to NOPAT		 0.00 23.76 19.36 0.00 33.69 -35.46 26.76 -99.83 -37.31 34.56 54.53
Net Debt to NOPAT		 0.00 22.29 18.57 0.00 33.05 -32.12 24.88 -93.73 -34.77 31.99 53.06
Long-Term Debt to NOPAT		 0.00 9.28 0.00 0.00 14.30 -19.62 18.37 -72.30 -27.23 25.53 44.27
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.01% 0.00% 6.72% 6.81% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -2,563 -301 3,135 -5,632 808 -179 -352 1,237 556 -614
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		 0.00 -41.58 -3.84 24.88 -32.21 7.54 -2.10 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 2.07 1.39 1.16 0.85 0.70 1.23 1.55 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 2.07 1.39 1.16 0.85 0.70 1.23 1.55 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.03 0.04 0.08 0.06 0.02 0.03 0.03 0.02 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		 0.00 2,633 3,028 0.00 5,759 4,855 5,173 5,483 4,164 3,683 4,357
Invested Capital Turnover		 0.00 0.07 0.04 0.09 0.06 0.02 0.03 0.03 0.02 0.04 0.04
Increase / (Decrease) in Invested Capital		 0.00 2,633 395 -3,028 5,759 -904 317 310 -1,318 -481 674
Enterprise Value (EV)		 0.00 0.00 2,260 587 4,958 3,824 4,145 4,314 3,282 3,066 3,855
Market Capitalization		 0.00 0.00 508 587 783 556 698 408 450 688 654
Book Value per Share		 $0.00 $23.44 $19.75 $0.00 $20.29 $16.51 $19.01 $17.08 $14.47 $13.77 $13.65
Tangible Book Value per Share		 $0.00 $23.44 $19.75 $0.00 $20.29 $16.51 $19.01 $17.08 $14.47 $13.77 $13.65
Total Capital		 0.00 2,633 3,028 0.00 5,759 4,855 5,173 5,483 4,164 3,683 4,357
Total Debt		 0.00 1,663 1,827 0.00 4,255 3,389 3,708 4,161 3,039 2,569 3,289
Total Long-Term Debt		 0.00 649 0.00 0.00 1,806 1,875 2,546 3,013 2,219 1,898 2,671
Net Debt		 0.00 1,560 1,752 0.00 4,175 3,069 3,447 3,906 2,832 2,378 3,201
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)		 0.00 0.00 0.00 0.00 0.00 41 0.00 18 35 0.00 0.00
Net Nonoperating Obligations (NNO)		 0.00 1,663 1,827 0.00 4,255 3,389 3,708 4,161 3,039 2,569 3,289
Total Depreciation and Amortization (D&A)		 21 0.99 -7.69 1.24 2.71 2.42 8.69 3.92 4.45 18 14
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.81 $1.69 $1.74 $1.70 $0.00 ($2.03) $0.92 ($0.95) ($1.69) $0.75 $0.57
Adjusted Weighted Average Basic Shares Outstanding		 32.87M 41.41M 54.19M 63.03M 0.00 76.66M 76.98M 77.30M 77.58M 79.80M 79.30M
Adjusted Diluted Earnings per Share		 $1.81 $1.69 $1.74 $1.70 $0.00 ($2.03) $0.87 ($0.95) ($1.69) $0.75 $0.57
Adjusted Weighted Average Diluted Shares Outstanding		 32.87M 41.41M 54.19M 63.03M 0.00 76.66M 81.68M 77.30M 77.58M 79.89M 79.45M
Adjusted Basic & Diluted Earnings per Share		 $1.81 $1.69 $1.74 $1.70 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 41.40M 60.34M 67.16M 0.00 76.90M 77.18M 77.41M 77.87M 81.00M 78.35M
Normalized Net Operating Profit after Tax (NOPAT)		 59 49 94 107 126 47 123 -51 -86 74 53
Normalized NOPAT Margin		 73.15% 53.00% 77.13% 75.91% 75.76% 43.66% 78.96% -35.17% -74.21% 48.55% 36.54%
Pre Tax Income Margin		 75.14% 75.72% 77.25% 76.15% 76.11% -127.33% 89.71% -41.07% -99.98% 48.81% 41.54%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.28 1.13 1.21 0.85 0.73 -1.27 1.64 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 1.25 1.13 1.21 0.85 0.72 -0.89 1.63 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 1.28 1.13 1.21 0.85 0.73 -1.27 1.64 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 1.25 1.13 1.21 0.85 0.72 -0.89 1.63 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 66.82% 104.53% 85.10% 96.51% 98.65% -81.59% 70.94% -154.63% -75.81% 121.66% 151.01%
Augmented Payout Ratio		 66.82% 104.53% 85.10% 96.51% 98.65% -81.59% 70.94% -154.63% -75.81% 121.71% 193.04%

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - 79,857,374.00 78,590,582.00 78,261,346.00 78,354,052.00
DEI Adjusted Shares Outstanding		 - - - - - - - 79,857,374.00 78,590,582.00 78,261,346.00 78,354,052.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - 0.26 0.28 0.05 0.24
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -15.01% 194.94% 54.14% 177.68% 48.60% -74.95% -4.87% -7.90% -5.74% 0.87% 0.75%
EBITDA Growth		 48.08% -45.15% 207.06% 143.54% 144.04% -86.53% -11.99% -17.13% -5.20% -54.00% 12.89%
EBIT Growth		 46.53% -46.14% 126.67% 135.88% 136.37% -90.59% -19.60% -16.35% -0.71% -61.42% 38.30%
NOPAT Growth		 46.53% -82.37% 127.04% 151.05% 151.80% 67.40% -18.07% -16.52% -0.91% -62.78% 38.05%
Net Income Growth		 46.59% -82.37% 127.04% 135.73% 136.26% 67.40% -18.07% -16.52% -0.91% -62.78% 38.05%
EPS Growth		 45.39% -93.02% 240.00% 127.66% 127.71% 200.00% -29.41% -19.23% 0.00% -88.89% 58.33%
Operating Cash Flow Growth		 49.52% 29.33% 59.21% 249.42% -9.22% 9.79% -48.81% -3.23% -7.87% -3.29% 28.44%
Free Cash Flow Firm Growth		 324.58% 583.99% 871.18% 238.35% -32.86% -62.86% -107.95% -134.60% -148.08% -236.23% -296.73%
Invested Capital Growth		 -21.81% -24.05% -28.96% -25.75% -17.56% -11.56% 3.64% 12.80% 11.15% 18.31% 13.02%
Revenue Q/Q Growth		 147.87% 346.24% -67.71% 12.62% -8.43% -24.76% 22.61% -2.25% 4.54% -7.39% 6.46%
EBITDA Q/Q Growth		 13.94% 294.61% -88.59% 36.90% -12.95% -40.49% 24.10% 28.91% -0.42% -71.30% 206.41%
EBIT Q/Q Growth		 11.51% 284.24% -90.91% 44.83% -10.30% -52.30% 29.74% 50.70% 6.47% -81.63% 369.12%
NOPAT Q/Q Growth		 11.51% 114.89% 162.40% 47.61% -10.20% -51.87% 28.43% 50.38% 6.60% -81.92% 376.33%
Net Income Q/Q Growth		 11.51% 110.42% 162.40% 47.61% -10.20% -51.87% 28.43% 50.38% 6.60% -81.92% 376.33%
EPS Q/Q Growth		 11.70% 103.61% 466.67% 52.94% -11.54% -60.87% 33.33% 75.00% 9.52% -95.65% 1,800.00%
Operating Cash Flow Q/Q Growth		 257.13% -11.08% 60.92% -31.62% -7.21% 7.54% -24.96% 29.24% -11.66% 12.87% -0.34%
Free Cash Flow Firm Q/Q Growth		 209.49% 12.30% 17.54% -17.17% -38.59% -37.89% -125.15% -260.69% 14.67% -76.01% 26.76%
Invested Capital Q/Q Growth		 -10.78% -4.99% -9.27% -3.45% -0.95% 1.93% 6.32% 5.08% -2.40% 8.50% 1.57%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -216.93% 94.61% 55.63% 67.63% 64.29% 50.85% 51.47% 67.87% 64.65% 20.04% 57.67%
EBIT Margin		 -226.56% 93.54% 44.02% 56.60% 55.45% 35.15% 37.20% 57.35% 58.41% 11.59% 51.06%
Profit (Net Income) Margin		 -226.58% 5.29% 43.01% 56.38% 55.28% 35.37% 37.05% 56.99% 58.12% 11.35% 50.76%
Tax Burden Percent		 100.01% 98.99% 97.72% 99.60% 99.70% 101.49% 99.59% 99.38% 99.51% 97.91% 99.41%
Interest Burden Percent		 100.00% 5.72% 100.00% 100.00% 100.00% 99.13% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 1.01% 2.28% 0.40% 0.30% -1.49% 0.41% 0.62% 0.49% 2.09% 0.59%
Return on Invested Capital (ROIC)		 -1.17% 0.13% 1.23% 3.03% 3.37% 1.38% 1.46% 2.18% 2.22% 0.41% 1.78%
ROIC Less NNEP Spread (ROIC-NNEP)		 -1.65% 0.13% 1.23% 3.03% 3.37% 1.38% 1.46% 2.18% 2.22% 0.41% 1.78%
Return on Net Nonoperating Assets (RNNOA)		 -5.10% 0.38% 3.37% 8.05% 8.53% 3.46% 3.58% 5.45% 5.46% 1.11% 5.08%
Return on Equity (ROE)		 -6.27% 0.50% 4.60% 11.08% 11.90% 4.84% 5.04% 7.62% 7.68% 1.52% 6.86%
Cash Return on Invested Capital (CROIC)		 23.27% 25.64% 32.22% 29.34% 21.01% 14.16% -1.72% -10.30% -8.80% -15.27% -10.65%
Operating Return on Assets (OROA)		 -1.64% 2.23% 1.24% 3.00% 3.33% 1.35% 1.44% 2.16% 2.20% 0.42% 1.77%
Return on Assets (ROA)		 -1.64% 0.13% 1.21% 2.99% 3.32% 1.36% 1.44% 2.15% 2.19% 0.41% 1.76%
Return on Common Equity (ROCE)		 -6.27% 0.50% 4.60% 11.08% 11.90% 4.84% 5.04% 7.62% 7.68% 1.52% 6.86%
Return on Equity Simple (ROE_SIMPLE)		 -7.63% 0.00% -9.57% -1.19% 6.23% 0.00% 6.46% 6.16% 6.19% 0.00% 6.17%
Net Operating Profit after Tax (NOPAT)		 -43 6.38 17 25 22 11 14 21 22 3.98 19
NOPAT Margin		 -158.59% 5.29% 43.01% 56.38% 55.28% 35.37% 37.05% 56.99% 58.12% 11.35% 50.76%
Net Nonoperating Expense Percent (NNEP)		 0.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 4.27% 2.70% 4.30% 3.85% 2.84% 6.24% 5.45% 5.52% 3.67% 12.56% 5.51%
Operating Expenses to Revenue		 45.97% 6.46% 44.79% 43.40% 45.30% 64.85% 53.56% 37.74% 48.48% 56.23% 49.70%
Earnings before Interest and Taxes (EBIT)		 -61 113 17 25 22 11 14 21 22 4.06 19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -59 114 22 30 26 15 19 25 24 7.02 22
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.41 0.40 0.52 0.60 0.61 0.62 0.60 0.57 0.62 0.61 0.58
Price to Tangible Book Value (P/TBV)		 0.41 0.40 0.52 0.60 0.61 0.62 0.60 0.57 0.62 0.61 0.58
Price to Revenue (P/Rev)		 12.60 3.86 4.49 2.92 2.84 4.49 4.37 4.16 4.61 4.47 4.18
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 12.46 11.53 11.67 11.76 12.89 14.38 12.07
Dividend Yield		 16.14% 16.59% 12.79% 11.11% 11.25% 11.29% 11.78% 12.44% 11.22% 11.49% 12.29%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 8.02% 8.67% 8.57% 8.50% 7.76% 6.96% 8.28%
Enterprise Value to Invested Capital (EV/IC)		 0.78 0.79 0.80 0.81 0.82 0.83 0.79 0.84 0.87 0.88 0.88
Enterprise Value to Revenue (EV/Rev)		 92.77 28.20 23.35 12.75 12.12 20.03 20.56 23.45 24.08 26.38 26.52
Enterprise Value to EBITDA (EV/EBITDA)		 19.81 0.00 0.00 15.71 15.12 33.19 34.63 41.01 42.12 51.31 50.05
Enterprise Value to EBIT (EV/EBIT)		 20.01 0.00 0.00 16.91 16.31 41.03 43.56 51.60 52.29 63.50 58.85
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 42.15 41.25 43.60 51.67 52.39 63.90 59.24
Enterprise Value to Operating Cash Flow (EV/OCF)		 45.49 40.96 32.30 26.16 26.87 27.35 33.11 37.33 38.50 42.66 40.53
Enterprise Value to Free Cash Flow (EV/FCFF)		 2.93 2.65 2.07 2.34 3.51 5.52 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.85 2.70 2.37 2.24 2.21 2.31 2.55 2.77 2.71 3.08 3.17
Long-Term Debt to Equity		 1.95 1.97 1.82 1.77 1.74 1.70 2.32 2.29 2.18 2.50 2.47
Financial Leverage		 3.09 2.94 2.74 2.65 2.53 2.51 2.46 2.50 2.46 2.68 2.85
Leverage Ratio		 4.14 3.99 3.79 3.70 3.59 3.55 3.50 3.55 3.50 3.73 3.89
Compound Leverage Factor		 4.14 0.23 3.79 3.70 3.59 3.52 3.50 3.55 3.50 3.73 3.89
Debt to Total Capital		 74.05% 72.99% 70.33% 69.18% 68.87% 69.75% 71.82% 73.49% 73.04% 75.49% 76.00%
Short-Term Debt to Total Capital		 23.45% 19.71% 16.41% 14.52% 14.62% 18.21% 6.35% 12.66% 14.37% 14.19% 16.69%
Long-Term Debt to Total Capital		 50.60% 53.28% 53.93% 54.66% 54.26% 51.54% 65.46% 60.83% 58.67% 61.29% 59.31%
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		 25.95% 27.01% 29.67% 30.82% 31.13% 30.25% 28.18% 26.51% 26.96% 24.51% 24.00%
Debt to EBITDA		 18.88 -27.16 -27.31 13.50 12.75 27.81 31.32 35.70 35.19 43.78 43.36
Net Debt to EBITDA		 17.12 -25.31 -25.22 12.11 11.59 25.75 27.27 33.73 34.05 42.61 42.16
Long-Term Debt to EBITDA		 12.90 -19.82 -20.94 10.67 10.04 20.55 28.55 29.55 28.26 35.55 33.83
Debt to NOPAT		 -53.65 -37.31 -35.55 -281.36 35.53 34.56 39.44 44.98 43.76 54.53 51.32
Net Debt to NOPAT		 -48.65 -34.77 -32.83 -252.40 32.29 31.99 34.34 42.50 42.35 53.06 49.91
Long-Term Debt to NOPAT		 -36.66 -27.23 -27.25 -222.30 27.99 25.53 35.95 37.23 35.15 44.27 40.05
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)		 1,180 1,325 1,557 1,290 792 492 -124 -446 -381 -670 -491
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		 0.00 0.00 28.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.01 0.02 0.03 0.05 0.06 0.04 0.04 0.04 0.04 0.04 0.03
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		 4,383 4,164 3,778 3,648 3,613 3,683 3,916 4,115 4,016 4,357 4,425
Invested Capital Turnover		 0.01 0.02 0.03 0.05 0.06 0.04 0.04 0.04 0.04 0.04 0.04
Increase / (Decrease) in Invested Capital		 -1,223 -1,318 -1,540 -1,265 -770 -481 137 467 403 674 510
Enterprise Value (EV)		 3,405 3,282 3,037 2,937 2,952 3,066 3,109 3,474 3,512 3,855 3,883
Market Capitalization		 462 450 583 673 690 688 660 616 673 654 612
Book Value per Share		 $14.63 $14.47 $14.39 $14.44 $13.90 $13.77 $13.62 $13.66 $13.77 $13.65 $13.56
Tangible Book Value per Share		 $14.63 $14.47 $14.39 $14.44 $13.90 $13.77 $13.62 $13.66 $13.77 $13.65 $13.56
Total Capital		 4,383 4,164 3,778 3,648 3,613 3,683 3,916 4,115 4,016 4,357 4,425
Total Debt		 3,245 3,039 2,657 2,524 2,488 2,569 2,812 3,024 2,933 3,289 3,363
Total Long-Term Debt		 2,218 2,219 2,037 1,994 1,960 1,898 2,563 2,503 2,356 2,671 2,625
Net Debt		 2,943 2,832 2,454 2,264 2,262 2,378 2,449 2,857 2,839 3,201 3,271
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)		 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 3,245 3,039 2,657 2,524 2,488 2,569 2,812 3,024 2,933 3,289 3,363
Total Depreciation and Amortization (D&A)		 2.60 1.28 4.52 4.83 3.55 4.74 5.29 3.81 2.36 2.96 2.47
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.83) $0.03 $0.17 $0.26 $0.23 $0.09 $0.12 $0.21 $0.23 $0.01 $0.19
Adjusted Weighted Average Basic Shares Outstanding		 77.73M 77.58M 77.87M 79.46M 80.93M 79.80M 80.98M 79.47M 78.52M 79.30M 78.25M
Adjusted Diluted Earnings per Share		 ($0.83) $0.03 $0.17 $0.26 $0.23 $0.09 $0.12 $0.21 $0.23 $0.01 $0.19
Adjusted Weighted Average Diluted Shares Outstanding		 77.73M 77.58M 77.87M 80.91M 81.37M 79.89M 81.77M 80.21M 78.81M 79.45M 79.06M
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		 77.73M 77.87M 77.87M 80.93M 80.93M 81.00M 79.86M 78.59M 78.26M 78.35M 77.31M
Normalized Net Operating Profit after Tax (NOPAT)		 -43 6.38 17 25 22 7.37 14 14 22 3.98 19
Normalized NOPAT Margin		 -158.59% 5.29% 43.01% 56.38% 55.28% 24.39% 37.05% 37.86% 58.12% 11.35% 50.76%
Pre Tax Income Margin		 -226.56% 5.35% 44.02% 56.60% 55.45% 34.85% 37.20% 57.35% 58.41% 11.59% 51.06%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -101.61% -75.81% -82.61% -664.04% 127.98% 121.66% 127.97% 136.86% 136.80% 151.01% 138.02%
Augmented Payout Ratio		 -101.61% -75.81% -82.61% -664.04% 127.98% 121.71% 131.93% 160.24% 173.78% 193.04% 178.85%

Financials Breakdown Chart

Key Financial Trends

TPG RE Finance Trust (NYSE: TRTX) showed a much stronger first quarter in 2026 than the prior quarter, with a sharp rebound in earnings and solid operating cash flow. The company reported $19.0 million in net income for Q1 2026, up from $4.0 million in Q4 2025. Operating cash flow also remained healthy at $24.6 million, while the balance sheet showed a modest increase in cash and a continued heavy reliance on debt funding, which is typical for a mortgage REIT but still worth watching closely.

What stands out most is the improvement in profitability after a weak fourth quarter of 2025. Revenue and expense trends were better, credit loss provision was minimal, and common shareholders saw significantly higher earnings than in the prior quarter. At the same time, the company is still operating with a large debt load and its cash balance remains much lower than it was a year ago.

  • Q1 2026 net income improved meaningfully. Net income rose to $19.0 million from $4.0 million in Q4 2025, and common shareholders earned $15.2 million versus just $0.2 million in the prior quarter.
  • Operating cash flow stayed solid. TRTX generated $24.6 million in net cash from operating activities in Q1 2026, about in line with recent quarters.
  • Revenue held up well quarter over quarter. Total revenue increased to $37.3 million from $35.0 million in Q4 2025.
  • Credit loss provision remained very low. The provision for credit losses was only $(0.3) million in Q1 2026, compared with a much larger charge in some prior periods.
  • Non-interest expenses improved from Q4 2025. Total non-interest expense fell to $18.5 million from $19.7 million, helped by lower salaries and employee benefits.
  • Cash and equivalents increased slightly. Cash and due from banks rose to $92.0 million at March 31, 2026 from $93.6 million at the end of Q3 2025, after accounting for quarter-to-quarter movement.
  • Interest income was stable to slightly higher. Total interest income increased to $25.7 million from $25.4 million in Q4 2025, showing steady core earning power.
  • Book equity remained broadly stable over the year. Total equity was $1.06 billion in Q1 2026, versus $1.08 billion in Q3 2025, suggesting no major balance sheet erosion in that period.
  • Debt financing remains a major feature of the business. TRTX issued $267.3 million of debt and repaid $194.6 million in Q1 2026, reflecting active balance sheet management rather than organic deleveraging.
  • Leverage remains high. Total liabilities were $3.41 billion against $4.47 billion in assets, leaving common equity at just $1.06 billion.
  • The cash balance is much lower than last year. Cash and equivalents fell sharply from $363.0 million in Q1 2025 to $92.0 million in Q1 2026, reducing liquidity cushion.
  • Debt remains large and could pressure flexibility. Long-term debt was $2.62 billion and short-term debt was $738.6 million at quarter-end, underscoring refinancing and rate-risk exposure.
  • Dividend coverage appears tight on a per-share basis. Q1 2026 EPS was $0.19 while cash dividends to common were $0.24 per share, which suggests the payout exceeded quarterly earnings.
  • Share repurchases were modest but still a use of cash. The company repurchased $4.2 million of common equity in Q1 2026 while also paying $22.5 million in dividends.

Longer-term trend: TRTX’s quarterly results have been volatile over the last four years, which is common for mortgage REITs. Earnings swung from a large loss in 2023 to more consistent profitability in 2024 and 2025, and Q1 2026 continued that recovery. Still, investors should pay close attention to leverage, liquidity, and whether dividend payments remain covered by recurring earnings and cash flow.

07/13/26 10:27 PM ETAI Generated. May Contain Errors.

TPG RE Finance Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, TPG RE Finance Trust's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

TPG RE Finance Trust's net income appears to be on a downward trend, with a most recent value of $60.32 million in 2025, rising from $59.36 million in 2015. The previous period was $74.34 million in 2024. See where experts think TPG RE Finance Trust is headed by visiting TPG RE Finance Trust's forecast page.

Over the last 10 years, TPG RE Finance Trust's total revenue changed from $81.14 million in 2015 to $146.12 million in 2025, a change of 80.1%.

TPG RE Finance Trust's total liabilities were at $3.34 billion at the end of 2025, a 27.5% increase from 2024, and a 97.0% increase since 2016.

In the past 8 years, TPG RE Finance Trust's cash and equivalents has ranged from $75.04 million in 2017 to $319.67 million in 2020, and is currently $87.61 million as of their latest financial filing in 2025.

Over the last 10 years, TPG RE Finance Trust's book value per share changed from 0.00 in 2015 to 13.65 in 2025, a change of 1,364.7%.


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Financial statements for NYSE:TRTX last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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