TRTX · Tpg Re Finance Trust, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $910.0K | - | $998.0K | $989.0K | $1.10M | - | $1.06M | $1.19M | $986.0K | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $1.80M | - | $1.70M | $2.00M | $2.10M | - | $1.40M | $1.40M | $1.40M | - |
| Operating Income | $19.05M | - | $22.10M | $20.76M | $13.78M | - | $22.26M | $24.82M | $17.13M | - |
| Interest Expense | - | - | - | - | - | - | - | - | $55.38M | - |
| Income Tax | $112.0K | - | $109.0K | $128.0K | $56.0K | - | $66.0K | $100.0K | $390.0K | - |
| Net Income | $18.94M | - | $21.99M | $20.63M | $13.72M | - | $22.19M | $24.71M | $16.74M | - |
| EPS - Basic | $0.19 | - | $0.23 | $0.21 | $0.12 | - | $0.23 | $0.26 | $0.17 | - |
| EPS - Diluted | $0.19 | - | $0.23 | $0.21 | $0.12 | - | $0.23 | $0.26 | $0.17 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $91.98M | $87.61M | $93.59M | $165.85M | $363.02M | $190.16M | $226.32M | $259.24M | $203.08M | $206.38M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $4.47B | $4.41B | $4.06B | $4.16B | $3.96B | $3.73B | $3.66B | $3.70B | $3.83B | $4.21B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | $3.38B | $3.31B | $2.95B | $3.04B | $2.83B | $2.57B | $2.49B | $2.53B | $2.66B | $3.05B |
| Total Liabilities | $3.41B | $3.34B | $2.98B | $3.07B | $2.86B | $2.62B | $2.54B | $2.57B | $2.71B | $3.09B |
| Stockholders' Equity | $1.06B | $1.07B | $1.08B | $1.09B | $1.10B | $1.11B | $1.12B | $1.12B | $1.12B | $1.12B |
| Retained Earnings | ($680.58M) | ($672.65M) | ($653.74M) | ($644.21M) | ($629.74M) | ($617.22M) | ($604.78M) | ($604.06M) | ($605.83M) | ($600.27M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $24.57M | - | - | - | $19.13M | - | - | - | $37.37M | - |
| Investing Cash Flow | ($66.24M) | - | - | - | $7.55M | - | - | - | $365.51M | - |
| Financing Cash Flow | $45.85M | - | - | - | $146.28M | - | - | - | ($406.54M) | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 0.6% | - | 0.5% | 0.6% | 0.4% | - | 0.3% | 0.4% | 2.3% | - |
| Return on assets | 0.4% | - | 0.5% | 0.5% | 0.3% | - | 0.6% | 0.7% | 0.4% | - |
| Return on equity | 1.8% | - | 2.0% | 1.9% | 1.2% | - | 2.0% | 2.2% | 1.5% | - |
| Return on invested capital | 0.4% | - | 0.5% | 0.5% | 0.3% | - | 0.6% | 0.7% | 0.4% | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | 3.18 | 3.10 | 2.72 | 2.78 | 2.56 | 2.31 | 2.22 | 2.25 | 2.38 | 2.71 |
| Debt / Assets | 0.76 | 0.75 | 0.72 | 0.73 | 0.71 | 0.69 | 0.68 | 0.68 | 0.70 | 0.72 |
| Debt / EBITDA | 162.20 | - | 123.80 | 133.45 | 178.04 | - | 105.36 | 96.45 | 143.76 | - |
| Interest coverage | - | - | - | - | - | - | - | - | 0.3x | - |
| Equity multiplier | 4.21 | 4.13 | 3.75 | 3.82 | 3.59 | 3.35 | 3.26 | 3.29 | 3.42 | 3.75 |
| Liabilities / Assets | 0.76 | 0.76 | 0.73 | 0.74 | 0.72 | 0.70 | 0.69 | 0.70 | 0.71 | 0.73 |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 41.1x | - | 37.2x | 36.8x | 67.9x | - | 37.1x | 33.2x | 45.4x | - |
| P / B | 0.6x | - | 0.6x | 0.6x | 0.6x | - | 0.6x | 0.6x | 0.5x | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | 187.4x | - | 148.2x | 153.4x | 197.1x | - | 125.1x | 113.2x | 165.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 38.3% | - | -0.7% | -16.3% | -19.6% | - | - | - | 126.7% | - |
| Net income growth (YoY) | 38.0% | - | -0.9% | -16.5% | -18.1% | - | - | - | 127.0% | - |
| EPS growth (YoY) | 58.3% | - | 0.0% | -19.2% | -29.4% | - | - | - | 240.0% | - |
| EPS CAGR (3y) | 56.0% | - | - | - | -21.7% | - | -10.4% | - | -17.2% | - |
| EPS CAGR (5y) | -8.7% | - | -10.0% | -16.6% | - | - | -12.2% | -9.6% | -16.5% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -3.8% | -4.1% | -3.7% | -3.0% | -1.5% | -1.0% | -1.1% | -7.8% | -14.4% | -14.9% |
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing TPG RE Finance Trust against the 5 most active filers in the same SIC group.
Dividends
$0.96/share trailing 12 months · 0.0% YoY
| Ex-date | Per share |
|---|---|
| Mar 27, 2026 | $0.2400 |
| Dec 26, 2025 | $0.2400 |
| Sep 26, 2025 | $0.2400 |
| Jun 27, 2025 | $0.2400 |
| Mar 28, 2025 | $0.2400 |
| Dec 27, 2024 | $0.2400 |
| Sep 27, 2024 | $0.2400 |
| Jun 27, 2024 | $0.2400 |
| Mar 27, 2024 | $0.2400 |
| Dec 28, 2023 | $0.2400 |
| Sep 27, 2023 | $0.2400 |
| Jun 27, 2023 | $0.2400 |
| Mar 28, 2023 | $0.2400 |
| Dec 28, 2022 | $0.2400 |
| Sep 27, 2022 | $0.2400 |
| Jun 27, 2022 | $0.2400 |
| Mar 28, 2022 | $0.2400 |
| Dec 28, 2021 | $0.3100 |
| Sep 28, 2021 | $0.2400 |
| Jun 25, 2021 | $0.2000 |
| Mar 25, 2021 | $0.2000 |
| Dec 24, 2020 | $0.3800 |
| Sep 24, 2020 | $0.2000 |
| Jun 25, 2020 | $0.2000 |