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Financials · TRTX

TPG RE Finance Trust Inc. (TRTX) financials

For the twelve months ended Sep 30, 2026, TPG RE Finance Trust Inc. reported $142.28M of revenue and $45.41M of net income.

Revenue, TTM
$142.28M
Revenue growth, YoY
-2.4%
Net income, TTM
$45.41M
Net income growth, YoY
-32.2%
Net margin
31.9%
EPS, diluted, TTM
$0.40
Cash
$70.83M
P/E
11.25
P/S
3.59
Market cap
$511.1M
Annual revenue$146.12M
FY2016FY2025
Annual net income$60.32M
FY2016FY2025
Annual free cash flow$91.06M
FY2016FY2017

TRTX revenue and earnings growth

TRTX revenueQ3 2026$35.92M

Quarter YoY
-5.1%
QoQ
+5.6%
FY YoY
-4.6%
5Y CAGR
-3.8%
10Y CAGR
+6.1%

TRTX revenue was $35.92M in fiscal Q3 2026 (ended Sep 30, 2026), down 5.1% from a year earlier and up 5.6% from the prior quarter. For the full fiscal 2025 it was $146.12M, down 4.6% from fiscal 2024. Compound annual growth was -3.8% over 5 years and +6.1% over 10 years. It rose in 6 of the last 10 fiscal years.

TRTX net incomeQ3 2026$9.37M

Quarter YoY
-57.4%
QoQ
-28.7%
FY YoY
-18.9%
10Y CAGR
+0.2%

TRTX net income was $9.37M in fiscal Q3 2026 (ended Sep 30, 2026), down 57.4% from a year earlier and down 28.7% from the prior quarter. For the full fiscal 2025 it was $60.32M, down 18.9% from fiscal 2024. Compound annual growth was +0.2% over 10 years.

TRTX EPSQ3 2026$0.08

Quarter YoY
-65.2%
QoQ
-33.3%
FY YoY
-24.0%
10Y CAGR
-10.9%

TRTX diluted EPS was $0.08 in fiscal Q3 2026 (ended Sep 30, 2026), down 65.2% from a year earlier and down 33.3% from the prior quarter. For the full fiscal 2025 it was $0.57, down 24.0% from fiscal 2024. Compound annual growth was -10.9% over 10 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$146.12M$153.12M$116.39M$144.95M$155.63M$176.97M$166.73M$140.88M$122.33M$92.40M
Selling, general and admin$4.27M$4.26M$3.85M$4.40M$4.39M$3.60M$3.01M$3.37M$2.98M$2.20M
Interest expense--$273.86M$160.75M$85.09M$107.24M$174.84M$126.03M$78.27M$61.65M
Pre-tax income$60.70M$74.73M-$116.37M-$59.54M$139.61M-$136.52M$126.89M$107.28M$94.50M$69.96M
Income tax$378.0K$399.0K$259.0K$530.0K$1.06M$305.0K$579.0K$340.0K$146.0K-$5.0K
Net income$60.32M$74.33M-$116.63M-$60.07M$138.55M-$136.83M$126.31M$106.94M$94.35M$69.97M
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
Diluted shares79.4M79.9M77.6M77.3M81.7M76.7M72.7M63.0M54.2M41.4M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$87.61M$190.48M$207.02M$254.31M$261.04M$319.67M$79.67M$40.72M$75.74M$103.97M
Total assets$4.41B$3.73B$4.21B$5.55B$5.22B$4.91B$5.89B$4.53B$3.36B$2.67B
Total debt$3.31B$2.57B$3.05B$4.18B$3.72B---$287.89M$108.50M
Total liabilities$3.34B$2.62B$3.09B$4.22B$3.75B$3.44B$4.39B$3.20B$2.15B$1.69B
Shareholders' equity$1.07B$1.11B$1.12B$1.32B$1.46B$1.27B$1.50B$1.33B$1.20B$970.69M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$90.36M$112.13M$80.13M$100.50M$132.17M$132.09M$121.67M$107.70M$91.17M$85.73M
Capital expenditures--------$111.0K$500.0K
Free cash flow--------$91.06M$85.23M
Investing cash flow-$789.71M$440.51M$1.10B-$452.56M-$342.90M$964.59M-$1.31B-$1.19B-$702.58M-$544.89M
Financing cash flow$597.13M-$569.18M-$1.22B$345.34M$152.10M-$856.67M$1.23B$1.05B$583.17M$457.18M
Share repurchases$25.35M$37.0K$0$0------
Stock-based compensation$9.81M$6.39M$8.03M$5.05M$5.76M$5.77M$2.56M$665.0K$33.0K-

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-4.6%31.6%-19.7%-6.9%-12.1%6.1%18.4%15.2%32.4%13.9%
Net income growth, YoY-18.9%-----18.1%13.3%34.9%17.9%
EPS growth, YoY-24.0%-----1.8%-2.3%3.0%-6.6%
Net margin41.3%48.5%-100.2%-41.4%89.0%-77.3%75.8%75.9%77.1%75.7%
Free cash flow margin--------74.4%92.2%
Return on equity5.6%6.7%-10.4%-4.5%9.5%-10.8%8.4%8.1%7.9%7.2%
Return on assets1.4%2.0%-2.8%-1.1%2.7%-2.8%2.1%2.4%2.8%2.6%
Debt to equity3.102.312.713.162.54---0.240.11

Source: XBRL data TPG RE Finance Trust Inc. files with the SEC, latest filing dated Oct 26, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

TRTX peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
TRTX$142.28M-2.4%$45.41M31.9%$511.1M
WELL$13.79B+39.2%$1.67B12.1%$181.46B
PLD$8.95B+6.7%$3.71B41.5%$124.09B
EQIX$10.06B+11.1%$1.65B16.4%$104.38B
AMT$11.01B+5.3%$3.31B30.1%$87.65B
SPG$7.15B+16.2%$4.51B63.0%$75.39B
DLR$6.34B+12.6%$1.38B21.7%$68.13B
PSA$5.03B+5.2%$1.90B37.8%$63.18B
O$6.21B+10.8%$1.36B21.8%$56.58B

TRTX FAQ

7 questions
  • What is TRTX revenue?
    TPG RE Finance Trust Inc. (TRTX) reported $142.28M of revenue for the twelve months ended Sep 30, 2026. That is down 2.4% from the year before. Revenue for fiscal 2025 was $146.12M.
  • Is TRTX profitable?
    Yes. TPG RE Finance Trust Inc. earned $45.41M in net income for the twelve months ended Sep 30, 2026, a net margin of 31.9%.
  • How much cash and debt does TRTX have?
    TPG RE Finance Trust Inc. reported $70.83M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is TRTX revenue growing?
    TPG RE Finance Trust Inc.'s revenue changed -4.6% in fiscal 2025, to $146.12M. Its compound annual growth rate was -3.8% over 5 years and +6.1% over 10 years.
  • What is TRTX earnings per share?
    Diluted earnings per share were $0.40 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did TRTX last report financial results?
    The latest statements here come from TPG RE Finance Trust Inc.'s 10-Q filed on Oct 26, 2026, covering the period ended Sep 30, 2026.
  • Where does this TRTX financial data come from?
    Quantisnow builds these statements from the structured XBRL data TPG RE Finance Trust Inc. files with the SEC. It is provided for information only and is not investment advice.