NYSE : TRTX
TPG RE Finance Trust, Inc. — Financial statements
Real Estate · REIT - Mortgage · United States
Last price 6.42 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 486.81M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 304.99M | 290.24M | 307.15M | 362.55M | 302.86M | 240.16M |
| Total Interest Expense | 203.48M | 186.46M | 198.85M | 273.86M | 160.75M | 85.09M |
| Net Interest Income | 101.51M | 103.78M | 108.29M | 88.69M | 142.10M | 155.07M |
| Other Revenue | 40.77M | 42.34M | 44.82M | 27.70M | 2.85M | 560.00K |
| Revenue Before Loan Losses | 142.28M | 146.12M | 153.12M | 116.39M | 144.95M | 155.63M |
| Provision for Loan Losses | 23.13M | 13.87M | 4.15M | 189.91M | 172.98M | -6.31M |
| Revenue | 119.16M | 132.24M | 148.97M | -73.52M | -28.03M | 161.94M |
| Cost of Services Provided | 63.55M | 68.71M | 67.85M | 41.85M | 39.75M | 32.35M |
| Total Operating Expenses | 73.34M | 78.52M | 74.23M | 49.88M | 44.80M | 38.12M |
| Operating Income | 45.81M | 53.73M | 74.73M | -123.40M | -72.83M | 123.82M |
| EBT Excluding Unusual Items | 45.81M | 53.73M | 74.73M | -123.40M | -72.83M | 123.82M |
| Pretax Income | 45.81M | 60.70M | 74.73M | -116.37M | -59.54M | 139.61M |
| Income Tax Expense | 402.00K | 378.00K | 399.00K | 259.00K | 530.00K | 1.06M |
| Net Income | 45.41M | 60.32M | 74.33M | -116.63M | -60.07M | 138.55M |
| Preferred Dividends & Other Adjustments | 14.88M | 14.84M | 14.67M | 14.28M | 13.58M | 67.84M |
| Net Income to Common | 30.53M | 45.48M | 59.67M | -130.91M | -73.64M | 70.70M |
| Shares Outstanding (Basic) | 77.47M | 79.30M | 79.80M | 77.58M | 77.30M | 76.98M |
| Shares Outstanding (Diluted) | 77.67M | 79.45M | 79.89M | 77.58M | 77.30M | 81.68M |
| EPS (Basic) | 0.39 | 0.57 | 0.75 | -1.69 | -0.95 | 0.92 |
| EPS (Diluted) | 0.39 | 0.57 | 0.75 | -1.69 | -0.95 | 0.87 |
| Free Cash Flow | 85.19M | 90.36M | 112.13M | 80.13M | 100.50M | 132.17M |
| Free Cash Flow Per Share | 1.10 | 1.14 | 1.40 | 1.03 | 1.30 | 1.62 |
| Dividend Per Share | 0.96 | 0.96 | 0.96 | 0.96 | 0.96 | 0.88 |
| Operating Margin | 38.45% | 40.63% | 50.17% | 76.46% | ||
| Profit Margin | 25.62% | 34.39% | 40.05% | 43.66% | ||
| Free Cash Flow Margin | 71.49% | 68.33% | 75.27% | 81.61% | ||
| Effective Tax Rate | 0.88% | 0.62% | 0.53% | 0.76% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 70.83M | 87.61M | 190.16M | 206.38M | 254.05M | 260.63M |
| Loans & Lease Receivables | 4.84B | 4.03B | 3.22B | 3.41B | 4.78B | 4.87B |
| Other Receivables | 33.42M | 29.15M | 27.65M | 98.70M | 206.06M | 26.81M |
| Property, Plant & Equipment | 255.21M | 224.39M | 256.40M | 174.06M | 60.62M | |
| Other Intangible Assets | 10.28M | 12.37M | 19.95M | |||
| Restricted Cash | 265.00K | 654.00K | 323.00K | 642.00K | 265.00K | 404.00K |
| Other Current Assets | 11.49M | 3.98M | 247.23M | 297.17M | 204.00K | |
| Long-Term Deferred Charges | 3.54M | 2.75M | 1.94M | |||
| Other Long-Term Assets | 15.40M | 16.82M | 17.98M | 77.62M | 6.20M | 2.14M |
| Total Assets | 5.24B | 4.41B | 3.73B | 4.21B | 5.55B | 5.22B |
| Accrued Expenses | 15.13M | 14.77M | 14.56M | 27.02M | 24.90M | 15.69M |
| Long-Term Debt | 4.17B | 3.29B | 2.57B | 3.04B | 4.16B | 3.71B |
| Long-Term Unearned Revenue | 1.25M | 1.94M | 1.74M | 1.28M | 1.46M | 1.37M |
| Other Current Liabilities | 20.70M | 22.27M | 22.39M | 21.86M | 36.27M | 28.36M |
| Other Long-Term Liabilities | 8.14M | 10.22M | 9.87M | 9.00K | ||
| Total Liabilities | 4.22B | 3.34B | 2.62B | 3.09B | 4.22B | 3.75B |
| Common Stock | 76.00K | 78.00K | 81.00K | 77.00K | 77.00K | 77.00K |
| Additional Paid-In Capital | 1.75B | 1.74B | 1.73B | 1.72B | 1.72B | 1.71B |
| Retained Earnings | -721.88M | -672.65M | -617.22M | -600.27M | -395.03M | -247.26M |
| Total Common Equity | 1.02B | 1.07B | 1.11B | 1.12B | 1.32B | 1.46B |
| Shareholders' Equity | 1.02B | 1.07B | 1.11B | 1.12B | 1.32B | 1.46B |
| Total Liabilities & Equity | 5.24B | 4.41B | 3.73B | 4.21B | 5.55B | 5.22B |
| Total Debt | 4.17B | 3.29B | 2.57B | 3.04B | 4.16B | 3.71B |
| Net Cash (Debt) | -4.10B | -3.20B | -2.38B | -2.83B | -3.91B | -3.45B |
| Net Cash Per Share | -52.82 | -40.30 | -29.77 | -36.52 | -50.54 | -42.20 |
| Filing Date Shares Outstanding | 75.83M | 78.35M | 81.00M | 77.87M | 77.41M | 77.18M |
| Total Common Shares Outstanding | 75.83M | 78.32M | 81.00M | 77.87M | 77.41M | 77.18M |
| Working Capital | 4.92B | 4.11B | 3.40B | 3.91B | 5.48B | 5.11B |
| Book Value Per Share | 13.51 | 13.64 | 13.75 | 14.44 | 17.08 | 18.98 |
| Tangible Book Value | 1.01B | 1.06B | 1.09B | 1.12B | 1.32B | 1.46B |
| Tangible Book Value Per Share | 13.37 | 13.48 | 13.51 | 14.44 | 17.08 | 18.98 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 45.41M | 60.32M | 74.33M | -116.63M | -60.07M | 138.55M |
| Depreciation & Amortization | 10.10M | 12.63M | 15.73M | 3.05M | ||
| Other Amortization | 8.50M | 6.51M | 7.99M | 13.35M | 15.01M | 15.89M |
| Gain on Sale of Loans & Receivables | 2.11M | |||||
| Loss (Gain) From Sale of Investments | -7.31M | -4.72M | -6.08M | -11.96M | -11.09M | -7.20M |
| Provision for Credit Losses | 23.13M | 13.87M | 4.15M | 189.91M | 172.98M | -8.42M |
| Stock-Based Compensation | 9.79M | 9.81M | 6.39M | 8.03M | 5.05M | 5.76M |
| Change in Accounts Payable | 404.00K | 96.00K | -3.57M | -855.00K | 8.36M | 93.00K |
| Change in Unearned Revenue | -547.00K | 196.00K | 463.00K | -178.00K | 93.00K | -52.00K |
| Change in Other Net Operating Assets | -3.02M | 886.00K | 7.20M | -8.89M | -1.32M | -1.12M |
| Other Operating Activities | -1.42M | -682.00K | 812.00K | 542.00K | 1.31M | 1.33M |
| Operating Cash Flow | 85.19M | 90.36M | 112.13M | 80.13M | 100.50M | 132.17M |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -1.21B | -823.01M | 445.83M | 1.03B | -602.22M | -397.27M |
| Investing Cash Flow | -1.22B | -789.71M | 440.51M | 1.10B | -452.56M | -342.90M |
| Long-Term Debt Issued | 4.02B | 514.45M | 610.98M | 2.82B | 2.04B | |
| Long-Term Debt Repaid | -3.28B | -991.24M | -1.74B | -2.37B | -1.73B | |
| Net Debt Issued (Repaid) | 1.25B | 735.40M | -476.79M | -1.13B | 457.01M | 314.58M |
| Issuance of Preferred Stock | 201.25M | |||||
| Preferred Share Repurchases | -247.49M | |||||
| Repurchase of Common Stock | -25.00M | -25.35M | -37.00K | |||
| Common Dividends Paid | -76.63M | -78.50M | -77.85M | -75.83M | -80.29M | -79.09M |
| Preferred Dividends Paid | -12.59M | -12.59M | -12.59M | -12.59M | -12.59M | -19.19M |
| Total Dividends Paid | -89.22M | -91.09M | -90.44M | -88.42M | -92.88M | -98.28M |
| Other Financing Activities | -19.61M | -21.83M | -1.91M | -3.63M | -18.79M | -17.96M |
| Financing Cash Flow | 1.12B | 597.13M | -569.18M | -1.22B | 345.34M | 152.10M |
| Net Cash Flow | -23.37M | -102.22M | -16.54M | -47.30M | -6.72M | -58.63M |
| Free Cash Flow | 85.19M | 90.36M | 112.13M | 80.13M | 100.50M | 132.17M |
| Free Cash Flow Margin | 71.49% | 68.33% | 75.27% | 81.61% | ||
| Free Cash Flow Per Share | 1.10 | 1.14 | 1.40 | 1.03 | 1.30 | 1.62 |
| Cash Interest Paid | 194.25M | 179.72M | 194.44M | 263.71M | 137.51M | 69.24M |
| Cash Income Tax Paid | 388.00K | 290.00K | 260.00K | 371.00K | 784.00K | 1.22M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 492.88M | 673.83M | 687.89M | 505.28M | 525.59M | 949.23M |
| PE Ratio | 16.49 | 14.82 | 11.53 | 13.43 | ||
| PS Ratio | 4.14 | 5.09 | 4.62 | -6.87 | -18.75 | 5.86 |
| PB Ratio | 0.48 | 0.63 | 0.62 | 0.45 | 0.40 | 0.65 |
| P/FCF Ratio | 5.79 | 7.46 | 6.13 | 6.31 | 5.23 | 7.18 |
| P/OCF Ratio | 5.79 | 7.46 | 6.13 | 6.31 | 5.23 | 7.18 |
| Debt / Equity Ratio | 4.08 | 3.08 | 2.31 | 2.70 | 3.15 | 2.53 |
| Debt / FCF Ratio | 48.99 | 36.40 | 22.91 | 37.93 | 41.40 | 28.05 |
| Net Debt / Equity Ratio | 4.01 | 3.00 | 2.13 | 2.52 | 2.96 | 2.35 |
| Net Debt / FCF Ratio | 48.16 | 35.43 | 21.21 | 35.36 | 38.87 | 26.08 |
| Quick Ratio | 138.05 | 111.91 | 92.96 | 75.99 | 85.69 | 117.04 |
| Current Ratio | 138.38 | 112.03 | 92.97 | 81.06 | 90.56 | 117.05 |
| Asset Turnover | 0.03 | 0.03 | 0.04 | 0.03 | ||
| Return on Equity (ROE) | 4.31% | 5.53% | 6.64% | -9.53% | -4.31% | 9.45% |
| Return on Assets (ROA) | 0.98% | 1.48% | 1.87% | -2.39% | -1.12% | 2.74% |
| Return on Invested Capital (ROIC) | 0.93% | 1.33% | 1.90% | -2.56% | -1.37% | 2.45% |
| Earnings Yield | 6.06% | 8.95% | 10.81% | -23.08% | -11.43% | 14.60% |
| FCF Yield | 17.28% | 13.41% | 16.30% | 15.86% | 19.12% | 13.92% |
| Dividend Yield | 14.77% | 11.16% | 11.30% | 14.79% | 14.14% | 7.16% |
| Payout Ratio | 243.60% | 151.01% | 121.66% | 70.94% | ||
| Buyback Yield / Dilution | 2.88% | 0.55% | -2.98% | -0.36% | 5.37% | -6.56% |
| Total Shareholder Return | 17.65% | 11.71% | 8.32% | 14.43% | 19.51% | 0.60% |