TPG RE Finance Trust, Inc.

TRTX

$7.73

-0.13%

2026-08-28 16:00:02 EDT-$0.01

Real Estate

REIT - Mortgage

NYSE

Active Trading

TPG RE Finance Trust, Inc. (TRTX) operates as a financial institution primarily engaged in the commercial real estate sector within the United ...

Price Action of TRTX

$7.73

-0.13%-$0.01

High—

Low—

52W High-12.6%

Rel. vol—

Interval

Range6.1h

Volume—SMA5SMA10

—

TPG RE Finance Trust, Inc. (TRTX) is a commercial real estate finance company that focuses on originating, acquiring, and managing a diversified portfolio of commercial real estate debt investments. The company's primary business involves providing senior and subordinate mortgage loans, mezzanine financing, preferred equity, and other real estate-related securities. TRTX ...TPG RE Finance Trust, Inc. (TRTX) is a commercial real estate finance company that focuses on originating, acquiring, and managing a diversified portfolio of commercial real estate debt investments. The company's primary business involves providing senior and subordinate mortgage loans, mezzanine financing, preferred equity, and other real estate-related securities. TRTX invests across key property sectors including office, multifamily, life science, mixed-use, hospitality, industrial, and retail. Its investments also include commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs) backed by real estate assets. As a Real Estate Investment Trust (REIT), TRTX is structured to distribute at least 90% of its taxable income to stockholders, thereby avoiding federal corporate income tax. Founded in late 2014 and brought public in July 2017, the company is sponsored by TPG, a global alternative asset firm. Under the leadership of CEO Doug Bouquard, who assumed the role in April 2022, TRTX aims to generate attractive risk-adjusted returns through a disciplined investment approach and active portfolio management. The company's financial performance reflects a market cap of approximately $618 million, with a price-to-earnings ratio of about 14.6 and a dividend yield of nearly 12%. Its balance sheet shows a high leverage with a debt-to-equity ratio of around 3.36, typical for mortgage REITs. TRTX has a small employee base, indicative of its asset-light operational model, and maintains its headquarters in New York City.ExpandCollapse

Founded

2014

Employees

CEO

Doug Bouquard

Full Name

TPG RE Finance Trust, Inc.

Sector

Real Estate

Industry

REIT - Mortgage

ROE

5.45%

Market Cap

$0.59B

Current Ratio

0.44

WACC

6.64%

ROIC

245.24%

Contact Information

https://www.tpgrefinance.com

212 601 4700

888 Seventh Avenue, New York City, NY 10106

Key Metrics of TRTX

Snapshot

Latest / TTM · 6 periods

Market Cap

$593.42M

ROCE

4.3%

EV / EBITDA

15.08x

-2.2% YoY

FCF Yield

13.8%

+1.4% YoY

Cash Conversion Cycle

39.8d

Current Ratio

0.44

Quick take

TTM —

Current ratio below 1.0

Negative working capital

Financial Highlights of TRTX

Profitability trend

Latest / TTM · 6 periods

Gross Margin

82.7%

Net Margin

21.8%

P/E Ratio

14.21x

n/a

Debt / Equity

3.36

n/a

Current Ratio

0.44

Dividend Yield

12.2%

Understanding

TTM —

Current ratio below 1.0

High debt to equity

Calendar of TRTX

Upcoming

Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $0.26 · Revenue $38.28M · 4 analysts
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $0.27 · Revenue $38.27M · 3 analysts
Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $1.01 · Revenue $148.55M · 3 analysts
Mar 30, 2027
Q1 FY2027 · Estimated results
Est. EPS $0.27 · Revenue $41.25M · 1 analysts

Recent history

Jul 28, 2026
Q2 FY2026 · Results reported
EPS $0.12 · Revenue $10.34M
View filing
Jul 24, 2026
Dividend payment
$0.96 per share
Jun 26, 2026
Ex-dividend date
$0.96 per share
Apr 28, 2026
Q1 FY2026 · Results reported
EPS $0.19 · Revenue $85.77M
View filing
Feb 17, 2026
FY2025 · Annual results
EPS $0.57 · Revenue $332.57M
View filing
Oct 28, 2025
Q3 FY2025 · Results reported
EPS $0.23 · Revenue $86.66M
View filing

Financial Statements of TRTX

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$332.6M	-5.2%	-87.9%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$60.3M	-18.9%	-30.7%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+79.3%	-1.2%	+24.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+73.0%	-7.3%	-184.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+18.1%	-14.4%	+475.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$84.2M	-21.1%	-16.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	+25.3%	-16.8%	+589.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	308.0%	+33.6%	+6.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	0.18x	—	-91.6%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$4.4B	+18.1%	+2.8%

Actual vs Estimate

A Dec 31Q Sep 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	0.57 vs 0.98	-42.0%	0.12 vs 0.26	-53.2%
Revenue Surprise	$332.6M vs $149.2M	+122.9%	$10.3M vs $38.3M	-73.0%

Insider Transactions of TRTX

Acquisitions (A)

Since Apr 24, 2026

Disposals (D)

Since Apr 24, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Jul 24, 2026	Gillmore Michael	director	Common Stock	A	1,109	$8.46
Jul 24, 2026	Schuster Todd	director	Common Stock	A	152	$8.46
Jul 24, 2026	SILVERSTEIN WENDY	director	Common Stock	A	1,109	$8.46
Jul 24, 2026	Smith Michael Bradley	director	Common Stock	A	1,109	$8.46
Jun 30, 2026	Banyasz Avi	director	Common Stock	D	20,539	$8.46

Earnings Call Transcript of TRTX

1 transcript segments

Q2 2026

Unknown Speaker

Operator : Welcome to the TPG Real Estate Finance Trust Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to Ashvin Rao. You may begin. Ashvin Rao : Thank you. Good morning, and welcome to the TPG Real Estate Finance Trust Earnings Call for the Second Quarter of 2026. I'm joined by Doug Bouquard, our Chief Executive Officer; Brandon Fox, our Interim Chief Financial Officer; and Ryan Roberto, our Head of Portfolio Management and Capital Markets. Doug, Brandon, and Ryan will provide commentary regarding the company, its performance, and the general economy, and will answer questions from call participants. Yesterday afternoon, we filed our Form 10-Q, issued a press release and shared an earnings supplemental, all of which are available on the company's website in the Investor Relations section. This morning's call and webcast are being recorded. Information regarding the replay of this call is available in our earnings release and on the TRTX website. Recordings are the property of TRTX and any unauthorized broadcast or reproduction in any form is strictly prohibited. This morning's call will include forward-looking statements, which are uncertain and outside of the company's control. Actual results may differ materially from those set forth in or implied by these forward-looking statements. For discussion of risks that could affect results, please see the Risk Factors section of the company's latest Form 10-K and Form 10-Q. The company does not undertake any duty to update our forward-looking statements unless required to do so by law. We will refer during today's call to certain non-GAAP financial measures, which are reconciled to GAAP amounts in our Form 10-Q, our earnings release, and in our earnings supplemental, all of which are available in the Investor Relations section of our website. Now I'll turn the call over to Doug. Doug Bouquard : Good morning and thank you for joining the call. Over the past quarter, market activity was shaped by several competing forces, including heightened geopolitical tensions and continued debate around the path of inflation and interest rates. Despite this uncertainty, both equity and credit markets have remained broadly resilient. In real estate, the environment has remained largely consistent with prior quarters. Elevated interest rates and ongoing rate volatility continue to suppress transaction activity, while the gap between buyer and seller expectations remains wide. As a result, lending demand continues to be driven primarily by refinancing activity, particularly within the multifamily and industrial sectors, 2 of the most liquid areas of the real estate market. Importantly, this activity continues to be supported by both bank balance sheets and CRE CLO bond buyers where credit spreads tightened further during the quarter. Against this market backdrop, TRTX continues to differentiate itself …

Leadership Team of TRTX

4 executives

Name	Title	Compensation	Gender	Year Born	Status
Brandon Fox	Chief Accounting Officer & Interim Chief Financial Officer	USD 56,470	Male	1980	Active
Matthew John Coleman	President	—	Male	1977	Active
Ryan Roberto	Head of Capital Markets & Asset Management	—	—	—	Active
Doug Bouquard	Chief Executive Officer & Director	—	Male	1982	Active

Recent News of TRTX

Seeking Alpha7/29/2026Neutral

TPG RE Finance Trust, Inc. (TRTX) Q2 2026 Earnings Call Transcript

Zacks Investment Research7/28/2026Neutral

Here's What Key Metrics Tell Us About TPG RE Finance Trust (TRTX) Q2 Earnings

The headline numbers for TPG RE Finance Trust (TRTX) give insight into how the company performed in the quarter ended June 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Zacks Investment Research7/28/2026Neutral

TPG RE Finance Trust (TRTX) Q2 Earnings and Revenues Miss Estimates

TPG RE Finance Trust (TRTX) came out with quarterly earnings of $0.23 per share, missing the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.24 per share a year ago.

Business Wire7/28/2026Neutral

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended June 30, 2026

NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended June 30, 2026. Regarding second quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: "TRTX delivered strong first-half results, generating Distributable Earnings of $0.48 per share that fully covered our year-to-date common stock dividend. We had a highly active second quarter, investing $466 million into new loans across our target.

Zacks Investment Research7/22/2026Neutral

TRTX or VTMX: Which Is the Better Value Stock Right Now?

Investors interested in Real Estate - Operations stocks are likely familiar with TPG RE Finance Trust (TRTX) and Corporacion Inmobiliaria Vesta, S.A.B. de C.V. Sponsored ADR (VTMX).

Historical Employee Count of TRTX

Current

Minimum

Maximum

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	0	10-K	Feb 17, 2026	View
Dec 31, 2024	0	10-K	Feb 18, 2025	View
Dec 31, 2023	0	10-K	Feb 20, 2024	View
Dec 31, 2022	0	10-K	Feb 21, 2023	View
Dec 31, 2021	2	10-K	Feb 23, 2022	View

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TPG RE Finance Trust, Inc.