TPG RE Finance Trust, Inc. (TRTX) Stock Analysis
Real Estate · REIT - Mortgage · NYSE
TPG RE Finance Trust, Inc. (TRTX) posted $151.27M in revenue for fiscal 2025 (up 0.1% year over year), at a 39.9% net margin, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on TPG RE Finance Trust, Inc.
TPG RE Finance Trust, Inc. has grown revenue from $0 to $151.27M over the last 10 fiscal years. The most recent year was up 0.1%.
Net margin sits at 39.9%, down 9.3 points year over year. It carries about $3.29B of total debt.
At today's valuation the market is pricing in roughly -5.4% annual free-cash-flow growth — versus the -0.2% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is heavy debt load.
Synthesised from TPG RE Finance Trust, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
TPG RE Finance Trust, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $156.27M | $122.07M | $151.19M | $151.27M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $69.97M | $94.35M | $106.94M | $126.31M | $-136.83M | $138.55M | $-60.07M | $-116.63M | $74.33M | $60.32M |
| Net margin | — | — | — | — | — | — | -38.4% | -95.5% | 49.2% | 39.9% |
Source: TPG RE Finance Trust, Inc. SEC filings (10-K). 11 years of history available in the interactive view.
TPG RE Finance Trust, Inc.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Heavy debt loadTotal debt of $3289M is 36.4× last year's operating cash flow — it would take years of cash flow to clear.
What growth is priced into TRTX stock?
At today's market cap of $657.51M, TPG RE Finance Trust, Inc. is priced for free-cash-flow growth of about -5.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $84.22M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -0.2%/yr over the last five fiscal years, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 11 years of TPG RE Finance Trust, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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TPG RE Finance Trust, Inc. financial history by metric
Compare TPG RE Finance Trust, Inc. with peers
About TPG RE Finance Trust, Inc.
TPG RE Finance Trust, Inc., a commercial real estate finance company, originates and acquires a portfolio of commercial real estate-related assets in the United States. It engages in directly originating and selectively acquiring first mortgage loans secured by commercial real estate properties; and invests in other commercial real estate-related debt instruments, including subordinate mortgage interests, mezzanine loans, secured real estate securities, note financing, preferred equity, and miscellaneous debt instruments. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. TPG RE Finance Trust, Inc. was incorporated in 2014 and is based in New York, New York.
TPG RE Finance Trust, Inc. — frequently asked questions
What is TPG RE Finance Trust, Inc.'s revenue?
TPG RE Finance Trust, Inc. (TRTX) reported revenue of $151.27M for fiscal year 2025, up 0.1% from the prior year, according to its SEC filings.
Is TPG RE Finance Trust, Inc. profitable?
Yes. TRTX earned net income of $60.32M in fiscal 2025, a net margin of 39.9%.
What is TRTX's P/E ratio?
TPG RE Finance Trust, Inc. trades at a price-to-earnings ratio of about 13.3 based on the latest data in our nightly-refreshed cache.
How much debt does TPG RE Finance Trust, Inc. have?
As of fiscal year 2025, TRTX carried roughly $3.29B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is TPG RE Finance Trust, Inc.'s market cap?
TPG RE Finance Trust, Inc. (TRTX) has a market capitalization of about $657.51M, based on the latest data in our nightly-refreshed cache.
When does TPG RE Finance Trust, Inc.'s fiscal year end?
TRTX's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into TRTX stock?
At today's market cap of $657.51M, TPG RE Finance Trust, Inc. is priced for free-cash-flow growth of about -5.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $84.22M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -0.2%/yr over the last five fiscal years, computed from its SEC filings.
Where does this data come from?
All figures are computed from TPG RE Finance Trust, Inc.'s official SEC filings (10-K and 10-Q), covering 11 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.