TRTX Real Estate

TPG RE Finance Trust, Inc.

$6.81-0.29%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Real Estate
Industry: REIT - Mortgage
Country: United States
Market cap: 522.8M USD
Enterprise value: 3.8B USD

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.47 vs a peer median of 0.75) and more debt relative to equity (3.18× vs a peer median of 0.80×)higher risk: bigger price swings (beta 1.47 vs peers 0.75) and more debt vs equity (3.18× vs peers 0.80×)
Not enough data: valuation

Would rank #558 of 632 fully scored real estate companies (bottom 12%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Buybacks largely absorbed by stock pay. Stock-based pay expense $24M vs $25M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −0.8% from December 2022 to July 2026.
Over three fiscal years TPG RE Finance Trust recorded $24M of stock-based pay expense and spent $25M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−0.8%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years TPG RE Finance Trust recorded $24M of stock-based pay expense and spent $25M repurchasing shares. The share count barely moved (−0.8%), so much of the repurchasing offset new employee shares rather than shrinking the count.
Much more borrowing than peers. Debt is 3.2× equity vs a peer median of 0.8×.Debt is 3.2× equity vs peers 0.8×.
Debt is 3.2× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 3.2× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.
Profit is backed by cash. Free cash flow is 143% of reported profit.
TPG RE Finance Trust's free cash flow is 143% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
More volatile share price. Beta 1.47: tends to move more than the market.
TPG RE Finance Trust's shares have swung more with the market than most peers' (beta 1.47, above the market's 1.0).

StockQuotient Score

28/ 100

Oct 5 28 → Nov 4 28

Valuation

Is the price right?

Insufficient data

Insufficient data: 1 of 2 inputs reported (at least 2 needed). We leave it blank rather than fill the gap with a made-up middle value.

Growth

Is it growing?

33/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth
▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-11.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.73Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth-1.1%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score -0.65Sector median: 0.0378 · MAD: 0.0744

Revenue growth0.1%

Yahoo Finance fallback · SEC figure unavailable or out of date · fiscal year to Dec 2025Reported value33% base weight · Z-score -0.31Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

25/100

Weak▲ 1 since Oct 27 close

2/3 inputs reported · Partial data

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 24 → 25

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating marginUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.2683 · MAD: 0.2257

Return on assets1.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.63Sector median: 0.0211 · MAD: 0.0134

Return on invested capital1.0%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score -1.21Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity5.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 26 → 25

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.47

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.21Sector median: 0.7490 · MAD: 0.3270

Current ratio112.97×

Yahoo Finance fallback · SEC figure unavailable or out of dateOutlier capped at sector 5th/95th percentile33% base weight · Z-score 6.31Sector median: 1.1950 · MAD: 0.7210

Debt / equity3.18×

SEC filings · latest balance sheetReported value33% base weight · Z-score -6.11Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about TPG RE Finance Trust

Is TPG RE Finance Trust getting weaker?: Its latest SEC filing (Jul 28, 2026) showed no major changes. Its overall score is unchanged at 28/100 since Oct 28, 2026.
How is TPG RE Finance Trust valued vs its peers?: Insufficient data: 1 of 2 inputs reported (at least 2 needed).
Is TPG RE Finance Trust growing?: More slowly than most of its peers. Growth scores 33/100 against 762 real estate peers. Earnings per share growth -11.6% vs a peer median of 11.2% (weaker than 71% of peers).Earnings per share growth -11.6% vs peers 11.2% (weaker than 71% of peers).
How profitable is TPG RE Finance Trust?: Less profitable than most of its peers. Profitability scores 25/100 against 762 real estate peers. Return on invested capital 1.0% vs a peer median of 3.4% (weaker than 79% of peers).Return on invested capital 1.0% vs peers 3.4% (weaker than 79% of peers).
How risky is TPG RE Finance Trust?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 112.97× vs a peer median of 1.20× (stronger than 95% of peers).Current ratio 112.97× vs peers 1.20× (stronger than 95% of peers). Beta 1.47 vs a peer median of 0.75 (weaker than 93% of peers).Beta 1.47 vs peers 0.75 (weaker than 93% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Net income (12 months)	65.5M USD	58.0M USD	−11.4%
Debt	3.4B USD	3.4B USD	0.0%
Cash	92.0M USD	65.6M USD	−28.7%
Shares outstanding	77.3M	76.8M	−0.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Mortgage companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Return on assets (ROA)	2.7%	-1.1%	-2.8%	2.0%	1.4%	▼ 0.6 pts
Return on equity (ROE)	9.5%	-4.5%	-10.4%	6.7%	5.6%	▼ 1.0 pts
Debt to equity	2.54×	3.16×	2.71×	2.31×	3.10×	▲ 34%

TRTX price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.47 vs a peer median of 0.75) and more debt relative to equity (3.18× vs a peer median of 0.80×)higher risk: bigger price swings (beta 1.47 vs peers 0.75) and more debt vs equity (3.18× vs peers 0.80×)

Not enough data: valuation

Would rank #558 of 632 fully scored real estate companies (bottom 12%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Buybacks largely absorbed by stock pay. Stock-based pay expense $24M vs $25M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −0.8% from December 2022 to July 2026.

Over three fiscal years TPG RE Finance Trust recorded $24M of stock-based pay expense and spent $25M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−0.8%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years TPG RE Finance Trust recorded $24M of stock-based pay expense and spent $25M repurchasing shares. The share count barely moved (−0.8%), so much of the repurchasing offset new employee shares rather than shrinking the count.

Much more borrowing than peers. Debt is 3.2× equity vs a peer median of 0.8×.Debt is 3.2× equity vs peers 0.8×.

Debt is 3.2× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 3.2× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.

Profit is backed by cash. Free cash flow is 143% of reported profit.

TPG RE Finance Trust's free cash flow is 143% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

More volatile share price. Beta 1.47: tends to move more than the market.

TPG RE Finance Trust's shares have swung more with the market than most peers' (beta 1.47, above the market's 1.0).

Questions investors ask about TPG RE Finance Trust

Is TPG RE Finance Trust getting weaker?

Its latest SEC filing (Jul 28, 2026) showed no major changes. Its overall score is unchanged at 28/100 since Oct 28, 2026.

How is TPG RE Finance Trust valued vs its peers?

Insufficient data: 1 of 2 inputs reported (at least 2 needed).

Is TPG RE Finance Trust growing?

More slowly than most of its peers. Growth scores 33/100 against 762 real estate peers. Earnings per share growth -11.6% vs a peer median of 11.2% (weaker than 71% of peers).Earnings per share growth -11.6% vs peers 11.2% (weaker than 71% of peers).

How profitable is TPG RE Finance Trust?

Less profitable than most of its peers. Profitability scores 25/100 against 762 real estate peers. Return on invested capital 1.0% vs a peer median of 3.4% (weaker than 79% of peers).Return on invested capital 1.0% vs peers 3.4% (weaker than 79% of peers).

How risky is TPG RE Finance Trust?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 112.97× vs a peer median of 1.20× (stronger than 95% of peers).Current ratio 112.97× vs peers 1.20× (stronger than 95% of peers). Beta 1.47 vs a peer median of 0.75 (weaker than 93% of peers).Beta 1.47 vs peers 0.75 (weaker than 93% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Net income (12 months)

65.5M USD

58.0M USD

−11.4%

Debt

3.4B USD

3.4B USD

0.0%

Cash

92.0M USD

65.6M USD

−28.7%

Shares outstanding

77.3M

76.8M

−0.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Return on assets (ROA)

2.7%

-1.1%

-2.8%

2.0%

1.4%

▼ 0.6 pts

Return on equity (ROE)

9.5%

-4.5%

-10.4%

6.7%

5.6%

▼ 1.0 pts

Debt to equity

2.54×

3.16×

2.71×

2.31×

3.10×

▲ 34%