TPG RE Finance Trust, Inc. (TRTX) Stock Price & Analysis
TPG RE Finance Trust, Inc. (TRTX) closed at USD 6.22 on Thursday, October 22, 2026, up 6.32% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 5.85; the Oct 22, 2026 session ranged USD 5.85–6.3 on volume of 1,827,913 shares. Market capitalization is $477.50M, with a 52-week range of USD 5.6–9.37 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 11:43 UTC.
Also available as compact Markdown for AI agents: nexqual.com/TRTX.md
Key facts (TRTX)
- Last four reported quarters (through Jun 30, 2026): revenue $144M, net income $58.0M (40.2% margin) (SEC filings).
- Valuation: P/E 8.2x (avg 10.2x at the last 2 fiscal year-ends).
- Analysts: Buy (mean 2.17 on a 1–5 scale) (6 analysts), mean target USD 9.54 (range 8–11).
- Total return with dividends: 1Y -20.7% vs S&P 500 +14.9%; 5Y -13.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 0.26, revenue estimate $26.4M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (TRTX)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $156M | $145M | $116M | $153M | $146M | $144M |
| Net income | $139M | -$60.1M | -$117M | $74.3M | $60.3M | $58.0M |
| EPS (diluted) | $0.87 | -$0.95 | -$1.69 | $0.75 | $0.57 | — |
| Net margin | 89.0% | -41.4% | -100.2% | 48.5% | 41.3% | 40.2% |
| Revenue growth | -12.1% | -6.9% | -19.7% | +31.6% | -4.6% | — |
| Cash + short-term investments | $261M | $254M | $206M | $190M | $87.6M | — |
| Total debt | $3.72B | $4.18B | $3.05B | $2.57B | $3.31B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (TRTX)
P/E 8.2x · P/S 3.3x · P/B 0.5x · Earnings yield 12.15% · Buyback yield (TTM) 5.18%
P/E at fiscal year-ends: Dec 2025 11.3x, Dec 2024 9.1x.
Analysts (TRTX)
Consensus Buy (mean 2.17 on a 1–5 scale), 6 analysts; mean target USD 9.54 (low 8, high 11).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-17 | JP Morgan | Target raised | Overweight | $9.5 → $10 |
Total return (dividends reinvested) (TRTX)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -20.7% | -13.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -20.8% | -2.8% |
| Volatility (annualized) | 22.1% | 36.0% |
| Max drawdown | -33.3% (Jan 2026→Oct 2026) | -52.8% (Jan 2022→May 2023) |
TRTX suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Situs Asset Management | “We depend on Situs Asset Management, LLC ("SitusAMC") for asset management services and servicing of our loans.” |
| Supplier | TPG RE Finance Trust Holdco | “As a result, we rely on distributions from Holdco to pay any dividends that our board of directors may authorize, and we may declare on shares of our stock.” |
| Partner | TPG RE Finance Trust Management | “•"Manager" refers to our external manager, TPG RE Finance Trust Management, L.P., a Delaware limited partnership.” |
| Partner | TPG Real Estate Management | “However, for so long as our Management Agreement is in effect and TPG controls our Manager, neither our Manager nor TPG Real Estate Management, LLC, which is the manager of TPG Real Estate Partners, will directly or indirectly form any other public vehicle in the U.S. whose strategy is to primarily originate, acquire and manage performing commercial mortgage loans.” |
Quoted from the company's 10-K filed Feb 17, 2026.
Companies that name TRTX in their SEC reports
| Relationship to TRTX | Company | Filing | Sentence |
|---|---|---|---|
| partner | TPG Inc. (TPG) | 10-K Feb 17, 2026 | “TPG's real estate products (collectively referred to as "Real Estate") are (1) TPG Real Estate Partners, (2) TPG Real Estate Thematic Advantage Core-Plus, (3) TPG AG U.S. Real Estate, (4) TPG AG Europe Real Estate, (5) TPG Asia Real Estate, (6) TPG Net Lease, (7) TPG RE Finance Trust, Inc. and (8) TPG Real Estate Credit Opportunities.” |
TRTX company outlook (results filed Jul 28, 2026)
- “Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward‐looking statements appearing in this earnings release.”
Quoted word-for-word from the SEC 8-K results press release.
TRTX analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.26 | $0.26 | -3.2% | $26.4M | 6 |
| Next quarter (ends Dec 2026) | $0.26 | $0.27 | -3.7% | $26.7M | 6 |
| Current fiscal year (ends Dec 2026) | $0.99 | $1.04 | -4.8% | $102.5M | 6 |
| Next fiscal year (ends Dec 2027) | $1.11 | $1.15 | -2.6% | $113.1M | 6 |
TRTX options: expected move
Options price a move of about ±15.3% (±$0.95) by Jan 15, 2027, which includes earnings on Oct 26, 2026. Over the last 8 reports the stock moved ±3.8% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Jan 15, 2027 | 84 | 37.9% | ±15.3% |
| Apr 16, 2027 | 175 | 39.2% | ±22.5% |
30-day implied volatility 41.7% vs 34.9% realized over the last 30 trading days. Put/call ratio (volume) 0. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 11:43 UTC)
| Price | USD 6.22 |
|---|---|
| Change | ▲ 6.32% (up) |
| Previous Close | USD 5.85 |
| Open | USD 5.85 |
| Day Range | USD 5.85 – 6.3 |
| 52-Week Range | USD 5.6 – 9.37 |
| Volume | 1,827,913 shares |
| Market Cap | $477.50M |
| Exchange | NYQ |
Technical Analysis (TRTX)
Nexqual's technical model rates TRTX "SELL" based on 2 bullish and 4 bearish signals across 127 daily candles, as of October 23, 2026 at 11:43 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 43.65 (neutral) |
| vs SMA50 | Below (USD 6.97) |
| MACD | -0.31 (negative) |
Analyst Ratings (TRTX)
Wall Street analysts rate TRTX "Buy" based on 6 analysts, with a mean price target of USD 9.54 (range USD 8–11), per Nexqual as of October 23, 2026 at 11:43 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 6 |
| Mean Target | USD 9.54 |
| High Target | USD 11 |
| Low Target | USD 8 |
| Buy / Hold / Sell | 5 / 0 / 1 |
Earnings (TRTX)
| Next Earnings Date | 2026-10-26 |
|---|---|
| EPS Estimate | USD 0.26 |
| Revenue Estimate | $26.42M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.23 vs est 0.26 ▼ miss |
| 2026-03-31 | USD 0.25 vs est 0.25 ▼ miss |
| 2025-12-31 | USD 0.24 vs est 0.25 ▼ miss |
| 2025-09-30 | USD 0.25 vs est 0.25 ▼ miss |
Source: Nexqual, October 23, 2026 at 11:43 UTC.
Financials & Fundamentals (TRTX)
| Total Revenue | $132.25M |
|---|---|
| Revenue Growth (latest quarter, YoY) | -11.60% |
| Gross Margin | +76.66% |
| Operating Margin | +43.46% |
| Profit Margin | +43.89% |
| ROE | +5.44% |
| Debt / Equity | 3.36 |
| Current Ratio | 112.97 |
| Total Cash | $65.58M |
| Total Debt | $3.51B |
Source: Nexqual, October 23, 2026 at 11:43 UTC.
Financial Health Score (TRTX)
Nexqual rates TPG RE Finance Trust, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 11:43 UTC.
| Growth | Weak — Revenue -4% YoY (annual), declining |
|---|---|
| Profitability | Strong — Gross margin 77%, operating 43% (last 12 months) |
| Balance Sheet | Weak — $92M cash and investments vs $3.38B debt (Mar 2026, SEC) |
| Cash Flow | Solid — Operating cash flow $93M (TTM) |
| Efficiency | Mixed — ROE 5%, ROA 1.3% |
Ownership (TRTX)
| Insider Ownership | +3.55% |
|---|---|
| Institutional Ownership | +81.52% |
| Shares Outstanding | 76.77M |
| Float | 66.91M |
| Short % of Float | +8.72% |
Source: Nexqual, October 23, 2026 at 11:43 UTC.
Leadership (TRTX)
TPG RE Finance Trust, Inc. is led by Doug Bouquard, CEO & Director, per Nexqual as of October 23, 2026 at 11:43 UTC.
| CEO & Director | Doug Bouquard |
|---|---|
| President | Matthew John Coleman Esq. |
| Chief Accounting Officer & Interim CFO | Brandon Fox |
Major Backers & Investors (TRTX)
Notable institutional backers of TPG RE Finance Trust, Inc. include Long Pond Capital, LP, Mirae Asset Global ETFs Holdings Ltd., State of New Jersey Common Pension Fund A, according to Nexqual as of October 23, 2026 at 11:43 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Long Pond Capital, LP | 9.16% |
| Mirae Asset Global ETFs Holdings Ltd. | 4.28% |
| State of New Jersey Common Pension Fund A | 4.1% |
| TPG GP A, LLC | 3.12% |
| GLOBAL X FUNDS-Global X SuperDividend ETF | 3.06% |
| Gratia Capital, LLC | 2.69% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 8.46% |
| Vanguard Group | 4.37% |
| Geode Capital | 2.55% |
| State Street | 2.39% |
Source: Nexqual, October 23, 2026 at 11:43 UTC.
From TPG RE Finance Trust, Inc.'s Latest SEC 10-K Filing (filed 2026-02-17)
Key Strengths & Strategy (as disclosed to the SEC)
- We believe that the flexibility of our investment strategy, supported by our Manager's significant commercial real estate experience and the extensive resources of TPG and TPG's Real Estate platform, will allow us to take advantage of continued changing market conditions to maximize risk-adjusted returns to our stockholders.
Partnerships
- Our Manager manages our investments and our day-to-day business and affairs in conformity with our investment guidelines and other policies that are approved and monitored by our board of directors.
- Complying with provisions that allow us to avoid the consequences of registration under the Investment Company Act may at times require us to forego otherwise attractive opportunities and limit the manner in which we conduct our operations.
Legal & Regulatory Risks (Item 1A, quoted)
- Compliance with the REIT requirements may hinder our ability to grow, which could materially and adversely affect us.
- We may be subject to lender liability claims, and if we are held liable under such claims, we could be subject to losses.
- Changes in laws or regulations governing our operations, including financial regulatory changes in the United States, may adversely affect our business or cause us to alter our business strategy.
- Increasing scrutiny from stakeholders and regulators with respect to sustainability matters may impose additional costs and expose us to additional risks.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| BRSP | BrightSpire Capital, Inc. | USD 3.65 | ▲ 0.83% |
| FBRT | Franklin BSP Realty Trust, Inc. | USD 6.25 | ▲ 3.82% |
| RWT | Redwood Trust, Inc. | USD 3.12 | ▲ 3.65% |
| ABR | Arbor Realty Trust | USD 2.96 | ▲ 2.07% |
| IVR | INVESCO MORTGAGE CAPITAL INC | USD 5.52 | ▲ 1.85% |
| PMT | PennyMac Mortgage Investment Tr | USD 7.01 | ▲ 2.49% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 11:43 UTC. This page is informational and not investment advice.
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