# TPG RE Finance Trust, Inc. (TRTX)

> Source: Nexqual · https://nexqual.com/TRTX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, TPG RE Finance Trust, Inc. (TRTX), nexqual.com/TRTX" · informational, not investment advice.

**Price:** USD 6.22 (+6.32% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 5.85 · day 5.85–6.3 · 52w 5.6–9.37 · market cap $478M · NYQ

## Key facts
- 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)
| 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)
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
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)
|  | 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) |

## Peers (REIT - Mortgage)
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%

## More
Full page: https://nexqual.com/TRTX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TRTX's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1630472/000163047226000004/trtx-20251231.htm):

| 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 indi…" |

Other companies that name TRTX in their own reports (relationship from TRTX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | TPG Inc. (TPG) | 10-K 2026-02-17 | "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 Europ…" |

## Company outlook (8-K filed 2026-07-28)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.26 | $0.26 | -3.2% | $26.4M | 6 |
| Next quarter (ends 2026-12-31) | $0.26 | $0.27 | -3.7% | $26.7M | 6 |
| Current fiscal year (ends 2026-12-31) | $0.99 | $1.04 | -4.8% | $102.5M | 6 |
| Next fiscal year (ends 2027-12-31) | $1.11 | $1.15 | -2.6% | $113.1M | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-10-26): ±15.3%; last 8 reports averaged ±3.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 37.9% | ±15.3% |
| 2027-04-16 | 175 | 39.2% | ±22.5% |