TPG RE Finance Trust, Inc. (TRTX) AI Stock Analysis

TPG RE Finance Trust, Inc. operates as a commercial real estate finance company specializing in the origination, acquisition, and management of commercial mortgage loans and related debt instruments across the United States. Its portfolio includes commercial mortgage loans, subordinate mortgage interests, mezzanine loans, secured real estate securities, note financing, preferred equity, and other debt assets. The company also invests in commercial real estate collateralized loan obligations and commercial mortgage-backed securities. These debt holdings are secured by properties in sectors such as office buildings, multifamily residences, life science facilities, mixed-use developments, hospitality venues, industrial spaces, and retail properties.

Revenue rose from $169.8M in FY2021 to $305.7M in FY2022 and peaked at $390.2M in FY2023. It subsequently contracted to $350.9M in FY2024 and $332.6M in FY2025. Net income experienced volatility over this period, shifting from $138.6M in FY2021 to losses of -$60.1M in FY2022 and -$116.6M in FY2023, before recovering to $74.3M in FY2024 and $60.3M in FY2025. In FY2025, operating margin was 73.0% and EPS was $0.97. For the latest quarter ended June 30, 2026, quarterly revenue fell 11.6% year-over-year, while quarterly earnings declined 42.9% year-over-year.

As of June 30, 2026, the company held $65.6M in cash and short-term investments against total debt of $3.51B, resulting in net debt of $3.44B. Shareholders' equity was $1.04B, leading to a debt-to-equity ratio of 3.36 and a current ratio of 0.44. In FY2025, operating cash flow reached $90.4M and free cash flow was $84.2M. Capital deployment during FY2025 included $6.1M in capital expenditures, $25.3M in share buybacks, and $91.1M in dividends paid.

TRTX closed at $5.79 on October 16, 2026, representing a market capitalization of $444.5M and an enterprise value of $3.88B. The stock trades at a trailing price-to-earnings ratio of 10.5x and a forward ratio of 11.1x, below the median of its US-listed Real Estate peers at 21.6x and 23.5x, respectively. Its price-to-book multiple is 0.5x, and its price-to-sales ratio is 3.4x compared to the peer median of 3.7x. Over the past year, TRTX fell 23.2%, compared to a 16.8% gain for the S&P 500 benchmark SPY.

TPG RE Finance Trust pays a quarterly dividend with an annualized forward payout of $0.96 per share, translating to a dividend yield of 16.58%. The company has paid dividends for 10 consecutive years. However, its dividend payout ratio stands at 105.5%, and the 5-year annualized dividend growth rate is -10.2%. Its last ex-dividend date was September 28, 2026.

Wall Street coverage includes 3 Strong Buy, 2 Buy, 0 Hold, and 1 Sell recommendations. Analysts set a mean price target of $9.54, implying an upside of 64.8% relative to the $5.79 close. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $102.6M and EPS of $0.99. The company beat EPS estimates in 0 of the last 4 quarters, with next earnings scheduled for November 26, 2026.

This page is an AI-written research summary of TPG RE Finance Trust, Inc. (TRTX). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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