TPG RE Finance Trust, Inc. (TRTX) Balance Sheet
TRTX balance sheet, 2025
December 31, 2025 · U.S. dollars$4.41B assets = $3.34B liabilities + $1.07B equity
Both columns are drawn to the same scale: what TRTX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TRTX financial health
Descriptive bands, not a rating. Fiscal 2025.
TRTX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.67B2016 | $4.41B2025 | +5.7%/yr | |
| Total liabilities | $1.69B2016 | $3.34B2025 | +7.8%/yr | |
| Shareholders’ equity | $970.7M2016 | $1.07B2025 | +1.1%/yr | |
| Cash & short-term investments | $103.1M2016 | $88.3M2025 | −1.7%/yr | |
| Total debt | $1.66B2016 | $3.29B2025 | +7.9%/yr | |
| Net cash (debt) | −$1.56B2016 | −$3.20B2025 | −$1.6B | |
| Working capital | $149.6M2016 | −$542.9M2025 | −$692.5M | |
| Book value per share | $15.992016 | $13.442025 | −1.9%/yr | |
| Current ratio | 52.472016 | 0.182025 | −52.29 | |
| Debt / equity | 1.712016 | 3.082025 | +1.37 | |
| Shares outstanding | 60.7M2016 | 79.4M2025 | +3.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRTX assets
TRTX liabilities and equity
TRTX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TRTX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $88.3M | $190.2M | $206.4M | $5.23B | $260.6M | $319.7M | $866.7M | $39.7M | $75.0M | $103.1M |
| Cash & equivalents | $88.3M | $190.2M | $206.4M | $254.1M | $260.6M | $319.7M | $79.2M | $39.7M | $75.0M | $103.1M |
| Short-term investments | — | — | — | $4.98B | $4.91B | $0 | $787.6M | $74.4M | $85.9M | $849,000 |
| Receivables | $29.1M | $27.6M | $98.7M | $206.1M | $4.87B | $4.46B | $44.2M | $117.2M | $17.2M | $49.4M |
| Inventory | $0 | $0 | $174.1M | $1 | $60.6M | $99.2M | $123.9M | $1 | $0 | −$2.67B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $85.5M | $2.67B |
| Total current assets | $117.4M | $217.4M | $305.1M | $5.28B | $5.16B | $4.80B | $910.9M | $134.8M | $177.8M | $152.5M |
| Property, plant & equipment (net) | $224.4M | $256.4M | $174.1M | $0 | $60.6M | $99.2M | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $12.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $4.87B | $4.46B | $787.6M | $38.1M | $38.1M | $61.5M |
| Other non-current assets | $4.05B | $3.26B | $3.74B | $270.0M | $0 | $0 | $4.19B | $4.35B | $3.14B | $2.45B |
| Total assets | $4.41B | $3.73B | $4.21B | $5.55B | $5.22B | $4.91B | $5.89B | $4.53B | $3.36B | $2.67B |
| Liabilities | ||||||||||
| Accounts payable | $6.8M | $6.7M | $10.2M | $11.1M | $2.7M | $2.6M | $6.7M | $6.1M | $5.4M | $2.9M |
| Short-term debt | $660.3M | $546.5M | $1.21B | $1.28B | $380.6M | $1.2M | $6.5M | $463,000 | $287.9M | $1.66B |
| Deferred revenue | $1.9M | $1.7M | $1.3M | $1.5M | $1.4M | $1.4M | $164,000 | $463,000 | $317,000 | −$1.66B |
| Total current liabilities | $660.3M | $1.7M | $83.2M | $1.5M | $44.0M | $52.0M | $6.7M | $1.09B | $1.87B | $2.9M |
| Long-term debt | $3.29B | $2.57B | $3.04B | $3.01B | $2.55B | $1.87B | $2.02B | $2.11B | $287.9M | $1.66B |
| Other long-term liabilities | $0 | $1.7M | $2.6M | $1.21B | $1.16B | $1.52B | $0 | $0 | $0 | $482,000 |
| Total liabilities | $3.34B | $2.62B | $3.09B | $4.22B | $3.75B | $3.44B | $4.39B | $3.20B | $2.15B | $1.69B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $78,000 | $81,000 | $77,000 | $77,000 | $77,000 | $77,000 | $76,000 | $68,000 | $61,000 | $40,000 |
| Retained earnings (deficit) | −$672.6M | −$617.2M | −$600.3M | −$395.0M | −$247.3M | −$292.9M | −$28.1M | −$25.9M | −$14.8M | −$10.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | — |
| Accumulated other comprehensive income | — | — | −$8,000 | $0 | $0 | $0 | $1.1M | −$2.0M | −$34,000 | $1.2M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | — |
| Total shareholders' equity | $1.07B | $1.11B | $1.12B | $1.32B | $1.46B | $1.47B | $1.50B | $1.33B | $1.20B | $970.7M |
| Key figures | ||||||||||
| Total debt | $3.29B | $2.57B | $3.04B | $4.29B | $3.71B | $3.39B | $2.02B | $2.11B | $287.9M | $1.66B |
| Net cash (debt) | −$3.20B | −$2.38B | −$2.83B | $938.0M | −$3.45B | −$3.07B | −$1.16B | −$2.07B | −$212.8M | −$1.56B |
| Working capital | −$542.9M | $215.7M | $221.9M | $5.27B | $5.11B | $4.75B | $904.3M | −$959.0M | −$1.69B | $149.6M |
| Tangible book value | $1.06B | $1.11B | $1.12B | $1.32B | $1.46B | $1.47B | $1.50B | $1.33B | $1.20B | $970.7M |
| Book value per share | $13.44 | $13.95 | $14.50 | $17.25 | $17.93 | $19.13 | $20.67 | $21.05 | $19.82 | $15.99 |
| Shares outstanding | 79.4M | 79.9M | 77.6M | 76.7M | 81.7M | 76.7M | 72.7M | 63.0M | 60.6M | 60.7M |
| Current ratio | 0.18 | 124.68 | 3.67 | 3,615.58 | 117.05 | 92.47 | 136.67 | 0.12 | 0.10 | 52.47 |
| Quick ratio | 0.18 | 124.89 | 3.67 | 3,727.75 | 116.43 | 91.92 | 136.67 | 0.14 | 0.05 | 52.47 |
| Debt / equity | 3.08 | 2.31 | 2.70 | 3.25 | 2.53 | 2.31 | 1.35 | 1.59 | 0.24 | 1.71 |
| Equity / assets | 24.2% | 29.9% | 26.7% | 23.8% | 28.1% | 29.9% | 25.5% | 29.3% | 35.8% | 36.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $65.6M | $92.0M | $87.6M | $93.6M | $165.8M | $363.0M | $190.2M | $226.3M | $259.2M | $203.1M | $206.4M | $302.3M |
| Cash & equivalents | $65.6M | $92.0M | $87.6M | $93.6M | $165.8M | $363.0M | $190.2M | $226.3M | $259.2M | $203.1M | $206.4M | $302.3M |
| Receivables | $29.1M | $73.4M | $29.1M | $104.6M | $3.71B | $3.21B | $27.6M | $31.3M | $3.13B | $3.30B | $3.41B | $3.74B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $258.1M | $0 | $169.3M | $174.1M | $112.0M |
| Other current assets | $632,999 | $472,000 | $654,000 | $0 | $33.1M | $99.2M | $0 | $0 | $88.9M | $0 | $172.5M | $166.3M |
| Total current assets | $95.3M | $165.8M | $117.4M | $198.2M | $3.91B | $3.67B | $217.8M | $257.6M | $3.48B | $3.59B | $3.96B | $4.32B |
| Property, plant & equipment (net) | $224.8M | $0 | $0 | $0 | $223.2M | $254.4M | $256.4M | $0 | $169.1M | $169.3M | $174.1M | $112.0M |
| Goodwill & intangible assets | $0 | $0 | $12.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $4.28B | $4.31B | $4.28B | $3.87B | $32.2M | $38.5M | $3.26B | $3.40B | $44.8M | $72.5M | $77.6M | $26.0M |
| Total assets | $4.60B | $4.47B | $4.41B | $4.06B | $4.16B | $3.96B | $3.73B | $3.66B | $3.70B | $3.83B | $4.21B | $4.46B |
| Liabilities | ||||||||||||
| Accounts payable | $5.2M | $7.1M | $6.8M | $6.0M | $6.4M | $5.5M | $6.7M | $6.6M | $7.1M | $8.9M | $10.2M | $10.1M |
| Short-term debt | $215.8M | — | $660.3M | $742.6M | $497.7M | $369.4M | $546.5M | $595.5M | $493.1M | $766.5M | $1.21B | $1.26B |
| Deferred revenue | $1.4M | $1.3M | — | $1.8M | $2.6M | $1.2M | — | $1.2M | $1.3M | $964,000 | $1.3M | $1.0M |
| Total current liabilities | $215.8M | $31.7M | $660.3M | $1.8M | $37.0M | $45.1M | $46.8M | $47.4M | $41.5M | $50.1M | $48.9M | $73.4M |
| Long-term debt | $3.51B | $3.36B | $3.29B | $2.93B | $3.02B | $2.81B | $2.57B | $2.49B | $2.52B | $2.66B | $3.04B | $3.25B |
| Other long-term liabilities | $0 | $15.2M | $0 | $47.2M | $10.5M | $1.2M | $1.7M | $2.54B | $7.2M | $964,000 | $1.3M | $1.0M |
| Total liabilities | $3.55B | $3.41B | $3.34B | $2.98B | $3.07B | $2.86B | $2.62B | $2.54B | $2.57B | $2.71B | $3.09B | $3.32B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $77,000 | $78,000 | $78,000 | $78,000 | $79,000 | $81,000 | $81,000 | $81,000 | $81,000 | $78,000 | $77,000 | $77,000 |
| Retained earnings (deficit) | −$700.3M | −$680.6M | −$672.6M | −$653.7M | −$644.2M | −$629.7M | −$617.2M | −$604.8M | −$604.1M | −$605.8M | −$600.3M | −$584.3M |
| Accumulated other comprehensive income | — | — | — | — | — | $0 | — | −$8,000 | $0 | $0 | — | $0 |
| Total shareholders' equity | $1.04B | $1.06B | $1.07B | $1.08B | $1.09B | $1.10B | $1.11B | $1.12B | $1.12B | $1.12B | $1.12B | $1.14B |
| Key figures | ||||||||||||
| Total debt | $3.51B | $3.36B | $3.29B | $2.93B | $3.02B | $2.81B | $2.57B | $2.49B | $2.52B | $2.66B | $3.04B | $3.25B |
| Net cash (debt) | −$3.44B | −$3.27B | −$3.20B | −$2.84B | −$2.86B | −$2.45B | −$2.38B | −$2.26B | −$2.26B | −$2.45B | −$2.83B | −$2.94B |
| Working capital | −$120.5M | $134.2M | −$542.9M | $196.4M | $3.87B | $3.62B | $171.0M | $210.2M | $3.44B | $3.54B | $3.91B | $4.25B |
| Tangible book value | $1.04B | $1.06B | $1.06B | $1.08B | $1.09B | $1.10B | $1.11B | $1.12B | $1.12B | $1.12B | $1.12B | $1.14B |
| Book value per share | $13.39 | $13.43 | $13.64 | $13.74 | $13.60 | $13.50 | $13.77 | $13.82 | $13.89 | $14.39 | $14.47 | $14.63 |
| Shares outstanding | 78.0M | 79.1M | 78.3M | 78.8M | 80.2M | 81.8M | 80.9M | 81.4M | 80.9M | 77.9M | 77.7M | 77.7M |
| Current ratio | 0.44 | 5.24 | 0.18 | 110.00 | 105.63 | 81.29 | 4.65 | 5.43 | 83.90 | 71.55 | 81.06 | 58.83 |
| Quick ratio | 0.44 | 5.22 | 0.18 | 110.00 | 104.74 | 79.10 | 4.65 | 5.43 | 81.76 | 69.79 | 73.97 | 55.04 |
| Debt / equity | 3.36 | 3.17 | 3.08 | 2.71 | 2.77 | 2.55 | 2.31 | 2.21 | 2.24 | 2.37 | 2.70 | 2.85 |
| Equity / assets | 22.7% | 23.7% | 24.2% | 26.6% | 26.2% | 27.9% | 29.9% | 30.7% | 30.4% | 29.3% | 26.7% | 25.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
TRTX financial position
At the end of fiscal 2025 (December 31, 2025), TPG RE Finance had total assets of $4.4 billion (up 18.1% from a year earlier), total liabilities of $3.3 billion and shareholders' equity of $1.1 billion. It held $88.3 million in cash and short-term investments against $3.3 billion of debt, net debt of $3.2 billion. Its current ratio was 0.18. In the latest quarter (ended June 30, 2026) total assets were $4.6 billion and equity $1.0 billion.
Related: TRTX income statement, TRTX cash flow statement, TRTX key metrics. See the TRTX stock overview for the latest quote and news.
TRTX balance sheet FAQ
What are TPG RE Finance's total assets?
TPG RE Finance reported total assets of $4.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.7 billion a year earlier.
How much debt does TPG RE Finance have?
TPG RE Finance had $3.3 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 3.08.
How much cash does TPG RE Finance have?
TPG RE Finance held $88.3 million in cash and short-term investments at the end of fiscal 2025; with $3.3 billion of debt that is net debt of $3.2 billion.
What is TPG RE Finance's book value?
TPG RE Finance's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2025, or $13.44 per share.
What is TPG RE Finance's current ratio?
TPG RE Finance had current assets of $117.4 million and current liabilities of $660.3 million, a current ratio of 0.18 (current liabilities exceed current assets).
How much goodwill does TPG RE Finance have?
TPG RE Finance carried $12.4 million of goodwill and intangible assets, 0.3% of total assets, at the end of fiscal 2025.