(TRTX) TPG RE Finance Trust - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US87266M1071

Commercial Mortgage Loans, Mezzanine Debt, Secured Securities, Preferred Equity

Mortgage REITs
Market Cap in USD: 693m
IPO / Inception: 2017-07-20
Return 12m vs S&P 500: 1.01%

EPS (Earnings per Share)

EPS (Earnings per Share) of TRTX over the last years for every Quarter: "2020-12": 0.15, "2021-03": 0.27, "2021-06": 0.27, "2021-09": 0.33, "2021-12": 0.23, "2022-03": 0.25, "2022-06": 0.27, "2022-09": 0.19, "2022-12": 0.3, "2023-03": 0.17, "2023-06": -0.18, "2023-09": -1.33, "2023-12": -2.05, "2024-03": 0.3, "2024-06": 0.28, "2024-09": 0.28, "2024-12": 0.1, "2025-03": 0.24, "2025-06": 0.24, "2025-09": 0.25, "2025-12": 0,
EPS CAGR: -2.99%
EPS Trend: 5.0%
Last SUE: -0.39
Qual. Beats: 0

Revenue

Revenue of TRTX over the last years for every Quarter: 2020-12: 40.255, 2021-03: 37.626, 2021-06: 39.727, 2021-09: 38.64, 2021-12: 53.818, 2022-03: 38.04, 2022-06: 50.811, 2022-09: 29.931, 2022-12: 35.497, 2023-03: 25.392, 2023-06: 32.344, 2023-09: 97.463, 2023-12: 94.262, 2024-03: 38.456, 2024-06: 11.775, 2024-09: 10.863, 2024-12: 30.112, 2025-03: 12.13, 2025-06: 82.226, 2025-09: 86.659, 2025-12: null,
Rev. CAGR: 13.55%
Rev. Trend: -15.9%
Last SUE: 1.20
Qual. Beats: 2

Dividends

Dividend Yield 10.62%
Yield on Cost 5y 15.87%
Yield CAGR 5y 0.26%
Payout Consistency 93.4%
Payout Ratio 115.7%
Risk via 5d forecast
Volatility 17.6%
Value at Risk 5%th 28.2%
Relative Tail Risk -2.60%
Reward TTM
Sharpe Ratio 0.69
Alpha 6.94
CAGR/Max DD 0.47
Character TTM
Hurst Exponent 0.409
Beta 0.619
Beta Downside 0.692
Drawdowns 3y
Max DD 38.38%
Mean DD 10.53%
Median DD 7.89%

Description: TRTX TPG RE Finance Trust December 26, 2025

TPG RE Finance Trust, Inc. (TRTX) is a U.S.-based real estate investment trust that originates, acquires, and manages a diversified portfolio of commercial mortgage loans and related debt instruments across sectors such as multifamily, life-science, mixed-use, hospitality, self-storage, and industrial properties.

Key operating metrics as of Q3 2024 show a loan portfolio of roughly $5.2 billion with a weighted-average loan-to-value (LTV) of 62%, a dividend yield near 6.5%, and a net asset value (NAV) per share of about $19.5. The REIT’s performance is closely tied to Federal Reserve policy-rising rates increase borrowing costs and can pressure loan-interest spreads-while sector-specific trends such as tightening multifamily vacancy rates (currently ~4.2% nationally) and sustained demand for life-science lab space (occupancy > 95%) act as tailwinds.

For a deeper dive into TRTX’s valuation metrics and scenario analysis, you may find ValueRay’s platform useful.

Piotroski VR‑10 (Strict, 0-10) 2.0

Net Income (66.6m TTM) > 0 and > 6% of Revenue (6% = 12.7m TTM)
FCFTA 0.02 (>2.0%) and ΔFCFTA -0.69pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)
NWC/Revenue 93.04% (prev 135.3%; Δ -42.24pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)
CFO/TA 0.02 (>3.0%) and CFO 91.2m > Net Income 66.6m (YES >=105%, WARN >=100%)
Net Debt (2.84b) to EBITDA (197.7m) ratio: 14.36 <= 3.0 (WARN <= 3.5)
Current Ratio 110.0 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)
Outstanding Shares last Quarter (78.8m) change vs 12m ago -3.14% (target <= -2.0% for YES)
Gross Margin 76.19% (prev 82.29%; Δ -6.10pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)
Asset Turnover 5.47% (prev 4.24%; Δ 1.22pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)
Interest Coverage Ratio 1.04 (EBITDA TTM 197.7m / Interest Expense TTM 181.8m) >= 6 (WARN >= 3)

Altman Z'' -0.11

(A) 0.05 = (Total Current Assets 198.2m - Total Current Liabilities 1.80m) / Total Assets 4.06b
(B) -0.16 = Retained Earnings (Balance) -653.7m / Total Assets 4.06b
(C) 0.05 = EBIT TTM 188.4m / Avg Total Assets 3.86b
(D) -0.22 = Book Value of Equity -653.7m / Total Liabilities 2.98b
Total Rating: -0.11 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 54.79

1. Piotroski 2.0pt
2. FCF Yield 2.45%
3. FCF Margin 41.06%
4. Debt/Equity 2.71
5. Debt/Ebitda 14.36
6. ROIC - WACC (= 1.86)%
7. RoE 6.07%
8. Rev. Trend -15.88%
9. EPS Trend 4.99%

What is the price of TRTX shares?

As of January 11, 2026, the stock is trading at USD 9.04 with a total of 611,093 shares traded.
Over the past week, the price has changed by +2.49%, over one month by +2.82%, over three months by +8.85% and over the past year by +22.19%.

Is TRTX a buy, sell or hold?

TPG RE Finance Trust has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy TRTX.
  • Strong Buy: 2
  • Buy: 2
  • Hold: 0
  • Sell: 1
  • Strong Sell: 0

What are the forecasts/targets for the TRTX price?

Issuer Target Up/Down from current
Wallstreet Target Price 10.3 13.9%
Analysts Target Price 10.3 13.9%
ValueRay Target Price 10.6 17.1%

TRTX Fundamental Data Overview January 05, 2026

P/E Trailing = 13.5692
P/E Forward = 11.1111
P/S = 5.0016
P/B = 0.6376
Beta = 1.569
Revenue TTM = 211.1m USD
EBIT TTM = 188.4m USD
EBITDA TTM = 197.7m USD
Long Term Debt = 2.93b USD (from longTermDebt, last quarter)
Short Term Debt = 742.6m USD (from shortTermDebt, last quarter)
Debt = 2.93b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.84b USD (from netDebt column, last quarter)
Enterprise Value = 3.53b USD (693.2m + Debt 2.93b - CCE 93.6m)
Interest Coverage Ratio = 1.04 (Ebit TTM 188.4m / Interest Expense TTM 181.8m)
EV/FCF = 40.75x (Enterprise Value 3.53b / FCF TTM 86.7m)
FCF Yield = 2.45% (FCF TTM 86.7m / Enterprise Value 3.53b)
FCF Margin = 41.06% (FCF TTM 86.7m / Revenue TTM 211.1m)
Net Margin = 31.56% (Net Income TTM 66.6m / Revenue TTM 211.1m)
Gross Margin = 76.19% ((Revenue TTM 211.1m - Cost of Revenue TTM 50.3m) / Revenue TTM)
Gross Margin QoQ = 83.64% (prev 80.61%)
Tobins Q-Ratio = 0.87 (Enterprise Value 3.53b / Total Assets 4.06b)
Interest Expense / Debt = 1.66% (Interest Expense 48.8m / Debt 2.93b)
Taxrate = 0.49% (109.0k / 22.1m)
NOPAT = 187.4m (EBIT 188.4m * (1 - 0.49%))
Current Ratio = 110.0 (out of range, set to none) (Total Current Assets 198.2m / Total Current Liabilities 1.80m)
Debt / Equity = 2.71 (Debt 2.93b / totalStockholderEquity, last quarter 1.08b)
Debt / EBITDA = 14.36 (Net Debt 2.84b / EBITDA 197.7m)
Debt / FCF = 32.75 (Net Debt 2.84b / FCF TTM 86.7m)
Total Stockholder Equity = 1.10b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.72% (Net Income 66.6m / Total Assets 4.06b)
RoE = 6.07% (Net Income TTM 66.6m / Total Stockholder Equity 1.10b)
RoCE = 4.67% (EBIT 188.4m / Capital Employed (Equity 1.10b + L.T.Debt 2.93b))
RoIC = 4.77% (NOPAT 187.4m / Invested Capital 3.93b)
WACC = 2.91% (E(693.2m)/V(3.63b) * Re(8.20%) + D(2.93b)/V(3.63b) * Rd(1.66%) * (1-Tc(0.00)))
Discount Rate = 8.20% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.69%
[DCF Debug] Terminal Value 84.80% ; FCFF base≈93.4m ; Y1≈81.1m ; Y5≈64.8m
Fair Price DCF = N/A (negative equity: EV 1.97b - Net Debt 2.84b = -872.8m; debt exceeds intrinsic value)
EPS Correlation: 4.99 | EPS CAGR: -2.99% | SUE: -0.39 | # QB: 0
Revenue Correlation: -15.88 | Revenue CAGR: 13.55% | SUE: 1.20 | # QB: 2
EPS next Quarter (2026-03-31): EPS=0.27 | Chg30d=+0.001 | Revisions Net=-2 | Analysts=6
EPS next Year (2026-12-31): EPS=1.11 | Chg30d=+0.007 | Revisions Net=+1 | Growth EPS=+13.2% | Growth Revenue=+11.8%

Additional Sources for TRTX Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle