Overview Dividends

(TRTX) TPG RE Finance Trust - Ratings and Ratios

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

Mortgage, Mezzanine, Securities, Equity, CMBS, CLO

TRTX EPS (Earnings per Share)

EPS Growth (3Y CAGR): -6.41%
EPS Trend (3Y Correlation): 30.1%

TRTX Revenue

Revenue Growth (3Y CAGR): 38.34%
Revenue Trend (3Y Correlation): -0.4%

Description: TRTX TPG RE Finance Trust October 23, 2025

TPG RE Finance Trust Inc. (NYSE: TRTX) is a Mortgage REIT that originates, acquires, and manages a diversified portfolio of U.S. commercial mortgage loans and related debt instruments. Its investments span senior and subordinate mortgage loans, mezzanine financing, secured real-estate securities, preferred equity, and structured products such as CRE-CLOs and CMBS, with a concentration in multifamily, life-science, mixed-use, hospitality, self-storage, and industrial properties. Because it qualifies as a REIT, the company avoids federal corporate income tax provided it distributes at least 90 % of taxable income to shareholders.

As of the most recent quarterly filing (Q3 2024), TRTX reported a loan portfolio of roughly $5.5 billion, a weighted-average coupon of 5.2 %, and an average loan-to-value ratio near 65 %. The dividend yield has hovered around 8 %, reflecting the REIT’s high-distribution policy, while net interest margin is sensitive to Federal Reserve rate movements-an important macro driver for both loan origination volumes and the spread on existing assets. Additionally, the life-science and multifamily sectors have shown resilience in the current low-vacancy environment, supporting credit quality and cash-flow stability.

If you want a deeper, data-driven view of TRTX’s risk-adjusted performance and how its exposure to interest-rate cycles compares to peers, a quick look at ValueRay’s analyst dashboard can help you identify any hidden valuation gaps.

TRTX Stock Overview

Market Cap in USD	677m
Sub-Industry	Mortgage REITs
IPO / Inception	2017-07-20

TRTX Stock Ratings

Growth Rating	57.3%
Fundamental	62.3%
Dividend Rating	45.8%
Return 12m vs S&P 500	-2.98%
Analyst Rating	4.0 of 5

TRTX Dividends

Dividend Yield 12m	10.61%
Yield on Cost 5y	19.28%
Annual Growth 5y	-12.53%
Payout Consistency	93.2%
Payout Ratio	115.7%

TRTX Growth Ratios

Growth Correlation 3m	-34.8%
Growth Correlation 12m	44.4%
Growth Correlation 5y	15.4%
CAGR 5y	24.74%
CAGR/Max DD 3y (Calmar Ratio)	0.64
CAGR/Mean DD 3y (Pain Ratio)	2.36
Sharpe Ratio 12m	1.05
Alpha	-15.55
Beta	1.714
Volatility	24.83%
Current Volume	508.3k
Average Volume 20d	462.7k
Stop Loss	8.7 (-3.9%)
Signal	0.96

Piotroski VR‑10 (Strict, 0-10) 3.0

Net Income (66.6m TTM) > 0 and > 6% of Revenue (6% = 12.9m TTM)

FCFTA 0.02 (>2.0%) and ΔFCFTA -0.69pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 91.24% (prev 99.65%; Δ -8.42pp) (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 (-93.6m) to EBITDA (197.7m) ratio: -0.47 <= 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 76.65% (prev 86.95%; Δ -10.30pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 5.57% (prev 5.76%; Δ -0.19pp) >=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

(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) 62.31

1. Piotroski 3.0pt = -2.0

2. FCF Yield 2.47% = 1.23

3. FCF Margin 40.27% = 7.50

4. Debt/Equity 2.71 = -0.33

5. Debt/Ebitda -0.47 = 2.50

6. ROIC - WACC (= 1.14)% = 1.43

7. RoE 6.07% = 0.51

8. Rev. Trend -0.37% = -0.03

9. EPS Trend 30.08% = 1.50

What is the price of TRTX shares?

As of November 06, 2025, the stock is trading at USD 9.05 with a total of 508,311 shares traded.
Over the past week, the price has changed by +4.38%, over one month by +5.97%, over three months by +4.53% and over the past year by +15.38%.

Is TPG RE Finance Trust a good stock to buy?

Neither. Based on ValueRay´s Fundamental Analyses, TPG RE Finance Trust is currently (November 2025) neither a good nor a bad stock to buy. It has a ValueRay Fundamental Rating of 62.31 and therefor a neutral outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of TRTX is around 9.65 USD . This means that TRTX is currently overvalued and has a potential downside of 6.63%.

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	10.1	11.9%
Analysts Target Price	10.1	11.9%
ValueRay Target Price	10.3	13.7%

TRTX Fundamental Data Overview November 02, 2025

Market Cap USD = 677.0m (677.0m USD * 1.0 USD.USD)
P/E Trailing = 13.3077
P/E Forward = 11.1111
P/S = 4.8846
P/B = 0.6189
Beta = 1.714
Revenue TTM = 215.3m USD
EBIT TTM = 188.4m USD
EBITDA TTM = 197.7m USD
Long Term Debt = 2.57b USD (from longTermDebt, last fiscal year)
Short Term Debt = 742.6m USD (from shortTermDebt, last quarter)
Debt = 2.93b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -93.6m USD (from netDebt column, last quarter)
Enterprise Value = 3.52b USD (677.0m + Debt 2.93b - CCE 93.6m)
Interest Coverage Ratio = 1.04 (Ebit TTM 188.4m / Interest Expense TTM 181.8m)
FCF Yield = 2.47% (FCF TTM 86.7m / Enterprise Value 3.52b)
FCF Margin = 40.27% (FCF TTM 86.7m / Revenue TTM 215.3m)
Net Margin = 30.95% (Net Income TTM 66.6m / Revenue TTM 215.3m)
Gross Margin = 76.65% ((Revenue TTM 215.3m - Cost of Revenue TTM 50.3m) / Revenue TTM)
Gross Margin QoQ = 83.64% (prev 80.61%)
Tobins Q-Ratio = 0.87 (Enterprise Value 3.52b / 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 = -0.47 (Net Debt -93.6m / EBITDA 197.7m)
Debt / FCF = -1.08 (Net Debt -93.6m / FCF TTM 86.7m)
Total Stockholder Equity = 1.10b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.64% (Net Income 66.6m / Total Assets 4.06b)
RoE = 6.07% (Net Income TTM 66.6m / Total Stockholder Equity 1.10b)
RoCE = 5.14% (EBIT 188.4m / Capital Employed (Equity 1.10b + L.T.Debt 2.57b))
RoIC = 4.80% (NOPAT 187.4m / Invested Capital 3.90b)
WACC = 3.66% (E(677.0m)/V(3.61b) * Re(12.33%) + D(2.93b)/V(3.61b) * Rd(1.66%) * (1-Tc(0.00)))
Discount Rate = 12.33% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 1.93%
[DCF Debug] Terminal Value 61.11% ; FCFE base≈93.4m ; Y1≈81.1m ; Y5≈64.9m
Fair Price DCF = 8.38 (DCF Value 655.9m / Shares Outstanding 78.3m; 5y FCF grow -16.05% → 3.0% )
EPS Correlation: 30.08 | EPS CAGR: -6.41% | SUE: -0.00 | # QB: 0
Revenue Correlation: -0.37 | Revenue CAGR: 38.34% | SUE: 0.68 | # QB: 0

Additional Sources for TRTX Stock

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