(TRTX) TPG RE Finance Trust - Overview

Sector: Real Estate | Industry: REIT - Mortgage | Exchange: NYSE (USA) | Market Cap: 596m USD | Total Return: 8.3% in 12m

Stock Mortgage Loans, Debt Instruments, Real Estate
Total Rating 41
Safety 39
Buy Signal 0.43
REIT - Mortgage +10.1
Mortgage REITs +10.0
Market Cap: 596m
Avg Trading Vol: 6.01M USD
ATR: 2.90%
Peers RS (IBD): 35.4
Risk 5d forecast
Volatility25.0%
Rel. Tail Risk-0.92%
Reward TTM
Sharpe Ratio0.25
Alpha-5.20
Character TTM
Beta0.721
Beta Downside1.045
Drawdowns 3y
Max DD30.01%
CAGR/Max DD0.53
EPS (Earnings per Share) EPS (Earnings per Share) of TRTX over the last years for every Quarter: "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": 0.24,
EPS CAGR: -1.08%
EPS Trend: 9.7%
Last SUE: -0.03
Qual. Beats: 0
Revenue Revenue of TRTX over the last years for every Quarter: 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: 84.018,
Rev. CAGR: 23.53%
Rev. Trend: 2.1%
Last SUE: 4.00
Qual. Beats: 3
Description: TRTX TPG RE Finance Trust

TPG RE Finance Trust, Inc. (TRTX) is a commercial real estate finance company. It originates and acquires first mortgage loans and other debt instruments secured by commercial properties across the United States. Mortgage REITs typically finance income-producing real estate.

TRTXs investment strategy includes subordinate mortgage interests, mezzanine loans, and secured real estate securities. The company operates as a Real Estate Investment Trust (REIT), a business model that generally avoids corporate income tax if 90% of taxable income is distributed to shareholders.

TRTX was incorporated in 2014 and is based in New York. Investors can find detailed financial data and performance metrics on ValueRay to further their analysis.

Headlines to Watch Out For
  • Interest rate hikes impact loan origination volume
  • Commercial real estate market downturn reduces asset values
  • Loan defaults increase credit loss provisions
  • Regulatory changes affect REIT tax status
Piotroski VR‑10 (Strict) 3.5
Net Income: 59.9m TTM > 0 and > 6% of Revenue
FCF/TA: 0.02 > 0.02 and ΔFCF/TA -0.81 > 1.0
NWC/Revenue: -204.8% < 20% (prev 187.5%; Δ -392.3% < -1%)
CFO/TA 0.02 > 3% & CFO 90.4m > Net Income 59.9m
Net Debt (3.20b) to EBITDA (255.8m): 12.51 < 3
Current Ratio: 0.18 > 1.5 & < 3
Outstanding Shares: last quarter (78.3m) vs 12m ago -1.55% < -2%
Gross Margin: 78.97% > 18% (prev 0.61%; Δ 7.84k% > 0.5%)
Asset Turnover: 6.51% > 50% (prev 2.44%; Δ 4.07% > 0%)
Interest Coverage Ratio: 1.29 > 6 (EBITDA TTM 255.8m / Interest Expense TTM 189.0m)
Altman Z'' -1.11
A: -0.12 (Total Current Assets 117.4m - Total Current Liabilities 660.3m) / Total Assets 4.41b
B: -0.15 (Retained Earnings -672.6m / Total Assets 4.41b)
C: 0.06 (EBIT TTM 243.9m / Avg Total Assets 4.07b)
D: -0.20 (Book Value of Equity -672.6m / Total Liabilities 3.34b)
Altman-Z'' Score: -1.11 = CCC
Beneish M -2.36
DSRI: 0.36 (Receivables 29.1m/27.6m, Revenue 265.0m/91.2m)
GMI: 0.77 (GM 78.97% / 60.94%)
AQI: 1.06 (AQ_t 0.92 / AQ_t-1 0.87)
SGI: 2.91 (Revenue 265.0m / 91.2m)
TATA: -0.01 (NI 59.9m - CFO 90.4m) / TA 4.41b)
Beneish M-Score: -2.36 (Cap -4..+1) = BBB
What is the price of TRTX shares? As of April 03, 2026, the stock is trading at USD 7.81 with a total of 783,232 shares traded.
Over the past week, the price has changed by +0.38%, over one month by -5.15%, over three months by -8.27% and over the past year by +8.31%.
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.
  • StrongBuy: 2
  • Buy: 2
  • Hold: 0
  • Sell: 1
  • StrongSell: 0
What are the forecasts/targets for the TRTX price?
Wallstreet Target Price 10.2 30.2%
Analysts Target Price 10.2 30.2%
TRTX Fundamental Data Overview as of 29 March 2026
P/E Trailing = 13.3509
P/E Forward = 11.1111
P/S = 4.5089
P/B = 0.5744
Revenue TTM = 265.0m USD
EBIT TTM = 243.9m USD
EBITDA TTM = 255.8m USD
Long Term Debt = 3.29b USD (from longTermDebt, last quarter)
Short Term Debt = 660.3m USD (from shortTermDebt, last quarter)
Debt = 3.29b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.20b USD (from netDebt column, last quarter)
Enterprise Value = 3.80b USD (596.3m + Debt 3.29b - CCE 87.6m)
Interest Coverage Ratio = 1.29 (Ebit TTM 243.9m / Interest Expense TTM 189.0m)
EV/FCF = 42.03x (Enterprise Value 3.80b / FCF TTM 90.4m)
FCF Yield = 2.38% (FCF TTM 90.4m / Enterprise Value 3.80b)
FCF Margin = 34.09% (FCF TTM 90.4m / Revenue TTM 265.0m)
Net Margin = 22.61% (Net Income TTM 59.9m / Revenue TTM 265.0m)
Gross Margin = 78.97% ((Revenue TTM 265.0m - Cost of Revenue TTM 55.7m) / Revenue TTM)
Gross Margin QoQ = 85.06% (prev 80.51%)
Tobins Q-Ratio = 0.86 (Enterprise Value 3.80b / Total Assets 4.41b)
Interest Expense / Debt = 1.57% (Interest Expense 51.5m / Debt 3.29b)
Taxrate = 2.09% (85.0k / 4.06m)
NOPAT = 238.8m (EBIT 243.9m * (1 - 2.09%))
Current Ratio = 0.18 (Total Current Assets 117.4m / Total Current Liabilities 660.3m)
Debt / Equity = 3.08 (Debt 3.29b / totalStockholderEquity, last quarter 1.07b)
Debt / EBITDA = 12.51 (Net Debt 3.20b / EBITDA 255.8m)
Debt / FCF = 35.43 (Net Debt 3.20b / FCF TTM 90.4m)
Total Stockholder Equity = 1.09b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.47% (Net Income 59.9m / Total Assets 4.41b)
RoE = 5.52% (Net Income TTM 59.9m / Total Stockholder Equity 1.09b)
RoCE = 5.57% (EBIT 243.9m / Capital Employed (Equity 1.09b + L.T.Debt 3.29b))
RoIC = 5.82% (NOPAT 238.8m / Invested Capital 4.10b)
WACC = 2.60% (E(596.3m)/V(3.89b) * Re(8.52%) + D(3.29b)/V(3.89b) * Rd(1.57%) * (1-Tc(0.02)))
Discount Rate = 8.52% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.64%
[DCF] Terminal Value 84.85% ; FCFF base≈96.9m ; Y1≈84.5m ; Y5≈68.2m
 [DCF] Fair Price = N/A (negative equity: EV 2.06b - Net Debt 3.20b = -1.14b; debt exceeds intrinsic value)
 EPS Correlation: 9.72 | EPS CAGR: -1.08% | SUE: -0.03 | # QB: 0
Revenue Correlation: 2.10 | Revenue CAGR: 23.53% | SUE: 4.0 | # QB: 3
EPS next Quarter (2026-06-30): EPS=0.26 | Chg7d=-0.002 | Chg30d=-0.006 | Revisions Net=-3 | Analysts=6
EPS current Year (2026-12-31): EPS=1.06 | Chg7d=+0.000 | Chg30d=-0.047 | Revisions Net=-2 | Growth EPS=+9.6% | Growth Revenue=+16.4%
EPS next Year (2027-12-31): EPS=1.12 | Chg7d=-0.025 | Chg30d=-0.025 | Revisions Net=+0 | Growth EPS=+5.8% | Growth Revenue=+11.5%
[Analyst] Revisions Ratio: -1.00 (0 Up / 3 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 1.0% (Discount Rate 8.5% - Earnings Yield 7.5%)
[Growth] Growth Spread = +17.7% (Analyst 18.7% - Implied 1.0%)
External Resources
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