(TRTX) TPG RE Finance Trust - Overview
Sector: Real Estate | Industry: REIT - Mortgage | Exchange: NYSE (USA) | Market Cap: 639m USD | Total Return: 21.2% in 12m
Avg Turnover: 4.15M
Qual. Beats: 0
Rev. Trend: -89.9%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
TPG RE Finance Trust, Inc. (TRTX) is a New York-based commercial real estate finance company that specializes in originating and acquiring senior mortgage loans and subordinate debt instruments. Its primary investment focus is on first mortgage loans secured by commercial properties across the United States. As a Mortgage REIT (mREIT), the company generates revenue primarily through the interest income spread between its lending activities and its cost of funding.
The company operates under the REIT structure, which requires the distribution of at least 90% of taxable income to shareholders to maintain its tax-exempt status at the corporate level. Unlike Equity REITs that own physical property, Mortgage REITs like TRTX act as specialized lenders, often utilizing leverage to enhance returns on their debt portfolios. Examining the latest filings on ValueRay can provide deeper insights into the firms current portfolio diversification and risk profile. This business model is sensitive to fluctuations in interest rates and the underlying credit quality of commercial real estate tenants.
- Federal Reserve interest rate cuts impact net interest margin on floating rate loans
- Commercial real estate office sector distress increases non-performing loan risk and provisions
- Liquidity management and dividend coverage ratios dictate investor sentiment and valuation
- Cost of warehouse financing and securitization markets influence loan origination volume
- Credit quality of first mortgage portfolio drives book value and share price stability
| Net Income: 65.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -0.29 > 1.0 |
| NWC/Revenue: -146.0% < 20% (prev 1.08k%; Δ -1.23k% < -1%) |
| CFO/TA 0.02 > 3% & CFO 95.8m > Net Income 65.5m |
| Net Debt (3.27b) to EBITDA (272.7m): 12.00 < 3 |
| Current Ratio: 0.25 > 1.5 & < 3 |
| Outstanding Shares: last quarter (79.1m) vs 12m ago -3.31% < -2% |
| Gross Margin: 80.51% > 18% (prev 0.79%; Δ 7.97k% > 0.5%) |
| Asset Turnover: 8.03% > 50% (prev 8.48%; Δ -0.45% > 0%) |
| Interest Coverage Ratio: 1.34 > 6 (EBITDA TTM 272.7m / Interest Expense TTM 194.9m) |
| A: -0.11 (Total Current Assets 165.8m - Total Current Liabilities 660.3m) / Total Assets 4.47b |
| B: -0.15 (Retained Earnings -680.6m / Total Assets 4.47b) |
| C: 0.06 (EBIT TTM 260.9m / Avg Total Assets 4.22b) |
| D: -0.20 (Book Value of Equity -680.5m / Total Liabilities 3.41b) |
| Altman-Z'' = -1.02 = CCC |
| DSRI: 0.02 (Receivables 73.4m/3.21b, Revenue 338.7m/335.8m) |
| GMI: 0.99 (GM 80.51% / 79.40%) |
| AQI: 93.93 (AQ_t 0.91 / AQ_t-1 0.01) |
| SGI: 1.01 (Revenue 338.7m / 335.8m) |
| TATA: -0.01 (NI 65.5m - CFO 95.8m) / TA 4.47b) |
| Beneish M = 51.26 (Cap -4..+1) = D |
As of May 25, 2026, the stock is trading at USD 8.31 with a total of 296,089 shares traded.
Over the past week, the price has changed by +2.59%,
over one month by -0.60%,
over three months by +2.45% and
over the past year by +21.22%.
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
| Analysts Target Price | 10 | 20.3% |
P/E Trailing = 12.9141
P/E Forward = 11.1111
P/S = 4.6902
P/B = 0.6034
Revenue TTM = 338.7m USD
EBIT TTM = 260.9m USD
EBITDA TTM = 272.7m USD
Long Term Debt = 3.36b USD (from longTermDebt, last quarter)
Short Term Debt = 660.3m USD (from shortTermDebt, last fiscal year)
Debt = 3.36b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.27b USD (calculated: Debt 3.36b - CCE 92.0m)
Enterprise Value = 3.91b USD (639.0m + Debt 3.36b - CCE 92.0m)
Interest Coverage Ratio = 1.34 (Ebit TTM 260.9m / Interest Expense TTM 194.9m)
EV/FCF = 44.40x (Enterprise Value 3.91b / FCF TTM 88.1m)
FCF Yield = 2.25% (FCF TTM 88.1m / Enterprise Value 3.91b)
FCF Margin = 26.01% (FCF TTM 88.1m / Revenue TTM 338.7m)
Net Margin = 19.35% (Net Income TTM 65.5m / Revenue TTM 338.7m)
Gross Margin = 80.51% ((Revenue TTM 338.7m - Cost of Revenue TTM 66.0m) / Revenue TTM)
Gross Margin QoQ = 80.55% (prev 85.06%)
Tobins Q-Ratio = 0.87 (Enterprise Value 3.91b / Total Assets 4.47b)
Interest Expense / Debt = 5.79% (Interest Expense 194.9m / Debt 3.36b)
Taxrate = 0.59% (112k / 19.1m)
NOPAT = 259.3m (EBIT 260.9m * (1 - 0.59%))
Current Ratio = 0.25 (Total Current Assets 165.8m / Total Current Liabilities 660.3m)
Debt / Equity = 3.17 (Debt 3.36b / totalStockholderEquity, last quarter 1.06b)
Debt / EBITDA = 12.00 (Net Debt 3.27b / EBITDA 272.7m)
Debt / FCF = 37.14 (Net Debt 3.27b / FCF TTM 88.1m)
Total Stockholder Equity = 1.08b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.55% (Net Income 65.5m / Total Assets 4.47b)
RoE = 3.73% (Net Income TTM 65.5m / Total Stockholder Equity 1.76b)
RoCE = 5.10% (EBIT 260.9m / Capital Employed (Equity 1.76b + L.T.Debt 3.36b))
RoIC = 5.10% (NOPAT 259.3m / Invested Capital 5.09b)
WACC = 6.19% (E(639.0m)/V(4.00b) * Re(8.46%) + D(3.36b)/V(4.00b) * Rd(5.79%) * (1-Tc(0.01)))
Discount Rate = 8.46% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 6.67 | Cagr: 0.75%
[DCF] Terminal Value 75.23% ; FCFF base≈88.6m ; Y1≈87.8m ; Y5≈90.7m
[DCF] Fair Price = N/A (negative equity: EV 1.41b - Net Debt 3.27b = -1.86b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.02 | # QB: 0
Revenue Correlation: -89.94 | Revenue CAGR: -7.07% | SUE: 0.71 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.25 | Chg30d=-2.94% | Revisions=-20% | Analysts=5
EPS next Quarter (2026-09-30): EPS=0.26 | Chg30d=-2.22% | Revisions=-20% | Analysts=5
EPS current Year (2026-12-31): EPS=1.04 | Chg30d=-2.19% | Revisions=-20% | GrowthEPS=+7.2% | GrowthRev=+3.5%
EPS next Year (2027-12-31): EPS=1.12 | Chg30d=-0.27% | Revisions=N/A | GrowthEPS=+7.9% | GrowthRev=+7.0%
[Analyst] Revisions Ratio: -20%