TPG RE Finance Trust Inc
TRTXBuild a strategy around TRTX
TPG RE Finance Trust Inc AI Insights
Informational only. Not investment advice.Snapshot
- Trading at 0.64x P/B vs 13.74 book value - 36% discount to tangible equity despite positive earnings[Price to Book Ratio]
- Net margin 44.5% TTM vs industry median 15.4% - 2.9x profitability advantage on interest income model[Net Margin TTM]
- Debt/equity 2.71x with 2.9B total debt vs 1.1B equity - highly leveraged balance sheet typical for mREIT[Debt to Equity]
Watch Triggers
- Book Value Per Share: Decline >10% from 13.74 — Signals loan impairments - destroys NAV thesis and dividend sustainability
- Interest Expense TTM: Rises above 200M while revenue flat — Negative spread compression would eliminate profitability advantage
- Dividend Payout Ratio Avg 5yr: Exceeds 100% for 2+ quarters — Dividend cut would remove primary bull case catalyst
Bull Case
Deep value at 0.64x book with 7% yield - if credit losses don't materialize, 56% upside to NAV plus income
Net margin 44.5% (2.9x industry) with FCF covering dividend 4.4x provides cushion for loan loss reserves
Bear Case
Revenue declined 5% over 5yr while EPS fell 10% - shrinking loan book in challenging CRE environment
2.9B debt (2.7x equity) with 182M interest expense exceeds 151M revenue - negative spread risk if rates stay high
Bull vs Bear Balance
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Forward Thesis
Book value discount likely narrows as credit quality stabilizes and dividend yield attracts income investors
- P/B at 0.64x implies market pricing in 36% NAV impairment
- 7.0% dividend yield (0.96/share) vs 0 industry median
- FCF of 86.7M TTM covers 19.5M dividend 4.4x
Valuation Context
Caveats
Public Strategies Rankings
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TRTX Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$611.19M | — | ||
$3.81B | — | ||
14 | — | ||
$151.27M | +0.1% | — | |
$0.57 | -35.6% | — | |
0% | — | ||
39.9% | -9.3% | — | |
$84.22M | -21.1% | — | |
5.53% | -1.1% | — | |
Beta 5Y (Monthly) | unknown | — |
TRTX Dividend History
2026
$0.24002025
$0.96002024
$0.96002023
$0.96002022
$0.96002021
$0.95002020
$1.21002019
$1.72002018
$1.71002017
$0.7100TRTX Stock Splits
TRTX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/17/26 | 12/31/25 | Unknown | |
10/28/25 | 09/30/25 | 10-Q | |
07/29/25 | 06/30/25 | 10-Q | |
04/29/25 | 03/31/25 | 10-Q | |
02/18/25 | 12/31/24 | Unknown | |
10/29/24 | 09/30/24 | 10-Q | |
07/30/24 | 06/30/24 | 10-Q | |
04/30/24 | 03/31/24 | 10-Q | |
02/20/24 | 12/31/23 | 10-K | |
10/31/23 | 09/30/23 | 10-Q | |
08/01/23 | 06/30/23 | 10-Q | |
05/02/23 | 03/31/23 | 10-Q | |
02/21/23 | 12/31/22 | 10-K | |
11/01/22 | 09/30/22 | 10-Q | |
08/02/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
11/02/21 | 09/30/21 | 10-Q | |
08/03/21 | 06/30/21 | 10-Q | |
05/04/21 | 03/31/21 | 10-Q | |
02/24/21 | 12/31/20 | 10-K | |
11/04/20 | 09/30/20 | 10-Q | |
07/29/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
02/19/20 | 12/31/19 | 10-K | |
10/28/19 | 09/30/19 | 10-Q | |
07/29/19 | 06/30/19 | 10-Q | |
04/29/19 | 03/31/19 | 10-Q | |
02/26/19 | 12/31/18 | 10-K | |
11/05/18 | 09/30/18 | 10-Q | |
08/06/18 | 06/30/18 | 10-Q | |
05/07/18 | 03/31/18 | 10-Q | |
02/26/18 | 12/31/17 | 10-K | |
11/06/17 | 09/30/17 | 10-Q | |
08/24/17 | 06/30/17 | 10-Q | |
07/21/17 | 03/31/17 | 424B4 | |
07/21/17 | 12/31/16 | 424B4 | |
11/06/17 | 09/30/16 | 10-Q | |
08/24/17 | 06/30/16 | 10-Q | |
07/21/17 | 03/31/16 | 424B4 |