TPG RE Finance Trust Inc
TRTX—
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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
Price to Book RatioDividends Paid Per Share TTMBook Value Per Share
Net margin 44.5% (2.9x industry) with FCF covering dividend 4.4x provides cushion for loan loss reserves
Net Margin TTMFree Cash Flow TTMDividend Payout Ratio Avg 5yr
Bear Case
Revenue declined 5% over 5yr while EPS fell 10% - shrinking loan book in challenging CRE environment
Total Revenue 5yr GrowthEPS Growth 5yr
2.9B debt (2.7x equity) with 182M interest expense exceeds 151M revenue - negative spread risk if rates stay high
Total DebtInterest Expense TTMDebt to Equity
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
Book value discount likely narrows as credit quality stabilizes and dividend yield attracts income investors
1-3ymed
- 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
Book value 13.74/share vs 8.82 priceDividend payout ratio 72% avg 5yrFCF margin 57.5% TTM
Valuation Context
Caveats
TRTX Fundamentals
Real Estate and Rental and Leasing → Real Estate
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$664.92M | — | ||
$3.94B | — | ||
13 | — | ||
$151.45M | +1.4% | — | |
$0.64 | -21.1% | — | |
0% | — | ||
43.3% | -4.5% | — | |
$88.07M | -1.5% | — | |
6.05% | -0.4% | — | |
Beta 5Y (Monthly) | unknown | — |
TRTX Dividend History
35 dividends
2026
$0.240003/27/26$0.2400
2025
$0.960012/26/25$0.2400
09/26/25$0.2400
06/27/25$0.2400
03/28/25$0.2400
2024
$0.960012/27/24$0.2400
09/27/24$0.2400
06/27/24$0.2400
03/27/24$0.2400
2023
$0.960012/28/23$0.2400
09/27/23$0.2400
06/27/23$0.2400
03/28/23$0.2400
2022
$0.960012/28/22$0.2400
09/27/22$0.2400
06/27/22$0.2400
03/28/22$0.2400
2021
$0.950012/28/21$0.3100
09/28/21$0.2400
06/25/21$0.2000
03/25/21$0.2000
2020
$1.210012/24/20$0.3800
09/24/20$0.2000
06/25/20$0.2000
06/12/20$0.4300
2019
$1.720012/26/19$0.4300
09/26/19$0.4300
06/27/19$0.4300
03/28/19$0.4300
2018
$1.710012/27/18$0.4300
09/27/18$0.4300
06/22/18$0.4300
03/28/18$0.4200
2017
$0.710012/28/17$0.3800
10/05/17$0.3300
TRTX Stock Splits
No stock splits
TRTX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/28/26 | 03/31/26 | 10-Q | |
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 |