Loading…
TPG RE Finance Trust, Inc., a commercial real estate finance company, originates and acquires a portfolio of commercial real estate-related assets in the United States. It engages in directly originating and selectively acquiring first mortgage loans secured by commercial real estate properties; and invests in other commercial real estate-related debt instruments, including subordinate mortgage interests, mezzanine loans, secured real estate securities, note financing, preferred equity, and miscellaneous debt instruments. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. TPG RE Finance Trust, Inc. was incorporated in 2014 and is based in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $151M | - | $60M | $84M | 5.6% | 0.1% | -18.9% |
| 2024 | $151M | - | $74M | $107M | 6.7% | 23.9% | -163.7% |
| 2023 | $122M | - | $-117M | $75M | -10.4% | -21.9% | 94.2% |
| 2022 | $156M | - | $-60M | $95M | -4.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 156.27 | 122.07 | 151.18 | 151.27 |
| Operating Revenue | - | 156.27 | 122.07 | 151.18 | 151.27 |
| Selling General And Administration | - | 9.45 | 11.87 | 10.65 | 14.08 |
| Interest Income | - | 302.86 | 362.55 | 307.15 | 290.24 |
| Interest Expense | - | 160.76 | 273.86 | 198.85 | 186.46 |
| Net Interest Income | - | 142.10 | 88.69 | 108.29 | 103.78 |
| Pretax Income | - | -59.54 | -116.37 | 74.73 | 60.70 |
| Tax Provision | - | 0.53 | 0.26 | 0.40 | 0.38 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 2.79 | 1.48 | 0 | 0.04 |
| Net Income Continuous Operations | - | -60.07 | -116.63 | 74.33 | 60.32 |
| Net Income From Continuing And Discontinued Operation | - | -60.07 | -116.63 | 74.33 | 60.32 |
| Net Income From Continuing Operation Net Minority Interest | - | -60.07 | -116.63 | 74.33 | 60.32 |
| Net Income | - | -60.07 | -116.63 | 74.33 | 60.32 |
| Net Income Common Stockholders | - | -73.64 | -130.90 | 59.67 | 45.48 |
| Net Income Including Noncontrolling Interests | - | -60.07 | -116.63 | 74.33 | 60.32 |
| Normalized Income | - | -70.57 | -122.18 | 74.33 | 53.39 |
| Diluted NI Availto Com Stockholders | - | -73.64 | -130.90 | 59.67 | 45.48 |
| Basic Average Shares | - | 77.30 | 77.58 | 79.80 | 79.30 |
| Diluted Average Shares | - | 77.30 | 77.58 | 79.89 | 79.45 |
| Reconciled Depreciation | - | 0 | 3.05 | 15.73 | 12.63 |
| Total Unusual Items | - | 13.29 | 7.03 | 0 | 6.97 |
| Total Unusual Items Excluding Goodwill | - | 13.29 | 7.03 | 0 | 6.97 |
| Preferred Stock Dividends | - | 13.58 | 14.28 | 14.67 | 14.84 |
| Gain On Sale Of Security | 0 | 0 | - | - | - |
| General And Administrative Expense | - | 9.45 | 11.87 | 10.65 | 14.08 |
| Other Gand A | - | 4.40 | 3.84 | 4.26 | 4.27 |
| Salaries And Wages | - | 5.05 | 8.03 | 6.39 | 9.81 |
| Otherunder Preferred Stock Dividend | 47.93 | - | - | - | - |
| Professional Expense And Contract Services Expense | - | 4.74 | 6.70 | 5.78 | 5.83 |
| Other Non Interest Expense | - | 28.64 | 29.96 | 55.88 | 56.79 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| TPG RE Finance Trust, Inc.this co. | TRTX | $653M | 10.83↑ premium | 0.61 | 5.6% | - |
| BrightSpire Capital, Inc. | BRSP | $726M | -23.30 | 0.77 | -3.3% | -13935.72 |
| CTO Realty Growth, Inc. | CTO | $678M | 67.19 | 1.20 | 1.8% | 13.39 |
| Redwood Trust, Inc. | RWT | $667M | -9.53 | 0.73 | -7.6% | - |
| AH REALTY TRUST INC | AHRT | $660M |
| - |
| - |
| - |
| - |
| - |
| - |
| 117.68 |
| 1.44 |
| 1.2% |
| 12.87 |
| Franklin BSP Realty Trust, Inc. | FBRT | $658M | 8.00 | 0.56 | 7.0% | 50.11 |
| Summit Hotel Properties, Inc. | INN | $645M | - | 0.75 | -2.7% | 9.23 |
| Gladstone Commercial Corporation | GOOD | $616M | 31.92 | 3.58 | 11.2% | 12.18 |
| Industrial Logistics Properties Trust | ILPT | $589M | -8.90 | 1.20 | -13.5% | 15.29 |
| Peer Median | - | 8.00 | 0.98 | -0.8% | 12.87 | |