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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% | - |
| 2023 | $122M | - | $-117M | $75M | -10.4% | -21.9% | - |
| 2022 | $156M | - | $-60M | $95M | -4.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 156.27 | 122.07 | 151.19 | 151.27 |
| Pretax Income | -59.54 | -116.37 | 74.73 | 60.70 |
| Tax Provision | 0.53 | 0.26 | 0.40 | 0.38 |
| Net Income | -60.07 | -116.63 | 74.33 | 60.32 |
| Net Income Common Stockholders | -73.64 | -130.91 | 59.67 | 45.48 |
| Interest Expense | 160.75 | 273.86 | 198.85 | 186.46 |
| Interest Income | 302.86 | 362.55 | 307.15 | 290.24 |
| Selling General And Administration | 9.45 | 11.87 | 10.65 | 14.08 |
| Normalized Income | -70.57 | -122.18 | 74.33 | 53.39 |
| Basic EPS | -0.95 | -1.69 | 0.75 | 0.57 |
| Diluted EPS | -0.95 | -1.69 | 0.75 | 0.57 |
| Tax Effect Of Unusual Items | 2.79 | 1.48 | 0 | 0.04 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.01 | 0.01 |
| Total Unusual Items | 13.29 | 7.03 | 0 | 6.97 |
| Total Unusual Items Excluding Goodwill | 13.29 | 7.03 | 0 | 6.97 |
| Net Income From Continuing Operation Net Minority Interest | -60.07 | -116.63 | 74.33 | 60.32 |
| Reconciled Depreciation | 0 | 3.05 | 15.73 | 12.63 |
| Net Interest Income | 142.10 | 88.69 | 108.29 | 103.78 |
| Net Income From Continuing And Discontinued Operation | -60.07 | -116.63 | 74.33 | 60.32 |
| Diluted Average Shares | 77.30 | 77.58 | 79.89 | 79.45 |
| Basic Average Shares | 77.30 | 77.58 | 79.80 | 79.30 |
| Diluted NI Availto Com Stockholders | -73.64 | -130.91 | 59.67 | 45.48 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Preferred Stock Dividends | 13.58 | 14.28 | 14.67 | 14.84 |
| Net Income Including Noncontrolling Interests | -60.07 | -116.63 | 74.33 | 60.32 |
| Net Income Continuous Operations | -60.07 | -116.63 | 74.33 | 60.32 |
| Gain On Sale Of Security | 0 | 0 | 0 | 0 |
| General And Administrative Expense | 9.45 | 11.87 | 10.65 | 14.08 |
| Other Gand A | 4.40 | 3.85 | 4.26 | 4.27 |
| Salaries And Wages | 5.05 | 8.03 | 6.39 | 9.81 |
| Operating Revenue | 156.27 | 122.07 | 151.19 | 151.27 |
| 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 | $642M | 12.98↓ discount | 0.61 | 5.6% | - |
| Postal Realty Trust, Inc. | PSTL | $733M | 45.11 | 2.00 | 3.9% | 18.86 |
| Invesco Mortgage Capital Inc. | IVR | $720M | 6.13 | 0.92 | 12.7% | - |
| CTO Realty Growth, Inc. | CTO | $690M | 102.15 | 1.17 | 1.8% | 13.61 |
| Strawberry Fields REIT, Inc. | STRW |
| $690M |
| 20.62 |
| 13.55 |
| 15.0% |
| 7.38 |
| AH REALTY TRUST INC | AHRT | $624M | - | 1.06 | 0.7% | 14.90 |
| Gladstone Commercial Corporation | GOOD | $614M | 89.86 | 3.55 | 11.2% | 14.40 |
| RE/MAX Holdings, Inc. | RMAX | $596M | 27.68 | 0.49 | -28.1% | 1.10 |
| Universal Health Realty Income Trust | UHT | $565M | 32.12 | 3.71 | 11.6% | 13.98 |
| Peer Median | - | 32.12 | 1.58 | 7.6% | 13.98 | |