TPG RE Finance Trust, Inc. TRTX
TPG RE Finance Trust, Inc. (TRTX) operates as a financial institution primarily engaged in the commercial real estate sector within the United States. Its core business involves generating, purchasing, and actively overseeing a variety of debt instruments connected to commercial properties. The company's investment strategy encompasses a wide range of commercial real estate-backed debt, including senior and subordinate mortgage loans, mezzanine financing, preferred equity stakes, and various secured real estate securities. TRTX also allocates capital to commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs) that are underpinned by real estate assets. These investments are predominantly tied to properties within key sectors such as office buildings, multifamily residences, life science facilities, mixed-use developments, hospitality venues, industrial sites, and retail spaces. For federal income tax purposes, TPG RE Finance Trust, Inc. is structured as a Real Estate Investment Trust (REIT). This classification generally allows the company to avoid federal corporate income tax liabilities, provided it distributes at least 90% of its taxable income to its stockholders. Established in 2014, the company maintains its corporate headquarters in New York, New York.
Snapshot
Reported FFO / Distributable EPS / leverage are from the Q1 2026 earnings release (filed 2026-06-01) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $332.57M | $60.32M | $12.72M | $262.38M | $90.36M |
| 2024 | $350.93M | $74.33M | $14.95M | $291.14M | $112.13M |
| 2023 | $390.17M | $-116.63M | $3.50M | $162.39M | $80.13M |
| 2022 | $305.71M | $-60.07M | $0.00 | $101.22M | $100.50M |
| 2021 | $240.72M | $138.55M | $0.00 | $224.70M | $132.17M |
| 2020 | $80.81M | $-136.83M | $2.42M | $-26.87M | $132.09M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-26 | 2026-06-26 | 2026-07-24 | 2026-06-12 | $0.24 | Irregular |
| 2026-03-27 | 2026-03-27 | 2026-04-24 | 2026-03-13 | $0.24 | Quarterly |
| 2025-12-26 | 2025-12-26 | 2026-01-23 | 2025-12-12 | $0.24 | Quarterly |
| 2025-09-26 | 2025-09-26 | 2025-10-24 | 2025-09-12 | $0.24 | Quarterly |
| 2025-06-27 | 2025-06-27 | 2025-07-25 | 2025-06-13 | $0.24 | Quarterly |
| 2025-03-28 | 2025-03-28 | 2025-04-25 | 2025-03-14 | $0.24 | Quarterly |
| 2024-12-27 | 2024-12-27 | 2025-01-24 | 2024-12-13 | $0.24 | Quarterly |
| 2024-09-27 | 2024-09-27 | 2024-10-25 | 2024-09-13 | $0.24 | Quarterly |
| 2024-06-27 | 2024-06-27 | 2024-07-25 | 2024-06-17 | $0.24 | Quarterly |
| 2024-03-27 | 2024-03-28 | 2024-04-25 | 2024-03-15 | $0.24 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-25 | 2023-12-18 | $0.24 | Quarterly |
| 2023-09-27 | 2023-09-28 | 2023-10-25 | 2023-09-11 | $0.24 | Quarterly |
| 2023-06-27 | 2023-06-28 | 2023-07-25 | 2023-06-12 | $0.24 | Quarterly |
| 2023-03-28 | 2023-03-29 | 2023-04-25 | 2023-03-14 | $0.24 | Quarterly |
| 2022-12-28 | 2022-12-29 | 2023-01-25 | 2022-12-09 | $0.24 | Quarterly |
| 2022-09-27 | 2022-09-28 | 2022-10-25 | 2022-09-12 | $0.24 | Quarterly |
| 2022-06-27 | 2022-06-28 | 2022-07-25 | 2022-06-13 | $0.24 | Quarterly |
| 2022-03-28 | 2022-03-29 | 2022-04-25 | 2022-03-14 | $0.24 | Quarterly |
| 2021-12-28 | 2021-12-29 | 2022-01-25 | 2021-12-14 | $0.31 | Special |
| 2021-09-28 | 2021-09-29 | 2021-10-22 | 2021-09-13 | $0.24 | Quarterly |
| 2021-06-25 | 2021-06-28 | 2021-07-23 | 2021-06-14 | $0.20 | Quarterly |
| 2021-03-25 | 2021-03-26 | 2021-04-23 | 2021-03-15 | $0.20 | Quarterly |
| 2020-12-24 | 2020-12-28 | 2021-01-22 | 2020-12-15 | $0.38 | Special |
| 2020-09-24 | 2020-09-25 | 2020-10-23 | 2020-09-15 | $0.20 | Quarterly |
Coverage (payout of operating cash flow): 84.40%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.