TPG RE Finance Trust TRTX

REIT - Specialty, Real Estate

$6.28

+0.96%

Market cap: $482.1M
PE: 11.6×; 9y median 11.9×
Forward PE: n/m; not a meaningful number
Price to FFO: 9.8×; from its filings
Price to sales: 3.3×
EV/EBIT: 67.1×
Revenue, 12 months: $144.2M; −3% on a year ago
Net margin: 40.2%

TPG RE Finance Trust trades at 9.8× its funds from operations, the earnings measure REITs are valued on. Revenue was $144.2M over the last twelve months, down 3% on a year earlier with a 40% net margin.

Charts

Financials

Income statement for TRTX, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$27M−15%	$31.5M−13%	$38.9M+54%	$39.3M+20%	$40.1M+49%	$34.7M+10%	$37M−5%	$36.2M−8%	$37.8M−6%	$35M+1%	$37.3M+1%	$34M−6%
SG&A	$718K−40%	$970K−11%	$986K+10%	$1.2M−6%	$1.1M+48%	$1M+6%	$1.1M+12%	$989K−17%	$998K−6%	$1.2M+15%	$910K−17%	$953K−4%
Interest expense	$70.5M+56%	$62.8M−4%	$55.4M−21%	$50.6M−28%	$48.6M−31%	$44.3M−29%	$43.1M−22%	$45.5M−10%	$48.8M+1%	$49M+11%	$48.5M+12%	$50.4M+11%
Pre-tax income	−$61.2M−47%	$6.4M−82%	$17.1M+127%	$24.8M	$22.3M	$10.5M+63%	$13.8M−20%	$20.8M−16%	$22.1M−1%	$4.1M−61%	$19.1M+38%	$13.2M−36%
	$5K−96%	$65K−68%	$390K+112%	$100K+1900%	$66K+1220%	−$157K	$56K−86%	$128K+28%	$109K+65%	$85K	$112K+100%	$101K−21%
Net income	−$61.2M−47%	$6.4M−82%	$16.7M+127%	$24.7M	$22.2M	$10.7M+67%	$13.7M−18%	$20.6M−17%	$22M−1%	$4M−63%	$18.9M+38%	$13.1M−36%
	−$0.83−45%	$0.03−93%	$0.17+240%	$0.26	$0.23	$0.09+200%	$0.12−29%	$0.21−19%	$0.23+0%	$0.00	$0.19+58%	$0.12−43%
	77.7M+0%	77.7M+0%	77.9M−0%	80.9M+5%	81.4M+5%	78.6M+1%	81.8M+5%	80.2M−1%	78.8M−3%	77.3M−2%	79.1M−3%	78M−3%

Revenue: Q1 FY16 and Q1 FY17: 6 months less the 3 months printed beside them.

SG&A: Q1 FY16 and Q1 FY17: 6 months less the 3 months printed beside them.

Interest expense: Q1 FY16 and Q1 FY17: 6 months less the 3 months printed beside them.

Pre-tax income: Q1 FY16 and Q1 FY17: 6 months less the 3 months printed beside them.

Income tax: Q1 FY16 and Q1 FY17: 6 months less the 3 months printed beside them.

Net income: Q1 FY16 and Q1 FY17: 6 months less the 3 months printed beside them.

EPS, diluted: 11 periods, Q1 FY16 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: Q1 FY16: share-days: the 6-month average less the second quarter's. Q4 FY16: share-days: the 12-month average over 366 days less the 9-month over 274, the two on one basis (x1.234). 9 periods, Q4 FY17 to Q4 FY25: share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in REIT - Specialty nearest TPG RE Finance Trust's size, closest first.

Company	Market cap	PE	Its 10y median PE	P/S	Revenue growth	Net margin
TRTXTPG RE Finance Trust	$482.1M	11.6×	11.9×	3.3×	−3%	40.2%
OLPOne Liberty Properties	$487.8M	14.2×	17.6×	n/m	n/m	n/m
FBRTFranklin BSP Realty Trust	$518.2M	14.5×	13.3×	1.7×	+42%	20.5%
FPIFarmland Partners	$447.2M	20.5×	42.2×	8.7×	−6%	49.8%
UHTUniversal Health Realty Income Trust	$523.6M	27.1×	34.5×	5.3×	+1%	19.4%
ABRArbor Realty Trust	$544.7M	41.7×	9.1×	1.1×	−16%	12.0%
TCITranscontinental Realty Investors	$425.1M	51.5×	44.7×	8.5×	+5%	16.1%
XRNChiron Real Estate	$397.1M	8.1×	9.7×	2.6×	+8%	37.8%
IVRInvesco Mortgage Capital	$596.3M	3.7×	7.4×	n/m	n/m	n/m
PMTPennyMac Mortgage Investment Trust	$613.9M	5.0×	11.1×	1.8×	+15%	47.8%
CHCTCommunity Healthcare Trust	$372.5M	19.4×	95.0×	3.0×	+6%	16.8%
Peer median	$503M	17.0×	15.4×	2.8×	+5%	19.9%