TRTX
TPG RE Finance Trust, Inc.9.04
-0.13-1.42%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Robust pipeline, leverage target detailed
Q&A reinforced TRTX's offensive posture, detailing a robust pipeline to fuel originations despite one Q1 close so far, driven by maturing 2021-2022 loans and rate clarity. New loan spreads tightened 50bps below portfolio average amid multifamily/industrial focus and sub-65% LTVs, yet lower funding costs kept ROE steady around SOFR plus 500bps. Management targets 3.5-3.75x leverage for full investment and 25-30% industrial exposure, up from under 20%. They'll sell down remaining REO this year. Pipeline stays robust. Analysts probed NAV discount; team stressed shareholder value focus and TPG's M&A optionality. Outlook stays confident on growth levers.
Key Stats
Market Cap
710.46MP/E (TTM)
13.91Basic EPS (TTM)
0.65Dividend Yield
0.11%Recent Filings
8-K
TRTX investor presentation out
TPG RE Finance Trust released its March 2026 investor presentation under Reg FD, spotlighting a $4.3B performing loan portfolio at 7.15% all-in yield and 3.0 risk rating as of Dec 31, 2025. CEO Doug Bouquard will pitch strategy at March conferences. Deployment capacity eyes growth to 3.75x leverage.
10-K
FY2025 results
TPG RE Finance Trust closed FY2025 ended December 31, 2025 with a stable $4.3B loan portfolio (50 first mortgages, 65.7% avg LTV, 3.0yr wtd avg term), yielding 7.1% all-in on $4.1B UPB, yet net income fell to $45.5M ($0.57/share) from stronger prior years amid $13.9M credit loss expense. Q4 accelerated originations with nine $927M loans (S+2.66% avg spread), funded $12M future commitments, and saw six $378M repayments, but net interest dipped to $25.4M on portfolio churn while CECL reserve hit 180bps ($77M). Non-mark-to-market debt comprised 82% of $3.3B borrowings; $25M buybacks trimmed shares. Q4 momentum shone in $1.1B TRTX 2025-FL7 CLO issuance. Loan defaults could stall quarterly repayments.
8-K
TRTX Q4 earnings match dividend
TPG RE Finance Trust reported Q4 GAAP net income of $0.2M ($0.00/share) but Distributable Earnings of $18.5M ($0.24/share), matching its dividend. Originated $927M in loans at Term SOFR +2.66% yet faced $11.3M credit reserve hike to $77.4M. Portfolio hit $4.3B, 100% performing. Velocity spins balance sheet.
8-K
TRTX closes $1.1B CRE CLO
TPG RE Finance Trust closed its $1.1B CRE CLO TRTX 2025-FL7 on November 17, 2025, issuing $957M investment-grade notes at Term SOFR +1.67% with a 30-month reinvestment period and 87% advance rate. Collateral comprises 21 interests totaling ~$1.1B (30.2% of TRTX's portfolio), including participations and whole loans in multifamily, industrial, and hospitality. Proceeds will redeem $411.5M TRTX 2021-FL4, yielding ~$58.5M net cash for investments.
8-K
TRTX investor presentation filed
TPG RE Finance Trust filed an 8-K on November 17, 2025, furnishing its November investor presentation ahead of the Citizens JMP conference. It spotlights a 100% performing $3.7B loan portfolio at 7.75% all-in yield, $11.25 book value per share, and $0.25 Q3 distributable earnings per share—yet leverage sits at 2.6x with $216M liquidity. Portfolio rock-solid.
ACR
ACRES Commercial Realty Corp.
23.65+0.02
ACRE
Ares Commercial Real Estate Cor
5.37-0.05
ARI
Apollo Commercial Real Estate F
9.92-0.27
BXMT
Blackstone Mortgage Trust, Inc.
20.17-0.46
CMTG
Claros Mortgage Trust, Inc.
3.39-0.09
GPMT
Granite Point Mortgage Trust In
2.54-0.03
KREF
KKR Real Estate Finance Trust I
8.50-0.17
LFT
Lument Finance Trust, Inc.
1.50+0.04
NREF
NexPoint Real Estate Finance, I
14.31-0.22
RPT
Rithm Property Trust Inc.
2.88+0.10