TPG RE Finance Trust
Originates and holds floating-rate first mortgages on transitional, institutional-quality US commercial real estate.
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Profile
Externally managed by an affiliate of TPG, the company originates and holds floating-rate first-mortgage loans on transitional, institutional-quality commercial properties across the United States, funded mainly through CRE CLOs and secured credit facilities structured to avoid mark-to-market margin calls.
Originates and holds floating-rate first-mortgage loans against transitional, institutional-quality commercial real estate across the United States, operating as a single commercial real-estate credit business rather than a diversified property owner.
An affiliate of TPG manages the company under contract, supplying underwriting, sourcing, and workout expertise; the company has no employees of its own, and its officers are paid by the sponsor rather than directly.
The loan book leans toward multifamily and industrial properties, with office exposure cut sharply after a 2023 stretch of elevated credit reserves; loans target assets expected to stabilize within a few years of origination.
Financing runs mainly through CRE CLOs and secured credit facilities structured to avoid mark-to-market margin calls. The company emerged from TPG's real estate platform in 2014 and went public in 2017.
Company facts
Categories
Key statistics
Year to date −12.3% · Average volume (30d) 845.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Mar 12, 2026 | Citizens | Upgrade | Market Perform | Market Outperform | ||
| Feb 19, 2026 | Wells Fargo | Reiterate | Overweight | $9 | $10 | |
| Sep 17, 2025 | JMP Securities | Downgrade | Market Outperform | Market Perform | ||
| Oct 17, 2024 | JP Morgan | Upgrade | Neutral | Overweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $0.26 | $0.23 | −10.1% | $37.3M | $34.0M | −8.9% | −3.86% |
| Apr 28, 2026Q1 FY26 | $0.25 | $0.25 | 0.0% | $37.1M | $37.3M | +0.4% | −0.84% |
| Feb 17, 2026Q4 FY25 | $0.27 | $0.24 | −11.1% | $37.0M | $35.0M | −5.3% | −4.09% |
| Oct 28, 2025Q3 FY25 | $0.26 | $0.25 | −3.8% | $27.2M | $86.7M | +219.2% | −2.80% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $78.9M | $82.2M | $86.7M | $84.0M | $85.8M | $10.3M | |
| Gross profit | $62.1M | $62.4M | $69.8M | $71.5M | $69.1M | $10.3M | |
| Operating income | $57.5M | $59.9M | $70.9M | $55.5M | $67.5M | −$6.9M | |
| Net income | $13.7M | $20.6M | $22.0M | $4.0M | $18.9M | $13.1M | |
| Diluted EPS | $0.12 | $0.21 | $0.23 | $0.00 | $0.19 | $0.12 | |
| Gross margin | 78.8% | 75.8% | 80.5% | 85.1% | 80.5% | 100.0% | |
| Operating margin | 72.9% | 72.9% | 81.8% | 66.1% | 78.7% | -66.4% |
Fiscal years (4-quarter sums)FY21 $240.7M · FY22 $305.7M · FY23 $390.2M · FY24 $350.9M · FY25 $331.8M
Balance sheet, Jun 30, 2026Cash & short-term investments $65.6M · Total debt $3.51B · Total assets $4.60B · Shareholders' equity $1.04B
Dividends
Raised for 4 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 26, 2026 | Jun 26 | Jul 24 | $0.24 | |
| Mar 27, 2026 | Mar 27 | Apr 24 | $0.24 | |
| Dec 26, 2025 | Dec 26 | Jan 23 | $0.24 | |
| Sep 26, 2025 | Sep 26 | Oct 24 | $0.24 | |
| Jun 27, 2025 | Jun 27 | Jul 25 | $0.24 | |
| Mar 28, 2025 | Mar 28 | Apr 25 | $0.24 | |
| Dec 27, 2024 | Dec 27 | Jan 24 | $0.24 | |
| Sep 27, 2024 | Sep 27 | Oct 25 | $0.24 |
Ownership
Shares outstanding 76.77M · Float 66.91M · 87.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Long Pond Capital, LP | 7.03M | 9.16% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 6.50M | 8.46% | 13F | Aug 7, 2026 |
| Vanguard Capital Management | 3.93M | 5.07% | 13G | Jul 31, 2026 |
| Mirae Asset Global Etfs Holdings Ltd. | 3.29M | 4.28% | 13F | Aug 14, 2026 |
| State of New Jersey Common Pension Fund A | 3.15M | 4.10% | 13F | Jul 27, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- KKR Real Estate Finance Trust
Closest structural mirror: KKR-sponsored pure-play senior CRE lender.
- Blackstone Mortgage Trust
Blackstone-sponsored senior floating-rate CRE lender at global scale.
- Starwood Property Trust
Largest US commercial mortgage REIT; diversified beyond CRE credit.
- Claros Mortgage Trust
Mack-sponsored transitional senior CRE lender under prolonged credit stress.
- Franklin BSP Realty Trust
Franklin Templeton-sponsored senior CRE lender, multifamily-heavy.
- Ares Commercial Real Estate
Ares-sponsored, smaller middle-market senior CRE lender.
- BrightSpire Capital
Internally managed CRE lender with mixed loan and equity real estate book.
- Ladder Capital
Internally managed diversified CRE finance: loans, real estate, and CMBS.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TPG RE Finance Trust | $7.73 | −0.06% | $593.4M | 14.3 | 7.2 | 2.2 | −58.7% |
| KKR Real Estate Finance Trust | $7.59 | +0.20% | $488.0M | — | — | 1.2 | −82.3% |
| Blackstone Mortgage Trust | $13.75 | +0.18% | $2.31B | 171.6 | 10.9 | 1.5 | +18.1% |
| Starwood Property Trust | $15.85 | +0.27% | $5.86B | 23.2 | 9.4 | 2.9 | +7.9% |
| Claros Mortgage Trust | $1.70 | +4.57% | $228.6M | — | — | 1.0 | −77.6% |
| Franklin BSP Realty Trust | $8.46 | −0.06% | $702.6M | 19.1 | 8.0 | 1.3 | −45.4% |
| Ares Commercial Real Estate | $4.65 | +0.11% | $258.0M | — | 50.3 | 2.6 | — |
| BrightSpire Capital | $4.75 | 0.00% | $601.0M | — | 7.8 | 1.8 | −0.9% |
| Ladder Capital | $9.82 | +0.10% | $1.25B | 23.4 | 9.0 | 3.3 | −40.9% |
| Median | 23.3 | 9.2 | 1.7 | −40.9% |