TRTX
TPG RE Finance TrustBDocument history
Earnings documents stored for TRTX.
Investor releaseQuarter not tagged2026-05-03TPG RE Finance Trust Q1 Earnings Call Highlights
MarketBeat
TPG RE Finance Trust Q1 Earnings Call Highlights
Management said the loan book was 100% performing with stable risk ratings (3.0) and CECL reserves essentially flat, and noted office exposure has fallen to below 5% while 67% of the balance sheet is 2023-or-newer originations. TPG reported Q1 GAAP net income of $15.2 million and Distributable Earnings of $19.5 million ($0.25/share), covering the $0.24 common dividend at a 1.04x ratio, and repurchased over 1 million shares year-to-date to modestly boost book value (book value $11.06). Liquidity and funding leave room to grow: near-term liquidity of $173 million, leverage of 3.1x, $1.5 billion of available financing capacity, and a pipeline with $324 million closed plus $535 million of executed term sheets (mostly multifamily and industrial) support management’s view that “the trend is growth.” Interested in TPG RE Finance Trust, Inc.? Here are five stocks we like better. TPG RE Finance Trust (NYSE:TRTX) executives pointed to a constructive real estate credit backdrop and a “100% performing” loan book as the commercial real estate lender reported first-quarter 2026 results and outlined ongoing portfolio repositioning during its earnings call. Chief Executive Officer Doug Bouquard said the first quarter provided an “encouraging environment for investment activity within the real estate sector,” adding that while markets have been focused on private credit and geopolitical tensions, “real estate credit has been relatively stable.” He noted that the “recent steepening of the yield curve has put modest pressure on new acquisition activity,” but said key themes remain intact, including refinance demand driven by “broken capital structures and reset values,” elevated interest rates, and “a consistent supply of back leverage from bank balance sheets.” → 5 Stocks to Buy in May Before the Next AI Surge Hits Bouquard said the company began 2026 with stable portfolio metrics, reporting “stable risk ratings and a 100% performing loan portfolio at quarter end.” He added, “We saw no negative credit migration in the quarter, with risk ratings unchanged at 3.0 and CECL reserves essentially flat quarter-over-quarter.” He also highlighted a reduction in office exposure following repayments, saying that in April the company received full payment on 575 Fifth Avenue—its largest office exposure—along with a material partial repayment on another office loan. “As a result, our offi...
Investor releaseQuarter not tagged2026-04-29TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended March 31, 2026
Business Wire
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended March 31, 2026
NEW YORK, April 28, 2026--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) ("TRTX" or the "Company") reported its operating results for the quarter ended March 31, 2026. Regarding first quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: "During the first quarter of 2026, we out-earned our common stock dividend and maintained a 100% performing loan portfolio. Currently, our total office loan exposure has been reduced to less than 5%, and nearly 70% of our loan portfolio consists of newer vintage originations made after January 2023 secured primarily by multifamily and industrial collateral. Our loan portfolio and well-capitalized balance sheet will enable us to take advantage of our robust investment pipeline through the remainder of 2026." FIRST QUARTER 2026 ACTIVITY Recognized GAAP net income attributable to common stockholders of $15.2 million, or $0.19 per common share, based on a diluted weighted average share count of 79.1 million common shares. Book value per common share was $11.06 as of March 31, 2026, compared to $11.07 at December 31, 2025. Generated Distributable Earnings of $19.5 million, or $0.25 per common share based on a diluted weighted average share count of 79.1 million common shares. Declared on March 13, 2026 a cash dividend of $0.24 per share of common stock which was paid on April 24, 2026 to common stockholders of record as of March 27, 2026. The Company paid on March 31, 2026 to preferred stockholders of record as of March 20, 2026 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share. Repurchased 556,592 shares of common stock, at a weighted average price of $8.06 per share, for total consideration (including commissions and related fees) of $4.5 million, which increased book value per common share by $0.02 per common share. Originated two first mortgage loans with aggregate total loan commitments of $148.4 million, an aggregate initial unpaid principal balance of $135.5 million, a weighted average interest rate of Term SOFR plus 2.73%, a weighted average interest rate floor of 2.86% and a weighted average as-is loan-to-value ratio of 63.0%. Funded $14.6 million of future funding obligations associated with previously originated and acquired loans. Received loan repayments of $123.6 million, including two full loan repayments of $92.7 million, involving the...
Investor releaseQuarter not tagged2026-04-29TPG RE Finance Trust (TRTX) Q1 Earnings Match Estimates
Zacks
TPG RE Finance Trust (TRTX) Q1 Earnings Match Estimates
TPG RE Finance Trust (TRTX) came out with quarterly earnings of $0.25 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -1.30%. A quarter ago, it was expected that this commercial real estate finance company would post earnings of $0.27 per share when it actually produced earnings of $0.24, delivering a surprise of -11.11%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. TPG RE Finance Trust, which belongs to the Zacks Real Estate - Operations industry, posted revenues of $37.31 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 0.75%. This compares to year-ago revenues of $37.03 million. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. TPG RE Finance Trust shares have lost about 2% since the beginning of the year versus the S&P 500's gain of 4.8%. While TPG RE Finance Trust has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for TPG RE Finance Trust was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can...
Investor releaseQuarter not tagged2026-04-29TPG RE Finance Trust: Q1 Earnings Snapshot
Associated Press
TPG RE Finance Trust: Q1 Earnings Snapshot
NEW YORK (AP) — NEW YORK (AP) — TPG RE Finance Trust Inc. (TRTX) on Tuesday reported first-quarter earnings of $18.9 million. The New York-based company said it had net income of 19 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, came to 25 cents per share. The results matched Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 25 cents per share. The commercial real estate finance company posted revenue of $85.8 million in the period. Its adjusted revenue was $37.3 million. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TRTX at https://www.zacks.com/ap/TRTX
Investor releaseQuarter not tagged2026-04-29Compared to Estimates, TPG RE Finance Trust (TRTX) Q1 Earnings: A Look at Key Metrics
Zacks
Compared to Estimates, TPG RE Finance Trust (TRTX) Q1 Earnings: A Look at Key Metrics
TPG RE Finance Trust (TRTX) reported $37.31 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 0.8%. EPS of $0.25 for the same period compares to $0.24 a year ago. The reported revenue represents a surprise of -0.75% over the Zacks Consensus Estimate of $37.59 million. With the consensus EPS estimate being $0.25, the EPS surprise was -1.3%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how TPG RE Finance Trust performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Net Interest Income: $25.72 million compared to the $27.99 million average estimate based on two analysts. Other income, net: $3.3 million versus the two-analyst average estimate of $2.38 million. Total other revenue: $11.59 million compared to the $9.6 million average estimate based on two analysts. Revenue from real estate owned operations: $8.29 million compared to the $7.23 million average estimate based on two analysts. View all Key Company Metrics for TPG RE Finance Trust here>>> Shares of TPG RE Finance Trust have returned +9.5% over the past month versus the Zacks S&P 500 composite's +12.8% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TPG RE Finance Trust, Inc. (TRTX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-04-29TPG RE Finance Trust, Inc. Q1 2026 Earnings Call Summary
Moby
TPG RE Finance Trust, Inc. Q1 2026 Earnings Call Summary
Management highlighted a significant balance sheet transformation, noting that their newer vintage loan portfolio provides steady earnings and credit stability compared to peers, and they remain focused on growing net assets and earnings power throughout 2026. Office exposure was reduced to less than 5% on a pro forma basis following the full repayment of the company's largest office loan (575 Fifth Avenue) and a material partial repayment on another. The company maintained a 100% performing loan portfolio with zero negative credit migration during the quarter, which management attributes to proactive risk management and disciplined underwriting. Strategic focus remains on multifamily and industrial sectors, which are targeted for their perceived downside protection and strong long-term fundamentals. Performance was supported by TPG's integrated global platform, providing a sourcing edge and real-time market insights that allow for an 'offensive posture' relative to peers. Management noted that while the lending pipeline is robust, a steepening yield curve has placed modest pressure on new acquisition activity across the broader market. The company expects to continue growing net earning assets and earnings power throughout 2026, supported by $535 million in executed term sheets and a robust secondary pipeline. Management intends to maintain a balanced capital allocation strategy, utilizing strong liquidity to both fund new accretive investments and continue share repurchases while the stock trades below book value. The REO strategy for 2026 involves planned asset sales, particularly within the multifamily segment as leasing seasonality improves. Future originations are expected to be a mix of loan sizes, ranging from $30 million to $200 million, depending on borrower quality and asset fundamentals rather than a strict shift toward larger deal sizes. The liability structure is 78% non-mark-to-market, which management believes provides essential durability and flexibility in a volatile interest rate environment. Total leverage remains at 3.1x, which the company characterizes as underlevered relative to its peer group. Share repurchases through April 27 totaled over 1 million shares at an average price of $8.07, contributing a $0.02 per share increase to book value. CECL reserves remained essentially flat at 179 basis points, reflecting the stability of the cu...
TranscriptFY2026 Q12026-04-29FY2026 Q1 earnings call transcript
Earnings source - 39 paragraphs
FY2026 Q1 earnings call transcript
Greetings. Welcome to TPG RE Finance Trust First Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Dan Kasell. Thank you. You may begin.
Good morning, welcome to the TPG RE Finance Trust earnings call for the first quarter of 2026. Today's speakers are Doug Bouquard, Chief Executive Officer, Brandon Fox, Interim Chief Financial Officer, and Ryan Roberto, Head of Portfolio Management and Capital Markets. Doug, Brandon, and Ryan will provide commentary regarding the company, its performance, and the general economy, and will answer questions from call participants. Yesterday afternoon, we filed our Form 10-Q, issued a press release, and shared an earnings supplemental, all of which are available on the company's website in the Investor Relations section. This morning's call and webcast is being recorded. Information regarding the replay of this call is available in our earnings release and on the TRTX website. Recordings are the property of TRTX, and any unauthorized broadcast or reproduction in any form is strictly prohibited.
This morning's call will include forward-looking statements which are uncertain and outside of the company's control. Actual results may differ materially. For a comprehensive discussion of risks that could affect results, please see the Risk Factors section of the company's latest Form 10-K. The company does not undertake any duty to update our forward-looking statements or projections unless required by law. We will refer during today's call to certain non-GAAP financial measures, which are reconciled to GAAP amounts in our earnings release and our earnings supplemental, both of which are available in the investor relations section of our website. Now I'll turn the call over to Doug.
Good morning, and thank you for joining the call. The broader economic backdrop during the first quarter of the year continued to provide an encouraging environment for investment activity within the real estate sector. While concern over private credit and broader geopolitical tensions have permeated the market, real estate credit has been relatively stable. As we survey market opportunities, we are closely monitoring capital flows in both real estate and credit, which will allow us to identify real-time trends that will drive the investment landscape. These insights are further augmented by the depth and breadth of TPG's global alternative investment platform. While real estate values have reset and our lending pipeline is robust, the recent steepening of the yield curve has put modest pressure on new acquisition activity.
That being said, many of the key themes we've previously described continue to remain in place, including heavy refinance volume driven by broken capital structures and reset values, which have been further exacerbated by sustained elevated interest rates and supported by a consistent supply of back leverage from bank balance sheets. Building on the momentum of 2025, a year where TRTX closed $1.9 billion of new investments and achieved 25% year-over-year growth in earning assets, we are pleased to report a strong start to 2026. For the first quarter, our performance reflects our disciplined approach to risk management as we maintain stable risk ratings and a 100% performing loan portfolio at quarter end. We saw no negative credit migration in the quarter, with risk ratings unchanged at 3.0 and CECL reserves essentially flat quarter-over-quarter.
In April, TRTX received the full payment of 575 Fifth Avenue, which was our largest office exposure, and a material partial repayment on another office loan. As a result, our office exposure is now less than 5% of our current balance sheet. As a natural consequence, the vintage of our balance sheet continues to compare favorably to our competitive set, with 67% of our balance sheet comprised of 2023 and newer loan originations. This is a direct result of the proactive risk management we've been consistent with over the past few years, combined with our strategic and measured approach to making new investments.
As I look at our origination and repayment pace for this year, I expect we will finish 2026 with a substantial majority of the balance sheet comprised of 2023 and newer loan origination dates, which will provide shareholders with a new vintage portfolio and attractive credit profile. Of note, we've been able to achieve this balance sheet transformation while generating steady earnings and remaining underlevered relative to our peers. From an investment perspective, thus far this year we've closed $324 million of loans and have another $535 million of executed term sheets, the majority of which are multifamily and industrial collateral, sectors we continue to target given their strong downside protection and solid long-term fundamentals.
Since the start of Q4 2025, we originated 12 loans with total commitments of $1.25 billion, with more than 90% of these from repeat borrowers underscoring the deep relationships we've cultivated within the real estate ecosystem, further amplified by the breadth of TPG's integrated real estate debt and equity investment platform. Within the $535 million of executed term sheets that we have this quarter, the majority of those new investments are collateralized by multifamily and industrial exposure and are sponsored by high-quality borrowers across the U.S. From a liability perspective, we continue to expand our lender relationships and optimize the durability of our capital structure--building on the two series CLOs issued in 2025, which provide ample reinvestment capacity at an attractive cost of funds.
We ended Q1 2026 with $173 million of liquidity, 78% non-mark-to-market financing, and a debt-to-equity ratio of 3.1 times. This positioning affords TRTX flexibility to pursue accretive investment opportunities while maintaining balance sheet discipline. Our company is in an advantageous position from a capital allocation standpoint. Given our strong liquidity position, we are able to both increase net earning assets while also repurchasing shares that we believe are undervalued. Since the year began through April 27th, we repurchased over 1 million shares of common stock for a total consideration of $8.7 million at an average price of $8.07 per share. While we are proud of the foundation laid in 2025 and the strong start in Q1 2026, we remain focused on building on the success throughout the year.
Our objective remains to continue to grow net assets and the earnings power of our company. With the insights and reach of TPG's real estate investment platform, a stable balance sheet, and an attractive opportunity set, we are confident in our ability to deliver continued strong performance. Despite the strength of our balance sheet and our growing earnings power, our stock trades at a valuation that we believe significantly undervalues our position relative to competitors and offers compelling value on an outright basis as well. Simply put, our balance sheet looks remarkably different from our peers with a newer vintage loan portfolio that provides steady earnings and credit stability.
Relative to our peers, we continue to distinguish ourselves, particularly when you look at a number of important metrics, including loan vintage as a percentage of the portfolio, multifamily and industrial exposure, office exposure, unfunded loan commitments, REO as a percentage of assets, and total debt-to-equity ratio. The offensive posture we've embraced, rooted in the strategic approach we laid out years ago, positions us well to sustain our momentum. Our performance in 2025 set a high bar, and we enter the remainder of 2026 with the capital, the team, and the drive to continue creating value for our shareholders. With that, I will turn the call over to Brandon to discuss our financial results in more detail.
Thank you, Doug, and good morning. For the first quarter of 2026, TRTX reported GAAP net income of $15.2 million. Distributable Earnings for the quarter was $19.5 million, or $0.25 per common share, a 1.04x coverage ratio of our first quarter common stock dividend of $0.24 per share. During the quarter, we repurchased 557,000 shares of common stock at a weighted average price of $8.06 per share for a total consideration of $4.5 million, which increased book value by $0.02 per share. As of March 31st, book value per share was $11.06.
During the first quarter, we originated two loans with total commitments of $148.4 million at a weighted average credit spread of 2.73% and received loan repayments of $123.6 million, including two full loan repayments of $92.7 million, where the underlying collateral was 40% multifamily, 35% hotel, and 25% industrial. Subsequent to quarter end, we originated a hotel loan with a total loan commitment and unpaid principal balance of $175.4 million at a weighted average credit spread of 3.0% and received two office loan repayments totaling $262.3 million, reducing our office loan exposure on a pro forma basis to less than 5%.
Quarter-over-quarter, net assets remained flat at $4.1 billion. Year-over-year, our net assets have grown 26% or $868.0 million. At quarter end, our loan portfolio was 100% performing. During the quarter, we did not have any credit migration in our loan portfolio. Our weighted average risk rating for the loan portfolio is unchanged at 3.0. Our CECL reserve decreased slightly quarter-over-quarter to 179 basis points compared to 180 basis points at December 31st, 2025.
We ended the quarter with near-term liquidity of $172.8 million, consisting of $77 million of cash on hand available for investment, net of $15 million held to satisfy liquidity covenants, undrawn capacity under secured financing arrangements of $39.7 million, and CRE CLO reinvestment proceeds of $41.2 million. Additionally, we held unencumbered loan investments with unpaid principal balance of $106.8 million that are eligible to be pledged under our existing financing arrangements. The company's liability structure is 78% non-mark-to-market across 10 financing sources and carries a weighted average cost of funds of 1.80%. Total leverage increased slightly quarter-over-quarter to 3.1x from 3.02x.
At quarter end, we held $1.5 billion of financing capacity available to support loan investment activity. We're in compliance with all of our financial covenants. With that, we welcome your questions. Operator?
Thank you. We will now be conducting a question and answer session. If you would like to ask a question please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For our participants choosing speaker equipment, it may be necessary to pickup your handset before pressing the star keys. One moment while we pull for questions. Our first question is from John Nickodemus with BTIG. Please proceed.
Hello, good morning, everyone. Thanks for taking the question. Doug and Brandon, you both provided some great color about sort of what you're seeing for originations looking ahead. Doug, I know you mentioned the $535 million of executed term sheets. With the portfolio kind of flat quarter-over-quarter, but obviously up year-over-year, would love to hear just, you know, some more thoughts on how we could see portfolio growth trending throughout 2026, particularly with those term sheets in mind, but also the large repayment that's already come in in the second quarter. Thanks.
You know, look, I think that, you know, from a quarter-over-quarter perspective, obviously we had a, you know, pretty substantial Q4, you know, Q1, I think probably a touch of seasonality mixed in there, resulted in perhaps a lighter number relative to Q4. I really think the sort of big story is the trend, right? I mean, the trend is growth. You know, the trend remains that we have, you know, even having $535 million of term sheets executed at this point, that also doesn't reflect the pipeline that we have beyond that.
You know, when we think about earnings growth and our ability to, you know, to really grow the company, our, you know, the stability of our balance sheet, the durability of our liability structure puts us in a great place. When you combine that with the sourcing and resources of TPG's broader platform, you know, we feel, you know, we feel really excited about our ability to kind of continue on our path.
Great. Really appreciate that, Doug. Just one more from me. I believe on the last call you mentioned that we should see some further progress on the REO portfolio this year. I know it's nothing huge, five assets, but was just curious if there are any assets, like one or two in particular of those five, that we could expect to see come off sooner rather than later in 2026. Thanks.
Hi, this is Ryan, and I'll take that one. Thanks for the question. You know, as we demonstrated last year, we sold two office assets, and I think our plan this year kind of remains the same as Doug, you know, iterated last quarter, which is our plan is to sell some assets this year as well. The majority of our REO is focused in multifamily, which, you know, there is some seasonality to leasing and some other things that we're kind of, you know, nearing a corner on. We'll look to kind of update everyone with some progress there. Again, remains the plan to sell some REO this year.
Great. Thank you for the time. That's all for me.
As a reminder to star one on your telephone keypad if you would like to ask a question. Our next question comes from Chris Muller with Citizens Capital Markets. Please proceed.
Hey, guys. Thanks for taking the question. Congrats on a really solid quarter here. Looking at the subsequent origination at $175 million, that's I guess above what your portfolio average is at about $80 million. You guys do have other loans in that size range. I guess the question is, are you guys starting to push into that larger loan space, or was this more of a one-off deal?
Yeah. Look, I think from a, from a loan size perspective, you know, we've kind of generally averaged somewhere in the $85 million and $90 million range historically. I think that really when I think about going forward, it'll just be a mix. You know, we're still looking at loans that are $30 million, $40 million, $50 million, $60 million. If we see a really compelling, you know, high-quality asset or portfolio that, you know, is between $100 million-$200 million, we're also happy to pursue that.
I'd say in short it basically has been a mix in the past and will continue to frankly, you know, remain a mix of, again, that sort of, $30 million-$60 million range combined with, you know, some assets that again just sort of warrant larger exposure based on, you know, borrower quality, asset quality, and sort of how it fits into our portfolio.
Got it. It looks like multifamily and industrial have been the bulk of the recent activity. I guess aside from that 2Q origination, how is competition for these assets these days, and are there other asset types that you guys find attractive right now?
Sure, yeah. I think first on the, on the competitive front, I think multifamily and industrial, you know, does have some competition. That being said, I think we have a, you know, pretty tremendous sourcing edge here at TPG. Also, like where we've probably been able to find some incremental value recently has been in the industrial space. I think that is a marginally less trafficked part of the market that I think people have a little bit less understanding of. We benefit from, you know, a fully integrated debt and equity platform that's both an owner of industrial and also a lender on industrial. We feel like we have particular edge there.
I would say that, you know, multifamily I'd say is sort of been pretty steady in terms of the competitive dynamic there. I think industrial is a little bit spottier, and that's where we found probably on the margin a little bit more value. Outside of multifamily and industrial, I think a lot of what we've done in the past, you know, we will continue to do so, which is, you know, right now with the funding of this recent hotel loan, that gets our pro forma hotel exposure to about 9%. You know, we've generally kind of tended to keep that, you know, sort of below 10%-15% as a target. We will look at other sectors.
We're very selective, but I think at the core of, you know, where we're focusing our energies is, you know, finding assets that have substantial downside protection in particularly two asset classes that we do feel like have strong long-term fundamentals.
Got it. If I could just squeeze a quick housekeeping one in, probably for Brandon. Do you have the earnings contribution from the REO assets handy?
Thanks, Chris, for the question. We do have the incremental Distributable Earnings contribution for the REO assets. On a quarterly basis, it is positive. I would say that you can probably expect, depending on seasonality to Ryan's point, between about $0.02 and $0.03 per quarter as a good run rate.
Got it. Very helpful. Congrats on a solid quarter again.
Thank you.
All right. Thanks a lot. Really appreciate it.
As a reminder to star one on your telephone keypad, if you would like to ask a question. We will pause for a brief moment to pull for any final questions.
Yeah. Just wanted to thank everyone for joining the call this morning. We look forward to updating you on our further progress. Thank you very much.
Thank you. This will conclude today's conference. You may disconnect at this time. Thank you for your participation.
Investor releaseQuarter not tagged2026-04-16TPG RE Finance Trust, Inc. Announces First Quarter 2026 Earnings Release and Conference Call Dates
Business Wire
TPG RE Finance Trust, Inc. Announces First Quarter 2026 Earnings Release and Conference Call Dates
NEW YORK, April 15, 2026--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) ("TRTX" or the "Company") today announced it will release financial results for the first quarter 2026 and file its Form 10-Q and earnings supplemental after the market close on Tuesday, April 28, 2026. CONFERENCE CALL AND WEBCAST INFORMATION The Company will host a conference call and webcast to review its financial results with investors and other interested parties at 9:00 a.m. ET on Wednesday, April 29, 2026. To participate in the conference call, callers from the United States and Canada should dial +1 (877) 407-9716, and international callers should dial +1 (201) 493-6779, ten minutes prior to the scheduled call time. The webcast may also be accessed live by visiting the Company’s investor relations website at http://investors.tpgrefinance.com/event. REPLAY INFORMATION A replay of the conference call will be available after 12:00 p.m. ET on Wednesday, April 29, 2026 through 11:59 p.m. ET on Wednesday, May 13, 2026. To access the replay, listeners may use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for the replay is 13759489. The replay will be available on the Company’s website for one year after the call date. ABOUT TRTX TPG RE Finance Trust, Inc. is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutional properties located in primary and select secondary markets in the United States. The Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of global alternative asset management firm TPG Inc. (NASDAQ: TPG). For more information regarding TRTX, visit https://www.tpgrefinance.com/. View source version on businesswire.com: https://www.businesswire.com/news/home/20260415236441/en/ Contacts INVESTOR RELATIONS CONTACT +1 (212) 405-8500 [email protected] MEDIA CONTACT TPG RE Finance Trust, Inc. Courtney Power +1 (415) 743-1550 [email protected]
Investor releaseQuarter not tagged2026-02-21TPG RE Finance Trust Inc (TRTX) Q4 2025 Earnings Call Highlights: Strong Investment Growth Amid ...
GuruFocus.com
TPG RE Finance Trust Inc (TRTX) Q4 2025 Earnings Call Highlights: Strong Investment Growth Amid ...
This article first appeared on GuruFocus. New Investments: $1.9 billion closed in 2025. Year-over-Year Growth in Earning Assets: 25% increase. Distributable Earnings: $0.97 per share for 2025. Fourth Quarter New Loans: $927 million closed, 62% multifamily, 38% industrial. GAAP Net Income: $0.2 million for Q4 2025; $45.5 million for full year 2025. Distributable Earnings for Q4: $18.5 million or $0.24 per share. Book Value per Common Share: Decreased to $11.07 from $11.25 quarter-over-quarter. Loan Portfolio Performance: 100% performing at year-end 2025. Net Asset Growth: Increased from $3.3 billion to $4.1 billion in 2025. Loan Repayments: $987.9 million received in 2025. Cost of Funds: Declined 18 basis points to 1.82% year-over-year. Total Leverage: Increased to 3.02 times from 2.64 times quarter-over-quarter. Near-term Liquidity: $143 million at year-end 2025. Warning! GuruFocus has detected 4 Warning Signs with TRTX. Is TRTX fairly valued? Test your thesis with our free DCF calculator. Release Date: February 18, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. TPG RE Finance Trust Inc (NYSE:TRTX) closed $1.9 billion of new investments in 2025, marking a 25% year-over-year growth in earning assets. The company generated distributable earnings of $0.97 per share, exceeding its annual dividend of $0.96 per share. TRTX maintained a 100% performing loan portfolio by the end of 2025, demonstrating strong credit management. Over 90% of new originations in the fourth quarter were with repeat borrowers, highlighting strong client relationships. The company's liability structure improved, with 82% being non-mark-to-market, and the cost of funds declined by 18 basis points year-over-year. GAAP net income for the fourth quarter was only $0.2 million, indicating potential challenges in profitability. Book value per common share decreased from $11.25 to $11.07 quarter-over-quarter. One multifamily loan was downgraded due to operational challenges, representing approximately 1% of total loan commitments. The company's leverage increased to 3.02 times from 2.64 times, which may indicate higher financial risk. Spreads on new loans were about 50 basis points below the portfolio average, potentially impacting future income. Q: Do you expect originations to slow in the first quarter, or will they pick up later? How ar...
Investor releaseQuarter not tagged2026-02-19TPG RE Finance Trust Q4 Earnings Call Highlights
MarketBeat
TPG RE Finance Trust Q4 Earnings Call Highlights
TPG RE Finance Trust closed about $1.9 billion of new investments in 2025, delivered 25% year‑over‑year growth in earning assets and generated distributable earnings of $0.97 per share (covering the $0.96 annual dividend), with the loan portfolio ending the year 100% performing. Management expects an active 2026 as improving “price discovery” and a robust pipeline support higher transaction volume; Q4 originations were $927 million (62% multifamily, 38% industrial) and the firm is targeting total leverage of 3.5x–3.75x after being at 3.02x at year‑end. Funding and liquidity improved as cost of funds fell to 1.82% (helped by two 2025 CRE CLOs totaling $2.2 billion), with near‑term liquidity of $143 million, $1.6 billion of financing capacity and an 82% non‑mark‑to‑market liability mix. Interested in TPG RE Finance Trust, Inc.? Here are five stocks we like better. TPG RE Finance Trust (NYSE:TRTX) executives highlighted a sharp increase in lending activity during 2025 and expressed optimism that improving “price discovery” in commercial real estate will support a busy environment for borrowers and lenders in 2026, according to the company’s fourth-quarter earnings call. Chief Executive Officer Doug Bouquard said the broader economic backdrop “continues to provide a solid foundation for investment activity” in real estate, adding that dislocation in parts of corporate credit markets has led to “a marginal trend of capital allocation oriented towards real estate credit.” Bouquard pointed to increased “dry powder,” a 10-year Treasury “hovering just above 4%,” and what he described as favorable real estate fundamentals as drivers of continued investment activity. → Whale Watching: BlackRock’s Massive Bet on Nebius Group He emphasized that rising transaction volume is critical for valuation resets to become clearer, calling it “the essential catalyst for true price discovery.” Bouquard said that, nearly four years after the Federal Reserve began hiking rates, improved price transparency is helping shape what he expects to be “an incredibly active year for both borrowers and lenders.” Bouquard called 2025 “an important turning point” for TRTX. He said the company closed $1.9 billion of new investments, delivered 25% year-over-year growth in earning assets, and generated distributable earnings of $0.97 per share, which he said exceeded the dividend for the year. He ad...
Investor releaseQuarter not tagged2026-02-18Compared to Estimates, TPG RE Finance Trust (TRTX) Q4 Earnings: A Look at Key Metrics
Zacks
Compared to Estimates, TPG RE Finance Trust (TRTX) Q4 Earnings: A Look at Key Metrics
TPG RE Finance Trust (TRTX) reported $35.04 million in revenue for the quarter ended December 2025, representing a year-over-year increase of 0.9%. EPS of $0.24 for the same period compares to $0.10 a year ago. The reported revenue represents a surprise of -8.42% over the Zacks Consensus Estimate of $38.27 million. With the consensus EPS estimate being $0.27, the EPS surprise was -10.01%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how TPG RE Finance Trust performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Net Interest Income: $25.44 million versus $28.49 million estimated by two analysts on average. Revenue from real estate owned operations: $7.79 million versus the two-analyst average estimate of $7.53 million. Other income, net: $1.81 million compared to the $2.25 million average estimate based on two analysts. Total other revenue: $9.6 million versus the two-analyst average estimate of $9.78 million. View all Key Company Metrics for TPG RE Finance Trust here>>> Shares of TPG RE Finance Trust have returned -3.9% over the past month versus the Zacks S&P 500 composite's -1.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TPG RE Finance Trust, Inc. (TRTX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-02-18TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter and Full Year Ended December 31, 2025
Business Wire
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter and Full Year Ended December 31, 2025
NEW YORK, February 17, 2026--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) ("TRTX" or the "Company") reported its operating results for the quarter and full year ended December 31, 2025. Regarding fourth quarter and year ended 2025 results, Doug Bouquard, Chief Executive Officer of TRTX, said: "During 2025, we originated $1.9 billion of total loan commitments, out-earned our common stock dividend, and maintained a 100% performing loan portfolio. Our fourth quarter loan originations of $927 million and loan repayments of $378 million continue to illustrate the velocity of our balance sheet and success of our investment and asset management strategy." FOURTH QUARTER 2025 ACTIVITY Recognized GAAP net income attributable to common stockholders of $0.2 million, or $0.00 per common share, based on a diluted weighted average share count of 78.4 million common shares. Book value per common share was $11.07 as of December 31, 2025, compared to $11.25 at September 30, 2025. Generated Distributable Earnings of $18.5 million, or $0.24 per common share based on a diluted weighted average share count of 78.4 million common shares. Declared on December 12, 2025 a cash dividend of $0.24 per share of common stock which was paid on January 23, 2026 to common stockholders of record as of December 26, 2025. The Company paid on December 30, 2025 to preferred stockholders of record as of December 19, 2025 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share. Repurchased 45,367 shares of common stock, at a weighted average price of $8.50 per share, for total consideration (including commissions and related fees) of $0.4 million. Originated nine first mortgage loans with aggregate total loan commitments of $927.0 million, an aggregate initial unpaid principal balance of $843.0 million, a weighted average interest rate of Term SOFR plus 2.66%, a weighted average interest rate floor of 2.74% and a weighted average as-is loan-to-value ratio of 64.2%. Funded $11.9 million of future funding obligations associated with previously originated and acquired loans. Received six full loan repayments of $378.3 million, involving the following property types: 56.5% multifamily; 34.5% office; and 9.0% hotel. Weighted average risk rating of the Company’s loan portfolio was 3.0 as of December 31, 2025, unchanged from September 30, 2025. Ca...