10-Q · April 28, 2026
TPG RE Finance Trust (TRTX) reported a strong sequential operating quarter: diluted EPS of $0.19 and net income attributable to common stockholders of $15.2 million for Q1 2026 (vs $0.0 diluted EPS and $0.2 million in…
Earnings analysis · 10-Q
TRTX earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
TRTX reported Q2 total revenue of $34.008 million, down $3.300 million sequentially from $37.308 million, while diluted EPS declined to $0.12 from $0.19. The earnings weakness was driven principally by a $3.563 million…
Read full summary
TRTX reported Q2 total revenue of $34.008 million, down $3.300 million sequentially from $37.308 million, while diluted EPS declined to $0.12 from $0.19. The earnings weakness was driven principally by a $3.563 million credit-loss expense and a $2.051 million sequential reduction in net interest income, although loan originations rose to $466.0 million of commitments and near-term liquidity increased to $488.181 million. For the first six months, diluted EPS was $0.31 versus $0.33 in the prior-year period, while total revenue was $71.316 million versus $73.231 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.12
- Segment
- Single operating segment: commercial real estate finance; Q2 2026 total revenue was $34.008 million, comprising $23.666 million of net interest income and $10.342 million of other revenue.
What stood out
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Loan originations accelerated sharply
The company originated 3 first-mortgage loans with $466.0 million of commitments and $450.0 million of initial unpaid principal balance in Q2, versus $135.548 million of initial loan originations in Q1. Net loan activity was positive $190.412 million, versus positive $26.571 million in Q1.
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Liquidity expanded materially
Near-term liquidity rose to $488.181 million at June 30 from $143.022 million at December 31, 2025, supported by $297.397 million of secured-credit-agreement capacity and a new undrawn $100.0 million revolver.
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Funding sources were broadened
TRTX added a $400.0 million Term Loan B due 2033 and opened a $100.0 million revolver due 2031. It also increased Wells Fargo capacity by $350.0 million to $850.0 million and added a $500.0 million Citi secured credit agreement.
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Operating cash flow improved year over year
Operating cash flow was $46.135 million for the first six months of 2026, up from $43.859 million in the prior-year period. REO capital expenditures were $5.0 million, equal to 10.8% of operating cash flow.
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Dividend maintained and buybacks continued
The common dividend remained $0.24 per share in Q2, while distributable earnings were $0.23 per diluted share. The company also repurchased 1,301,644 shares for $10.784 million at a weighted average $8.26 per share.
What to watch
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Credit-loss provisioning reduced earnings
Q2 diluted EPS fell $0.07 sequentially to $0.12 from $0.19, as a $3.563 million credit-loss expense replaced a $0.286 million benefit in Q1. The total allowance for credit losses increased to $80.680 million, or 179 basis points of $4.508 billion of loan commitments.
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Higher funding burden pressured net interest income
Net interest income declined $2.051 million sequentially to $23.666 million as interest expense rose $1.925 million to $50.387 million, primarily from higher financing balances and the Term Loan B closing. Total indebtedness increased to $3.532 billion from $3.309 billion at December 31, 2025.
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Updated TPG conflict-of-interest risk
The sole updated risk factor expands conflict-of-interest disclosures involving TPG funds. As of December 31, 2025, 3 of 8 directors were TPG employees, and the update says co-investments or support arrangements could create liabilities disproportionate to TRTX's investment and reduce liquidity.
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Liquidity depends on funding access and repayments
Cash and cash equivalents declined to $65.577 million at June 30 from $87.613 million at December 31, 2025, while unfunded loan commitments were $174.803 million. The company also notes $1.381 billion of contractual obligations due in 1 to 3 years.
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Book value declined
Book value per common share declined to $10.95 at June 30 from $11.07 at December 31, 2025. Management attributed $0.05 per-share pressure to higher credit-loss expense during the first six months of 2026.
Management's outlook
The 10-Q provides no quantitative EPS or revenue guidance. Management said it currently believes market conditions are favorable for additional loan originations during the remainder of 2026, but said interest-rate policy, geopolitical conditions, oil prices, inflation, and political/regulatory conditions will inform origination volumes, liquidity, and capital allocation.
Earlier filings 4
10-K · February 17, 2026
TPG RE Finance Trust positions itself as an externally managed, floating-rate commercial real estate lender focused on first mortgage loans and senior participations in institutional-quality U.S. properties. As of…
10-Q · October 28, 2025
TPG RE Finance Trust reported Q3 2025 total revenue of $37,841,000 and GAAP net income of $21,993,000 (net income attributable to common stockholders $18,449,000), producing diluted EPS of $0.23, unchanged from Q3 2024.…
10-Q · April 29, 2025
TPG RE Finance Trust reported a revenue increase of 47% year-over-year in Q1 2025, reaching $37,032,000, despite a slight miss in EPS which was $0.24 compared to expectations of $0.25. While gross margin remained high…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.